MIRA INFORM REPORT

Report Date :

22.11.2007

IDENTIFICATION DETAILS

Name :	TITAN METALS INC

Registered Office :	3240 E 59TH ST, LONG BEACH, CA 90805-4502

Country :	United States

Date of Incorporation :	10/10/1995

Legal Form :	Institutions

Line of Business :	Metals Service Wholesaling

RATING & COMMENTS

MIRA’s Rating :

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 :	No Complaints

Litigation :	Clear

Executive Summary

Intelliscore for TITAN METALS INC

73.29

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

100

High risk

Low risk

LOW TO MEDIUM RISK
75% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

NUMBER OF TRADES WITH A HIGH BALANCE TO HIGH CREDIT RATIO

NUMBER OF GOOD ACCOUNTS

NUMBER OF DEROGATORY PUBLIC RECORD ACCOUNTS

SMALL, IF ANY, RATIO OF REGULAR TRADES TO TOTAL TRADES

Current DBT range compared to all industries*

0 DBT
($12,200 Balance)

0-15

16-50

51+

80%

11%

% of US businesses falling within DBT range

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

Legal Filings and Collections

Bankruptcy filings:

Tax lien filings:

Judgment filings:

Total collections: details (PLACED 06/02)

Sum of legal filings:

UCC filings: details (FILED 05/99-05/05)

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:

$12,200

Trade balance of all trades (25):

$33,600

Average balance previous 5 quarters:

$2,560

Highest credit amount extended: details

$15,200

6 month balance range:

$2,900 - $12,900

* 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 Receivable, Contracts, Hereafter Acquired Inventory, Leases, Notes Receivable or Proceeds.

7 month DBT trends

90+

May07

Jun07

Jul07

Aug07

Sep07

Oct07

Current

Quarterly DBT trends (previous 5 quarters)

90+

3Q06

4Q06

1Q07

2Q07

3Q07

Performance Analysis

Predicted DBT for 01/16/2008: 1 DBT

Payment Trend Indication:
Show No Identifiable Trend

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

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

Legal Filings and Collections

Collections

Date
Placed

Status

Original
Balance

Outstanding
Balance

Date
Closed

Agency

Agency
Phone

06/2002

Open Account

$169

CAINE & WEINER CO., INC.

(818) 908-2121

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

ADVERTISNG

11/2007

NET 30

CUST 4 YR

DP SERVCS

10/2007

08/2007

CUST 3 YR

FACTOR

11/2007

NET 30

CUST 7 YR

FINCL SVCS

10/2007

10/2004

CONTRCT

$2,600

CUST 3 YR

+IRON&STEEL

11/2007

NET 30

$15,200

$12,200

100%

METAL DIST

09/2007

NET 30

$1,200

NONFER MTL

10/2007

09/2007

VARIED

$1,900

OFFC SUPPL

11/2007

02/2000

CREDIT

$4,000

OFFC SUPPL

11/2007

09/1999

CREDIT

$1,700

TRUCK DLR

11/2007

CONTRCT

$8,800

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

$35,400

$12,200

100%

DBT: 0

Newly Reported

DBT:

Trade Lines Totals

$35,400

$12,200

100%

DBT: 0

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

06/2007

05/2006

$300

100%

CUST 11 YR

+AIR TRANS

11/2006

NET 30

$200

100%

CUST 1 YR

+ALUMINUM

06/2005

05/2005

NET 30

$4,200

$1,300

100%

FINCL SVCS

11/2004

09/2003

NET30

+FREIGHT

04/2007

09/2004

VARIED

$300

100%

GENERAL

02/2005

09/2002

NET 30

CUST 3 YR

-IRON&STEEL

06/2005

NET 30

$100

100%

+LAUNDRY

11/2006

NET 30

$400

$200

100%

LEASING

06/2007

CONTRCT

$1,500

CUST 3 YR

=METAL DIST

02/2007

VARIED

$18,800

32%

59%

CUST 12 YR

-NONFER MTL

11/2004

08/2004

NET 30

$200

100%

OFFC SUPPL

04/2006

01/2006

NET

$100

CUST 1 YR

OFFC SUPPL

11/2005

CREDIT

PETROLEUM

07/2006

11/2005

NET 10

$1,300

SERVICES

04/2006

02/2000

VARIED

$600

Monthly Payment Trends

Payment Trends Analysis
METALS SERVICE WHOLESALING INDUSTRY SIC: 5051

Account Status
Days Beyond Terms

Date Reported

Industry

Cur

DBT

Business
DBT

Balance

Cur

1-30

31-60

61-90

91+

CURRENT

N/A

$12,200

100%

OCT07

78%

$11,000

100%

SEP07

79%

$4,900

59%

41%

AUG07

79%

$3,200

100%

JUL07

80%

$3,600

100%

JUN07

80%

$4,300

100%

MAY07

80%

$2,900

90%

10%

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

$3,900

83%

17%

Q2 - 07

APR-JUN

$2,700

96%

Q1 - 07

JAN-MAR

$600

100%

Q4 - 06

OCT-DEC

$2,800

100%

Q3 - 06

JUL-SEP

$2,800

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

JUL - PRESENT

2007

JAN - JUN

2007

JUL - DEC

2006

JAN - JUN

2006

JUL - DEC

2005

PRIOR TO JUL

2005

Total

** 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: 05/17/2005

Filing Number: 057027462992

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: CALIFORNIA BANK & TRUST CA TUSTIN 92780 17752 EAST 17TH STRE

Collateral: EQUIP, FURN & FIX, INVENTORY, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 05/13/1999

Filing Number: 199913561111

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: THE BANK OF ORANGE COUNTY CA ORANGE 92868 170 S MAIN ST

Collateral: HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 05/13/1999

Filing Number: 9913561111

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: THE BANK OF ORANGE COUNTY CA ORANGE 92868 170 S MAIN ST

Collateral:

Company Background Information

Corporate Registration

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF CALIFORNIA

State of Origin: CA

Date of Incorporation: 10/10/1995

Current Status: Active

Business Type: Institutions - Profit

Charter Number: 01950058

Additional Company Background Information

Key Personnel

Principal(s):	TRACY TILL, VICE PRESI
	CHRISTOPHE E. DALY, PRESIDENT
	JAYNI LEE

Operating Information

Business Type: Institutions

Primary SIC Code: METALS SERVICE WHOLESALING - 5051

Secondary SIC Code: FABRICATED METAL PRODUCTS - 3400

Additional SIC Code: 6000 - 6211

Number of Employees: 5

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

Legal Filings and Collections

Trade Payment Information

Trade Payment Totals

Additional Payment Experiences

Monthly Payment Trends

Quarterly Payment Trends

UCC Profile

Company Background Information