Executive Summary

Introduction
It is the mission of Aakash Imports to provide complete import/export brokerage services including purchase
contracts, shipping, warehousing, and delivery scheduling. The company will concentrate on special and cultural
imports from Germany and Scandinavia to the unique Bavarian town of Leavenworth, WA.  Aakash also plans to
provide trade consultation services to newly started farms created under the Puget Consumers Co-op's Farmland
Fund initiative.

The Company
Aakash Imports will be a limited liability partnership registered in the state of Delaware for tax purposes. Its
founder is Mr. Frank Curtiss, a former master distributor with Fisher-Mills. Mr. Curtiss has brought together a
highly respected group of individuals who are well versed in foreign trade processes.

The company has a limited number of private investors and does not plan to go public. The company has its
main offices in Wenatchee, Washington. The facilities include conference rooms and office spaces. The company
expects to begin offering its services in June.

The Services
Aakash offers complete import/export brokerage services plus inventory consulting services. As mentioned
previously, this includes the following:

 Supplier/buyer identification
 Purchasing, contracting and consulting
 Shipping
 Warehousing
 Delivery

It must be noted that Aakash does not posess any warehousing facilities and intends to outsource this particular
service. We expect to earn revenues by charging a commission based on the value of goods moved per order.

The Market
Aakash will be concentrating on servicing just two types of clients, the gift shops of Leavenworth, Washington,
and the farmers of the Puget Consumers Co-op (PCC). For both market segments, we have secured exclusive
contracts or endorsements putting us in a unique position to service these niche firms and their needs.

Profitability in these two markets is expected to be excellent, especially in the import section as Leavenworth
draws in over a million tourists each year. We expect profitability in the co-op end to be much slower in the first
five years of operation, but it too will increase steadily.

Financial Considerations
Start-up assets required include expenses and cash needed to support operations until revenues reach an
acceptable level. Most of the company's liabilities will come from outside private investors and management
investment, however, we have obtained current borrowing from Bank of America Commercial Investments, the
principal to be paid off in two years. A long-term loan through Charter Bank of Nieurich will be paid off in ten
years.

The company expects to reach profitability in year 2 and does not anticipate any serious cash flow problems. We
expect that about 3,500 units per month will guarantee a break-even point.

Page 1
 Chart: Highlights

Highlights
$270,000

$240,000

$210,000

$180,000
Sales
$150,000
Gross Margin
$120,000
Net Profit
$90,000

$60,000

$30,000

$0

Year 1 Year 2 Year 3

1.1 Mission

It is the mission of Aakash Imports to provide complete import/export consultation and brokerage services
including purchase contracts, shipping, warehousing, and delivery. The company will concentrate on special and
cultural imports from Germany and Scandinavia to the unique Bavarian town of Leavenworth, WA. Aakash also
plans to export apples and other produce by newly started farms created under the Puget Consumers Co-op's
Farmland Fund initiative.

It is our long-term goal to become the preferred import company for the unique tourist town of Leavenworth.
Aakash understands that the import shops and restaurants in Leavenworth have special needs of most unique
gifts for the million tourists that visit the town annually. Aakash Imports also understands that the newly
launched farms of the PCC farmland fund initiative also have higher costs than most competitors and will need to
export their produce at a cost that provides sufficient profit. Aakash Imports has a combined 35 years of
experience working in the import/export business. Our philosophy is in creating a long-term relationship with
clients so that the delivery of their products becomes a seamless experience that promotes loyalty.

1.2 Keys to Success

Aakash Imports' keys to long-term and profitability are as follows:

 Differentiate our services to our niche clients so that they realize that we are better able to serve their needs
than a more generic competitor.
 Keeping close contact with clients and establishing a well functioning long-term relationship with them to
generate repeat business and create a top notch reputation.
 Establish a comprehensive service experience for our clients that includes consultation, product/client search,
purchasing contracts, warehousing, shipping, delivery, and follow up service analysis.

1.3 Objectives

The three year goals for Aakash Imports are the following:

 Achieve break-even by year 2.

Page 2
  Retain our long-term contracts with local import shops in Leavenworth, WA, through excellent customer
service.
 Become the premier importer of German and Scandinavian specialty products in Leavenworth, and become
the prime exporter of apples and other produce for the farmers of the PCC Farmland Fund initiative.

2.0 Company Summary

Aakash Imports will be a limited liability partnership registered in the state of Delaware for tax purposes. Its
founder is Mr. Frank Curtiss, a former master distributor with Fisher-Mills. Mr. Curtiss has brought together a
highly respected group of individuals who are well versed in the various aspects of foreign trade processes.

The company has a limited number of private investors and does not plan to go public. The company has its
main offices in Wenatchee, Washington. The facilities include conference rooms and office spaces. The company
expects to begin offering its services in June.

The company's main clients will be small import shops in the Leavenworth area and start-up farms throughout
the state. By focusing on small niche market entrepreneurs, we believe we will be able to provide superior and
more efficient service than other import/export firms.

2.1 Company Ownership

The company will have a number of outside private investors who will own 27% of the company's shares. The
rest will be owned by the senior management including Mr. Frank Curtiss, (25%), Ms. Hannah Mills (20%), Mr.
Steve Iltheus (20%), and Mr. Pierce Bolm (8%). All other financing will come from loans.

2.2 Start-up Summary

Start-up assets required include expenses and cash needed to support operations until revenues reach an
acceptable level. Most of the company's liabilities will come from outside private investors and management
investment, however, we have obtained current borrowing from Bank of America Commercial Investments, the
principal to be paid off in two years. A long-term loan through Charter Bank of India will be paid off in ten years.

Page 3
Table: Start-up

Start-up

Requirements

Start-up Expenses
Legal $2,000
Insurance $1,000
Utilities $200
Rent $2,000
Accounting and bookkeeping fees $2,000
Expensed equipment $2,000
Advertising $4,000
Other $8,000
Total Start-up Expenses $21,200

Start-up Assets
Cash Required $38,550
Other Current Assets $15,000
Long-term Assets $10,000
Total Assets $63,550

Total Requirements $84,750

Page 4
Table: Start-up Funding
Start-up Funding
Start-up Expenses to Fund $21,200
Start-up Assets to Fund $63,550
Total Funding Required $84,750

Assets
Non-cash Assets from Start-up $25,000
Cash Requirements from Start-up $38,550
Additional Cash Raised $0
Cash Balance on Starting Date $38,550
Total Assets $63,550

Liabilities and Capital

Liabilities
Current Borrowing $9,000
Long-term Liabilities $12,000
Accounts Payable (Outstanding Bills) $2,000
Other Current Liabilities (interest-free) $8,000
Total Liabilities $31,000

Capital

Planned Investment
Mr. Frank Curtiss $15,000
Ms. Hannah Mills $13,000
Mr. Steve Iltheus $13,000
Mr. Pierce Bolm $5,000
Others $7,750
Additional Investment Requirement $0
Total Planned Investment $53,750

Loss at Start-up (Start-up Expenses) ($21,200)

Total Capital $32,550

Total Capital and Liabilities $63,550

Total Funding $84,750

Page 5
 Chart: Start-up

Start-up

$60,000

$50,000

$40,000

$30,000

$20,000

$10,000

$0
Expenses Assets Investment Loans

3.0 Services

Aakash offers complete import/export brokerage services plus inventory consulting services. As mentioned
previously, this includes the following:

 Supplier/buyer identification
 Purchasing process contracting and consulting
 Shipping setup
 Warehousing arrangements
 Delivery

It must be noted that Aakash does not posess any warehousing facilities and intends to outsource this particular
service.This means that we will have virtually no variable costs associated with unit sales.

Aakash will be importing such things as steins, figurines, Christmas gifts, germanic foodstuffs, cuckoo clocks,
and nutcrackers from Germany, where Mr. Curtiss has had extensive experience. In addition Aakash will be
importing Scandinavian wool products such as sweaters and other gift items. 

The company will be exporting produce, primarily apples, to Europe.

Our revenue model is based on a commission rate charged to our clients scaled on the dollar value of goods
moved per order.

Page 6
4.0 Market Analysis Summary

Aakash will be concentrating on servicing just two types of clients, the gift shops of Leavenworth, Washington,
and the farmers of the Puget Consumers Co-op. For both market segments, we have secured exclusive contracts
or endorsements that put us in a unique position to service these niche firms and their more demanding needs.

Profitability in these two markets is expected to be excellent, especially in the import segment as Leavenworth
draws in over a million tourists each year. We expect profitability in the co-op end to be much slower in the first
five years of operation, but will increase steadily.

4.1 Market Segmentation

Aakash intends to be a small import/export company focused on clients serving a niche market. Having secured
a very advantageous contract with PCC and gained the endorsement of the Leavenworth city council, we plan to
focus exclusively on these market segments. Both have such high potential that we do not see a need to expand
our market reach for the foreseeable future.

Chart: Market Analysis (Pie)

Market Analysis (Pie)

Leavenworth businesses

Pugent Consumer Co-op farms

Table: Market Analysis

Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Leavenworth businesses 1% 34 34 34 34 34 0.00%
Pugent Consumer Co-op farms 5% 72 76 80 84 88 5.14%
Total 3.58% 106 110 114 118 122 3.58%

Page 7
4.2 Service Business Analysis

Imports
Leavenworth sits in one of the most beautiful areas of Washington State. The area was settled in the 1860's, but
it wasn't until the end of the century that the town began to blossom with the arrival of the rail line. The Great
Northern Railway Company's tracks through Leavenworth brought with them opportunities for work, commerce
and a new economy. However, when the Great Northern Railway Company pulled out of Leavenworth, the town
was converted from a bustling, thriving hub of commerce into a hollow, empty community. For more than thirty
years, Leavenworth lived on the brink of extinction. But in the early 1960's, everything changed.

In a last-chance effort to turn their precarious situation around, the leaders of the community decided to change
Leavenworth's appearance, hoping to bring tourism into the area. Using the beautiful backdrop of the
surrounding Alpine hills to their advantage, the town agreed to remodel their hamlet in the form of a Bavarian
village. The entire community rallied to create the illusion of Bavaria in the middle of Washington state. Besides
the complete renovation of the downtown area, community members worked to begin a series of festivals. The
Autumn Leaf Festival, Maifest and the extremely popular Christmas Lighting Ceremony were the first of many
attractions Leavenworth offered to tourists. Since the change to a Bavarian motif, Leavenworth has become a
pillar of the tourism industry in the Pacific Northwest. Today, more than a million tourists come to Leavenworth
yearly, each visitor finding their own love affair with the community.

The town brings in an average 24 million dollars in revenue each year, and since much of the town's profits are
based on the sale of alpine and Scandinavian gifts, the opportunity for a company such as Aakash is almost
unmatched. In 2002 a town meeting of the principal shop owners in Leavenworth was held concerning the
present contracts with the community's main importer, Deutsche Gifts. The previously good relations between
the community and the import firm had soured due to rising costs and unreliable service. The result of the
meeting was to look for another importer better able to meet the local needs once the current contract expired.
Mr. Frank Curtiss successfully bid for the contract, and the idea of Aakash was born.

Exports
Aakash has made arrangements to export produce from member farms established by the Puget Consumers Co-
op Farmland Fund. The Fund works to secure and preserve threatened farmland in Washington State and move
it into organic production. The Fund's primary focus is on large, functional landscapes of local, regional and
statewide importance so protection can be extended to biodiversity and wildlife habitat as well as to farmers and
farming communities. The Fund is an independent, community-supported non-profit land trust founded in 1999.
The Fund has already rescued a half dozen farms within the state and plans to increase these projects so that by
2007 there will be at least 36 farms that come under the fund's protection. In addition, approximately 60 farms
belonging to the Co-op have expressed interest in contracting with Aakash.

4.2.1 Competition and Buying Patterns

Competition
Competition includes all potential importing firms that serve small enterprises such as farms and specialty gift
shops. Practically speaking, this means the largest import/export firms such as Fisher-Mills, Eagle Distributing,
and other large, nationwide companies will not compete with us. Most other companies tend to be regionally
focused. The foreign trade industry is highly fragmented, with a large number of small companies that mainly
cater to small firms and a few large companies that seek the largest contracts from companies such as Microsoft,
GM, etc. This makes competition within the industry very intense. Through our niche strategy we intend to avoid
competition and its drawbacks such as price wars, etc.

Buying patterns and needs

Companies usually enter into contracts with import/export firms based on a firm's reputation for professionalism
and service. With no proven track record, a star-up import/export company obtains a "good reputation" through
its personnel, people who have experience in other businesses in the industry. Price, reliability and scope are the
driving factors for accepting contracts, especially if the import/export company is small.

Page 8
 Our niche clients have different needs than most other firms. Our import clients need to have relatively small
numbers of expensive and fragile products moved from Europe to local warehouses in Wenatchee and
Leavenworth. Most of these items are handmade so handling is a special issue. In addition, the small companies
and shops in Leavenworth depend a great deal on their import agents to alert them to new and unique product
introductions overseas.

On the other end, the farms belonging to the PCC need to keep export costs as low as possible since many
of them are start-up ventures with initially high overhead. Quite a few trade firms do not accept these types of
contracts and leave it to the co-ops to create their own exporting ventures. This can lead to higher costs as most
co-ops do not have the core competencies in import/export issues.

5.0 Strategy and Implementation Summary

Our firm's business strategy is to enter into a focused or niche market where it can offer a higher standard of
service to its specialized clients. This will allow us to charge a slightly higher fees to our clients for these
differentiated services.

5.1 Sales Strategy

Aakash intends to develop sales by establishing close contact with potential clients. We will begin by offering a
free consultation in terms of overall cost, service, and delivery. In addition, we intend to promote our
management team's extensive experience both with German gift manufacturers and artisans, and our knowledge
of the produce trade environment to draw in our target market segments.

5.1.1 Sales Forecast

Sales are based on the various contracts we anticipate acquiring in the two market segments. Revenues consist
of a commission rate charged to our clients based on the dollar amount of goods moved and include projected
average costs plus an undisclosed profit margin. Sales are expected to vary somewhat month to month, but are
only slightly cyclical on the import end. The exports are expected to be highly cyclical. The company does not
have any significant direct costs of sales.

Page 9
 10 Month
9 Month
8 Month 11
Table: Sales Forecast

7 Month
6 Month
Sales Forecast

5 Month
Year 1 Year 2 Year 3
Sales

4 Month
Leavenworth imports $127,000 $145,000 $189,000
PCC farm exports $33,000 $56,000 $77,000

3 Month
Total Sales $160,000 $201,000 $266,000

2 Month
Direct Cost of Sales Year 1 Year 2 Year 3
Leavenworth imports $0 $0 $0

1 Month
PCC farm exports $0 $0 $0
Subtotal Direct Cost of Sales $0 $0 $0

MonthMonth
Chart: Sales Monthly

Sales Monthly
$20,000
$18,000

$16,000
$14,000

$12,000 Leavenworth imports

$10,000
PCC farm exports
$8,000

$6,000
$4,000

$2,000
$0

Page 10
 Chart: Sales by Year

Sales by Year

$270,000

$240,000

$210,000

$180,000
Leavenworth imports
$150,000
PCC farm exports
$120,000

$90,000

$60,000

$30,000

$0
Year 1 Year 2 Year 3

5.2 Marketing Strategy

Aakash intends to leverage its contacts with the Leavenworth city council and the Puget Consumers Co-op in
order to draw in new clients. The city council works very closely with local businesses in facilitating all aspects of
business management in order to keep tourism flowing. Because of this, Aakash has already signed contracts
with nine Leavenworth businesses and we expect to gain a dominant market share within the town.

The PCC will be recommending Aakash Imports, Inc. to its new farmers as long as we can keep shipping costs
within accepted limits. Therefore we expect to have a large proportion of member farmers use our services.

6.0 Management Summary

Company officers include our President, Mr. Frank Curtiss, our head of exports Ms. Hannah Mills, and our head of
imports, Mr. Steve Iltheus.

6.1 Personnel

Aakash's management brings to the company strong capabilities in all aspects of trade relations, logistics,
contracting and selling.

Mr. Frank Curtiss is a former master distributor with Fisher-Mills, one of the nation's largest import/export firms.
During his 10 years with Fisher-Mills he worked exclusively on trade contracts with Germany. In 1996 Mr. Curtiss
accepted a position with Eagle Distributors as a department head. By introducing American wines into eastern
Europe and the former Soviet republics he demonstrated his flair for opening new markets. Mr. Curtiss has an
MBA in finance and an BS in International Relations.

Ms. Hannah Mills graduated with honors from the University of Oregon, having earned a bachelors degree in
marketing in 1988. From 1988-1994 Ms. Mills worked for Stanford Distributors working with canning companies
in the midwest region. In 1995 she went to work for Anderson Consulting in their International Trade division.
Four years later, Ms. Mills became vice president of A.V. Imports.

Page 11
Table: Personnel

Personnel Plan
Year 1 Year 2 Year 3
Mr. Frank Curtiss - President $36,000 $36,000 $45,000
Mrs. Hannah Mills $36,000 $36,000 $45,000
Mr. Steve Iltheus $24,000 $36,000 $36,000
Other $0 $0 $0
Total People 3 3 3

Total Payroll $96,000 $108,000 $126,000

7.0 Financial Plan

Our financial plan anticipates one year of negative profits as we gain sales volume. We have enough investment
to cover these losses, and have an additional credit line available if sales do not match predictions.

7.1 Important Assumptions

We are assuming approximately 50% sales on credit and average interest rates of 10%. These are considered to
be conservative in case our predictions are erroneous.

Since Aakash is an import/export broker, the firm has no variable costs associated with it.

Table: General Assumptions

General Assumptions
Year 1 Year 2 Year 3
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 30.00% 30.00% 30.00%
Other 0 0 0

Page 12
7.2 Projected Profit and Loss

The following table itemizes our revenues and associated costs. We expect to be paying higher costs in
marketing and advertising than other companies as we attempt to build sales volume. We expect monthly profits
to begin in April 2004 and yearly profits to occur in 2005.

Table: Profit and Loss

Pro Forma Profit and Loss

Year 1 Year 2 Year 3
Sales $160,000 $201,000 $266,000
Direct Cost of Sales $0 $0 $0
Other Costs of Sales $0 $0 $0
Total Cost of Sales $0 $0 $0

Gross Margin $160,000 $201,000 $266,000

Gross Margin % 100.00% 100.00% 100.00%

Expenses
Payroll $96,000 $108,000 $126,000
Sales and Marketing and Other Expenses $8,400 $8,000 $8,000
Depreciation $0 $0 $0
Rent $12,000 $12,000 $13,000
Utilities $3,600 $3,600 $4,000
Insurance $3,000 $3,000 $3,000
Payroll Taxes $14,400 $16,200 $18,900
Travel $24,200 $12,000 $10,000
Other $7,200 $8,000 $10,000

Total Operating Expenses $168,800 $170,800 $192,900

Profit Before Interest and Taxes ($8,800) $30,200 $73,100

EBITDA ($8,800) $30,200 $73,100
Interest Expense $2,035 $1,820 $1,600
Taxes Incurred $0 $8,514 $21,450

Net Profit ($10,835) $19,866 $50,050

Net Profit/Sales -6.77% 9.88% 18.82%

Page 13
Chart: Profit Monthly

Profit Monthly
$5,000

$4,000

$3,000

$2,000

$1,000

$0

($1,000)

($2,000)

($3,000)

($4,000)

($5,000)

Month 1 Month 3 Month 5 Month 7 Month 9 Month 11

Month 2 Month 4 Month 6 Month 8 Month 10 Month 12

Chart: Profit Yearly

Profit Yearly

$50,000

$40,000

$30,000

$20,000

$10,000

$0

($10,000)
Year 1 Year 2 Year 3

Page 14
Chart: Gross Margin Monthly

Gross Margin Monthly

$20,000

$18,000

$16,000

$14,000

$12,000

$10,000

$8,000

$6,000

$4,000

$2,000

$0
Month 1 Month 3 Month 5 Month 7 Month 9 Month 11
Month 2 Month 4 Month 6 Month 8 Month 10 Month 12

Chart: Gross Margin Yearly

Gross Margin Yearly

$270,000

$240,000

$210,000

$180,000

$150,000

$120,000

$90,000

$60,000

$30,000

$0
Year 1 Year 2 Year 3

Page 15
7.3 Projected Cash Flow

The following is our cash flow table and chart. We do not expect to have any short-term cash flow problems
even though we will be operating at a loss for the first year. Our short-term loan will be repaid in three equal
payments in 2004-2006. Our long-term loan will be paid off in ten years.

Table: Cash Flow

Pro Forma Cash Flow

Year 1 Year 2 Year 3
Cash Received

Cash from Operations

Cash Sales $80,000 $100,500 $133,000
Cash from Receivables $62,767 $96,084 $125,999
Subtotal Cash from Operations $142,767 $196,584 $258,999

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $142,767 $196,584 $258,999

Expenditures Year 1 Year 2 Year 3

Expenditures from Operations

Cash Spending $96,000 $108,000 $126,000
Bill Payments $70,247 $73,711 $88,568
Subtotal Spent on Operations $166,247 $181,711 $214,568

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $0 $2,000 $0
Other Liabilities Principal Repayment $0 $1,000 $1,000
Long-term Liabilities Principal Repayment $1,200 $1,200 $1,200
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $4,000 $10,000 $42,000
Subtotal Cash Spent $171,447 $195,911 $258,768

Net Cash Flow ($28,680) $673 $231

Cash Balance $9,869 $10,543 $10,774

Page 16
7.4 Projected Balance Sheet

The following table is the Project Balance Sheet for Aakash Imports.

Table: Balance Sheet

Pro Forma Balance Sheet

Year 1 Year 2 Year 3
Assets

Current Assets
Cash $9,869 $10,543 $10,774
Accounts Receivable $17,233 $21,649 $28,650
Other Current Assets $15,000 $15,000 $15,000
Total Current Assets $42,103 $47,192 $54,424

Long-term Assets
Long-term Assets $10,000 $10,000 $10,000
Accumulated Depreciation $0 $0 $0
Total Long-term Assets $10,000 $10,000 $10,000
Total Assets $52,103 $57,192 $64,424

Liabilities and Capital Year 1 Year 2 Year 3

Current Liabilities
Accounts Payable $6,588 $6,011 $7,393
Current Borrowing $9,000 $7,000 $7,000
Other Current Liabilities $8,000 $7,000 $6,000
Subtotal Current Liabilities $23,588 $20,011 $20,393

Long-term Liabilities $10,800 $9,600 $8,400

Total Liabilities $34,388 $29,611 $28,793

Paid-in Capital $53,750 $53,750 $53,750

Retained Earnings ($25,200) ($46,035) ($68,169)
Earnings ($10,835) $19,866 $50,050
Total Capital $17,715 $27,581 $35,631
Total Liabilities and Capital $52,103 $57,192 $64,424

Net Worth $17,715 $27,581 $35,631

7.5 Business Ratios

We have included industry standard ratios from the trade consultant industry for comparison. Our NAICS
industry class is currently Miscellaneous Nondurable Goods Merchant Wholesale - 424990. Our projections
indicate a healthy company that will be able to obtain and retain long-term profitability.

Page 17
Table: Ratios

Ratio Analysis
Year 1 Year 2 Year 3 Industry Profile
Sales Growth n.a. 25.63% 32.34% 6.98%

Percent of Total Assets

Accounts Receivable 33.08% 37.85% 44.47% 26.80%
Other Current Assets 28.79% 26.23% 23.28% 43.95%
Total Current Assets 80.81% 82.52% 84.48% 75.76%
Long-term Assets 19.19% 17.48% 15.52% 24.24%
Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 45.27% 34.99% 31.65% 31.78%

Long-term Liabilities 20.73% 16.79% 13.04% 17.26%
Total Liabilities 66.00% 51.77% 44.69% 49.04%
Net Worth 34.00% 48.23% 55.31% 50.96%

Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 100.00% 100.00% 100.00% 100.00%
Selling, General & Administrative Expenses 106.77% 90.12% 81.18% 85.31%
Advertising Expenses 0.00% 0.00% 0.00% 1.02%
Profit Before Interest and Taxes -5.50% 15.02% 27.48% 1.90%

Main Ratios
Current 1.78 2.36 2.67 1.88
Quick 1.78 2.36 2.67 1.48
Total Debt to Total Assets 66.00% 51.77% 44.69% 3.41%
Pre-tax Return on Net Worth -61.16% 102.90% 200.67% 55.78%
Pre-tax Return on Assets -20.80% 49.62% 110.98% 7.72%

Additional Ratios Year 1 Year 2 Year 3

Net Profit Margin -6.77% 9.88% 18.82% n.a
Return on Equity -61.16% 72.03% 140.47% n.a

Activity Ratios
Accounts Receivable Turnover 4.64 4.64 4.64 n.a
Collection Days 56 71 69 n.a
Accounts Payable Turnover 11.36 12.17 12.17 n.a
Payment Days 28 31 27 n.a
Total Asset Turnover 3.07 3.51 4.13 n.a

Debt Ratios
Debt to Net Worth 1.94 1.07 0.81 n.a
Current Liab. to Liab. 0.69 0.68 0.71 n.a

Liquidity Ratios
Net Working Capital $18,515 $27,181 $34,031 n.a
Interest Coverage -4.32 16.59 45.69 n.a

Additional Ratios
Assets to Sales 0.33 0.28 0.24 n.a
Current Debt/Total Assets 45% 35% 32% n.a
Acid Test 1.05 1.28 1.26 n.a
Sales/Net Worth 9.03 7.29 7.47 n.a
Dividend Payout 0.00 0.50 0.84 n.a

Page 18