COPYRIGHT 2015 DUN & BRADSTREET INC. - PROVIDED UNDER CONTRACT
                FOR THE EXCLUSIVE USE OF SUBSCRIBER 263-160341.

                     ATTN: Arun

                             COMPREHENSIVE REPORT

DUNS: 80-473-5132
GORMAN MANUFACTURING COMPANY,
INC.                                    FINANCIAL STRESS CLASS: 4
                                        CREDIT SCORE CLASS:     5
492 KOLLER ST                           D&B VIABILITY RATING:  27AA
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: LITHOGRAPHIC COMMERCIAL PRINTING
YEAR STARTED:      1985
CONTROL DATE:      1985                         DATE PRINTED: JUL 06 2015

LESLIE SMITH, PRES

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

- The Financial Stress Class of 4 for this company shows that during the
  previous year, firms with this classification had a failure rate of
  .84% (84 per 10,000), which is 1.75 times higher than the national average.
- The Credit Score Class of 5 for this company shows that during the previous
  year, 53.1% of the firms with this classification paid one or more bills
  severely delinquent, which is 5.21 times higher than the national average.
- Subject company pays its bills an average 3 days beyond terms.
- Subject company's industry pays its bills an average 9 days beyond terms.
- Subject company pays its bills more promptly than the average for its
  industry.
- Financial information from a fiscal consolidated statement dated 12/31/14
  is included.
- Sales for the fiscal year ending December 2014 are up by 6.0%.
- Net worth for the fiscal year ending December 2014 is up by 11.8%.
- Operations are profitable.
- UCC filing(s) are reported for this business.
- Financing is secured.
- Under present management control 30 years.
- Evidence of open Suit(s) and Judgment(s) in the D&B database.
- History is clear.

===============================================================================
VIABILITY RATING

The D&B viability rating uses D&B's proprietary analytics to compare the most
predictive business risk indicators and deliver a highly reliable assessment
of the probability that a company will no longer be in business within the next
12 months

D&B VIABILITY RATING:  27AA

D&B VIABILITY COMPONENTS

VIABILITY SCORE

RATING 2            LOW RISK                 HIGH RISK

          <1--<2>--3---4---5---6---7---8---9>

Compared to All US Businesses within D&B Database:

Level of risk: Low Risk
Businesses ranked 2 have a probability of becoming no longer viable: 2%
Percentage of businesses ranked 2: 4%
Across all US businesses, the average probability of becoming no longer
viable: 14%

PORTFOLIO COMPARISON

RATING 7            LOW RISK            HIGH RISK

          <1---2---3---4---5---6--<7>--8---9>

Compared to all Businesses within the same MODEL SEGMENT:

Model Segment: Available Financial Data

Level of risk: High to Moderate Risk
Businesses ranked 7 within this model segment have a probability of
becoming no longer viable: 1%
Percentage of businesses ranked 7 within this model segment: 10%
Within this model segment,the average probability of becoming no
longer viable: 0.6%

DATA DEPTH INDICATOR

DATA DEPTH A

Data Depth Indicator Details:

Rich Firmographics
Extensive Commercial Trading Activity
Comprehensive Financial Attributes

COMPANY PROFILE

COMPANY PROFILE A

Company Profile Details:

Financial Data    : Available
Trade Payments    : Available: 3+Trade
Business Size     : Large: Employees:50+ or Sales: $500K+
Years in Business : Established: 5+
===============================================================================
CREDIT CAPACITY SUMMARY

D&B Rating:     3A4                Payment Activity
                                     (based on 22 experiences):
Sales ($):      20,839,372            Average High Credit:    $237,300
# of Employees                        Highest Credit:         $800,000
Total:          125                   Total Highest Credits:  $5,220,600
               (110 Here)

As of 12/31/14  Worth:            $1,490,077
                Working Capital:  $1,926,163

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

The Financial Stress Model predicts the likelihood of business failure  which
includes ceasing business without paying all creditors in full, reorganization
or obtaining relief from creditors under state/federal law over the next 12
months. Scores were calculated using a statistically valid model derived from
D&B's extensive data files.


 Financial Stress Class:                               4
 (Highest Risk: 5; Lowest Risk: 1)

 Probability of Failure Among
 Businesses with this Class:                           0.84% (84 per 10,000)

 Financial Stress National Percentile:                 9
 (Highest Risk: 1; Lowest Risk: 100)

 Financial Stress Score:                            1397
 (Highest Risk: 1,001; Lowest Risk: 1,875)

 Probability of Failure :                              0.48% (48 per 10,000)
 - Average of businesses in D&B's database

The Financial Stress Score of this business is based on the following factors:

   - Composite credit appraisal is rated limited.
   - Financial ratios indicate higher risk.
   - High proportion of slow payment experiences to total number of payment
     experiences.
   - Low proportion of satisfactory payment experiences to total payment
     experiences.
   - UCC Filings reported.
   - Unstable Paydex over last 12 months.

 Notes:

- 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 necessarily
experience financial stress.

- The Probability of failure shows percentage of firms in a
given percentile that discontinue operations with loss to creditors.
The average probability of failure is based on businesses in
D&B's database and is provided for comparative purposes.

- The Financial Stress National Percentile reflects the relative
ranking of a company among all scorable companies in D&B's file.

- The Financial Stress Score offers a more precise measure of the level
of risk than the Class and Percentile.  It is especially helpful to
customers using a scorecard approach to determining overall business
performance.

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

     - Region  (PACIFIC)                                                 52

     - Industry: MANUFACTURING                                           52

     - Employee Range (100-499)                                          75

     - Years in Business Range (26+)                                     77

     - Subject Company                                                    9

Key Comparisons
The subject company has a Financial Stress 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 Commercial Credit Score predicts the likelihood that a company will pay its
bills in a severely delinquent manner (91 days or more past terms), obtain
legal relief from creditors or cease operations without paying all creditors in
full over the next 12 months.  Scores are calculated using a statistically
valid model derived from D&B's extensive data files.

Credit Score Class:                              5

Incidence of Delinquent Payment Among
Companies with this Class:                      53.10%

Percentile:                                      5

Credit Score:                                  302

Incidence of Delinquent Payment:                10.20%
- Average compared to businesses in D&B's database

The Credit Score of this business is based on the following factors:

  - Evidence of negative trade
  - Recent amount past due
  - Proportion of slow payment experiences to total number of payment
    experiences reported
  - Vendor payment commentary
  - Payment information indicates negative payment comments

Notes:

  - The Commercial Credit Score Risk 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
    necessarily experience severe delinquency.

  - The Incidence of Delinquent Payment is the percentage of companies with
    this classification that were reported 91 days past due or more by
    creditors. The calculation of this value is based on D&B's trade
    payment database.

  - The Commercial Credit Score percentile reflects the relative ranking of
    a firm among all scorable companies in D&B's file.

  - The Commercial Credit Score offers a more precise measure of the level
    of risk than the Risk Class and Percentile. It is especially helpful to
    customers using a scorecard approach to determining overall business
    performance.


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

     - Region  (PACIFIC)                                                 50

     - Industry: MANUFACTURING                                           62

     - Employee Range (100-499)                                          89

     - Years in Business Range (26+)                                     85

     - Subject Company                                                    5

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.

                '13 '13 '14 '14 '14 '14 '14 '14 '14 '15 '15 '15 '15 '15 '15 '15
                SEP DEC MAR JUN AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL

FIRM             64  75  75  80  80  80  79  79  79  79  79  79  79  78  78  78

Industry
Quartiles
----------
Upper            80  80  79  79      79          79          79          79
Median           77  78  75  74      74          74          75          74
Lower            68  71  67  66      66          66          66          63

   Industry PAYDEX based on:       KEY TO PAYDEX SCORES:
   SIC:  2752                        80     Within terms
   169 Firms                         74   9 Days Beyond Terms
                                     63  20 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               13        5,150,000          96
$50,000 - 99,999             0                0           0
$15,000 - 49,999             3           55,000          64
$ 5,000 - 14,999             2           15,000          83
$ 1,000 - 4,999              0                0           0
    Under 1,000              4              600          96

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

There are 22 payment experiences in D&B's file for the most recent 12 months,
with 15 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    22      5,220,600    800,000

Industry

Real estate agent/mgr   5      1,965,000    800,000    97   3     0    0    0
Ret misc vehicles       5      1,650,000    800,000    94   3     3    0    0
Car body repair/paint   5      1,575,000    700,000    96   3     0    1    0
Misc computer service   4            600        250    96   0     0    4    0
Mfg home furniture      1         15,000     15,000   100   0     0    0    0
Adjust/collect svcs     1         10,000     10,000   100   0     0    0    0
Flooring contractor     1          5,000      5,000    50  50     0    0    0

OTHER PAYMENT CATEGORIES:
Cash Experiences        0              0
Paying Record Unknown   0              0
Unfavorable Comments    0              0
Placed for Collection
  with D&B              0              0
  other                 0            N/A

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                             3            01/01/2014
     Liens                                 0                -
     Suits                                 2            02/01/2014
     UCC's                                 7            03/01/2014

===============================================================================
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) * * *
-------------------------------------------------------------------------------
FILING NO.: 123456
JDGMT AWARD: $700                             STATUS: Unsatisfied
JDGMT TYPE:  Judgment                         DATE STATUS ATTAINED:  01/01/2014
AGAINST:     GORMAN MANUFACTURING COMPANY     DATE ENTERED:          01/01/2014
             INC - TEST CASE                  LATEST INFO RECEIVED:  04/07/2014
IN FAVOR OF: ABC MANUFACTURING - TEST CASE
WHERE FILED: Los Angeles, County Of, Norwalk
             CA
-------------------------------------------------------------------------------
DOCKET NO.: nmjtest05
JDGMT AWARD: Other                            STATUS: Unsatisfied
JDGMT TYPE:  Judgment                         DATE STATUS ATTAINED:  01/01/2008
AGAINST:     Gorman Mfg (Test Case)           DATE ENTERED:          01/01/2008
IN FAVOR OF: Test Plaintiff                   LATEST INFO COLLECTED: 01/01/2008
WHERE FILED: RECORDER OF DEEDS, NORWALK, CA
-------------------------------------------------------------------------------
DOCKET NO.: nmjtest01
JDGMT TYPE:  Judgment                         STATUS: Unsatisfied
AGAINST:     Gorman Mfg Test                  DATE STATUS ATTAINED:  01/01/2008
IN FAVOR OF: Test Plaintiff                   DATE ENTERED:          01/01/2008
WHERE FILED: RECORDER OF DEEDS, NORWALK, CA   LATEST INFO COLLECTED: 01/02/2008
-------------------------------------------------------------------------------
                             * * * SUIT(S) * * *
-------------------------------------------------------------------------------
FILING NO.: 99999
SUIT AMOUNT: $750                             STATUS: Pending
PLAINTIFF:   TEST CASE                        DATE STATUS ATTAINED:  02/01/2014
DEFENDANT:   GORMAN MANUFACTURING INC - TEST  DATE FILED:            02/01/2014
             CASE                             LATEST INFO RECEIVED:  04/07/2014
WHERE FILED: Supreme Court Of The State Of
             Tennessee, Knoxville, TN
-------------------------------------------------------------------------------
FILING NO.: CV123456
PLAINTIFF:   Angel Mason-test                 STATUS: Pending
DEFENDANT:   GORMAN MANUFACTURING INC         DATE STATUS ATTAINED:  01/01/2010
WHERE FILED: knox county general sessions,    DATE FILED:            01/01/2010
             Knoxville, TN                    LATEST INFO RECEIVED:  07/12/2010
-------------------------------------------------------------------------------
                           * * * UCC FILING(S) * * *
-------------------------------------------------------------------------------
COLLATERAL: All Inventory including proceeds and products - All Fixtures
            including proceeds and products - All Equipment including proceeds
            and products
FILING NO:  11111                             DATE FILED:            01/01/2014
TYPE:       Original                          LATEST INFO COLLECTED: 01/07/2014
SEC. PARTY: VAL MAGEE - TEST, ALLENTOWN, PA   FILED WITH: SECRETARY OF
DEBTOR:     GORMAN MANUFACTURING COMPANY INC              STATE/UCC DIVISION,
            - TEST CASE                                   PA
-------------------------------------------------------------------------------
FILING NO:  22222                             DATE FILED:            02/01/2014
TYPE:       Assignment                        LATEST INFO COLLECTED: 02/07/2014
SEC. PARTY: VAL MAGEE - TEST, ALLENTOWN, PA   ORIG. UCC FILED: 01/01/2014
ASSIGNEE:   NATIONAL BANK - TEST, ALLENTOWN,  ORIG. FILING NO: 11111
            PA                                FILED WITH: SECRETARY OF
DEBTOR:     GORMAN MANUFACTURING COMPANY INC              STATE/UCC DIVISION,
            - TEST CASE                                   PA
-------------------------------------------------------------------------------
FILING NO:  33333                             DATE FILED:            03/01/2014
TYPE:       Termination                       LATEST INFO COLLECTED: 03/07/2014
SEC. PARTY: VAL MAGEE - TEST, ALLENTOWN, PA   ORIG. UCC FILED: 01/01/2014
            NATIONAL BANK - TEST, ALLENTOWN,  ORIG. FILING NO: 11111
            PA                                FILED WITH: SECRETARY OF
DEBTOR:     GORMAN MANUFACTURING COMPANY INC              STATE/UCC DIVISION,
            - TEST CASE                                   PA
-------------------------------------------------------------------------------
COLLATERAL: Leased Equipment
FILING NO:  306-121640                        DATE FILED:            04/18/2006
TYPE:       Original                          LATEST INFO RECEIVED:  05/12/2006
SEC. PARTY: RAYMOND LEASING CORPORATION,      FILED WITH: SECRETARY OF
            GREENE, NY                                    STATE/UCC DIVISION,
DEBTOR:     GORMAN MANUFACTURING COMPANY,                 TN
            INC

On 12/29/10, Leslie Smith, President, GORMAN MANUFACTURING COMPANY, INC, stated
that the financing statement was terminated.
-------------------------------------------------------------------------------
COLLATERAL: Leased Equipment
FILING NO:  009679812                         DATE FILED:            03/30/2005
TYPE:       Original                          LATEST INFO RECEIVED:  04/07/2005
SEC. PARTY: RAYMOND LEASING CORPORATION,      FILED WITH: SECRETARY OF
            GREENE, NY                                    STATE/UCC DIVISION,
DEBTOR:     GORMAN MANUFACTURING COMPANY,                 IL
            INC.
            and OTHERS
-------------------------------------------------------------------------------
FILING NO:  77777                             DATE FILED:            01/01/2014
TYPE:       Original                          LATEST INFO RECEIVED:  05/02/2014
SEC. PARTY: VAL MAGEE - TEST, ALLENTOWN, PA   FILED WITH: SECRETARY OF
DEBTOR:     GORMAN MANUFACTURING COMPANY INC              STATE/UCC DIVISION,
            - TEST CASE                                   LEHIGH, PA
-------------------------------------------------------------------------------
FILING NO:  55555                             DATE FILED:            01/01/2014
TYPE:       Original                          LATEST INFO RECEIVED:  01/03/2014
SEC. PARTY: TEST CASE BUSINESS 1, DUBLIN,     FILED WITH: SECRETARY OF
            IRELAND                                       STATE/UCC DIVISION,
DEBTOR:     GORMAN MANUFACTURING COMPANY                  PA
            and OTHERS
-------------------------------------------------------------------------------

         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
         ----------------------------------------------------------------------

         The Corporate Details provided below may have been submitted by the
         management of the subject business and may not have been verified with
         the government agency which records such data.

         BUSINESS TYPE: CORPORATION         STATE OF INCORP:   CALIFORNIA
         ----------------------------------------------------------------------
02/03/15
         LESLIE SMITH, PRES                 KEVIN J HUNT, SEC-TREAS
         DIRECTOR(S):  THE OFFICER(S)

              The California  Secretary of State's business registrations file
         showed that Gorman Manufacturing Company, Inc. was registered as a
         Corporation on May 21, 1985.
              Business started 1985 by Leslie Smith and Kevin J Hunt.  60% of
         capital stock is owned by Leslie Smith.  40% of capital stock is owned
         by Kevin J Hunt.
              LESLIE SMITH born 1946.  Graduated from the University of
         California, Los Angeles, CA, in June 1967 with a BS degree in Business
         Management.  1967-85 General Manager for Raymor Printing Co, San
         Francisco, CA.  1985 formed subject with Kevin J Hunt.  1985 to
         present active as Principal in Gorman Affiliate Ltd, San Francisco,
         CA.
              KEVIN J HUNT born 1945.  Graduated from Northwestern University,
         Evanston, IL in June 1966.  1966-1985 was General Manager for Raymor
         Printing Co, San Francisco, CA.  1985 formed subject with Leslie
         Smith.  1985 to present active as Principal in Gorman Affiliate Ltd,
         San Francisco, CA.
              AFFILIATE: The following is related through common principals,
         management and/or ownership.  Gorman Affiliate Ltd, San Francisco, CA,
         started 1985.  Operates as commercial printer.  Intercompany
         relations: None reported by management.

                                    OPERATIONS

02/03/15      Engaged in commercial lithographic printing (100%).
         Terms are Net 30 days. Has 240 account(s).  Sells to commercial
         concerns.  Territory : United States.
         Nonseasonal.
              EMPLOYEES:  125 which includes officer(s).  110 employed here.
              FACILITIES:  Occupies premises in a one story cinder block
         building.
              LOCATION:  Central business section on well traveled street.
              BRANCHES:  This business has multiple branches, detailed
         branch/division information is available in D&B's linkage of family
         tree products.
              SUBSIDIARIES:  This business has multiple subsidiaries, detailed
         subsidiary information is available in D&Bs linkage or family tree
         products.

                             OTHER CORPORATE DETAILS
CORPORATE STATUS:  ACTIVE
CORPORATE AGENT:   C FESTA, 123 MAIN STREET, SAN FRANCISCO, CA



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

                           KEY BUSINESS RATIOS

             Based on a Financial Statement Dated December 31, 2014

                  (Industry Norms Based on 18 Establishments)

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

Firm        0.8     10.6      1.2    0.8      56.2       10.8        685.8

Industry    5.5     12.2      2.8    2.2      61.1        4.6         47.2
Median

Industry    4        3        4      4         2          1            4
Quartile

                             FINANCIAL INFORMATION

02/03/15                           Fiscal            Fiscal            Fiscal
                             Consolidated      Consolidated      Consolidated
                              Dec 31 2012       Dec 31 2013       Dec 31 2014
         Curr Assets            8,049,217         9,337,092        10,084,060
         Curr Liabs             6,826,918         7,897,572         8,157,897
         Current Ratio               1.18              1.18              1.24
         Working Capital        1,222,299         1,439,520         1,926,163
         Other Assets           1,497,853         1,737,509         1,625,409
         Worth                  1,180,200         1,332,849         1,490,077
         Sales                 19,465,134        19,659,785        20,839,372
         Long Term Liab         1,539,952         1,844,180         2,061,495
         Net Profit (Loss)        197,281           152,649           157,228
              Fiscal Consolidated statement dated DEC 31 2014:
         Cash               $       859,406  Accts Pay          $     5,045,308
         Accts Rec                5,401,926  Notes Pay                  357,279
         Inventory                3,524,781  L.T. Liab-(1yr)          1,675,574
         Other Curr Assets          297,947  Other Curr Liabs         1,079,736
                            ---------------                     ---------------
           Curr Assets           10,084,060    Curr Liabs             8,157,897
         Fixt & Equip             1,255,503  L.T. Liab-Other          2,061,495
         Other Assets               369,906  COMMON STOCK                50,000
                                             RETAINED EARNINGS        1,440,077
                            ---------------                     ---------------
           Total Assets          11,709,469    Total                 11,709,469
              From JAN 01 2014 to DEC 31 2014 annual sales
         $20,839,372; cost of goods sold $18,909,567.  Gross profit
         $1,929,805; operating expenses $1,790,022.  Operating income
         $139,783; other income $31,276; net income before taxes
         $171,059; Federal income tax $13,831.  Net income $157,228.
              Statement received by mail JAN 30 2015.  Prepared from
         statement(s) by Accountant: Johnson, Jordan & Jones CPAs.
              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--
              Fixed assets shown net less $85,312 depreciation.
              As of February 3, 2015 attempts to contact management were
         unsuccessful.  Outside sources confirmed operations and location.


===============================================================================
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