MIRA INFORM REPORT

Report Date :

25.06.2012

IDENTIFICATION DETAILS

Name :	OTIS ELEVATOR (CHINA) COMPANY LIMITED
Registered Office :	No. 71 Of Avenue 9, Economic And Technological Development Area, Tianjin, 300457 Pr
Country :	China
Date of Incorporation :	December, 2005
Com. Reg. No.:	120000400078397
Legal Form :	Wholly Foreign-Owned Enterprise
Line of Business :	designing, manufacturing, installing and selling various kinds of elevators
No. of Employees :	2,000

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
China	A2	A2

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

Company name & address

OTIS ELEVATOR (CHINA) COMPANY LIMITED

NO. 71 OF AVENUE 9, ECONOMIC AND TECHNOLOGICAL DEVELOPMENT AREA, TIANJIN, 300457 PR CHINA

TEL: 86 (0) 22-28101188 FAX: 86 (0) 22-28301256

EXECUTIVE SUMMARY

INCORPORATION DATE : DECEMBER, 2005

REGISTRATION NO. : 120000400078397

REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE

CHIEF EXECUTIVE : MR. CAO LIZHI (CHAIRMAN)

STAFF STRENGTH : 2,000

REGISTERED CAPITAL : CNY 200,000,000

BUSINESS LINE : MANUFACTURING

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : AVERAGE

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : WELL KNOWN

EXCHANGE RATE : CNY 6.3735 = 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 name should be the heading one.

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).

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 researching, developing, designing, producing, processing, assembling, popularizing, selling, installing, repairing, maintaining and transforming cargo and passenger elevators, escalators, moving walks, power dumbwaiter and related transmitters, screen doors, power operated doors and control cabinets, gantry crane, steering hand wheel and other numerically-controlled systems, alternating current servo motors, constant magnetism synchronous motors, stator-rotor motors and stamped steels and other new-style electromechanical components, bumpers (including hydraulic presser buffers), other related products and components used in residential & commercial buildings, hospitals, shopping malls, exhibition halls, ports, subways, railway stations, airports, other buildings and public places; import, export, wholesale, retail and commission agent (excluding auction) of similar products.

SC is mainly engaged in designing, manufacturing, installing and selling various kinds of elevators.

Mr. Cao Lizhi is legal representative and chairman of SC at present.

SC is known to have approx. 2,000 employees at present.

SC is currently operating at the above stated address, and this address houses its operating office and factory in the development zone of Tianjin. Our checks reveal that SC owns the total premise about 12,540 square meters.

http://www.otisworldwide.com/ The website belongs to OTIS, the design is professional and the content is well organized. At present it is in English and other versions.

Changes of its registered information:

Date of change	Item	Before the change	After the change
Unknown	Registration no.	018019	Present one
	Legal representative	Li Xiutao
	Company’s name	Tianjin Otis Elevator Co., Ltd.

MAIN SHAREHOLDERS:

Name % of Shareholding

Otis Elevator (China) Investment Co., Ltd. 100

Registration no.: 120000400002151

Legal representative: Cao Lizhi

Tel: 022-28101188

Legal Representative and Chairman:

Mr. Cao Lizhi is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as legal representative and chairman.

Also working in Otis Elevator (China) Investment Co., Ltd. and China Tianjin Otis Elevator Co., Ltd. as legal representative.

Vice chairman:

Mr. Li Chaobao is currently responsible for the daily management of SC.

Working Experience(s):

At present Working in SC as vice chairman.

Directors:

· Thomas Rodney Vining

Michael F.Griffin

Giuliano Di Francesco

Philip Anthony Lilue

SC is mainly engaged in designing, manufacturing, installing and selling various kinds of elevators.

SC’s products mainly include: tractive elevator, hydraulic elevator, escalator and its related parts.

SC sources its materials 80% from domestic market and 20% from the overseas market. SC sells 10% of its products to overseas market and 90% in domestic 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’s management refused to release its supplier and client details.

Otis Elevator (Tianjin) International
Trading Co., Ltd.

China Tianjin Otis Elevator Co., Ltd.

Etc.

Branch:

Otis Elevator (China) Company Limited Tianjin Branch

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 China Tianjin Branch

AC#800100208508093001

Relationship: Normal.

SC’s financial reports were not found during our checks with the local Administration for Industry and Commerce.

SC’s management declined to release any financial information.

SC is considered large-sized in its line with 7 years operation history.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

MNL

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.