Comprehensive Report: Gorman Manufacturing Company,

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       COPYRIGHT 1999 DUN & BRADSTREET INC. - PROVIDED UNDER CONTRACT
                FOR THE EXCLUSIVE USE OF SUBSCRIBER 034-004303.

                     ATTN: vm

                             COMPREHENSIVE REPORT

DUNS: 80-473-5132
GORMAN MANUFACTURING COMPANY,
INC                                     FINANCIAL STRESS CLASS: 5
                                        CREDIT SCORE CLASS:     5
492 KOLLER STREET
AND BRANCH(ES) OR DIVISION(S)                      KEY
SAN FRANCISCO CA 94110                 =============================
TEL: 650 555-0000                      LOWEST RISK      HIGHEST RISK
                                           1    2    3    4    5
SIC:      27 52
LINE OF BUSINESS: COMMERCIAL PRINTING
CONTROL DATE:      1965                         DATE PRINTED: AUG 18 1999

CHIEF EXECUTIVE: LESLIE SMITH, PRES

===============================================================================
EXECUTIVE SUMMARY

- The Financial Stress Class of 5 for this company shows that during the
  previous year, firms with this classification had a failure rate of
  6.98% (698 per 10,000), which is 10.73 times higher than the national average
- The Credit Score Class of 5 for this company shows that during the previous
  year, 67.6% of the firms with this classification paid one or more bills
  severely delinquent, which is 4.25 times higher than the national average.
- Subject company pays its bills an average 26 days beyond terms.
- Subject company's industry pays its bills an average 8 days beyond terms.
- Subject company pays its bills slower than the average for its industry.
- Operations are profitable.
- Special events are reported for this business.
- UCC filing(s) are reported for this business.
- Financing is secured.
- Under present management control 34 years.
- Evidence of open Suit(s), Lien(s) and Judgment(s) in the D&B database.
- History is clear.

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CREDIT CAPACITY SUMMARY

D&B Rating:     3A3                Payment Activity
                                     (based on 110 experiences):
                                      Average High Credit:    $46,369
# of Employees                        Highest Credit:         $1,000,000
Total:          105                   Total Highest Credits:  $2,865,650
               (100 Here)

As of 12/31/97  Worth:            $2,838,982
                Working Capital:  $1,213,839

Note: The Worth amount in this section may have been adjusted by D&B to reflect
typical deductions, such as certain intangible assets.

===============================================================================
SPECIAL EVENTS

04/06/99      On Mar 26, 1998 the subject experienced a fire due to an
         earthquake.  According to Leslie Smith, president, damages amounted to
         $35,000 which were fully covered by their insurance company.  The
         business was closed for two days while employees settled personal
         matters.

===============================================================================
FINANCIAL STRESS SUMMARY

The FINANCIAL STRESS CLASS for this firm was derived using D&B's Model for the
MANUFACTURING industry group. The Financial Stress Model uses statistical
probabilities to classify businesses into one of five classifications and
percentile rankings. These are based on the likelihood of a business
experiencing financial stress within an eighteen month period.

Companies experiencing financial stress are those that cease doing business
without paying all creditors in full, or reorganize or obtain relief from
creditors under state or federal law.

 Financial Stress Class:                               5

 Incidence of Financial Stress Among
 Companies with this Classification:                   6.98% (698 per 10,000)

 Incidence of Financial Stress:                        0.65% (65 per 10,000)
 - National Average

 Incidence of Financial Stress:                        0.87% (87 per 10,000)
 - MANUFACTURING Industry

 Financial Stress Score:                               1
 - National Percentile

 Financial Stress Score:                               1
 - MANUFACTURING Industry Percentile

 Note:
 -  Based on 1995 failure statistics.
 -  Percentiles are based on a 100 point scale.

The Financial Stress Class for this company is based on the following factors:

Key Business Commentary
  - 25% of trade experiences indicate slow payment(s) are present.
  - Payment experiences exist for this firm which are greater than 60 days past
    due.
  - Control age or date entered in D&B files indicates lower risk.
  - Payment information indicates negative payment comments.
  - Evidence of open Suit(s), Lien(s) and Judgment(s) in the D&B database.
  - Quick ratio is 0.6.
  - Business does not own facilities.
  - D&B files indicate a net worth for this firm of $2,838,982.
  - Financial condition is FAIR or UNBALANCED.

Key Financial Commentary
   - Accounts payable to sales ratio is in the lower quartile for this
     industry.
   - Quick ratio is in the lower quartile for this industry.
   - Positive net worth is present for this firm indicating lower risk of
     financial stress.
   - Return on assets is between the median and upper quartiles for this
     industry.
   - Total liabilities to net worth ratio is between the median and upper
     quartiles for this industry.

 Note:
 The Financial Stress Class indicates that this firm shares some of the same
 business and financial characteristics of other companies with this
 classification. It does not mean the firm will actually experience financial
 stress.

 The Incidence of Financial Stress shows the percentage of companies with this
 classification that filed for protection under bankruptcy laws, or ceased
 operations entirely over the past year without meeting payment obligations in
 full. The National and Industry Averages are provided for comparative
 purposes.

 The Financial Stress Score - National Percentile ranks a firm relative to
 other businesses. For example, a company in the 75th percentile is a better
 risk than 74% of the total population of scored companies in D&B's files.

 The Financial Stress Score - Industry Percentile reflects the relative ranking
 of a firm within its own industry group. For example, a business in the 80th
 percentile is a better risk than 79% of scored companies in D&B's files
 belonging to the same industry.

===============================================================================
FINANCIAL STRESS NORMS
                                                                      National
Norms for Companies in the Same ...                                  Percentile

     - Region  (PACIFIC)                                                 49

     - Industry: MANUFACTURING                                           44

     - Employee Range (100-499)                                          52

     - Years in Business Range (26+)                                     85

     - Subject Company                                                    1

Key Comparisons
The subject company has a Stress Score Percentile that shows:

   - Higher risk than other companies in the same region.
   - Higher risk than other companies in the same industry.
   - Higher risk than other companies in the same employee size range.
   - Higher risk than other companies with a comparable number of years in
     business.

===============================================================================
CREDIT SCORE SUMMARY

The Credit Score Class predicts the likelihood of a firm paying in a severely
delinquent manner (90+ Days Past Terms) over the next twelve months.  It was
calculated using statistically valid models and the most recent payment
information in D&B's files.

Credit Score Class:                              5

Incidence of Delinquent Payment Among
Companies with this Classification:             67.60%

Percentile:                                     10

The Credit Score Class for this company is based on the following factors:

  - 25% of trade experiences indicate slow payment(s) are present.
  - Payment experiences exist for this firm which are greater than 60 days past
    due.
  - Control age or date entered in D&B files indicates lower risk.
  - Payment information indicates negative payment comments.
  - Evidence of open Suit(s), Lien(s) and Judgment(s) in the D&B database.
  - Quick ratio is 0.6.
  - Business does not own facilities.
  - D&B files indicate a net worth for this firm of $2,838,982.
  - Financial condition is FAIR or UNBALANCED.

Note:
   The Incidence of Delinquent Payment is the percentage of companies with this
   classification that were reported 90 days past due or more by creditors.
   The calculation of this value is based on an inquiry weighted sample.

   The Percentile ranks this firm relative to other businesses.  For example,
   a firm in the 80th percentile is a better risk than 79% of all companies in
   D&B's files.

===============================================================================
CREDIT SCORE NORMS
                                                                      National
Norms for Companies in the Same ...                                  Percentile

     - Region  (PACIFIC)                                                 48

     - Industry: MANUFACTURING                                           46

     - Employee Range (100-499)                                          62

     - Years in Business Range (26+)                                     67

     - Subject Company                                                   10

Key Comparisons
The subject company has a Credit Score Percentile that shows:

   - Higher risk than other companies in the same region.
   - Higher risk than other companies in the same industry.
   - Higher risk than other companies in the same employee size range.
   - Higher risk than other companies with a comparable number of years in
     business.

===============================================================================
PAYMENT TRENDS

PAYDEX scores below are based on dollar weighted trade in most recent 12 mos.

                '97 '97 '98 '98 '98 '98 '98 '98 '99 '99 '99 '99 '99 '99 '99 '99
                SEP DEC MAR JUN SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG

FIRM             70  70  73  75  72  72  72  72  72  75  71  69  69  68  58  56

Industry
Quartiles
----------
Upper            80  80  79  80  80          79          79          79
Median           75  75  75  75  76          75          75          75
Lower            67  66  66  66  67          67          67          66

   Industry PAYDEX based on:       KEY TO PAYDEX SCORES:
   SIC:  2752                        80     Within terms
   1,278 Firms                       75   8 Days Beyond Terms
                                     56  26 Days Beyond Terms

===============================================================================
SUMMARY OF PAYMENT HABITS

Dollar Range Comparisons:

Suppliers That          Number of        Total       % of Dollars
Extend Credit of...     Experiences:     Amount      Within Terms

                             #             $              %

OVER $100,000                6        1,650,000          27
$50,000 - 99,999             9          545,000          73
$15,000 - 49,999            10          230,000          82
$ 5,000 - 14,999            16          112,500          44
$ 1,000 - 4,999             11           20,000          72
    Under 1,000              7            2,800          36

===============================================================================
PAYMENT ANALYSIS BY INDUSTRY

There are 110 payment experiences in D&B's file for the most recent 12 months,
with 62 experiences reported during the last three month period.

                      Total     Dollar    Highest   Within Slow Slow  Slow Slow
                      Recd      Amount    Credit    Terms  1-30 31-60 61-90 91+
                       #           $         $       --- % of dollar amount ---

Total in D&B's File   110      2,865,650  1,000,000

Industry

Nonclassified          14        430,000    100,000    74   2     0    0   24
Insurance agent         2        250,000    250,000   100   0     0    0    0
Whol roof/side/insul    2         50,500     50,000    99   1     0    0    0
Whol hardware           2         27,500     20,000    27   0     0   73    0
Whol service paper      2         20,500     20,000   100   0     0    0    0
Business consulting     2         10,250     10,000     0   0     0    0  100
Whol industrial equip   2         12,500     10,000    20   0     0   80    0
Personal credit         2          5,000      5,000     0   0     0  100    0
Whol industrial suppl   2          6,000      5,000     0   0    83    0   17
Whol electrical equip   2          6,000      5,000    17   0    83    0    0
Misc business service   2             50         50     0 100     0    0    0
Misc business credit    1      1,000,000  1,000,000     0 100     0    0    0
Management services     1        100,000    100,000   100   0     0    0    0
Mfg organic chemicals   1        100,000    100,000     0   0     0  100    0
Mfg adhesives/sealant   1         75,000     75,000   100   0     0    0    0
Accounting services     1         75,000     75,000   100   0     0    0    0
Mfg prefab metal bldg   1         50,000     50,000     0 100     0    0    0
Misc sanitary service   1         50,000     50,000     0   0     0    0  100
Arrange cargo transpt   1         50,000     50,000   100   0     0    0    0
Truck rental/leasing    1         50,000     50,000     0 100     0    0    0
Mfg home furnishings    1         45,000     45,000   100   0     0    0    0
Mfg wood office furn    1         30,000     30,000   100   0     0    0    0
Mechanical contractor   1         25,000     25,000   100   0     0    0    0
Mfg malt                1         20,000     20,000     0   0   100    0    0
Leather finishing       1         20,000     20,000   100   0     0    0    0
Mfg refrig/heat equip   1         10,000     10,000   100   0     0    0    0
Ret misc merchandise    1          5,000      5,000     0 100     0    0    0
Aluminum foundry        1          5,000      5,000     0   0     0  100    0
Advertising agency      1          5,000      5,000   100   0     0    0    0
Whol scrap material     1          5,000      5,000   100   0     0    0    0
Whol durable goods      1          5,000      5,000   100   0     0    0    0
Coml art/graphic dsgn   1          2,500      2,500   100   0     0    0    0
Electrical contractor   1          1,000      1,000   100   0     0    0    0
Trucking non-local      1          1,000      1,000     0   0     0  100    0
Whol misc coml equip    1          1,000      1,000     0   0   100    0    0
Mfg blankbook/binder    1            500        500   100   0     0    0    0
Ret hardware            1            500        500     0 100     0    0    0
Mfg optical instrmnts   1            500        500     0   0   100    0    0
Whol drugs/sundries     1              0          0     0   0     0    0    0

OTHER PAYMENT CATEGORIES:
Cash Experiences        2         75,000
Paying Record Unknown  12        106,100
Unfavorable Comments    9        134,250
Placed for Collection
  with D&B              0              0
  other                25            N/A

Accounts are sometimes placed for collection even though the existence or
amount of the debt is disputed.
Indications of slowness can be the result of disputes over merchandise, skipped
invoices, etc.

===============================================================================
PUBLIC FILINGS SUMMARY

The following data includes both open and closed filings found in
D&B's database on the subject company.

                                                       Most Recent
            Record Type                    #           Filing Date

     Bankruptcy Proceedings                0                -
     Judgments                             1            08/13/1996
     Liens                                 2            08/13/1996
     Suits                                 2            08/13/1996
     UCC's                                 2            10/06/1998

===============================================================================
PUBLIC FILINGS DETAIL

         The following data is for information purposes only and is not the
         official record.  Certified copies can only be obtained from the
         official source.

-------------------------------------------------------------------------------
                           * * * JUDGMENT(S) * * *
-------------------------------------------------------------------------------
DOCKET NO.: 94CV321
JDGMT AWARD: $5,003                           STATUS: Unsatisfied
JDGMT TYPE:  Default judgment                 DATE STATUS ATTAINED:  08/13/1996
AGAINST:     GORMAN MANUFACTURING COMPANY,    DATE ENTERED:          08/13/1996
             INC                              LATEST INFO COLLECTED: 10/02/1996
IN FAVOR OF: JOHN SMITH
WHERE FILED: CONTRA COSTA COUNTY SUPERIOR
             COURT/MARTINEZ, MARTINEZ, CA
-------------------------------------------------------------------------------
                             * * * SUIT(S) * * *
-------------------------------------------------------------------------------
DOCKET NO.: 96CV123
SUIT AMOUNT: $1,000                           STATUS: Pending
PLAINTIFF:   JOHN SMITH                       DATE STATUS ATTAINED:  08/13/1996
DEFENDANT:   GORMAN MANUFACTURING COMPANY,    DATE FILED:            08/13/1996
             INC                              LATEST INFO COLLECTED: 10/02/1996
CAUSE:       Civil Rights
WHERE FILED: CONTRA COSTA COUNTY SUPERIOR
             COURT/MARTINEZ, MARTINEZ, CA
-------------------------------------------------------------------------------
DOCKET NO.: SC19951218
SUIT AMOUNT: $20,000                          STATUS: Pending
PLAINTIFF:   DUN & BRADSTREET, BETHLEHEM, PA  DATE STATUS ATTAINED:  12/18/1995
DEFENDANT:   GORMAN MANUFACTURING COMPANY,    DATE FILED:            12/18/1995
             INC                              LATEST INFO COLLECTED: 12/19/1995
CAUSE:       Breach of contract
WHERE FILED: KERN COUNTY MUNICIPAL COURT /
             WEST DISTRICT, BAKERSFIELD, CA
-------------------------------------------------------------------------------
                             * * * LIEN(S) * * *
-------------------------------------------------------------------------------
         A lienholder can file the same lien in more than one filing
         location.  The appearance of multiple liens filed by the
         same lienholder against a debtor may be indicative of such
         an occurrence.
-------------------------------------------------------------------------------
BOOK/PAGE: 23/506
AMOUNT:   $230 Sales and use                  STATUS: Open
TYPE:     State Tax                           DATE STATUS ATTAINED:  08/13/1996
FILED BY: STATE OF CALIFORNIA                 DATE FILED:            08/13/1996
AGAINST:  GORMAN MANUFACTURING COMPANY, INC   LATEST INFO COLLECTED: 10/02/1996
WHERE FILED: CONTRA COSTA COUNTY RECORDERS
             OFFICE, MARTINEZ, CA
-------------------------------------------------------------------------------
BOOK/PAGE: 32/506
AMOUNT:   $50,000 Corporate income tax        STATUS: Open
TYPE:     Federal Tax                         DATE STATUS ATTAINED:  08/13/1996
FILED BY: INTERNAL REVENUE SERVICE            DATE FILED:            08/13/1996
AGAINST:  GORMAN MANUFACTURING COMPANY, INC   LATEST INFO COLLECTED: 10/02/1996
WHERE FILED: CONTRA COSTA COUNTY RECORDERS
             OFFICE, MARTINEZ, CA
-------------------------------------------------------------------------------
                           * * * UCC FILING(S) * * *
-------------------------------------------------------------------------------
COLLATERAL: All Inventory including proceeds and products - All Accounts
            receivable including proceeds and products - All Fixtures including
            proceeds and products
FILING NO:  123456                            DATE FILED:            10/05/1998
TYPE:       Original                          LATEST INFO RECEIVED:  10/12/1998
SEC. PARTY: ABC COMPANY                       FILED WITH: SECRETARY OF
DEBTOR:     GORMAN MANUFACTURING COMPANY,                 STATE/UCC DIVISION,
            INC                                           CA
-------------------------------------------------------------------------------
COLLATERAL: Specified Equipment and products
FILING NO:  222222                            DATE FILED:            10/06/1998
TYPE:       Original                          LATEST INFO RECEIVED:  10/12/1998
SEC. PARTY: XYZ COMPANY                       FILED WITH: SECRETARY OF
DEBTOR:     GORMAN MANUFACTURING COMPANY,                 STATE/UCC DIVISION,
            INC                                           CA
-------------------------------------------------------------------------------

         The public record items contained in this report may have been
         paid, terminated, vacated or released prior to the date this
         report was printed.

===============================================================================
BUSINESS BACKGROUND

                                     HISTORY
04/06/99
         LESLIE SMITH, PRES                  KEVIN J HUNT, SEC-TREAS
         DIRECTOR(S):  THE OFFICER(S)

              Incorporated California May 21 1965.  Authorized capital consists
         of 200 shares common stock, no par value.
              Business started May 21 1965 by Leslie Smith and Kevin J Hunt.
         100% of capital stock is owned by the officers.
              LESLIE SMITH born 1926.  Graduated from the University of
         California, Los Angeles, CA, in June 1947 with a BS degree in Business
         Management.  1947-65 general manager for Raymor Printing Co, San
         Francisco, CA.  1965 formed subject with Kevin J Hunt.
               KEVIN J HUNT born 1925.  Graduated from Northwestern University,
         Evanston, IL in June 1946.  1946-1965 was general manager for Raymor
         Printing Co, San Francisco, CA.  1965 formed subject with Leslie
         Smith.
              AFFILIATE: The following is related through common principals,
         management and/or ownership.  Gorman Affiliate Ltd, San Francisco, CA,
         started 1965.  DUNS #80-480-0217.  Operates as commercial printer.
         Intercompany relations: None reported by management.

                                    OPERATIONS

04/06/99      Commercial printing specializing in advertising posters,
         catalogs, circulars and coupons.
              ADDITIONAL TELEPHONE NUMBER(S): Facsimile (Fax) 415 555-1000;
         Toll-Free (800) 555-5555.
         Has 175 account(s).  Net 30 days.  Sells to commercial concerns.
         Territory : United States.
         Nonseasonal.
              EMPLOYEES:  105 which includes officer(s).  100 employed here.
              FACILITIES:  Rents 55,000 sq. ft. in a one story cinder block
         building.
              LOCATION:  Central business section on well traveled street.
              BRANCHES:  Subject maintains a branch at 1073 Boyden Road, Los
         Angeles, CA.

===============================================================================
BANKING RELATIONSHIPS REPORTED

              (03-98)  Balances average in a low 7 figure amount.  At Dec 31
         1997, a low 7 figure was outstanding under short-term lines of credit
         which are secured by accounts receivable and inventory.

===============================================================================
FINANCIAL SUMMARY

                           KEY BUSINESS RATIOS

         Based on Fiscal Consolidated Statement Dated December 31, 1997

                  (Industry Norms Based on 31 Establishments)

            Profitability         Short-Term       Efficiency   Utilization
                  %                Solvency           (%)           (%)
          Return     Return     Curr      Quick     Assets/    Total Liabs/
         on Sales    on Net     Ratio     Ratio      Sales       Net Worth
                     Worth

Firm         3.3       20.6       1.3       0.6       47.3         194.4

Industry     2.6       16.0       1.5       1.2       51.0         194.1
Median

Industry     2          2         3         4          2             3
Quartile

04/06/99                           Fiscal            Fiscal            Fiscal
                              Dec 31 1995       Dec 31 1996       Dec 31 1997
         Curr Assets            4,825,611         5,425,125         5,735,650
         Curr Liabs             3,625,000         4,125,718         4,521,811
         Current Ratio               1.33              1.31              1.26
         Working Capital        1,200,611         1,299,407         1,213,839
         Other Assets           1,485,440         2,191,690         2,623,143
         Worth                  1,912,112         2,125,499         2,838,982
         Sales                 10,325,582        13,007,229        17,685,297
         Net Profit (Loss)        213,387            26,014           584,077
              Fiscal statement dated DEC 31 1997:
         Cash               $       745,000  Accts Pay          $     2,556,211
         Accts Rec                1,814,925  Bank Loans                 910,000
         Inventory                1,500,725  Notes Pay                  400,000
         Other Curr Assets        1,675,000  Other Curr Liabs           655,600
                            ---------------                     ---------------
           Curr Assets            5,735,650    Curr Liabs             4,521,811
         Fixt & Equip             1,987,812  L.T. Liab-Other            998,000
         Other Assets               635,331  CAPITAL STOCK               50,000
                                             RETAINED EARNINGS        2,788,982
                            ---------------                     ---------------
           Total Assets           8,358,793    Total                  8,358,793
              From JAN 01 1997 to DEC 31 1997 sales $17,685,297; cost of goods
         sold $14,229,558.  Gross profit $3,455,739; operating expenses
         $2,871,662.  Operating income $584,077.  Net income $584,077.
              Submitted APR 30 1998 by Leslie Smith, President.  Prepared from
         statement(s) by Accountant: Johnson, Jordan and Jones, CPA's.
              ACCOUNTANTS OPINION:  A review of the accountant's opinion
         indicates the financial statements meet generally accepted accounting
         principles and that the audit contains no qualifications.
                                        --0--

              Statement Item Explanations:.
              OTHER CURRENT ASSETS:  Consist of prepaid expenses $74,471 and
         $1,600,529 of a loan from an affiliated concern.
              OTHER ASSETS:  Consists of deposits.
              BANK LOANS:  Due to bank at prime interest rate, are secured by
         accounts receivable and inventory and mature in 3 years.
              NOTES PAYABLE:  Are due on printing equipment in monthly
         installments of $37,500.
              OTHER CURRENT LIABILITIES:  Consist of accrued expenses and
         taxes.
              LONG TERM DEBT:  Consists of the long term portion of the
         equipment note.
              On APR 06 1999 Leslie Smith, president, referred to the above
         figures.


===============================================================================
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                            END OF COMPREHENSIVE REPORT