HORIZONTAL ANALYSIS

2011
2010

2011

ASSETS
Current Assets
Cash
Accounts Receivable
Trade and other receivables
Inventories
Prepaid Expenses
Other Current Asset
Total Current Assets

8,817,640.00
924,626.00
839,456.00
645,182.00
11,226,904.00

8,685,614.00
475,945.00
958,114.00
576,679.00
10,696,352.00

5,455,880.00
1,180,622.00
6,636,502.00

3,692,006.00
1,007,841.00
4,699,847.00

17,863,406.00

15,396,199.00

Current Liabilities
Accounts Payable and Accrued expenses
Trade and Other payables
Income Tax Payable
Total Current Liabilities

8,570,747.00
278,641.00
8,849,388.00

4,849,037.00
286,459.00
5,135,496.00

Noncurrent Liabilities
Advances from stockholders
Total Noncurrent Liabilities

7,100,000.00
7,100,000.00

7,100,000.00
7,100,000.00

15,949,388.00

12,235,496.00

Equity
Capital Stock - Paid-up Capital
Retained Earnings
Share Capital
Cumulative income

1,062,500.00
851,518.00

1,062,500.00
2,098,204.00

Total Stockholder's Capital

1,914,018.00

3,160,704.00

17,863,406.00

15,396,200.00

Noncurrent Assets
Property and equipment - net
Other Assets
Total Noncurrent Assets
TOTAL ASSETS

LIABILITIES AND EQUITY

Total Liabilities

TOTAL LIABILITIES AND EQUITY

2011

2010

Change in Amount

Percentage
Change

(132,026.00)
(448,681.00)
118,658.00
(68,503.00)
(530,552.00)

-1.50%
0.00%
-48.53%
14.14%
0.00%
-10.62%
-4.73%

6,888,741.00
900,589.00
683,439.00
1,436,432.00
9,909,201.00

8,817,640.00
924,626.00
839,456.00
645,182.00
11,226,904.00

(1,763,874.00)
(172,781.00)
(1,936,655.00)

-32.33%
-14.63%
-29.18%

6,417,865.00
613,226.00
7,031,091.00

5,455,880.00
1,180,622.00
6,636,502.00

(2,467,207.00)

-13.81%

16,940,292.00

17,863,406.00

(3,721,710.00)
7,818.00
(3,713,892.00)

0.00%
-43.42%
2.81%
-41.97%

9,124,490.00
324,574.00
9,449,064.00

8,570,747.00
278,641.00
8,849,388.00

0.00%
0.00%

7,100,000.00
7,100,000.00

7,100,000.00
7,100,000.00

(3,713,892.00)

-23.29%

16,549,064.00

15,949,388.00

1,246,686.00

0.00%
0.00%
0.00%
146.41%

1,062,500.00
(671,273.00)

1,062,500.00
851,518.00

1,246,686.00

65.13%

391,227.00

1,914,018.00

(2,467,206.00)

-13.81%

16,940,291.00

17,863,406.00

2009

2010

2010

2009

Change in Amount

Percentage
Change

2008

2009

1,928,899.00
24,037.00
156,017.00
(791,250.00)
1,317,703.00

28.00%
0.00%
2.67%
22.83%
0.00%
-55.08%
13.30%

5,716,297.00
848,531.00
632,504.00
824,813.00
8,022,145.00

6,888,741.00
900,589.00
683,439.00
1,436,432.00
9,909,201.00

(961,985.00)
567,396.00
(394,589.00)

-14.99%
92.53%
-5.61%

1,256,207.00
613,226.00
1,869,433.00

6,417,865.00
613,226.00
7,031,091.00

5.45%

9,891,578.00

16,940,292.00

0.00%
-6.07%
-14.15%
-6.35%

11,167,298.00
11,167,298.00

9,124,490.00
324,574.00
9,449,064.00

923,114.00

(553,743.00)
(45,933.00)
(599,676.00)

(599,676.00)

0.00%
0.00%
-3.62%

11,167,298.00

7,100,000.00
7,100,000.00
16,549,064.00

1,522,791.00

0.00%
0.00%
0.00%
-226.85%

1,062,500.00
(2,338,219.00)
-

1,062,500.00
(671,273.00)

1,522,791.00

389.23%

(1,275,719.00)

391,227.00

923,115.00

5.45%

9,891,579.00

16,940,291.00

2009

2008

Change in Amount

Percentage
Change

2007

2008

1,172,444.00
(848,531.00)
900,589.00
50,935.00
(824,813.00)
1,436,432.00
1,887,056.00

20.51%
-100.00%
0.00%
8.05%
-100.00%
0.00%
23.52%

6,231,927.00
995,422.00
407,848.00
594,753.00
8,229,950.00

5,716,297.00
848,531.00
632,504.00
824,813.00
8,022,145.00

5,161,658.00
5,161,658.00

410.89%
0.00%
276.11%

945,791.00
615,349.00
1,561,140.00

1,256,207.00
613,226.00
1,869,433.00

7,048,714.00

71.26%

9,791,090.00

9,891,578.00

-100.00%
0.00%
0.00%
-15.39%

11,878,774.00
11,878,774.00

11,167,298.00
11,167,298.00

(11,167,298.00)
9,124,490.00
324,574.00
(1,718,234.00)

7,100,000.00
7,100,000.00

0.00%
0.00%

5,381,766.00

48.19%

11,878,774.00

11,167,298.00

(1,062,500.00)
2,338,219.00
1,062,500.00
(671,273.00)

-100.00%
-100.00%
0.00%
0.00%

1,062,500.00
(3,150,184.00)
-

1,062,500.00
(2,338,219.00)
-

1,666,946.00

-130.67%

(2,087,684.00)

(1,275,719.00)

7,048,712.00

71.26%

9,791,090.00

9,891,579.00

2008
Change in Amount

Percentage
Change

(515,630.00)
(146,891.00)
224,656.00
230,060.00
(207,805.00)

-8.27%
-14.76%
0.00%
55.08%
38.68%
0.00%
-2.52%

310,416.00
(2,123.00)
308,293.00

32.82%
-0.35%
19.75%

100,488.00

1.03%

(711,476.00)
(711,476.00)

-5.99%
0.00%
0.00%
-5.99%

0.00%
0.00%

(711,476.00)

-5.99%

811,965.00
-

0.00%
-25.78%
0.00%
0.00%

811,965.00

-38.89%

100,489.00

1.03%

Horizontal Analysis

2011
2010

2011

REVENUES
Net Sales
Cost of Sales and Direct Costs

89,839,116.00
81,009,484.00

90,736,025.00
81,454,765.00

8,829,632.00

9,281,260.00

136,607.00
39,246.00

130,696.00
55,846.00

9,005,485.00

9,467,802.00

Administrative and Operating Expenses

6,846,887.00

7,368,469.00

Income before Income Tax

Income Tax

2,158,598.00
635,806.00
1,522,792.00

2,099,333.00
852,648.00
1,246,685.00

Gross Profit
Other income
Interest income
Total Income

EXPENSES

Net Income (Loss)

2011

2010

Change in Amount

Percentage
Change

2009

2010

896,909.00
445,281.00

1.00%
0.55%

82,343,860.00
74,118,641.00

89,839,116.00
81,009,484.00

451,628.00

5.11%

8,225,219.00

8,829,632.00

-4.33%
42.30%

141,573.00
40,234.00

136,607.00
39,246.00

462,317.00

5.13%

8,407,026.00

9,005,485.00

521,582.00

7.62%

6,042,918.00

6,846,887.00

(59,265.00)
216,842.00
(276,107.00)

-2.75%
34.11%
-18.13%

2,364,108.00
697,162.00
1,666,946.00

2,158,598.00
635,805.00
1,522,793.00

(5,911.00)
16,600.00

2010

2009

Change in Amount

Percentage
Change

2008

2009

7,495,256.00
6,890,843.00

9.10%
9.30%

76,914,461.00
68,961,599.00

82,343,860.00
74,118,641.00

604,413.00

7.35%

7,952,862.00

8,225,219.00

(4,966.00)
(988.00)

-3.51%
-2.46%

128,763.00
35,451.00

141,573.00
40,234.00

598,459.00

7.12%

8,117,076.00

8,407,026.00

803,969.00

13.30%

6,886,988.00

6,042,918.00

(205,510.00)
(61,357.00)
(144,153.00)

-8.69%
-8.80%
-8.65%

1,230,088.00
418,123.00
811,965.00

2,364,108.00
697,162.00
1,666,946.00

2009

2008

Change in Amount

Percentage
Change

2007

2008

5,429,399.00
5,157,042.00

7.06%
7.48%

68,355,041.00
61,095,167.00

76,914,461.00
68,961,599.00

272,357.00

3.42%

7,259,874.00

7,952,862.00

12,810.00
4,783.00

9.95%
13.49%

140,755.00
20,641.00

128,763.00
35,451.00

289,950.00

3.57%

7,421,270.00

8,117,076.00

(844,070.00)

-12.26%

6,852,429.00

6,886,988.00

1,134,020.00
279,039.00
854,981.00

92.19%
66.74%
105.30%

568,841.00
191,870.00
376,971.00

1,230,088.00
418,123.00
811,965.00

2008
Change in Amount

Percentage
Change

8,559,420.00
7,866,432.00

12.52%
12.88%

692,988.00

9.55%

(11,992.00)
14,810.00

-8.52%
71.75%

695,806.00

9.38%

34,559.00

0.50%

661,247.00
226,253.00
434,994.00

116.24%
117.92%
115.39%

HORIZONTAL ANALYSIS

2011
2010

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income (Loss)

2,158,598.00

Adjustments for:
Depreciation and Amortization
Interest Income

1,876,235.00
(39,246.00)

Operating Income (loss) before working capital changes

Decrease (Increase) in:
Receivables
Inventories
Prepaid Expenses
Increase (Decrease)
Trade and other payables
Income tax payable
Accounts payable and accrued expenses

3,995,587.00

Cash generated from (used for) operations

Income tax paid
Interest income

4,007,108.00
635,806.00
39,246.00

Net cash provided by (used in) operating activities

3,410,548.00

(24,036.00)
(156,017.00)
791,250.00
(553,743.00)
(45,933.00)
-

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to Property and Equipment
Increase in Other Assets
Net cash used in investing activities

914,250.00
567,398.00
1,481,648.00

CASH FLOWS FROM FINANCING ACTIVITIES

Advances from stockholders

Net cash provided by (used) in financing activities

NET INCREASE (DECREASE) IN CASH

1,928,900.00

CASH AT BEGINNING OF YEAR

6,888,741.00

CASH AT END OF YEAR

8,817,641.00

2011
2011

Change in Amount

Percentage
Change

2009

2,099,333.00

(59,265.00)

-2.75%

2,364,108.00

1,937,392.00
(55,846.00)

61,157.00
(16,600.00)

3.26%
42.30%

1,701,395.00
(40,234.00)

3,980,879.00

(14,708.00)

-0.37%

4,025,269.00

448,681.00
(118,658.00)
68,503.00

472,717.00
37,359.00
(722,747.00)

-1966.70%
-23.95%
-91.34%

(52,058.00)
(50,935.00)
(611,619.00)

(3,721,710.00)
7,818.00
-

(3,167,967.00)
53,751.00
-

572.10%
-117.02%
0.00%

(1,835,714.00)
117,481.00
-

665,513.00
852,648.00
55,846.00

(3,341,595.00)
216,842.00
16,600.00

-83.39%
34.11%
42.30%

1,592,424.00
697,162.00
40,234.00

(131,289.00)

(3,541,837.00)

-103.85%

935,496.00

173,518.00
(172,781.00)

(740,732.00)
(740,179.00)

-81.02%
-130.45%

6,863,054.00
-

737.00

(1,480,911.00)

-99.95%

6,863,054.00

0.00%

7,100,000.00

0.00%

7,100,000.00

(132,026.00)

(2,060,926.00)

-106.84%

1,172,442.00

8,817,641.00

1,928,900.00

28.00%

5,716,299.00

8,685,615.00

(132,026.00)

-1.50%

6,888,741.00

2010
2010

Change in Amount

Percentage
Change

2008

2,158,598.00

(205,510.00)

-8.69%

811,965.00

1,876,235.00
(39,246.00)

174,840.00
988.00

10.28%
-2.46%

546,371.00
-

3,995,587.00

(29,682.00)

-0.74%

1,358,336.00

(24,036.00)
(156,017.00)
791,250.00

28,022.00
(105,082.00)
1,402,869.00

-53.83%
206.31%
-229.37%

146,891.00
(224,656.00)
(230,060.00)

(553,743.00)
(45,933.00)
-

1,281,971.00
(163,414.00)
-

-69.84%
-139.10%
0.00%

(711,476.00)

4,007,108.00
635,806.00
39,246.00

2,414,684.00
(61,356.00)
(988.00)

151.64%
-8.80%
-2.46%

339,035.00
-

3,410,548.00

2,475,052.00

264.57%

339,035.00

914,250.00
567,398.00

(5,948,804.00)
567,398.00

-86.68%
0.00%

856,786.00
(2,123.00)

1,481,648.00

(5,381,406.00)

-78.41%

854,663.00

(7,100,000.00)

-100.00%

(7,100,000.00)

-100.00%

1,928,900.00

756,458.00

64.52%

(515,628.00)

6,888,741.00

1,172,442.00

20.51%

6,231,927.00

8,817,641.00

1,928,900.00

28.00%

5,716,299.00

2009
2009

Change in Amount

Percentage
Change

2007

2,364,108.00

1,552,143.00

191.16%

376,971.00

1,701,395.00
(40,234.00)

1,155,024.00
(40,234.00)

211.40%
0.00%

1,031,760.00
(20,641.00)

4,025,269.00

2,666,933.00

196.34%

1,388,090.00

(52,058.00)
(50,935.00)
(611,619.00)

(198,949.00)
173,721.00
(381,559.00)

-135.44%
-77.33%
165.85%

(1,835,714.00)
117,481.00
-

(1,835,714.00)
117,481.00
711,476.00

0.00%
0.00%
-100.00%

3,305,636.00

1,592,424.00
697,162.00
40,234.00

1,253,389.00
697,162.00
40,234.00

369.69%
0.00%
0.00%

4,135,890.00
20,641.00

935,496.00

596,461.00

175.93%

4,156,531.00

6,863,054.00
-

6,006,268.00
2,123.00

701.02%
-100.00%

875,213.00
(5,562.00)

6,863,054.00

6,008,391.00

703.01%

869,651.00

7,100,000.00

7,100,000.00

0.00%

7,100,000.00

7,100,000.00

0.00%

1,172,442.00

1,688,070.00

-327.38%

3,286,880.00

5,716,299.00

(515,628.00)

-8.27%

2,945,047.00

6,888,741.00

1,172,442.00

20.51%

6,231,927.00

(571,926.00)
195,900.00
(181,810.00)

2008
2008

Change in Amount

Percentage
Change

811,965.00

434,994.00

115.39%

546,371.00
-

(485,389.00)
20,641.00

-47.04%
-100.00%

1,358,336.00

(29,754.00)

-2.14%

146,891.00
(224,656.00)
(230,060.00)

718,817.00
(420,556.00)
(48,250.00)

-125.68%
-214.68%
26.54%

(711,476.00)

(4,017,112.00)

0.00%
0.00%
-121.52%

339,035.00
-

(3,796,855.00)
(20,641.00)

-91.80%
0.00%
-100.00%

339,035.00

(3,817,496.00)

-91.84%

856,786.00
(2,123.00)

(18,427.00)
3,439.00

-2.11%
-61.83%

854,663.00

(14,988.00)

-1.72%

0.00%

0.00%

(515,628.00)
6,231,927.00
5,716,299.00

(3,802,508.00)

-115.69%

3,286,880.00

111.61%

(515,628.00)

-8.27%