MIRA INFORM REPORT

Report Date :

26.02.2007

IDENTIFICATION DETAILS

Name :	HUBERMAN & SONS LTD.

Registered Office :	P.O. Box 4579 (49145), 22 Modi'in Street, Industrial Zone Segula, Petach Tikva 49271

Country :	Israel

Date of Incorporation :	1956

Legal Form :	Private Limited Company

Line of Business :	Importers and marketers of glass and plastic packaging (bottles, jars and containers) for the food, cosmetics, pharmaceuticals and chemical sectors.

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

name & address

HUBERMAN & SONS LTD.

P.O. Box 4579 (49145)

22 Modi'in Street

Industrial Zone Segula

PETACH TIKVA 49271 ISRAEL

Telephone 972 3 934 40 91

Fax 972 3 934 21 23

HISTORY

Originally established as a non-registered firm in 1956, by the late Yehezkel Huberman.

Converted into a private limited company and registered as such as per file No. 51-092064-8 on the 9.3.1982.

SHARE CAPITAL

Authorized share capital NIS 20.00, divided into - 10 voting shares, 19,990 ordinary shares of NIS 0.001 each, of which shares amounting to NIS 0.106 were issued.

SHAREHOLDERS

Subject is fully owned by Uriel Huberman.

Uriel Huberman reached full ownership in subject in the beginning of 2005.

SOLE DIRECTOR AND GENERAL MANAGER

Uriel Huberman

BUSINESS

Importers and marketers of glass and plastic packaging (bottles, jars and containers) for the food, cosmetics, pharmaceuticals and chemical sectors.

Subject also designs and manufacturers ornamental glass products and bottles.

Amongst customers: OSEM, UNILEVER ISRAEL, TEVA PHARMACEUTICALS, TARO PHARMACEUTICALS, BARKAN WINERY, YAD MORDECHAI APIARY, DEXXON, INTERCOSMA, BEIT HASHITA - ASSIS FOOD INDUSTRIES, CARELINE, etc.

Most purchasing are from import.

Sole local agents of:

V. M. C., LOUVRETTE, QUALIPAC, WHITE CAP, all of France,

BRAUN, WATERCHEM, W.B. INTERNATIONAL, ALPHA PLASTICS, all of the U.S.A.,

EURO VETROKAP, BRUNI, TER, VICASA, VI.ME. PACK, LAMERPLAST, CAPSULIT, all of Italy,

STOLZE, of Austria,

HEINLEIN, MENSHEN, GUTBERLET, SPESSART, THURINGER, all of Germany,

SISECAM, of Turkey,

CHING FON, of Taiwan,

TOURRES, of Spain.

Operating from premises, owned by the shareholder, on an area of 8,000 sq. meters in 22, Modi'in Street, Industrial Zone Segula, Petach Tikva.

Having 25 employees (had 30 in the beginning of 2006, same as in 2005).

MEANS

Current stock is valued at US$ 1,000,000 (same as in 2006 and 2005).

Property, owned by the shareholders, in Industrial Zone Segula, Petach Tikva (subject's premises) is valued at US$ 3,500,000.

There are 11 charges for unlimited amounts registered on the company's assets, in favor of local banks and companies.

ANNUAL SALES

2001 sales claimed to be US$ 7,000,000.

2002 sales claimed to be US$ 7,000,000.

2003 sales claimed to be US$ 9,000,000.

2004 sales claimed to be US$ 10,000,000.

2005 sales claimed to be US$ 11,000,000.

2006 sales claimed to be US$ 11,000,000.

OTHER COMPANIES

A.A. PACKAGINGS LTD., designers, consultants for the packaging industry, 25% owned by Uriel Huberman.

HUBERMAN & SONS MARKETING (1989) LTD.

HUBERMAN GLASS CONTAINERS IMPORT & MARKETING LTD., non active

Y.S.R. ARIZA LTD.

PRO PACK LTD., non active.

BANKERS

Bank Leumi LeIsrael Ltd., Central Branch (No. 800), Tel Aviv, account No. 772600/85.

A check with the Central Banks' data base did not reveal negative information regarding subject’s a/m account.

CHARACTER AND REPUTATION

Nothing unfavorable learnt

Subject is a family owned long established company, enjoying a good reputation in its field.

Subject is ISO 9001:2000 certified.

SUMMARY

Good for trade engagements.

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/normal.	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