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Sample Research Report Prepared by Next Consultants

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Asad

[Year]

W E S T B O N D E N T E[R P R I e EtS e O R P O p a n I O a d d r e s s ] Typ S h C com RATy N

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Sample Research Report Prepared by Next Consultants

TABLE

OF

CONTENTS

Table of Contents....................................................................................................... 2 DISCLAIMER................................................................................................................3 Brief Company Profile.................................................................................................6 Products......................................................................................................................6 Key Management........................................................................................................7 Industry Overview......................................................................................................8 Analysis of Financial Statements ...............................................................................9 Future Prospects.......................................................................................................10 Valuation..................................................................................................................10 Risk and Mitigants.................................................................................................... 11

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants

DISCLAIMER

his Sample Report (Report) is intended to be distributed to a limited number of potential Research Work Providers (RWP) as a sample report to assess the quality of research and writing skills of the people at Next Consultants.

This is a Report on Westbond Enterprises Corporation (WBE or the Company) a company incorporated in Canada and listed at Canadian Stock Exchange and has been prepared by Next Consultants (NC or Researcher) an affiliate of Next Consultants & Logistics Inc. This Report is confidential and is being supplied on the basis that recipients will keep contents confidential and nothing contained in this report shall be reproduced or redistribute without prior consent of the Researchers. The Report is intended to assist potential RWP in making their own independent evaluation of the quality of research and writing skills of the Researchers and does not purport to contain all the information that potential RWP may require. NC or any of their affiliates have not independently verified any of the information contained in this Report or to be made available pursuant to any inquiry from potential RWP. NC or any of their respective affiliates make no explicit or implied representation or warranty as to the adequacy, accuracy, completeness or reasonableness of the information contained in this Report none of the foregoing shall have any liability for any statements, opinions, information or matters (expressed or implied) arising out of, contained in or derived from, or for any omission from this Report or in any other written or oral communication transmitted to any potential RWP (or any other recipient) in relation to WBE. NC or their respective affiliates expressly disclaim any and all liability that may be based on any errors or omissions from, or mistakes in assumptions with respect to any information, estimates or projections contained in this Report or any other written or oral communication transmitted to any potential RWP in the course of their evaluation of the possible research work to the Researchers. In furnishing this Report, NC or any of their respective affiliates undertake no obligation to provide the recipient with any additional information as may be required or requested. For additional information following personnel can be contacted. Nexts Research Team Research Department | Next Consultants research@nextconsultants.com Next Consultants an Affiliate of Next Consultants & Logistics Inc., Canada WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants info@nextconsultants.com www.nextconsultants.com

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants Executive Summary

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants

BRIEF COMPANY PROFILE

Westbond Enterprises Corporattion (WBE) was incorporated in Canada on October 18, 1989 with a license to make sanitary papers, development of paper and poly disposables for personal hygiene, healthcare, industrial, airline and other uses. WBE has its head office located at 7871 - 82nd Street, Delta, BC, Canada and listed on TSX Stock Exchange. WBE is engaged in the business of paper conversion and supplies disposable paper products to many market segments and grew into one of Canadas leading manufacturers of medical disposables. In 1998 WBE expanded into products for use on airplanes and, in 2002, the product offering has been extended to take advantage of high volume opportunities in personal hygiene products for away from home markets. WBE sells mainly to major medical and Industrial distributors in Canada and in the United States and to few larger end-users on a direct basis.

PRODUCTS

WBE deals in three major products groups, namely; Personal Hygene, Long-term Care and Clinical Products. Appended below is a brief description Personal Hygiene Products Jumbo Roll Bathroom Tissue Conventional Bathroom Tissue Center Pull Towels Kraft Roll Towels Single Fold Towels Clinical Products Sheets Drapes Examination Table Paper Gowns Aprons Chiropractor Rolls Pillowcases Dental Bibs Dental Head Rest Covers Long Term Care Products 1/4 Fold Air Laid Wipes 1/8 Fold Air Laid Wipes Roll Air Laid Wipes Waterproof Underlays Mitts

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants

KEY MANAGEMENT
MR. GENNARO MAGISTRALE DIRECTOR, PRESIDENT & CHIEF EXECUTIVE Gennaro Magistrale serves as President and Chief Executive Officer of WBE. Mr. Magistrale has over 25 years of experience managing the manufacturing, marketing and distribution of paper products. Mr. Magistrale is one of the original principals responsible for the successful start up and subsequent growth of WBE. He serves as a Director of Quinto Mining Corp. and Quinto Technology Inc. He has been Director of Westbond Enterprises Corp. since October 24, 1989. MR. OWEN GRANGER,CMA DIRECTOR, CFO, SECRETARY & TREASURER Owen Granger, CMA serves as the Director of WBE since November 8, 1989 and also serves as Chief Financial Officer, Secretary and Treasurer. He is also an original principal involved with the successful growth of WestBond since its inception. Prior joining WBE as CFO/Treasurer, he has held similar senior positions with Lifebank Corp, PetroReal Energy Inc., (Formerly, International Petroreal Oil Corp), Lifebank Cryogenics Corporation, Sheen Resources Ltd and Pencari Resource Corporation (Formerly, Pencari Mining Corp. & Azure Resources Corp.) Mr. Granger received a Bachelor of Arts (honors) degree from the faculty of Business Administration, Simon Fraser University in 1981. He is also a Certified Management Accountant since 1986 (over 20 years of experience) and has a comprehensive background in accounting, financial analysis, cash management and financial and securities reporting for public enterprises. MR. DAN DAWSON DIRECTOR Mr. Dawson is President of the Dawson Group of Companies, developers of residential communities in the lower mainland of British Columbia. MR. J. DOUGLASS SEPPALA - DIRECTOR Mr. Seppala is a partner in the Vancouver law firm of McCullough OConnor Irwin. Mr. Seppala practices Corporate and Securities Law and was instrumental in the process of establishing WestBond as a public company. MR. DAVID MILLS David Mills, Dave serves as President of Mayne Design Products. Mr. Mills has been a senior executive of private businesses for over 25 years in manufacturing and sales, including Mills Paints Ltd. (until 2001). He spent in senior management positions with Mills Paints Ltd. for over 20 years Mr. Mills has been Director of Westbond Enterprises Corp., since July 9, 2007.

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants

INDUSTRY OVERVIEW

Demand is driven by general commercial activity and population growth. The profitability of individual companies depends on efficient operations, as products are sold mainly based on price. Big companies have advantages in distribution and can supply large customers. There are few economies of scale in manufacturing; large and small producers operate the same kinds of plants -- large producers just have more of them. Small companies can compete successfully by making specialty products or serving a small geographical market. The industry is capital-intensive: average annual revenue per worker is close to $400,000, although the figure varies by product segment.

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants

ANALYSIS
FOR THE

OF

FINANCIAL STATEMENTS
ENDED

FISCAL YEAR

MARCH 2010

BALANCE SHEET
Assets

Total assets of the company have decreased by 5.6% from CAD4.544 Mio in March09 to CAD4.29 Mio in March-10, primarily due to decrease in Plant & Equipment which accounts for 59% of the total Assets. Plant & Equipment have decreased by 5.7% during the preceding year due to depreciation cost of CAD 261,798 which is partially offset by fresh Capex of CAD 103,887 during the preceding year. Current Assets have decreased by 5.3% from CAD1.869 Mio in March-09 to CAD1.769 Mio in March-10 and accounts for 41% of the Total Assets. The decline in Current Assets is reported due to decline in Accounts Receivables by 46.2% during the preceding year.
Liabilities

Total Liabilities have decreased by 21% from CAD1.77 Mio in March-09 to CAD1.402 Mio in March-10 whereas Current Liabilities that accounts for 76% of the Total Liabilities have decreased by 28% during the preceding year. The decline in Total Liabilities is due to the repayment of Term Loan from Canadian Chartered Bank that carries a rate of Prime Rate plus 0.75%. Total Term Loan portion as on March-10 is CAD39,426 as compared to CAD133,998 in March-10. The decline in Current Liabilities is partly due to the reduction in Bank Indebtedness account which is a CAD1.0 Mio revolving loan facility and bears interest at bank Prime Rate plus 0.75%, and partly due to reduction in Accounts Payable by 31.6% during the preceding year. Bank Indebtedness reports CAD475,000 in March-10 as compared to CAD585,000 in March-09 whereas Accounts Payable reports CAD456,876 in March-10 as compared to CAD668,915 in March-09.
Equity

Total Equities of WBE have increased by 4% during the preceding year mainly due to the retention of profit of CAD104,054 during the preceding year. The Retained Earning as a percentage of Total Equity is 17.3% as on March-10. Stock Options on the other hand have increased by 5.45% during the preceding year from CAD241,340 in March-09 to CAD254,510 in March-10. WBE has outstanding options equivalent to 800,000 shares at a weighted average exercise price of CAD0.10 in March-10 as compared to 1,360,000 shares at a weighted average exercise price of CAD0.17 in March-09. Options Equivalent to 560,000 shares have expired during the preceding year.
Liquidity

The Current Ratio of the WBE has improved significantly from 1.39x in March09 to 1.82x in March-10 mainly due to significant reduction in Current Liabilities.
Leverage

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants Debt to Equity ratio for the FY ended March-10 stood at 15:85 as compared to 20:80 for the FY ended March-09.

INCOME STATEMENT

FUTURE PROSPECTS

VALUATION

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants

RISK

AND

MITIGANTS

Outline: 1. Please provide a two or three paragraph overview of the company . 2. Please provide a two or three paragraph of the companies industry; please use your discretion where you find this information. 3. Please refer to the balance sheet and provide one paragraph each to describe the companys assets, liabilities and owners equity. 4. Please refer to the income statement and provide one paragraph each to describe the companys revenue growth annually, quarterly, profit margins, net income etc. 5. Please describe the management bios of the companys key executives. 6. Please describe in one or two paragraphs the specific products the company sells and the outlook for these products. 7. Please outline the method you would use to value these shares. Using your chosen method, what is the value of these shares?

WESTBOND ENTERPRISES CORPORATION

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Sample Research Report Prepared by Next Consultants

8. What is the key risk for the company? 9. Is there sufficient volume on the exchange for an investor to take a position? 10. Can you provide a summary of news that would be considered material to investors? 11. What else is of significant interest regarding the valuation, financial condition or any other matter that would be of interest to the senior analysts?

Sources of Information: Company Website: http://www.westbond.ca All other information can be found from the TSX Stock Exchange Website: http://tmx.quotemedia.com/quote.php?qm_symbol=wbe&locale=EN

WESTBOND ENTERPRISES CORPORATION

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