MIRA INFORM REPORT

Report Date :

18.01.2008

IDENTIFICATION DETAILS

Name :	MEADWESTVACO CORP
Registered Office :	11013 W Broad St Glen Allen, Va 23060-5937
Country :	United States
Date of Incorporation :	01.17.2002
Com. Reg. No.:	823437105
Legal Form :	Institutions – Profit
Line of Business :	Business Services

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow by 5 days
Litigation :	Clear

Company Information

MEADWESTVACO CORP
11013 W BROAD ST
GLEN ALLEN, VA 23060-5937
(804) 327-5200

Business Identification Number:

823437105

File Established:

06/2001

Date of Incorporation:

01/17/2002

SIC code:

BUSINESS SERVICES, NEC - 7389

Executive Summary

  Intelliscore for MEADWESTVACO CORP

45.21

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 TO HIGH RISK
26% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

	NUMBER OF DELINQUENT OR DEROGATORY ACCOUNTS
	NUMBER OF TRADES WITH A HIGH BALANCE TO HIGH CREDIT RATIO
	BALANCES ON DELINQUENT OR DEROGATORY ACCOUNTS
	BALANCE ON DELINQUENT ACCOUNTS

  Current DBT range compared to all industries*

5 DBT
($1,540,400 Balance)

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

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

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings: details (FILED 05/07)

1

Judgment filings:

0

Total collections:

0

Sum of legal filings:

$1,774

UCC filings:

0

Cautionary UCC filings present?

No

Trade Information

Monthly average DBT:

6

Highest DBT previous 6 months:

8

Highest DBT previous 5 quarters:

8

Total continuous trades:

33

Current continuous trade balance:

$1,540,400

Trade balance of all trades (42):

$1,725,700

Average balance previous 5 quarters:

$1,341,620

Highest credit amount extended: details

$726,900

6 month balance range:

$1,507,200 - $1,892,400

* 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

5

6

8

5

7

5

5

0

Jun07

Jul07

Aug07

Sep07

Oct07

Nov07

Current

  Quarterly DBT trends (previous 5 quarters)

90+

60

30

3

3

6

6

5

0

4Q06

1Q07

2Q07

3Q07

4Q07

Performance Analysis

Predicted DBT for 03/12/2008: 5 DBT

Payment Trend Indication:
Are Stable

Industry payment comparison:
Has paid the same as similar firms

Most Frequent Industry Purchasing Terms:
NET 30, CREDIT, and 0000000

Legal Filings and Collections

Tax Liens
File Date	Filing Type	Status	Amount	Filing Number	Jurisdiction
05/21/2007	State Tax Lien	Filed	$1,774	076912486	SALT LAKE DISTRICT C

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
=AGRI CHEM	12/2007	12/2007	NET 30	$726,900	$677,100	91%	9%
-AIR TRANS	11/2007	10/2007		$9,400	$9,400	9%	18%	18%	10%	45%	CUST 16 YR
+BLDG MATRL	12/2007	11/2007	VARIED	$106,400	$900	96%	4%
BUS SERVCS	10/2007*	10/2007	NET 30		$0
=CHEMICALS	10/2007	09/2007	SPECIAL	$225,200	$225,200	74%	17%	6%	3%
-DISTRIBUTR	12/2007		NET30	$3,000	$600		2%		29%	69%
ELEC DISTR	12/2007		NET 60	$3,000	$0						PROMPT
-ELEC DISTR	12/2007		NET 60	$108,200	<$100				100%
+ELEC EQUIP	12/2007		VARIED	$17,100	$7,100	65%	35%				CUST 11 YR
-ELEC EQUIP	11/2007	10/2007	CONTRCT	$18,400	$8,500	45%		24%		31%
-ELEC MFG	01/2008		NET 30	$8,000	$2,100		100%				CUST 8 YR
+ELEC SUPLR	12/2007	12/2007	VARIED	$5,000	$1,000	58%	42%
=FACTOR	01/2008		NET 30	$4,400	$800	67%	33%				CUST 1 YR
FREIGHT	01/2008	04/2007	VARIED	$3,700	$0
=HEATNG&A/C	11/2007		NET 30	$16,300	$2,200		100%
=INDUS SUPL	10/2007	10/2007	NET 30	$200,200	$144,800	42%	51%	7%			CUST 7 YR
+INDUS SUPL	10/2007	08/2007	NET 30	$26,600	$400	52%	48%				CUST 30 YR
INDUS SUPL	10/2007	11/2006	NET 30	$16,800	$0						CUST 4 YR
=LUMBR&WOOD	11/2007	10/2007	VARIED	$1,400	$400		100%				CUST 4 YR
+LUMBR&WOOD	11/2007	11/2007	VARIED	$472,900	$389,400	95%	3%	1%		1%	CUST 4 YR
=MACH DISTR	10/2007	10/2007	1/10N30	$34,200	$1,600		100%				CUST 25 YR
+MANUFCTRNG	11/2007	11/2007	NET 30	$23,900	$9,200	100%					CUST 2 YR
+MISC MANUF	12/2007	12/2007	NET 30	$16,600	$16,600	99%				1%
-PACKAGING	11/2007	10/2007	1/10N30	$19,700	$4,100		60%			40%
=PACKAGING	12/2007	11/2007	NET 30	$9,900	$600	75%		25%
+PAINTS	11/2007	11/2007	VARIED	$19,200	$11,800	30%	70%
-PERSNLSVCS	12/2007	09/2007	ROI	$13,000	$13,000					100%
-PETROLEUM	12/2007	01/2007	NET 45	$5,000	$1,500	33%	67%
=PLUMBING	11/2007	11/2007	NET 10	$3,700	$1,300	15%	85%
SAFTY PROD	12/2007		NET 30		$0
+TELECOM	12/2007		NET30	$18,500	$10,300	52%	40%	1%	1%	6%
TRANSPORTN	12/2007		NET 30	$100	$0						PROMPT
TRNS EQUIP	01/2008		NET 30	$700	$0						CUST 9 YR
=TRUCK DLR	01/2008		CONTRCT	$8,400	$400		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	33	$2,145,800	$1,540,400	82%	14%	2%		2%	DBT: 5
Newly Reported	1	$0	$0						DBT: 0
Trade Lines Totals	34	$2,145,800	$1,540,400	82%	14%	2%		2%	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
=AIR TRANS	11/2006		NET 30	$3,600	$3,600	40%	55%	5%			COLLECTION
DP EQUIP	03/2007		NET 30		$0
-FRGHT FWRD	05/2007	03/2007	VARIED	$200	$200			100%
LEASING	11/2007		CONTRCT	$3,400	$0
=MISC MANUF	04/2007	04/2007	VARIED	$22,900	$22,900	68%	19%	13%
=PAPER DIST	05/2007		VARIED	$15,800	$3,300	86%	14%
TELECOM	05/2007	04/2007	NET 30	$1,600	$0						CUST 13 YR
+TEMP HELP	01/2007		VARIED	$155,300	$155,300	70%	9%	19%	2%		CUST 1 YR

Monthly Payment Trends

Payment Trends Analysis
BUSINESS SERVICES, NEC INDUSTRY SIC: 7389

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

$1,540,400

82%

14%

2%

2%

NOV07

87%

6

5

$1,507,200

81%

15%

2%

1%

1%

OCT07

89%

5

7

$1,757,700

75%

17%

6%

1%

1%

SEP07

88%

5

5

$1,708,500

69%

29%

2%

AUG07

88%

5

8

$1,764,900

73%

19%

5%

1%

2%

JUL07

89%

4

6

$1,769,900

73%

24%

1%

2%

JUN07

89%

4

5

$1,892,400

80%

17%

2%

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	5	$1,553,000	80%	15%	3%	1%	1%
Q3 - 07	JUL-SEP	6	$1,742,300	72%	24%	2%	1%	1%
Q2 - 07	APR-JUN	6	$1,766,900	79%	16%	3%	1%	1%
Q1 - 07	JAN-MAR	3	$947,400	86%	12%	2%
Q4 - 06	OCT-DEC	3	$698,500	85%	14%	1%

Inquiries

Summary of Inquiries
Business Category	JAN08	DEC07	NOV07	OCT07	SEP07	AUG07	JUL07	JUN07	MAY07
GENERAL				2		2
UTILITY				1
Totals				3		2

Commercial Finance Relationships

  Leasing Relationships

Leasing Company: CANON FINANCIAL SERVICES

Address: BURLINGTON, NJ 08016- 0

Phone: (800) 220-0200

Origination Date: 01/2006

Original Lease Amount: $10,332

Lease Product Type: EQUIPMENT

Lease Term: 36 Months

Comment: PAY DLINQUNT

Current Due Date: 02/10/2008

Current Scheduled Amount Due: $238

Amount of Overdue Payments: $0

Remaining Balance: $3,205

Current Payments: 11

Late Payments: 13

Company Background Information

  Corporate Registration

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF VERMONT

State of Origin: VT

Date of Incorporation: 01/17/2002

Current Status: Active

Business Type: Institutions - Profit

Charter Number: F-23697-0

Agent: CT CORPORATION SYSTEM

Agent Address: 400 CORNERSTONE DR # ST240 WILLISTON, VT

  Additional Company Background Information

Operating Information

Business Type: Institutions

Primary SIC Code: BUSINESS SERVICES, NEC - 7389

Secondary SIC Code: PULP MILLS - 2611

Additional SIC Code: 2621 - 2677

Number of Employees: 125

Sales: $755,000,000

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	156,000	297,000	275,000
	Receivables - net	1,011,000	922,000	1,045,000
	Inventory	715,000	714,000	1,057,000
	Other current assets	133,000	97,000	185,000
	Total current assets	2,015,000	2,030,000	2,562,000
	Fixed assets - net	4,618,000	4,573,000	6,583,000
	Investments	0	70,000	41,000
	Other assets	2,652,000	2,235,000	2,495,000
	Total assets	9,285,000	8,908,000	11,681,000
	Debt due in 1 year	52,000	2,000	234,000
	Notes payable	159,000	11,000	0
	Accounts payable	465,000	374,000	500,000
	Taxes payable	12,000	13,000	35,000
	Other current liabilities	777,000	642,000	982,000
	Total current liabilities	1,465,000	1,042,000	1,751,000
	Long term debt	2,372,000	2,417,000	3,427,000
	Other liabilities	1,915,000	1,966,000	2,186,000
	Net worth	3,533,000	3,483,000	4,317,000
	Total liab. and net worth	9,285,000	8,908,000	11,681,000

Operating statement for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Net sales	6,530,000	6,170,000	8,227,000
	Cost of goods sold	4,905,000	4,632,000	6,274,000
	Gross income on sales	1,625,000	1,538,000	1,953,000
	Expenses	1,527,000	1,403,000	2,407,000
	Pre-tax income	98,000	135,000	-454,000
	Taxes	5,000	16,000	-105,000
	After tax income	93,000	119,000	-349,000
	Extraord. inc. & discont'd ops	0	-91,000	0
	Net income	93,000	28,000	-349,000

Critical data and ratios for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Tangible net worth	2,158,000	2,645,000	3,433,000
	Net working capital	550,000	988,000	811,000
	Current ratio (times)	1.9	1.4	0.0
	% Total debt to tang. n.w.	205.1	214.5	0.0
	% Current debt to tang. n.w.	39.3	51.0	0.0
	% After tax inc. to tang. n.w.	4.4	0.0	0.0
	% After tax inc. to net sales	1.9	0.0	0.0
	Net sales to inventory (times)	8.6	7.7	0.0
	CGS to inventory (times)	56.2	61.4	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