Balance Sheet

Assets 2009E 2008 2007 2009e

Cash 85,632 7,282 57,600 10.76
Accounts Receivable 878,000 632,160 351,200 0.39
Inventories 1,716,480 1,287,360 715,200 0.33
Total Current Assets 2,680,112 1,926,802 1,124,000 0.39
Gross Fixed Assets 1,197,160 1,202,950 491,000 0.00
Less Accu Depreciation 380,120 263,160 146,200 0.44
Net Fixed Assets 817,040 939,790 344,800 0.13
Total Assets 3,497,152 2,866,592 1,468,800 0.22

Liability and Equity

Accounts Payable 436,800 524,160 145,600 -0.17
Notes Payable 300,000 636,808 200,000 -0.53
Accruals 408,000 489,600 136,000 -0.17
Total Current Liabilities 1,144,800 1,650,568 481,600 -0.17
Long Term Debt 400,000 723,432 323,432 -0.45
Common Stock 1,721,176 460,000 460,000 2.74
Retained Earnings 231,176 32,592 203,768 6.09
Total Equity 1,952,352 492,592 663,768 2.96
Total Liability and Equity 3,497,152 2,866,592 1,468,800 0.22

2009E 2,008 2,007

Income Statement
Sales 7,035,600 6,034,000 3,432,000 0.17
Cost of Goods Sold 5,875,992 5,528,000 2,864,000 0.06
Other Expenses 550,000 519,998 358,672 0.06
Total Opening Cost excluding dept. and amort. 6,425,992 6,047,988 3,222,672 0.06
EBITDA 609,608 -13,988 209,328 -44.58
Dep and Amort. 116,960 116,960 18,900 0.00
EBIT 492,648 -130,948 190,428 -4.76
Interest Expense 70,008 136,012 43,828 -0.49
EBT 422,640 -266,960 146,600 -2.58
Taxes (40%) 169,056 -106,784 58,640 -2.58
Net Income 253,584 -160,176 87,960 -2.58

Ratio Analysis 2009E

Current 2.341118
Quick 0.8
Inventory Turnover 4.098853
Days Sales Outstanding (DSO) 0.124794
Fixed Asset Turnover 8.611084
Total Asset turnover 2.011808
Debt Ratio 0.44
TIE 7.037024
Operating Margin 0.070022
Profit Margin 0.036043
Baisc Earning Power 0.140871
ROE 0.147332
ROA 0.072512
Price Earning 12
Market/Book 1.56
Book value per share 7,809
Horizontal Analysis Vertical Analysis Difference Percentage
2008 2007 2009E 2008 2007 2008-20072009-20082008-2007
0.87 - 2.45% 0.25% 3.92% -50,318 78,350 -4%
0.80 - 25.11% 22.05% 23.91% 280,960 245,840 20%
0.80 - 49.08% 44.91% 48.69% 572,160 429,120 41%
0.71 - 76.64% 67.22% 76.53% 802,802 753,310 57%
1.45 - 34.23% 41.96% 33.43% 711,950 -5,790 51%
0.80 - 10.87% 9.18% 9.95% 116,960 116,960 8%
1.73 - 23.36% 32.78% 23.47% 594,990 -122,750 43%
0.95 - 100.00% 100.00% 100.00% 1,397,792 630,560 100%

2.60 12.49% 18.29% 9.91% 378,560 -87,360 27%

2.18 8.58% 22.21% 13.62% 436,808 -336,808 31%
2.60 11.67% 17.08% 9.26% 353,600 -81,600 25%
2.43 32.74% 57.58% 32.79% 1,168,968 -505,768 84%
1.24 11.44% 25.24% 22.02% 400,000 -323,432 29%
0.00 49.22% 16.05% 31.32% 0 1,261,176 0%
-0.84 6.61% 1.14% 13.87% -171,176 198,584 -12%
0.26 55.83% 17.18% 45.19% -171,176 1,459,760 -12%
0.95 100.00% 100.00% 100.00% 1,397,792 630,560 100%

0.76 100% 100% 100%

0.93 84% 92% 83%
0.45 8% 9% 10%
0.88 91% 100% 94%
-1.07 9% 0% 6%
5.19 2% 2% 1%
1.69 7% -2% 6%
2.10 1% 2% 1%
-2.82 6% -4% 4%
-2.82 2% -2% 2%
-2.82 4% -3% 3%
Percentage
2009-20082008-20072009-2008
12% USE SOURCE
39% SOURCE SOURCE
68% SOURCE SOURCE
119% SOURCE SOURCE
-1% SOURCE USE
19% SOURCE SOURCE
-19% SOURCE USE
100%

-14% SOURCE USE

-53% SOURCE USE
-13% SOURCE USE
-80% SOURCE USE
-51% SOURCE USE
200% SOURCE SOURCE
31% USE SOURCE
232% USE SOURCE
100%