MIRA INFORM REPORT

Report Date :

13.12.2007

IDENTIFICATION DETAILS

Name :	CALUMET LUBRICANTS CO
Registered Office :	2780 Waterfront Parkway East D, Indianapolis, IN 46214-2030
Country :	United States
Date of Incorporation :	10/24/1990
Legal Form :	Institutions
Line of Business :	Petroleum Refining

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Slow by 20 days
Litigation :	Clear

Company Information

CALUMET LUBRICANTS CO
2780 WATERFRONT PARKWAY EAST D
INDIANAPOLIS, IN 46214-2030
(317) 328-5660

Business Identification Number:

749283724

File Established:

09/1980

Date of Incorporation:

10/24/1990

SIC code:

PETROLEUM REFINING - 2911

Executive Summary

  Intelliscore for CALUMET LUBRICANTS CO

79.99

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

0

100

High risk

Low risk

LOW RISK
88% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

	NUMBER OF TRADES NET 1-30 TERMS
	NUMBER OF CURRENT ACCOUNTS
	NUMBER OF DELINQUENT OR DEROGATORY ACCOUNTS
	NUMBER OF RECENTLY ACTIVE ACCOUNTS

  Current DBT range compared to all industries*

20 DBT
($631,000 Balance)

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

DBT Norms:
All industries: 6 DBT        Same industry: 5 DBT

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings: details (FILED 09/05-11/06)

2

Judgment filings:

0

Total collections:

0

Sum of legal filings:

$3,727

UCC filings: details (FILED 12/99-03/06)

7

Cautionary UCC filings present?

No

Trade Information

Monthly average DBT:

20

Highest DBT previous 6 months:

33

Highest DBT previous 5 quarters:

33

Total continuous trades:

22

Current continuous trade balance:

$631,000

Trade balance of all trades (58):

$722,900

Average balance previous 5 quarters:

$265,940

Highest credit amount extended: details

$489,500

6 month balance range:

$373,500 - $643,600

* 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.

  7 month DBT trends

90+

60

30

33

13

20

17

19

20

20

0

Mar07

Apr07

May07

Jun07

Jul07

Aug07

Current

  Quarterly DBT trends (previous 5 quarters)

90+

60

30

9

2

20

20

19

0

3Q06

4Q06

1Q07

2Q07

3Q07

Performance Analysis

Predicted DBT for 12/12/2007: 15 DBT

Payment Trend Indication:
Are Stable

Industry payment comparison:
Has paid slower than 75% of similar firms

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

Legal Filings and Collections

Tax Liens
File Date	Filing Type	Status	Amount	Filing Number	Jurisdiction
05/21/2007	State Tax Lien	Released	$223	2007048269	ESCAMBIA COUNTY CIRC
11/08/2006	State Tax Lien	Filed	$3,416	2006R43530	SANGAMON COUNTY RECO
02/01/2006	State Tax Lien	Released	$1,425	05267687	MARION CNTY CIRCUIT/
10/31/2005	State Tax Lien	Released	$311	06036537	MARION CNTY CIRCUIT/
09/06/2005	State Tax Lien	Filed	$311	06036537	MARION CNTY CIRCUIT/

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	08/2007	08/2007		$600	$500	100%					CUST 23 YR
BLDG MATRL	09/2007	09/2007	VARIED	$4,500	$0
+BUS SERVCS	10/2007		VARIED	$8,000	$1,000	100%
DISTRIBUTR	09/2007		NET30		$0
+ELEC EQUIP	08/2007		NET 30	$3,500	$1,900	100%					CUST 10 YR
+ELEC EQUIP	08/2007	08/2007	CONTRCT	$14,800	$14,800	70%	27%	3%
ELEC SUPLR	09/2007*				$0
-FACTOR	08/2007		NET 30	$14,400	$12,900		100%				CUST 1 YR
FINCL SVCS	10/2007	10/2007	CONTRCT		$0						SATSFTRY
FREIGHT	06/2007		VARIED	$300	$0
=INDUS MACH	08/2007		NET 30	$489,500	$489,500	42%	30%	12%	6%	10%
+MACH DISTR	07/2007	07/2007	1/10N30	$3,000	$1,200	100%					CUST 6 YR
OFFC SUPPL	09/2007		CREDIT	$1,400	$0
PACKAGING	10/2007		NET 30	$1,900	$0						CUST 1 YR
-PLUMBING	09/2007	08/2007	NET 10	$14,300	$2,800		94%		6%
RETL TRADE	09/2007	07/2005	VARIED		$0						CUST 7 YR
+RETL TRADE	09/2007	09/2007	VARIED	$600	$400	100%					CUST 2 YR
=SAFTY PROD	09/2007		NET 30	$1,500	$1,500	85%	15%
+TRANSPORTN	09/2007	08/2007	NET 30	$200	$100	100%					PROMPT
+UTILITY	09/2007		VARIED	$111,900	$103,800	100%
+WAREHOUSE	10/2007	09/2007	VARIED	$6,100	$200	100%					PROMPT
WAREHOUSE	09/2007	07/2007	VARIED	$1,400	$0						CUST 4 YR
+WAREHOUSE	10/2007	09/2007	VARIED	$1,700	$400	100%					PROMPT

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	22	$679,600	$631,000	52%	26%	9%	5%	8%	DBT: 20
Newly Reported	1	$0	$0						DBT: 0
Trade Lines Totals	23	$679,600	$631,000	52%	26%	9%	5%	8%	DBT: 20

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
+AIR TRANS	11/2006		NET 30	$600	$100	100%					CUST 7 YR
BUS SERVCS	06/2005	05/2005	NET 30		$0
CELLUL/PAG	08/2005	06/2005	NET 30	$1,300	$0						CUST 8 YR
-CHEMICALS	01/2007	11/2006	NET 30	$31,900	$2,000					100%
COMMUN SVC	02/2005		NET 30		$0
=COMPUTERS	06/2006	05/2006		$13,200	$13,200		100%
CRED CARD	09/2007		NET 30	$500	$0						CUST 16 YR
CRED CARD	09/2007		NET 30	$1,000	$0						CUST 8 YR
+ELEC DISTR	10/2005		NET 30	$2,500	$700	100%
ELEC MFG	09/2006		VARIED	$29,800	$0						CUST 24 YR
+ELEC SUPLR	04/2005		VARIED	$2,400	$2,400	100%
+ELEC SUPLR	03/2006		NET30	$53,600	$3,800	100%
FACTOR	09/2006	06/2000	NET 30		$0
FINCL SVCS	03/2006	03/2006	CONTRCT		$0						SATSFTRY
+FREIGHT	05/2007	03/2007	VARIED	$3,400	$600	43%	57%
=FRGHT FWRD	11/2004	09/2004	NET 15	$500	$500		100%				SATSFTRY
GENERAL	02/2005	09/1999	NET 30		$0						CUST 8 YR
+INDUS MACH	07/2006		NET	$58,900	$48,900	62%	4%	34%
=INDUS SUPL	05/2007	03/2007	VARIED	$800	$800		100%				CUST 4 YR
LEASING	04/2007		NET 30	$300	$0						CUST 6 YR
+LEASING	02/2005		NET 30	$900	$900	100%
+LEASING	01/2005	01/2005	NOTE	$15,300	$12,000	100%
LEASING	10/2005		CONTRCT	$1,000	$0
-MANUFCTRNG	05/2006	09/2005	VARIED	$59,300	$100					100%
MOTR TRANS	12/2005	04/2002	NET 30		$0
OFFC EQUIP	01/2005	12/2004	NET 30	$13,100	$0						CUST 2 YR
OFFC SUPPL	12/2006	06/1998	CREDIT		$0						ACCTCLOSED
PAPER DIST	04/2007	09/2004	2/15N30		$0						CUST 3 YR
PETROLEUM	01/2006		SPECIAL		$0
SERV ASSOC	10/2005		NET 15		$0
TELECOM	07/2005	02/2004	NET 30		$0						CUST 9 YR
+TELECOM	07/2005	06/2005	NET 30	$200	$200	100%					EXLENT ACC
TELECOM	08/2006		NET 30	$200	$0						CUST 5 YR
+TEMP HELP	06/2006	06/2006	ROI	$4,200	$4,000		100%
+TRANSPORTN	11/2004	11/2004	NET 30	$1,700	$1,700	100%

Monthly Payment Trends

Payment Trends Analysis
PETROLEUM REFINING INDUSTRY SIC: 2911

Account Status
Days Beyond Terms

Date Reported

Industry

Cur

DBT

Business
DBT

Balance

Cur

1-30

31-60

61-90

91+

CURRENT

N/A

N/A

20

$631,000

52%

26%

9%

5%

8%

AUG07

85%

5

20

$640,100

51%

27%

9%

5%

8%

JUL07

83%

5

19

$373,500

55%

23%

9%

7%

6%

JUN07

84%

5

17

$401,300

64%

12%

11%

11%

2%

MAY07

82%

5

20

$444,800

56%

20%

12%

5%

7%

APR07

85%

6

13

$407,800

65%

20%

7%

6%

2%

MAR07

86%

5

33

$414,100

45%

14%

14%

12%

15%

Quarterly Payment Trends

Payment History - Quarterly Averages				Account Status Days Beyond Terms
Quarter	Months	DBT	Balance	Cur	1-30	31-60	61-90	91+
Q3 - 07	JUL-SEP	19	$544,100	54%	25%	9%	5%	7%
Q2 - 07	APR-JUN	20	$351,300	54%	21%	12%	9%	4%
Q1 - 07	JAN-MAR	20	$218,700	66%	9%	9%	7%	9%
Q4 - 06	OCT-DEC	2	$122,700	94%	1%	5%
Q3 - 06	JUL-SEP	9	$92,900	77%	5%	18%

Inquiries

Summary of Inquiries
Business Category	OCT07	SEP07	AUG07	JUL07	JUN07	MAY07	APR07	MAR07	FEB07
TRUCK EQP						1
Totals						1

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
JUL - PRESENT	2007
JAN - JUN	2007
JUL - DEC	2006
JAN - JUN	2006		1
JUL - DEC	2005		3
PRIOR TO JUL	2005		3			2
Total			7			2

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

  UCC Filings

UCC FILED Date: 03/21/2006

Filing Number: 200600002608933

Jurisdiction: INDIANA SECRETARY OF

Secured Party: J. ARON & COMPANY NY NEW YORK 10004 85 BROAD STREET

Collateral: UNDEFINED

UCC FILED Date: 12/21/2005

Filing Number: 395034

Jurisdiction: BOSSIER

Secured Party: BANK OF AMERICA, N.A., AS ADMINISTRATIVE

Collateral: 

UCC FILED Date: 12/21/2005

Filing Number: 395035

Jurisdiction: BOSSIER

Secured Party: BANK OF AMERICA, N.A., AS AGENT

Collateral: 

UCC FILED Date: 12/12/2005

Filing Number: 200500011032135

Jurisdiction: INDIANA SECRETARY OF

Secured Party: BANK OF AMERICA, N.A., AS ADMINISTRATIVE TX DALLAS 75202 901

Collateral: 

UCC FILED Date: 06/25/2003

Filing Number: 200300005861520

Jurisdiction: INDIANA SECRETARY OF

Secured Party: CITICAPITAL TECHNOLOGY FINANCE, INC PA WEST CHESTER 19380 12

Collateral: 

UCC FILED Date: 03/06/2003

Filing Number: 09-1019221

Jurisdiction: CADDO

Secured Party: CITICORP VENDOR FINANCE INC

Collateral: EQUIP

UCC AMENDED Date: 10/28/2004

Filing Number: 200400010120404

Original Filing Date: 03/03/2003

Original Filing Number: 2003000018

Original Filing State: IN

Jurisdiction: INDIANA SECRETARY OF

Secured Party: NATIONAL CITY BANK OF INDIANA AS COLLATE IN INDIANAPOLIS 462

Collateral: 

UCC FILED Date: 12/30/1999

Filing Number: 2298165

Jurisdiction: INDIANA SECRETARY OF

Secured Party: FLEET CAPITAL CORPORATION FOR ITSELF AND RI PROVIDENCE 02903

Collateral: 

UCC AMENDED Date: 07/20/2004

Filing Number: 200400006759811

Original Filing Date: 01/01/2001

Original Filing Number: 2298165

Original Filing State: IN

Jurisdiction: INDIANA SECRETARY OF

Secured Party: FLEET CAPITAL CORPORATION RI PROVIDENCE 02903 ONE FINANCIAL

Collateral: 

Commercial Finance Relationships

Banking Relationships

Financial Institution: HUNTINGTON NATIONAL BANK

Address: 41 S. HIGH STREET COLUMBUS OH43215

Phone: (317) 237-2518

Account Type: UNDISCLOSED

Date Opened: 06/14/2001

Account Rating: NO COMMENT AS OF 09/15/2007

Company Background Information

  Corporate Registration

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF INDIANA

State of Origin: IN

Date of Incorporation: 10/24/1990

Current Status: Active

Business Type: Institutions - Unknown

Charter Number: LP90100044

  Additional Company Background Information

Key Personnel

Principal(s):	BILL ANDERSON, PRESIDENT
	JERRY ARNOLD, PRESIDENT
	CHARLES SOST, MANAGER

Operating Information

Business Type: Institutions

Primary SIC Code: PETROLEUM REFINING - 2911

Secondary SIC Code: LUBRICATING OILS & GREASES - 2992

Additional SIC Code: 5399 - 5961

Number of Employees: 35

Sales: $3,000,000

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