MIRA INFORM REPORT

Report Date :

05.04.2008

IDENTIFICATION DETAILS

Name :	WILLIAMS SONOMA
Registered Office :	3250 Van Ness Ave San Francisco, CA 94109-1012
Country :	United States
Financial (as on) :	31.12.2006
Date of Incorporation :	04.05.1973
Com. Reg. No.:	809485990
Legal Form :	Private Limited Company
Line of Business :	Home Furnishings Stores

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 :	Slow by 5 days
Litigation :	Exists

Company Information

WILLIAMS SONOMA
3250 VAN NESS AVE
SAN FRANCISCO, CA 94109-1012
(415) 421-7900

Business Identification Number:

809485990

File Established:

05/1986

Date of Incorporation:

04/05/1973

SIC code:

MISC HOME FURNISHINGS STORES - 5719

Executive Summary

  Intelliscore for WILLIAMS SONOMA

68.20

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

0

100

High risk

Low risk

MEDIUM RISK
59% 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 DEROGATORY PUBLIC RECORD ACCOUNTS
	NUMBER OF RECENTLY ACTIVE ACCOUNTS

  Current DBT range compared to all industries*

5 DBT
($813,300 Balance)

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

DBT Norms:
All industries: 7 DBT        Same industry: 8 DBT

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings: details (FILED 10/01-09/06)

26

Judgment filings: details (FILED 01/03-01/08)

5

Total collections: details (PLACED 09/03-09/05)

4

Sum of legal filings:

$1,405,098

UCC filings: details (FILED 01/01-08/06)

27

Cautionary UCC filings present?

Yes**

Trade Information

Monthly average DBT:

1

Highest DBT previous 6 months:

5

Highest DBT previous 5 quarters:

5

Total continuous trades:

41

Current continuous trade balance:

$813,300

Trade balance of all trades (67):

$969,600

Average balance previous 5 quarters:

$587,860

Highest credit amount extended: details

$682,300

6 month balance range:

$400,700 - $854,500

* 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 Receivables, Contract Rights, Hereafter Acquired Property, Inventory, Leases, Notes Receivable or Proceeds.

  7 month DBT trends

90+

60

30

1

0

1

2

1

5

5

0

Sep07

Oct07

Nov07

Dec07

Jan08

Feb08

Current

  Quarterly DBT trends (previous 5 quarters)

90+

60

30

5

3

1

1

1

0

4Q06

1Q07

2Q07

3Q07

4Q07

Performance Analysis

Predicted DBT for 05/28/2008: 5 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
09/2005	Open Account	$100	$100		RECEIVABLE MANAGEMENT SERVICES	(000) 000-0000
04/2005	Open Account	$282	$0		L.C. FINANCIAL, INC.	(818) 780-9300
11/2004	Settlement Paid Full	$542	$0	04/2005	CLOVIS & ROCHE	(504) 831-3030
09/2003	Open Account	$144	$144		FIDELITY NATIONAL CREDIT SERVI	(800) 648-9341

Tax Liens
File Date	Filing Type	Status	Amount	Filing Number	Jurisdiction
09/25/2006	State Tax Lien	Filed	$6,414	06247673	MERCER COUNTY REG
11/28/2005	State Tax Lien	Released	$9,555	B11709P1548	BEXAR COUNTY CLERK
10/14/2005	State Tax Lien	Filed	$9,555	9429498967131008	BEXAR COUNTY CLERK
07/19/2005	State Tax Lien	Released	$973	05220375	NEW CASTLE COUNTY CO
06/01/2005	State Tax Lien	Filed	$973	05220375	NEW CASTLE COUNTY CO
05/18/2005	County Tax Lien	Filed	$76	051172448	LOS ANGELES COUNTY C
04/07/2005	State Tax Lien	Released	$13,558	20050035304	LEON COUNTY FEDERAL
11/01/2004	State Tax Lien	Filed	$13,558	20040101668	LEON COUNTY FEDERAL
09/08/2004	State Tax Lien	Released	$677	04210347	NEW CASTLE COUNTY CO
07/28/2004	State Tax Lien	Filed	$677	04210347	NEW CASTLE COUNTY CO
03/26/2004	State Tax Lien	Released	$17,565	01190626	NEW CASTLE COUNTY CO
11/24/2003	State Tax Lien	Released	$1,227	2003123020	RICHLAND COUNTY CIRC
11/24/2003	State Tax Lien	Released	$1,225	2003123021	RICHLAND COUNTY CIRC
06/18/2003	State Tax Lien	Filed	$1,225	2003063494	RICHLAND COUNTY CIRC
03/14/2003	State Tax Lien	Filed	$1,227	2003029980	RICHLAND COUNTY CIRC
03/25/2003	State Tax Lien	Released	$1,233	2003033634	RICHLAND COUNTY CIRC
02/06/2003	State Tax Lien	Filed	$1,233	2003012612	RICHLAND COUNTY CIRC
01/07/2003	State Tax Lien	Released	$52,466	2003H331872	SAN FRANCISCO COUNTY
01/07/2003	State Tax Lien	Released	$32,510	2003H331873	SAN FRANCISCO COUNTY
01/17/2003	State Tax Lien	Released	$435	03902975	MARION CNTY CIRCUIT/
01/30/2003	State Tax Lien	Filed	$192	R20030009024	LEON COUNTY FEDERAL
12/03/2002	State Tax Lien	Filed	$32,510	2002H30283700	SAN FRANCISCO COUNTY
12/12/2002	State Tax Lien	Released	$25,166	2002001132511	ORANGE COUNTY RECORD
12/16/2002	State Tax Lien	Released	$24,250	W290263	HARRIS COUNTY CLERK
12/16/2002	State Tax Lien	Released	$24,250	02034391	HAYS COUNTY CLERK-SA
12/16/2002	State Tax Lien	Released	$24,250	20020186600	COLLIN COUNTY CLERK-
12/16/2002	State Tax Lien	Released	$24,250	2002241343	TRAVIS COUNTY CLERK-
12/16/2002	State Tax Lien	Released	$24,250	2114707	DALLAS COUNTY CLERK
12/18/2002	State Tax Lien	Released	$24,250	20020490472	BEXAR COUNTY CLERK
12/23/2002	State Tax Lien	Released	$24,250	D202369138	TARRANT COUNTY CLERK
12/31/2002	State Tax Lien	Released	$1,051,503	2002H32763600	SAN FRANCISCO COUNTY
12/31/2002	State Tax Lien	Released	$22,033	2002H32764200	SAN FRANCISCO COUNTY
12/31/2002	State Tax Lien	Released	$2,217	2002H32764300	SAN FRANCISCO COUNTY
11/06/2002	State Tax Lien	Released	$25,166	2002H28530700	SAN FRANCISCO COUNTY
10/08/2002	County Tax Lien	Released	$3,853	20020177343	FRESNO COUNTY RECORD
10/08/2002	County Tax Lien	Released	$4,293	20020177344	FRESNO COUNTY RECORD
10/14/2002	State Tax Lien	Filed	$24,250	20020439331	BEXAR COUNTY CLERK
10/14/2002	State Tax Lien	Filed	$24,250	2002194265	TRAVIS COUNTY CLERK-
10/15/2002	State Tax Lien	Filed	$24,250	D202293209	TARRANT COUNTY CLERK
10/15/2002	State Tax Lien	Filed	$24,250	20020149235	COLLIN COUNTY CLERK-
10/15/2002	State Tax Lien	Filed	$24,250	2031153	DALLAS COUNTY CLERK
10/16/2002	State Tax Lien	Filed	$24,250	W155822	HARRIS COUNTY CLERK
10/16/2002	State Tax Lien	Filed	$24,250	02028490	HAYS COUNTY CLERK-SA
08/27/2002	State Tax Lien	Filed	$52,466	2002H229617	SAN FRANCISCO COUNTY
06/18/2002	State Tax Lien	Filed	$1,051,503	2002H186811	SAN FRANCISCO COUNTY
05/13/2002	State Tax Lien	Filed	$435	03902975	MARION CNTY CIRCUIT/
03/12/2002	County Tax Lien	Filed	$447	020589283	LOS ANGELES COUNTY C
02/01/2002	State Tax Lien	Filed	$1,065	2002018726	HONOLULU BUREAU OF C
10/01/2001	State Tax Lien	Filed	$2,217	2001H03107700	SAN FRANCISCO COUNTY
10/16/2001	State Tax Lien	Filed	$25,166	20010729200	ORANGE COUNTY RECORD
10/23/2001	State Tax Lien	Filed	$25,166	2001H043996	SAN FRANCISCO COUNTY

Judgments
File Date	Filing Type	Status	Amount	Plaintiff	Filing Number	Jurisdiction
01/11/2008	Judgment	Filed	$4,130	STATE OF ARKANSAS	OT2008494	PULASKI COUNTY CIRCU
10/29/2007	Judgment	Filed	$250	STATE OF ARKANSAS	OT200714323	PULASKI COUNTY CIRCU
04/28/2006	Judgment	Filed	$3,622	STATE OF DELAWARE DEPT. OF LABOR.,	06220472	NEW CASTLE COUNTY CT
04/21/2003	Judgment	Filed	$883	NYC DEPARTMENT OF FINANCE	001693676	NEW YORK COUNTY REG
01/13/2003	Judgment	Filed	$358	NYC DEPARTMENT OF FINANCE	001654750	NEW YORK COUNTY REG

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	03/2008		NET 30		$0						CUST 5 YR
+AIR TRANS	02/2008			$13,900	$11,500	100%					CUST 4 YR
=AIR TRANS	02/2008		NET 30	$4,600	$1,700	33%	67%				CUST 11 YR
BANK	02/2008		NET 30	$200	$0
+BUREAU	02/2008	02/2008	VARIED	$682,300	$577,600	66%	34%				CUST 8 YR
+BUS SERVCS	03/2008		VARIED	$2,300	$2,100	100%
-CHEMICALS	03/2008		NET 30	$1,700	$100		100%
COMPUTERS	12/2007		ROI		$0
CONST MACH	03/2008	12/2006	COD	$12,200	$0
-FACTOR	01/2008		VARIED	$165,200	$400		100%
FACTOR	03/2008		NET 30		$0						CUST 5 YR
-FACTOR	02/2008	02/2008	NET 60	$23,000	$15,500	2%	98%
=FINCL SVCS	03/2008	02/2008	NET 30	$16,800	$16,300	100%					SATSFTRY
=FINCL SVCS	03/2008	02/2008	VARIED	$7,200	<$100	100%
FREIGHT	03/2008	12/2005	VARIED	$5,100	$0
GENERAL	02/2008		CONTRCT		$0
GENL MERCH	03/2008	07/2003	CREDIT		$0						ACCTCLOSED
GIFTWARE	02/2008	02/2008	NET 30	$5,300	$0
+GIFTWARE	03/2008*		NET 30	$200	$200	100%
NEWSPAPERS	03/2008	11/2007	NET 15	$12,500	$0
NEWSPAPERS	12/2007		5/15N30		$0
NEWSPAPERS	03/2008		NET 30	$3,700	$0
NEWSPAPERS	03/2008		NET 30	$42,700	$0
PACKAGING	03/2008	10/2007	NET 30	$500	$0						CUST 9 YR
PLUMBING	11/2007	11/2007	NET30		$0						CUST 6 YR
PLUMBING	12/2007		NET30		$0						CUST 9 YR
PLUMBING	12/2007		NET30		$0						CUST 11 YR
PLUMBING	11/2007		NET30		$0						CUST 11 YR
+PLUMBING	12/2007	07/2007	NET30	$400	$300	100%					CUST 9 YR
PRNTG&PUBL	02/2008		VARIED	$200	$0
PRNTG&PUBL	01/2008	11/2004	NET 30	$8,400	$0
+RENTALS	03/2008	02/2008	NET 30	$13,500	$7,100	42%	36%	22%
-RENTALS	03/2008		VARIED	$7,700	$7,700	22%		18%	20%	40%
SAFTY PROD	03/2008		NET30		$0
SAFTY PROD	11/2007*	04/2007	NET 30		$0						CUST 3 YR
TELECOM	03/2008	03/2008	NET EOM	$800	$0
+TELECOM	03/2008		NET 30	$1,700	$1,600	51%	49%				DISPUTE
+TEMP HELP	02/2008	03/2008	ROI	$100	<$100	100%
TRANSPORTN	03/2008		NET 20		$0						CUST 11 YR
+TRUCK DLR	03/2008		CONTRCT	$10,800	$2,700	56%	44%
+UTILITY	02/2008	02/2008	NET	$600	<$100	100%					PROMPT
+UTILITY	02/2008		NET 15	$167,500	$167,500	78%	22%
+UTILITY	03/2008		NET 30	$900	$900	100%

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	41	$1,211,800	$813,300	69%	31%				DBT: 5
Newly Reported	2	$200	$200	100%					DBT: 0
Trade Lines Totals	43	$1,212,000	$813,500	69%	31%				DBT: 5

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
BUS SERVCS	10/2007	10/2007	NET 30		$0
CHEMICALS	10/2005		NET 30		$0
COMPUTERS	05/2005		CREDIT		$0						CUST 37 YR
COMPUTERS	10/2007		NET 30	$5,000	$0
-COMPUTERS	07/2005		NET 30	$96,700	$88,600		37%	32%	31%
=COMPUTERS	06/2006	05/2006		$413,000	$28,400		94%	6%
=ELEC EQUIP	07/2005	06/2005	CONTRCT	$2,100	$2,100		100%
ELEC SUPLR	04/2005		VARIED		$0
EQUIP LEAS	06/2005		NET 30		$0
FACTOR	02/2007	06/2005	NET 30	$170,500	$0
+MANUFCTRNG	06/2005	06/2005	NET 30	$200	$200	100%
=MANUFCTRNG	09/2005		NET	$3,100	$3,100	60%	38%		2%		CUST 3 YR
MISC MANUF	07/2006	03/2006	VARIED	$7,700	$0
NEWSPAPERS	09/2007	02/2005	NET 30		$0
PERSNLSVCS	03/2006	04/2003	ROI		$0
PLUMBING	03/2005		NET30		$0						CUST 1 YR
PRNTG&PUBL	01/2006	09/2004	NET 10	$10,600	$0
SERVICES	04/2006	04/2003	VARIED	$34,500	$0
-SOAP	05/2006		2/10N30	$1,000	$1,000	36%		64%
TELECOM	05/2007	04/2007	NET 30	$1,300	$0						CUST 10 YR
TEMP HELP	08/2006		NET 7	$2,200	$0
+TEMP HELP	01/2007		NET 10	$1,700	$700	100%
TRANSPORTN	12/2005		NET 15		$0						ACCTCLOSED
+UTILITY	05/2007	05/2007	NET 15	$32,000	$32,000	100%					NOT PAY AA

Monthly Payment Trends

Payment Trends Analysis
MISC HOME FURNISHINGS STORES INDUSTRY SIC: 5719

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

5

$813,300

69%

31%

FEB08

84%

8

5

$808,700

67%

32%

1%

JAN08

60%

10

1

$854,500

92%

8%

DEC07

84%

6

2

$849,800

87%

13%

NOV07

85%

5

1

$413,200

97%

2%

1%

OCT07

86%

5

0

$580,500

99%

1%

SEP07

86%

5

1

$591,700

98%

1%

1%

Quarterly Payment Trends

Payment History - Quarterly Averages				Account Status Days Beyond Terms
Quarter	Months	DBT	Balance	Cur	1-30	31-60	61-90	91+
Q4 - 07	OCT-DEC	1	$613,500	93%	7%
Q3 - 07	JUL-SEP	1	$567,000	98%	1%	1%
Q2 - 07	APR-JUN	1	$516,000	94%	6%
Q1 - 07	JAN-MAR	3	$575,000	88%	11%			1%
Q4 - 06	OCT-DEC	5	$667,800	85%	8%	6%	1%

Inquiries

Summary of Inquiries
Business Category	MAR08	FEB08	JAN08	DEC07	NOV07	OCT07	SEP07	AUG07	JUL07
GENERAL		1	1
UTILITY						1			1
Totals		1	1			1			1

UCC Profile

The number of UCC Filings is summarized with the 10 most recent listed below.

A full UCC detail report is available the same business day by entering UCC-809485990-C033347689
into the Business ID Number field on the BizApps order page.

UCC Summary		Filings
Date Range	Year	Cautionary UCCs^**	Total Filed	Released/ Term'd	Cont	Amended/ Assigned
JAN - PRESENT	2008
JUL - DEC	2007
JAN - JUN	2007
JUL - DEC	2006		1
JAN - JUN	2006	1	1
PRIOR TO JAN	2006	19	25			1
Total		20	27			1

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

  UCC Filings

UCC FILED Date: 08/01/2006

Filing Number: 067080033320

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: CROWN CREDIT COMPANY OH NEW BREMEN 45869 40 S. WASHINGTON ST

Collateral: EQUIP, UNDEFINED

UCC FILED Date: 01/25/2006

Filing Number: 067056464826

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: IOS CAPITAL GA MACON 31210 1738 BASS RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 09/22/2005

Filing Number: 057042520045

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: XEROX CORPORATION TX LEWISVILLE 75057 1301 RIDGEVIEW BLDG 30

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 04/19/2005

Filing Number: 057023833263

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: IOS CAPITAL GA MACON 31210 1738 BASS RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 03/30/2005

Filing Number: 057021222970

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: IOS CAPITAL GA MACON 31210 1738 BASS RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 03/30/2005

Filing Number: 057021223244

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: IOS CAPITAL GA MACON 31210 1738 BASS RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 01/27/2005

Filing Number: 057013976038

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: IOS CAPITAL GA MACON 31210 1738 BASS RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 01/10/2005

Filing Number: 057011714157

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: IOS CAPITAL GA MACON 31210 1738 BASS RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 08/02/2004

Filing Number: 200421760776

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: IOS CAPITAL GA MACON 31210 1738 BASS RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 05/28/2004

Filing Number: 200416260061

Jurisdiction: SEC OF STATE CALIFOR

Secured Party: IOS CAPITAL GA MACON 31210 1738 BASS RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

Commercial Finance Relationships

  Leasing Relationships

Leasing Company: FORD MOTOR CREDIT

Address: DEARBORN, MI 48121- 0

Phone: (313) 337-5677

Origination Date: 02/2005

Original Lease Amount: $15,202

Lease Product Type: AUTOMOTIVE

Lease Term: 37 Months

Payment Interval: 12/YEAR

Current Scheduled Amount Due: $458

Amount of Overdue Payments: $0

Remaining Balance: $492

Late Payments: 0

Leasing Company: FORD MOTOR CREDIT

Address: DEARBORN, MI 48121- 0

Phone: (313) 337-5677

Origination Date: 02/2008

Original Lease Amount: $16,755

Lease Product Type: AUTOMOTIVE

Lease Term: 36 Months

Payment Interval: 12/YEAR

Current Scheduled Amount Due: $465

Amount of Overdue Payments: $0

Remaining Balance: $16,290

Late Payments: 0

Company Background Information

  Corporate Registration

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF CALIFORNIA

State of Origin: CA

Date of Incorporation: 04/05/1973

Current Status: Inactive - CHARTER SUSPENDED

Business Type: Institutions - Unknown

Charter Number: 00678209

  Additional Company Background Information

Operating Information

Business Type: Institutions

Primary SIC Code: MISC HOME FURNISHINGS STORES - 5719

Secondary SIC Code: RETAIL NURSERIES & GARDEN STORES - 5261

Additional SIC Code: 5023 - 8900

Number of Employees: 600

Standard and Poor's Information

Balance sheet for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Cash and equivalent	0	360,982	239,210
	Receivables - net	0	51,020	42,520
	Inventory	0	520,292	452,421
	Other current assets	0	150,870	139,614
	Total current assets	0	1,083,164	873,765
	Fixed assets - net	0	880,305	852,412
	Investments	0	0	0
	Other assets	0	18,151	19,368
	Total assets	0	1,981,620	1,745,545
	Debt due in 1 year	0	18,864	23,435
	Notes payable	0	0	0
	Accounts payable	0	196,074	173,781
	Taxes payable	0	83,589	72,052
	Other current liabilities	0	291,865	252,889
	Total current liabilities	0	590,392	522,157
	Long term debt	0	14,490	19,154
	Other liabilities	0	251,420	246,572
	Net worth	0	1,125,318	957,662
	Total liab. and net worth	0	1,981,620	1,745,545

Operating statement for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Net sales	0	3,538,947	3,136,931
	Cost of goods sold	0	1,975,766	1,754,162
	Gross income on sales	0	1,563,181	1,382,769
	Expenses	0	1,214,383	1,072,564
	Pre-tax income	0	348,798	310,205
	Taxes	0	133,932	118,971
	After tax income	0	214,866	191,234
	Extraord. inc. & discont'd ops	0	0	0
	Net income	0	214,866	191,234

Critical data and ratios for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Tangible net worth	0	1,125,318	957,662
	Net working capital	0	492,772	351,608
	Current ratio (times)	1.8	1.6	0.0
	% Total debt to tang. n.w.	76.0	82.2	0.0
	% Current debt to tang. n.w.	52.4	54.5	0.0
	% After tax inc. to tang. n.w.	19.0	19.9	0.0
	% After tax inc. to net sales	6.0	6.0	0.0
	Net sales to inventory (times)	6.8	6.9	0.0
	CGS to inventory (times)	96.1	94.1	0.0
	Avg. days sales outstanding (days)	0.0	0.0	0.0

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