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MOODYS KMV riskanalyst

Sample Reports

MMAS Financial Template and Middle


Market Internal Rating Template

Copyright 2006 Moodys KMV Company. All rights reserved.


Moodys KMV, RiskAnalyst, Credit Monitor, Risk Advisor, CreditEdge, LossCalc, RiskCalc, Decisions, Benchmark,
Expected Default Frequency, and EDF are trademarks of MIS Quality Management Corp. used under license.
All other trademarks are the property of their respective owners.
Acknowledgements:
We would like to thank everyone at Moodys KMV who contributed to this document.
Published by:
Moodys KMV Company
405 Howard Street, Suite 300
San Francisco, CA 94105 USA
Phone: +1.415.874.6000
Fax: +1.415.874.6799
Author: MKMV
Email: docs@mkmv.com
Website: www.moodyskmv.com
To Learn More:
Please contact your Moodys KMV client representative, visit us online at www.moodyskmv.com,
contact Moodys KMV via e-mail at info@mkmv.com or call:
from north and south america:

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from europe, the middle east and africa:


+44 (20) 7208 7300

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RiskAnalyst MMAS Financial Template and Middle Market Internal Rating Template
Sample Reports
Table of Contents
Financial Package Reports ........................................................................................................................................................4
Financial Reports .................................................................................................................................................................4
Detailed Balance Sheet Actual............................................................................................................................................5
Detailed Comprehensive Income Statement Actual............................................................................................................6
Detailed Income Statement % ...........................................................................................................................................7
Detailed Balance Sheet Actual and %.................................................................................................................................8
Detailed Comprehensive Income Statement Actual and %.................................................................................................9
Detailed Income Statement Exchange Rate......................................................................................................................10
Detailed Income Statement Trend...................................................................................................................................11
Detailed Reconciliations .....................................................................................................................................................12
Detailed UCA Cash Flow ...................................................................................................................................................13
Detailed FAS 95 Stmt of Cash Flows (Indirect) ..................................................................................................................15
Detailed Ratios ...................................................................................................................................................................16
Cash Flow Management .....................................................................................................................................................17
Summary Balance Sheet Actual........................................................................................................................................18
Summary Comprehensive Income Statement Actual........................................................................................................19
Summary Income Statement % .......................................................................................................................................20
Summary Balance Sheet Actual and %.............................................................................................................................21
Summary Comprehensive Income Statement Actual and %.............................................................................................22
Summary Reconciliations ...................................................................................................................................................23
Summary UCA Cash Flow .................................................................................................................................................24
Summary FAS 95 Stmt of Cash Flows (Indirect) ................................................................................................................25
Summary Ratios .................................................................................................................................................................26
Summary Cash Flow Management .....................................................................................................................................27
Executive Financial Statement Actual and % ...................................................................................................................28
Executive Reconciliations & Ratios.....................................................................................................................................29
Executive FAS 95 Stmt of Cash Flows (Indirect).................................................................................................................30
Asset Based Lending Report................................................................................................................................................31
Balance Sheet Account Assumptions...................................................................................................................................32
Income Statement Account Assumptions............................................................................................................................33
Quick Projection Variables .................................................................................................................................................34
Peer Comparison Reports...................................................................................................................................................35
Peer Comparison Detailed Balance Sheet Actual...........................................................................................................36
Peer Comparison Detailed Income Statement % .............................................................................................................37
Peer Comparison Detailed Income Sheet Actual and % ................................................................................................38
Peer Comparison Summary Balance Sheet Actual .........................................................................................................39
Peer Comparison Summary Income Statement %.........................................................................................................40
Peer Comparison Summary Income Statement Actual and % .......................................................................................41

Moodys KMV Sample Reports

Page 1

Peer Comparison Executive Financial Statement Actual................................................................................................42


Peer Comparison Executive Financial Statement % ......................................................................................................43
Peer Comparison Ratios ..................................................................................................................................................44
Peer Comparison Comparison of Industry Values............................................................................................................45
Consultant Reports ............................................................................................................................................................47
Quick Call Summary..........................................................................................................................................................48
Focus Questions Report......................................................................................................................................................49
Cash Flow Summary ..........................................................................................................................................................50
Financial Statements Alerts.................................................................................................................................................52
Summary of Financial Parameters.......................................................................................................................................53
EDF Measures Reports.......................................................................................................................................................54
RiskCalc for Private Firm ...................................................................................................................................................55
Credit Edge ........................................................................................................................................................................57
Long-Term Projection Reports...........................................................................................................................................59
Long-Term Projections: Detailed Balance Sheet Actual....................................................................................................60
Long-Term Projections: Detailed Comprehensive Income Statement Actual....................................................................61
Long-Term Projections: Detailed Balance Sheet Actual and %.........................................................................................62
Long-Term Projections: Detailed Comprehensive Income Statement Actual and %.........................................................63
Long-Term Projections: Detailed Income Statement Exchange Rate................................................................................64
Long-Term Projections: Detailed Income Statement Trend.............................................................................................65
Long-Term Projections: Detailed UCA Cash Flow .............................................................................................................66
Long-Term Projections: Detailed FAS 95 Stmt of Cash Flows (Indirect) ............................................................................67
Long-Term Projections: Cash Flow Management ...............................................................................................................68
Long-Term Projections: Summary Income Statement Actual and %................................................................................69
Long-Term Projections: Summary FAS 95 Stmt of Cash Flows (Direct).............................................................................70
Long-Term Projections: Summary Ratios ...........................................................................................................................71
Long-Term Projections: Executive Financial Statement Actual and % .............................................................................72
Long-Term Projections: Executive FAS 95 Stmt of Cash Flows (Direct) .............................................................................73
Long-Term Projections: RiskCalc for Private Firm Version 3.1...........................................................................................74
Short-Term Projection Reports ..........................................................................................................................................76
Short-Term Projections: Detailed Income Statement Actual ............................................................................................77
Short-Term Projections: Detailed Reconciliations...............................................................................................................78
Short-Term Projections: Detailed FAS 95 Stmt of Cash Flows (Direct) ..............................................................................79
Short-Term Projections: Detailed Ratios.............................................................................................................................81
Short-Term Projections: Summary Balance Sheet Actual .................................................................................................82
Short-Term Projections: Summary Comprehensive Income Statement Actual .................................................................83
Short-Term Projections: Summary UCA Cash Flow...........................................................................................................84
Short-Term Projections: FAS 95 Stmt of Cash Flows (Indirect)..........................................................................................85
Short-Term Projections: Summary Cash Flow Management...............................................................................................86
Short-Term Projections: Executive Reconciliations & Ratios ..............................................................................................87
Short-Term Projections: Executive FAS 95 Stmt of Cash Flows (Indirect) ..........................................................................89

Moodys KMV Sample Reports

Page 2

Short-Term Projections: Credit Compliance Report ...........................................................................................................90


Short-Term Projections: Balance Sheet Account Assumptions ............................................................................................91
Short-Term Projections: Quick Projection Variables...........................................................................................................94
Miscellaneous Reports........................................................................................................................................................95
Chart of Accounts ..............................................................................................................................................................96
User-Defined Analyses......................................................................................................................................................100
Added and Relabeled Accounts.........................................................................................................................................100
Ratings Package Reports.......................................................................................................................................................101
Ratings Summary .............................................................................................................................................................102
Scorecard Detail ...............................................................................................................................................................103
Facility Summary Committed........................................................................................................................................105
Facility Summary Proposed ...........................................................................................................................................106
Facility Details Committed............................................................................................................................................107
Facility Details Proposed ...............................................................................................................................................108
Scorecard Detail (Explanation) .........................................................................................................................................109
Facility Explanation Report Committed ........................................................................................................................111
Facility Explanation Report Proposed ............................................................................................................................114
Moodys KMV SupportLine .................................................................................................................................................117

Moodys KMV Sample Reports

Page 3

FINANCIAL PACKAGE REPORTS


FINANCIAL REPORTS
Financial Reports in the RiskAnalyst General Business Financial Template (MMAS) are used to analyze the historical trends of
the borrower financial statement data. Financial Reports are available in the following formats:

Detailed prints all accounts from the borrowers financial statements, including added and relabeled accounts.

Summary summarizes the borrowers financial statements into primary financial reporting classifications.

Executive summarizes the borrowers financial statements into very high-level financial reporting classifications.

In addition to the sample Financial Reports shown in this document, the following reports are also available:
1.

Detailed Income Statement Actual

2.

Detailed Balance Sheet %

3.

Detailed Comprehensive Income Statement %

4.

Detailed Income Statement Actual and %

5.

Detailed Balance Sheet Exchange Rate

6.

Detailed Balance Sheet Trend

7.

Detailed FAS 95 Stmt of Cash Flows (Direct)

8.

Summary Income Statement Actual

9.

Summary Balance Sheet %

10.

Summary Comprehensive Income Statement %

11.

Summary Income Statement Actual and %

12.

Summary FAS 95 Stmt of Cash Flows (Direct)

13.

Executive Financial Statement Actual

14.

Executive Financial Statement %

15.

Executive FAS 95 Stmt of Cash Flows (Direct)

16.

Notes to Financial Statements

17.

Credit Compliance Report

Moodys KMV Sample Reports

Page 4

Detailed Balance Sheet Actual


MMAS Sample Customer (MMASSample)
Detailed Balance Sheet - Actual
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars
CURRENT ASSETS
Cash
Accts/Notes Rec-Trade
Bad Debt Reserve (-)

Target Currency: USD United States Dollars

71
1,424
54

1,370
1,936
88

3,465

121
1,744
54

1,690
2,211
77

4,099

144
1,669
64

1,605
2,141
59

3,949

90
1,842
86

1,756
2,610
119

4,575

75
1,698
90

1,608
3,056
131

4,870

1,644
182

1,826
1,161

665
12
42

719
4,184

1,885
282

2,167
1,412

755
14
122

891
4,990

1,922
356

2,278
1,675

603
18
66

687
4,636

2,011
421

2,432
1,912

520
20
20

560
5,135

2,957
568

3,525
2,205

1,320
22
22

1,364
6,234

433
199
651
277

1,560

1,200
226
832
236

2,494

1,148
142
583
214
30

2,117

1,134
115
980
222

2,451

1,475
169
1,139
281

3,064

907

907

860

860

630

630

492

492

1,347

1,347

2,467

3,354

2,747

2,943

4,411

TOTAL NET WORTH


TOTAL LIABILITIES & NET WORTH

17
1,700

1,717
4,184

17
1,619

1,636
4,990

17
1,872

1,889
4,636

17
2,175

2,192
5,135

17
1,806

1,823
6,234

1,905
1,717

1,605
1,636

1,832
1,889

2,124
2,192

1,806
1,823

Total Accts/Rec-Net
Inventory
Prepaid Expenses

TOTAL CURRENT ASSETS

NON-CURRENT ASSETS
Property Plant & Equipment
Furniture, Fixtures & Vehicles

Gross Fixed Assets


Accumulated Deprec (-)

Total Fixed Assets - Net


Cash Value Life Insurance
Other Assets

TOTAL NON-CURRENT ASSETS


TOTAL ASSETS

CURRENT LIABILITIES
Note Payable - Bank
CPLTD-Bank
Accounts Payable-Trade
Accrued Expenses
Income Taxes Payable

TOTAL CURRENT LIABILITIES

NON-CURRENT LIABILITIES
Long Term Debt

TOTAL NON-CURRENT
LIABILITIES
TOTAL LIABILITIES
NET WORTH
Common Stock
Retained Earnings

Working Capital
Tang Net Worth-Actual

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 5

Detailed Comprehensive Income Statement Actual


MMAS Sample Customer (MMASSample)
Detailed Comprehensive Income Statement - Actual
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars

Target Currency: USD United States Dollars

Net Sales - Manufacturing Division


Net Sales - Catalog Division

NET SALES/REVENUE

9,785
126

9,911

9,523
445

9,968

9,477
1,058

10,535

9,564
2,284

11,848

9,317
3,102

12,419

Cost of Goods Sold


Cost of Goods Sold - Depreciation

7,311
155

7,466

2,445

7,477
209

7,686

2,282

7,739
239

7,978

2,557

8,552
224

8,776

3,072

9,468
273

9,741

2,678

1,843
19

1,862

583

2,032
15

2,047

235

2,114
13

2,127

430

2,454
17

2,471

601

2,755
21

2,776

(98)

68
14
42

(12)

571

126
46
2

(78)

157

147
47

(100)

330

153
32
13

(108)

493

306
35

(271)

(369)

NET PROFIT

122

449

31

126

77

253

144

349

(369)

EBIT
EBITDA
EBIDA

639
813
691

283
507
476

477
729
652

646
887
743

(63)
231
231

COMPREHENSIVE INCOME

449

126

253

349

(369)

Dividends - Common
Adj to Retained Earnings

(27)
(40)

(207)

(46)

TOTAL COST OF SALES/REV

GROSS PROFIT
SG & A Expense
Depreciation

TOTAL OPERATING EXPENSE

NET OPERATING PROFIT


Interest Expense (-)
Other Income
Gain(Loss) on Asset Sale

TOTAL OTHER INCOME(EXP)

PROFIT BEFORE TAXES


Current Income Tax

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 6

Detailed Income Statement %


MMAS Sample Customer (MMASSample)
Detailed Income Statement - %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars

Target Currency: USD United States Dollars

Net Sales - Manufacturing Division


Net Sales - Catalog Division

NET SALES/REVENUE

98.7
1.3

100.0

95.5
4.5

100.0

90.0
10.0

100.0

80.7
19.3

100.0

75.0
25.0

100.0

Cost of Goods Sold


Cost of Goods Sold - Depreciation

73.8
1.6

75.3

24.7

75.0
2.1

77.1

22.9

73.5
2.3

75.7

24.3

72.2
1.9

74.1

25.9

76.2
2.2

78.4

21.6

18.6
0.2

18.8

5.9

20.4
0.2

20.5

2.4

20.1
0.1

20.2

4.1

20.7
0.1

20.9

5.1

22.2
0.2

22.4

(0.8)

0.7
0.1
0.4

(0.1)

5.8

1.3
0.5

(0.8)

1.6

1.4
0.4

(0.9)

3.1

1.3
0.3
0.1

(0.9)

4.2

2.5
0.3

(2.2)

(3.0)

NET PROFIT

1.2

4.5

0.3

1.3

0.7

2.4

1.2

2.9

(3.0)

EBIT
EBITDA
EBIDA

6.4
8.2
7.0

2.8
5.1
4.8

4.5
6.9
6.2

5.5
7.5
6.3

(0.5)
1.9
1.9

TOTAL COST OF SALES/REV

GROSS PROFIT
SG & A Expense
Depreciation

TOTAL OPERATING EXPENSE

NET OPERATING PROFIT


Interest Expense (-)
Other Income
Gain(Loss) on Asset Sale

TOTAL OTHER INCOME(EXP)

PROFIT BEFORE TAXES


Current Income Tax

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 7

Detailed Balance Sheet Actual and %


MMAS Sample Customer (MMASSample)
Detailed Balance Sheet - Actual and %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
CURRENT ASSETS
Cash
Accts/Notes Rec-Trade
Bad Debt Reserve (-)

Total Accts/Rec-Net
Inventory
Prepaid Expenses

TOTAL CURRENT
ASSETS

NON-CURRENT ASSETS
Property Plant &
Equipment
Furniture, Fixtures &
Vehicles

Gross Fixed Assets


Accumulated Deprec (-)

Total Fixed Assets - Net


Cash Value Life Insurance
Other Assets

TOTAL NON-CURRENT
ASSETS
TOTAL ASSETS

CURRENT LIABILITIES
Note Payable - Bank
CPLTD-Bank
Accounts Payable-Trade
Accrued Expenses
Income Taxes Payable

TOTAL CURRENT
LIABILITIES

NON-CURRENT LIABILITIES
Long Term Debt

TOTAL NON-CURRENT
LIABILITIES
TOTAL LIABILITIES

NET WORTH
Common Stock
Retained Earnings

TOTAL NET WORTH


TOTAL LIABILITIES &
NET WORTH
Working Capital
Tang Net Worth-Actual

6/30/2002
12
Unqualif'd
KPMG
GJH
Annual

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

Target Currency: USD United States Dollars

71
1,424
54

1,370
1,936
88

3,465

1.7
34.0
1.3

32.7
46.3
2.1

82.8

121
1,744
54

1,690
2,211
77

4,099

2.4
34.9
1.1

33.9
44.3
1.5

82.1

144
1,669
64

1,605
2,141
59

3,949

3.1
36.0
1.4

34.6
46.2
1.3

85.2

90
1,842
86

1,756
2,610
119

4,575

1.8
35.9
1.7

34.2
50.8
2.3

89.1

75
1,698
90

1,608
3,056
131

4,870

1.2
27.2
1.4

25.8
49.0
2.1

78.1

1,644

39.3

1,885

37.8

1,922

41.5

2,011

39.2

2,957

47.4

182

4.3

282

5.7

356

7.7

421

8.2

568

9.1

1,826
1,161

665
12
42

719

43.6
27.7

15.9
0.3
1.0

17.2

2,167
1,412

755
14
122

891

43.4
28.3

15.1
0.3
2.4

17.9

2,278
1,675

603
18
66

687

49.1
36.1

13.0
0.4
1.4

14.8

2,432
1,912

520
20
20

560

47.4
37.2

10.1
0.4
0.4

10.9

3,525
2,205

1,320
22
22

1,364

56.5
35.4

21.2
0.4
0.4

21.9

4,184

100.0

4,990

100.0

4,636

100.0

5,135

100.0

6,234

100.0

433
199
651
277

1,560

10.3
4.8
15.6
6.6

37.3

1,200
226
832
236

2,494

24.0
4.5
16.7
4.7

50.0

1,148
142
583
214
30

2,117

24.8
3.1
12.6
4.6
0.6

45.7

1,134
115
980
222

2,451

22.1
2.2
19.1
4.3

47.7

1,475
169
1,139
281

3,064

23.7
2.7
18.3
4.5

49.1

907

907

21.7

21.7

860

860

17.2

17.2

630

630

13.6

13.6

492

492

9.6

9.6

1,347

1,347

21.6

21.6

2,467

59.0

3,354

67.2

2,747

59.3

2,943

57.3

4,411

70.8

17
1,700

1,717
4,184

0.4
40.6

41.0
100.0

17
1,619

1,636
4,990

0.3
32.4

32.8
100.0

17
1,872

1,889
4,636

0.4
40.4

40.7
100.0

17
2,175

2,192
5,135

0.3
42.4

42.7
100.0

17
1,806

1,823
6,234

0.3
29.0

29.2
100.0

1,905
1,717

45.5
41.0

1,605
1,636

32.2
32.8

1,832
1,889

39.5
40.7

2,124
2,192

41.4
42.7

1,806
1,823

29.0
29.2

Moodys KMV Sample Reports

Page 8

Detailed Comprehensive Income Statement Actual and %


MMAS Sample Customer (MMASSample)
Detailed Comprehensive Income Statement - Actual and %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
6/30/2002
Months Covered
12
12
Audit Mthd
Unqualif'd
Unqualif'd
Accountant
KPMG
KPMG
Analyst
GJH
GJH
Stmt Type
Annual
Annual
Source Currency: USD United States Dollars

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

Target Currency: USD United States Dollars

Net Sales - Manufacturing


Division
Net Sales - Catalog Division

NET SALES/REVENUE

9,785

98.7

9,523

95.5

9,477

90.0

9,564

80.7

9,317

75.0

126

9,911

1.3

100.0

445

9,968

4.5

100.0

1,058

10,535

10.0

100.0

2,284

11,848

19.3

100.0

3,102

12,419

25.0

100.0

Cost of Goods Sold


Cost of Goods Sold Depreciation

7,311
155

73.8
1.6

7,477
209

75.0
2.1

7,739
239

73.5
2.3

8,552
224

72.2
1.9

9,468
273

76.2
2.2

7,466

75.3

7,686

77.1

7,978

75.7

8,776

74.1

9,741

78.4

2,445

24.7

2,282

22.9

2,557

24.3

3,072

25.9

2,678

21.6

1,843
19

1,862

18.6
0.2

18.8

2,032
15

2,047

20.4
0.2

20.5

2,114
13

2,127

20.1
0.1

20.2

2,454
17

2,471

20.7
0.1

20.9

2,755
21

2,776

22.2
0.2

22.4

583

5.9

235

2.4

430

4.1

601

5.1

(98)

(0.8)

68
14
42

(12)

0.7
0.1
0.4

(0.1)

126
46
2

(78)

1.3
0.5

(0.8)

147
47

(100)

1.4
0.4

(0.9)

153
32
13

(108)

1.3
0.3
0.1

(0.9)

306
35

(271)

2.5
0.3

(2.2)

571

5.8

157

1.6

330

3.1

493

4.2

(369)

(3.0)

NET PROFIT

122

449

1.2

4.5

31

126

0.3

1.3

77

253

0.7

2.4

144

349

1.2

2.9

(369)

(3.0)

EBIT
EBITDA
EBIDA

639
813
691

6.4
8.2
7.0

283
507
476

2.8
5.1
4.8

477
729
652

4.5
6.9
6.2

646
887
743

5.5
7.5
6.3

(63)
231
231

(0.5)
1.9
1.9

COMPREHENSIVE INCOME

449

4.5

126

1.3

253

2.4

349

2.9

(369)

(3.0)

Dividends - Common
Adj to Retained Earnings

(27)
(40)

(207)

(46)

TOTAL COST OF
SALES/REV
GROSS PROFIT
SG & A Expense
Depreciation

TOTAL OPERATING
EXPENSE

NET OPERATING PROFIT


Interest Expense (-)
Other Income
Gain(Loss) on Asset Sale

TOTAL OTHER
INCOME(EXP)

PROFIT BEFORE TAXES


Current Income Tax

Moodys KMV Sample Reports

Page 9

Detailed Income Statement Exchange Rate


MMAS Sample Customer (MMASSample)
Detailed Income Statement - Exchange Rate
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
6/30/2002
Months Covered
12
12
Audit Mthd
Unqualif'd
Unqualif'd
Accountant
KPMG
KPMG
Analyst
GJH
GJH
Stmt Type
Annual
Annual
Currency
Target
Source
Target
Source Currency: USD United States Dollars
Exchange Rate

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual
Source
Target

Target Currency: USD United States Dollars

1.00000

Net Sales - Manufacturing


Division
Net Sales - Catalog Division

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual
Source
Target

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual
Source
Target
Source

1.00000

1.00000

1.00000

1.00000

9,785

9,785

9,523

9,523

9,477

9,477

9,564

9,564

9,317

9,317

126

9,911

126

9,911

445

9,968

445

9,968

1,058

10,535

1,058

10,535

2,284

11,848

2,284

11,848

3,102

12,419

3,102

12,419

Cost of Goods Sold


Cost of Goods Sold Depreciation

7,311
155

7,311
155

7,477
209

7,477
209

7,739
239

7,739
239

8,552
224

8,552
224

9,468
273

9,468
273

TOTAL COST OF SALES/REV

GROSS PROFIT

7,466

2,445

7,466

2,445

7,686

2,282

7,686

2,282

7,978

2,557

7,978

2,557

8,776

3,072

8,776

3,072

9,741

2,678

9,741

2,678

1,843
19

1,862

1,843
19

1,862

2,032
15

2,047

2,032
15

2,047

2,114
13

2,127

2,114
13

2,127

2,454
17

2,471

2,454
17

2,471

2,755
21

2,776

2,755
21

2,776

583

583

235

235

430

430

601

601

(98)

(98)

68
14
42

(12)

68
14
42

(12)

126
46
2

(78)

126
46
2

(78)

147
47

(100)

147
47

(100)

153
32
13

(108)

153
32
13

(108)

306
35

(271)

306
35

(271)

571

571

157

157

330

330

493

493

(369)

(369)

NET PROFIT

122

449

122

449

31

126

31

126

77

253

77

253

144

349

144

349

(369)

(369)

EBIT
EBITDA
EBIDA

639
813
691

639
813
691

283
507
476

283
507
476

477
729
652

477
729
652

646
887
743

646
887
743

(63)
231
231

(63)
231
231

Dividends - Common
Adj to Retained Earnings

(27)
(40)

(27)
(40)

(207)

(207)

(46)

(46)

NET SALES/REVENUE

SG & A Expense
Depreciation

TOTAL OPERATING
EXPENSE

NET OPERATING PROFIT


Interest Expense (-)
Other Income
Gain(Loss) on Asset Sale

TOTAL OTHER
INCOME(EXP)

PROFIT BEFORE TAXES


Current Income Tax

Moodys KMV Sample Reports

Page 10

Detailed Income Statement Trend


MMAS Sample Customer (MMASSample)
Detailed Income Statement - Trend
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
6/30/2002
Months Covered
12
12
Audit Mthd
Unqualif'd
Unqualif'd
Accountant
KPMG
KPMG
Analyst
GJH
Trend
GJH
Stmt Type
Annual
% Chg
Annual
Source Currency: USD United States Dollars
Net Sales - Manufacturing
Division
Net Sales - Catalog Division
NET SALES/REVENUE

126

9,911

Cost of Goods Sold


Cost of Goods Sold Depreciation

7,311
155

TOTAL COST OF SALES/REV

GROSS PROFIT

7,466

2,445

SG & A Expense
Depreciation

TOTAL OPERATING
EXPENSE

NET OPERATING PROFIT


Interest Expense (-)
Other Income
Gain(Loss) on Asset Sale

TOTAL OTHER
INCOME(EXP)

PROFIT BEFORE TAXES


Current Income Tax

1,843
19

1,862

583
68
14
42

(12)

571

6/30/2004
12
Unqualif'd
KPMG
Trend
GJH
% Chg
Annual

Target Currency: USD United States Dollars

9,785

6/30/2003
12
Unqualif'd
KPMG
Trend
GJH
% Chg
Annual

9,523

(2.7)

9,477

(0.5)

9,564

0.9

9,317

(2.6)

445

9,968

253.2

0.6

1,058

10,535

137.8

5.7

2,284

11,848

115.9

12.5

3,102

12,419

35.8

4.8

7,477
209

2.3
34.8

7,739
239

3.5
14.4

8,552
224

10.5
(6.3)

9,468
273

10.7
21.9

7,686

2,282

2.9

(6.7)

7,978

2,557

3.8

12.1

8,776

3,072

10.0

20.1

9,741

2,678

11.0

(12.8)

2,032
15

2,047

10.3
(21.1)

9.9

2,114
13

2,127

4.0
(13.3)

3.9

2,454
17

2,471

16.1
30.8

16.2

2,755
21

2,776

12.3
23.5

12.3

235

(59.7)

430

83.0

601

39.8

(98)

(116.3)

126
46
2

(78)

85.3
228.6
(95.2)

550.0

147
47

(100)

16.7
2.2
(100.0)

28.2

153
32
13

(108)

4.1
(31.9)

8.0

306
35

(271)

100.0
9.4
(100.0)

150.9

157

(72.5)

330

110.2

493

49.4

(369)

(174.8)

31

126

(74.6)

(71.9)

77

253

148.4

100.8

144

349

87.0

37.9

(369)

(100.0)

(205.7)

35.4
21.7
14.0

(63)
231
231

(109.8)
(74.0)
(68.9)
(100.0)

NET PROFIT

122

449

EBIT
EBITDA
EBIDA

639
813
691

283
507
476

(55.7)
(37.6)
(31.1)

477
729
652

68.6
43.8
37.0

646
887
743

Dividends - Common
Adj to Retained Earnings

(27)
(40)

(207)

666.7
(100.0)

(100.0)

(46)

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
Trend
GJH
Trend
% Chg
Annual
% Chg

Page 11

Detailed Reconciliations
MMAS Sample Customer (MMASSample)
Detailed Reconciliations
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Reconciliation of Retained Earnings

BEGINNING RETAINED EARNINGS,


AS PREVIOUSLY REPORTED
1,700
1,619

BEG RET. EARNINGS, RESTATED


1,700
1,619
Net Profit
126
253
Dividends - Common
(207)
ENDING RETAINED EARNINGS
1,619
1,872

Reconciliation of Net Worth

BEGINNING NET WORTH


1,717
1,636
Net Profit
126
253
Div & Withdrawals-Cash
(207)
ACTUAL ENDING NET WORTH
1,636
1,889
INCR(DECR) IN NET WORTH
(81)
253

Reconciliation of Working Capital

BEGINNING WORKING CAPITAL


1,905
1,605
Decrease(Increase) in Non-Current Assets:
Total Fixed Assets-Net
(90)
152
Cash Value Life Insurance
(2)
(4)
Other Assets
(80)
56
Increase(Decrease) in Non-Current Liabilities:
Long Term Debt
(47)
(230)
Increase(Decrease) in Net Worth
(81)
253
ENDING WORKING CAPITAL
1,605
1,832

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

1,872

1,872
349
(46)
2,175

2,175

2,175
(369)
1,806

1,889
349
(46)
2,192
303

2,192
(369)
1,823
(369)

1,832

2,124

83
(2)
46

(800)
(2)
(2)

(138)
303
2,124

855
(369)
1,806

Page 12

Detailed UCA Cash Flow


MMAS Sample Customer (MMASSample)
Detailed UCA Cash Flow
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Net Sales - Manufacturing Division
Net Sales - Catalog Division
Chg in Accts/Notes Rec-Trade
Chg in Bad Debt Reserve (-)

Cash Collected From Sales

9,523
445
(320)

9,648

9,477
1,058
75
10

10,620

9,564
2,284
(173)
22

11,697

9,317
3,102
144
4

12,567

(7,477)
(275)
181

(7,571)

(7,739)
70
(249)

(7,918)

(8,552)
(469)
397

(8,624)

(9,468)
(446)
159

(9,755)

2,077

2,702

3,073

2,812

(2,032)
11
(41)

(2,062)

15

(2,114)
18
(22)

(2,118)

584

(2,454)
(60)
8

(2,506)

567

(2,755)
(12)
59

(2,708)

104

46
(31)

15

30

47
(77)
30

584

32
(144)
(30)

(142)

425

35

35

139

(126)
(207)

(333)

(303)

(147)

(147)

437

(153)
(46)

(199)

226

(306)

(306)

(167)

(199)

(199)

(502)

(226)

(226)

211

(142)

(142)

84

(115)

(115)

(282)

Chg in Property Plant & Equipment


Chg in Furniture, Fixtures &
Vehicles
Chg in Accumulated Deprec (-)
Cost of Goods Sold - Depreciation
Depreciation
Gain(Loss) on Asset Sale

Chg in Net Fixed Assets

(241)
(100)

(37)
(74)

(89)
(65)

(946)
(147)

251
(209)
(15)
2

(312)

263
(239)
(13)

(100)

237
(224)
(17)
13

(145)

293
(273)
(21)

(1,094)

Chg in Cash Value Life Insurance


Chg in Other Assets

(2)
(80)

(82)

(4)
56

52

(2)
46

44

(2)
(2)

(4)

(394)

(48)

(101)

(1,098)

Cost of Goods Sold


Chg in Inventory
Chg in Accounts Payable-Trade

Cash Paid To Suppliers

CASH FROM TRADING


ACTIVITIES
SG & A Expense
Chg in Prepaid Expenses
Chg in Accrued Expenses

Cash Paid for Operating Costs

CASH AFTER OPERATIONS


Other Income
Current Income Tax
Chg in Income Taxes Payable

Other Income(Exp) & Taxes Paid

NET CASH AFTER OPERATIONS

Interest Expense (-)


Dividends - Common

Cash Paid for Dividends & Interest

NET CASH INCOME


CPLTD-Bank

Current Portion Long Term Debt

CASH AFTER DEBT AMORT.

Chg in Investments

Cash Paid for Plant and Investments

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 13

FINANCING SURPLUS
(REQMNTS)
Chg in Note Payable - Bank
Chg in Long Term Debt

Total External Financing

CASH AFTER FINANCING


Add:
Cash

ENDING CASH & EQUIVALENTS

Moodys KMV Sample Reports

(896)

163

(17)

(1,380)

767
179

946

50

(52)
(88)

(140)

23

(14)
(23)

(37)

(54)

341
1,024

1,365

(15)

71

121

121

144

144

90

90

75

Page 14

Detailed FAS 95 Stmt of Cash Flows (Indirect)


MMAS Sample Customer (MMASSample)
Detailed FAS 95 Stmt of Cash Flows (Indirect)
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income

126

253

349

(369)

209
15
(2)
(320)
(275)
11
181
(41)

(222)

239
13
75
10
70
18
(249)
(22)
30

184

224
17
(13)
(173)
22
(469)
(60)
397
8
(30)

(77)

273
21
144
4
(446)
(12)
159
59

202

(96)

437

272

(167)

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Property Plant & Equipment
Chg in Furniture, Fixtures & Vehicles
Chg in Accumulated Deprec (-)
Cost of Goods Sold - Depreciation
Depreciation
Gain(Loss) on Asset Sale

Chg in Net Fixed Assets

(241)
(100)
251
(209)
(15)
2

(312)

(37)
(74)
263
(239)
(13)

(100)

(89)
(65)
237
(224)
(17)
13

(145)

(946)
(147)
293
(273)
(21)

(1,094)

(2)
(80)

(82)

(4)
56

52

(2)
46

44

(2)
(2)

(4)

NET CASH USED IN INVESTING

(394)

(48)

(101)

(1,098)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in Note Payable - Bank
Chg in CPLTD-Bank
Chg in Long Term Debt

Net Chg in Borrowings


Dividends - Common

NET CASH PROV BY FINANCING

767
27
(47)

747
(207)

540

(52)
(84)
(230)

(366)

(366)

(14)
(27)
(138)

(179)
(46)

(225)

341
54
855

1,250

1,250

50

23

(54)

(15)

71

121

121

144

144

90

90

75

Reconciling Items
Cost of Goods Sold - Depreciation
Depreciation
Gain(Loss) on Asset Sale
Chg in Accts/Notes Rec-Trade
Chg in Bad Debt Reserve (-)
Chg in Inventory
Chg in Prepaid Expenses
Chg in Accounts Payable-Trade
Chg in Accrued Expenses
Chg in Income Taxes Payable

Total Adjustments

NET CASH PROVIDED


BY OPERATIONS

Chg in Cash Value Life Insurance


Chg in Other Assets

Chg in Investments

CHANGE IN CASH & EQUIV.


Add:
Cash

CASH AND EQUIVALENTS AT EOP

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 15

Detailed Ratios
MMAS Sample Customer (MMASSample)
Detailed Ratios
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
LIQUIDITY
Working Capital
Quick Ratio
Current Ratio
Net Sales/Working Capital

1,905
0.92
2.22
5.20

1,605
0.73
1.64
6.21

1,832
0.83
1.87
5.75

2,124
0.75
1.87
5.58

1,806
0.55
1.59
6.88

LEVERAGE
Net Worth-Actual
Tang Net Worth-Actual
Eff Tang Net Worth-Actual
Debt/Worth
Debt/Tang Worth
Debt Less Sub Debt-Liability/Eff Tg Wth
Borrowed Funds/Eff Tg Worth
LT Debt/Net Fixed Assets
Total Liabilities/Total Assets

1,717
1,717
1,717
1.44
1.44
1.44
0.90
1.66
0.59

1,636
1,636
1,636
2.05
2.05
2.05
1.40
1.44
0.67

1,889
1,889
1,889
1.45
1.45
1.45
1.02
1.28
0.59

2,192
2,192
2,192
1.34
1.34
1.34
0.79
1.17
0.57

1,823
1,823
1,823
2.42
2.42
2.42
1.64
1.15
0.71

9.40
2.99

813
691
3.04

2.25
0.63
0.72
0.05
0.06
1.44
1.56
507
476
1.44

3.24
3.56
2.23
2.02
1.57
2.52
1.95
729
652
2.52

4.22
4.73
3.83
1.35
1.25
3.31
3.01
887
743
3.31

(0.21)
(0.44)
(0.65)
0.29
0.33
0.49
0.55
231
231
0.49

PROFITABILITY (%)
Return on Assets
Return on Equity
Gross Margin
Gross Margin (plus Depr) %
Operating Expense %
Operating Expense (excl Depr) %
Operating Profit Margin
Operating Profit Margin (plus Depr) %
Net Margin
Dividend Payout Rate
Effective Tax Rate

10.73
26.15
24.67
26.23
18.79
18.60
5.88
7.64
4.53
6.01
21.37

2.53
7.70
22.89
24.99
20.54
20.39
2.36
4.60
1.26
164.29
19.75

5.46
13.39
24.27
26.54
20.19
20.07
4.08
6.47
2.40
23.33

6.80
15.92
25.93
27.82
20.86
20.71
5.07
7.11
2.95
13.18
29.21

(5.92)
(20.24)
21.56
23.76
22.35
22.18
(0.79)
1.58
(2.97)
-

ACTIVITY
Gross Accounts Receivable Days
Net Accounts Receivable Days
Inventory Days on Hand
Inventory Days on Hand (excl Depr)
Accounts Payable Days
Accounts Payable Days (excl Depr)
Net Sales/Total Assets
Net Sales/Net Worth
Net Sales/Net Fixed Assets
Profit Before Taxes/Total Assets (%)

52.44
50.45
94.65
96.65
31.83
32.50
2.37
5.77
14.90
13.65

63.86
61.88
105.00
107.93
39.51
40.62
2.00
6.09
13.20
3.15

57.82
55.61
97.95
100.98
26.67
27.50
2.27
5.58
17.47
7.12

56.75
54.10
108.55
111.39
40.76
41.83
2.31
5.41
22.78
9.60

49.90
47.26
114.51
117.81
42.68
43.91
1.99
6.81
9.41
(5.92)

32.59

19.26
35.95
(4.72)
0.58
(59.69)
(71.94)
(4.72)

(7.09)
(18.10)
15.46
5.69
82.98
100.79
15.46

10.76
7.14
16.04
12.46
39.77
37.94
16.04

21.40
49.88
(16.83)
4.82
N/A
N/A
(16.83)

COVERAGE
Interest Coverage
Net Income+Depr+Amort-Divs/CPLTD
Net Income+Depr+Amort-Divs/CPLTD pp
UCA Cash Flow Coverage
UCA Cash Flow/CPLTD pp
EBITDA/Interest Exp+CPLTD
EBITDA/Interest Exp+CPLTD pp
EBITDA
EBIDA
Fixed Charge Coverage

GROWTH (%)
Total Assets Growth
Total Liabilities Growth
Net Worth Growth
Net Sales Growth
Operating Profit Growth
Net Profit Growth
Sustainable Growth

3.04

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Moodys KMV Sample Reports

Page 16

Cash Flow Management


MMAS Sample Customer (MMASSample)
Cash Flow Management
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Stmt Type
Annual
Annual
Annual
Annual
Annual

CASH FLOW DRIVERS


Net Sales Growth
Gross Margin (plus Depr) %
Operating Expense (excl Depr) %
Accounts Receivable Days
Inventory Days on Hand (excl Depr)
Accounts Payable Days (excl Depr)
OTHER FACTORS
Other Operating Assets
Accrued Expenses Days
Other Current Liabilities

CASH FLOW DRIVERS

5.69
26.54
20.07
55.61
100.98
27.50

12.46
27.82
20.71
54.10
111.39
41.83

4.82
23.76
22.18
47.26
117.81
43.91

88
77
59
54.86
42.39
36.95

CASH MARGIN MANAGEMENT SUMMARY

119
33.02

131
37.23

26.23
18.60
50.45
96.65
32.50

GROSS PROFIT:
BEGINNING GROSS PROFIT
Gross Profit Management
Gross Profit Growth
ENDING GROSS PROFIT (PLUS
DEPR)

0.58
24.99
20.39
61.88
107.93
40.62

2,600
(124)
15
2,491

2,491
163
142
2,796

2,796
152
348
3,296

3,296
(504)
159
2,951

(1,843)
(178)
(11)
(2,032)

(2,032)
34
(116)
(2,114)

(2,114)
(77)
(263)
(2,454)

(2,454)
(183)
(118)
(2,755)

459
682

TRADING ACCOUNT MANAGEMENT SUMMARY

CASH IMPACT OF MANAGEMENT:


Accounts Receivable
(312)
181
Inventory
(231)
147
Accounts Payable
166
(278)
Total Management - Trading Acct
(377)
50
Other Operating Assets
12
22
Accruals
(69)
(32)
Other Current Liabilities
Total Management - Other Factors
(58)
(9)
TOTAL CASH IMPACT OF MGMT
(435)
41

842

196

OPERATING EXPENSES:
BEGINNING OPERATING EXPENSE
Operating Expense Management
Operating Expense Growth
ENDING OPER EXP (LESS DEPR)
CASH OPERATING PROFIT

CASH IMPACT OF GROWTH:


Accounts Receivable
Inventory
Accounts Payable
Total Growth - Trading Accounts
Other Operating Assets
Accruals
Other Current Liabilities
Total Growth - Other Factors
TOTAL CASH IMPACT OF
SALES GROWTH
TOTAL TRADING ACCOUNT AND
OTHER FACTOR CHG
CASH AFTER OPERATIONS

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

49
(244)
336
141
(53)
(26)
(79)
62

233
(166)
54
120
(6)
32
26
146

(8)
(44)
15
(37)
(1)
28
28

(96)
(77)
29
(144)
(4)
10
5

(200)
(225)
61
(364)
(7)
34
27

(85)
(280)
105
(259)
(6)
27
21

(9)

(139)

(337)

(238)

(444)

(98)

(275)

(92)

15

584

567

104

Page 17

Summary Balance Sheet Actual


MMAS Sample Customer (MMASSample)
Summary Balance Sheet - Actual
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars
ASSETS
Cash & Equivalents
Accts/Notes Rec-Trade (Net)
Trade Inventory
Operating Current Assets

TOTAL CURRENT ASSETS


Net Fixed Assets
Investments
Non-Op Non-Curr Assets

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

LIABILITIES/NET WORTH
S/T Loans Payable
CPLTD-Bank
Accounts Payable - Trade
Other Accruals
Taxes Payable

TOTAL CURRENT LIABILITIES


Long Term Debt

TOTAL NON-CURRENT
LIABILITIES

TOTAL LIABILITIES
Stock
Retained Earnings

TOTAL NET WORTH

TOTAL LIABILITIES & NET WORTH

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Target Currency: USD United States Dollars

71
1,370
1,936
88

3,465

121
1,690
2,211
77

4,099

144
1,605
2,141
59

3,949

90
1,756
2,610
119

4,575

75
1,608
3,056
131

4,870

665
12
42

719

4,184

755
14
122

891

4,990

603
18
66

687

4,636

520
20
20

560

5,135

1,320
22
22

1,364

6,234

433
199
651
277

1,560

1,200
226
832
236

2,494

1,148
142
583
214
30

2,117

1,134
115
980
222

2,451

1,475
169
1,139
281

3,064

907

907

860

860

630

630

492

492

1,347

1,347

2,467

3,354

2,747

2,943

4,411

17
1,700

1,717

4,184

17
1,619

1,636

4,990

17
1,872

1,889

4,636

17
2,175

2,192

5,135

17
1,806

1,823

6,234

Page 18

Summary Comprehensive Income Statement Actual


MMAS Sample Customer (MMASSample)
Summary Comprehensive Income Statement - Actual
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars

Target Currency: USD United States Dollars

Sales/Revenues

9,911

9,968

10,535

11,848

12,419

Cost of Sales/Revenues
Cost of Sales - Depreciation

7,311
155

7,466

2,445

7,477
209

7,686

2,282

7,739
239

7,978

2,557

8,552
224

8,776

3,072

9,468
273

9,741

2,678

1,843
19

1,862

583

2,032
15

2,047

235

2,114
13

2,127

430

2,454
17

2,471

601

2,755
21

2,776

(98)

PROFIT BEFORE TAXES

(68)
14
42

(12)

571

(126)
46
2

(78)

157

(147)
47

(100)

330

(153)
32
13

(108)

493

(306)
35

(271)

(369)

Income Taxes
NET PROFIT

122
449

31
126

77
253

144
349

(369)

EBIT
EBITDA
EBIDA

639
813
691

283
507
476

477
729
652

646
887
743

(63)
231
231

449

126

253

349

(369)

(27)
(40)

(207)

(46)

TOTAL COST OF SALES/REV

GROSS PROFIT
S,G, & A Expense
Depreciation

TOTAL OPERATING EXP(INC)

NET OPERATING PROFIT


Interest Income(Expense)
Other Income(Expense)
Gain(Loss) on Sale of Assets

TOTAL OTHER INCOME(EXP)

Other Comprehensive Income

COMPREHENSIVE INCOME
Cash Dividends & Withdrawals
Adj to Retained Earnings

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 19

Summary Income Statement %


MMAS Sample Customer (MMASSample)
Summary Income Statement - %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004
Months Covered
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd
Accountant
KPMG
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars
Sales/Revenues

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

Target Currency: USD United States Dollars

100.0

100.0

100.0

100.0

100.0

73.8
1.6

75.3

24.7

75.0
2.1

77.1

22.9

73.5
2.3

75.7

24.3

72.2
1.9

74.1

25.9

76.2
2.2

78.4

21.6

18.6
0.2

18.8

5.9

20.4
0.2

20.5

2.4

20.1
0.1

20.2

4.1

20.7
0.1

20.9

5.1

22.2
0.2

22.4

(0.8)

(0.7)
0.1
0.4

(0.1)

5.8

(1.3)
0.5

(0.8)

1.6

(1.4)
0.4

(0.9)

3.1

(1.3)
0.3
0.1

(0.9)

4.2

(2.5)
0.3

(2.2)

(3.0)

Income Taxes
NET PROFIT

1.2
4.5

0.3
1.3

0.7
2.4

1.2
2.9

(3.0)

EBIT
EBITDA
EBIDA

6.4
8.2
7.0

2.8
5.1
4.8

4.5
6.9
6.2

5.5
7.5
6.3

(0.5)
1.9
1.9

Cost of Sales/Revenues
Cost of Sales - Depreciation

TOTAL COST OF SALES/REV

GROSS PROFIT
S,G, & A Expense
Depreciation

TOTAL OPERATING EXP(INC)

NET OPERATING PROFIT


Interest Income(Expense)
Other Income(Expense)
Gain(Loss) on Sale of Assets

TOTAL OTHER INCOME(EXP)

PROFIT BEFORE TAXES

Moodys KMV Sample Reports

Page 20

Summary Balance Sheet Actual and %


MMAS Sample Customer (MMASSample)
Summary Balance Sheet - Actual and %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
ASSETS
Cash & Equivalents
Accts/Notes Rec-Trade (Net)
Trade Inventory
Operating Current Assets

TOTAL CURRENT ASSETS


Net Fixed Assets
Investments
Non-Op Non-Curr Assets

TOTAL NON-CURRENT
ASSETS

TOTAL ASSETS

LIABILITIES/NET WORTH
S/T Loans Payable
CPLTD-Bank
Accounts Payable - Trade
Other Accruals
Taxes Payable

TOTAL CURRENT
LIABILITIES
Long Term Debt

TOTAL NON-CURRENT
LIABILITIES

TOTAL LIABILITIES
Stock
Retained Earnings

TOTAL NET WORTH

TOTAL LIABILITIES & NET


WORTH

Moodys KMV Sample Reports

6/30/2002
12
Unqualif'd
KPMG
GJH
Annual

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

Target Currency: USD United States Dollars

71
1,370
1,936
88

3,465

1.7
32.7
46.3
2.1

82.8

121
1,690
2,211
77

4,099

2.4
33.9
44.3
1.5

82.1

144
1,605
2,141
59

3,949

3.1
34.6
46.2
1.3

85.2

90
1,756
2,610
119

4,575

1.8
34.2
50.8
2.3

89.1

75
1,608
3,056
131

4,870

1.2
25.8
49.0
2.1

78.1

665
12
42

719

15.9
0.3
1.0

17.2

755
14
122

891

15.1
0.3
2.4

17.9

603
18
66

687

13.0
0.4
1.4

14.8

520
20
20

560

10.1
0.4
0.4

10.9

1,320
22
22

1,364

21.2
0.4
0.4

21.9

4,184

100.0

4,990

100.0

4,636

100.0

5,135

100.0

6,234

100.0

433
199
651
277

1,560

10.3
4.8
15.6
6.6

37.3

1,200
226
832
236

2,494

24.0
4.5
16.7
4.7

50.0

1,148
142
583
214
30

2,117

24.8
3.1
12.6
4.6
0.6

45.7

1,134
115
980
222

2,451

22.1
2.2
19.1
4.3

47.7

1,475
169
1,139
281

3,064

23.7
2.7
18.3
4.5

49.1

907

907

21.7

21.7

860

860

17.2

17.2

630

630

13.6

13.6

492

492

9.6

9.6

1,347

1,347

21.6

21.6

2,467

59.0

3,354

67.2

2,747

59.3

2,943

57.3

4,411

70.8

17
1,700

1,717

4,184

0.4
40.6

41.0

100.0

17
1,619

1,636

4,990

0.3
32.4

32.8

100.0

17
1,872

1,889

4,636

0.4
40.4

40.7

100.0

17
2,175

2,192

5,135

0.3
42.4

42.7

100.0

17
1,806

1,823

6,234

0.3
29.0

29.2

100.0

Page 21

Summary Comprehensive Income Statement Actual and %


MMAS Sample Customer (MMASSample)
Summary Comprehensive Income Statement - Actual and %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
6/30/2002
Months Covered
12
12
Audit Mthd
Unqualif'd
Unqualif'd
Accountant
KPMG
KPMG
Analyst
GJH
GJH
Stmt Type
Annual
Annual
Source Currency: USD United States Dollars
Sales/Revenues

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

Target Currency: USD United States Dollars

9,911

100.0

9,968

100.0

10,535

100.0

11,848

100.0

12,419

100.0

7,311
155

73.8
1.6

7,477
209

75.0
2.1

7,739
239

73.5
2.3

8,552
224

72.2
1.9

9,468
273

76.2
2.2

7,466

75.3

7,686

77.1

7,978

75.7

8,776

74.1

9,741

78.4

2,445

24.7

2,282

22.9

2,557

24.3

3,072

25.9

2,678

21.6

1,843
19

1,862

18.6
0.2

18.8

2,032
15

2,047

20.4
0.2

20.5

2,114
13

2,127

20.1
0.1

20.2

2,454
17

2,471

20.7
0.1

20.9

2,755
21

2,776

22.2
0.2

22.4

583

5.9

235

2.4

430

4.1

601

5.1

(98)

(0.8)

(68)
14
42

(0.7)
0.1
0.4

(126)
46
2

(1.3)
0.5
-

(147)
47
-

(1.4)
0.4
-

(153)
32
13

(1.3)
0.3
0.1

(306)
35
-

(2.5)
0.3
-

(12)

(0.1)

(78)

(0.8)

(100)

(0.9)

(108)

(0.9)

(271)

(2.2)

PROFIT BEFORE TAXES

571

5.8

157

1.6

330

3.1

493

4.2

(369)

(3.0)

Income Taxes
NET PROFIT

122
449

1.2
4.5

31
126

0.3
1.3

77
253

0.7
2.4

144
349

1.2
2.9

(369)

(3.0)

EBIT
EBITDA
EBIDA

639
813
691

6.4
8.2
7.0

283
507
476

2.8
5.1
4.8

477
729
652

4.5
6.9
6.2

646
887
743

5.5
7.5
6.3

(63)
231
231

(0.5)
1.9
1.9

449

4.5

126

1.3

253

2.4

349

2.9

(369)

(3.0)

Cost of Sales/Revenues
Cost of Sales Depreciation
TOTAL COST OF
SALES/REV
GROSS PROFIT
S,G, & A Expense
Depreciation

TOTAL OPERATING
EXP(INC)

NET OPERATING PROFIT


Interest Income(Expense)
Other Income(Expense)
Gain(Loss) on Sale of
Assets
TOTAL OTHER
INCOME(EXP)

Other Comprehensive
Income

COMPREHENSIVE
INCOME
Cash Dividends &
Withdrawals
Adj to Retained Earnings

(27)

Moodys KMV Sample Reports

(40)

(207)

(46)

Page 22

Summary Reconciliations
MMAS Sample Customer (MMASSample)
Summary Reconciliations
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Reconciliation of Retained Earnings

BEGINNING RETAINED EARNINGS,


AS PREVIOUSLY REPORTED
1,700
1,619

BEG RET. EARNINGS, RESTATED


1,700
1,619
Net Profit
126
253
Div and Withdrawals-Cash
(207)
ENDING RETAINED EARNINGS
1,619
1,872

Reconciliation of Net Worth

BEGINNING NET WORTH


1,717
1,636
Net Profit
126
253
Div and Withdrawals-Cash
(207)
ACTUAL ENDING NET WORTH
1,636
1,889
INCR(DECR) IN NET WORTH
(81)
253

Reconciliation of Working Captial

BEGINNING WORKING CAPITAL


1,905
1,605
Decrease(Increase) in Non-Current Assets:
Total Fixed Assets-Net
(90)
152
Investments
(2)
(4)
Non-Op Non-Curr Assets
(80)
56
Increase(Decrease) in Non-Current Liabilities:
Long Term Debt
(47)
(230)
Increase(Decrease) in Net Worth
(81)
253
ENDING WORKING CAPITAL
1,605
1,832

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

1,872

1,872
349
(46)
2,175

2,175

2,175
(369)
1,806

1,889
349
(46)
2,192
303

2,192
(369)
1,823
(369)

1,832

2,124

83
(2)
46

(800)
(2)
(2)

(138)
303
2,124

855
(369)
1,806

Page 23

Summary UCA Cash Flow


MMAS Sample Customer (MMASSample)
Summary UCA Cash Flow
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Net Sales
Chg in Accts/Notes Rec-Trade(Net)

Cash Collected From Sales


Cost of Sales/Revenues
Chg in Inventories
Chg in Accts Payable-Trade

Cash Paid To Suppliers

CASH FROM TRADING ACTIVITIES


S,G&A Expense(Less Non-Cash Exp)
Chg in Prepaids/Deferreds
Chg in Accruals & Other Pay

Cash Paid for Operating Costs

CASH AFTER OPERATIONS


Other Income (Expense)
Taxes - Paid in Cash

Other Income (Expense) & Taxes Paid

NET CASH AFTER OPERATIONS


Interest Expense
Dividends - Paid in Cash

Cash Paid for Dividends & Interest

NET CASH INCOME


Current Portion Long Term Debt

CASH AFTER DEBT AMORTIZATION


Chg in Net Fixed Assets
Chg in Investments

Cash Paid for Plant and Investments

FINANCING SURPLUS (REQMNTS)


Chg in ST Loans/Other Payables
Chg in LT & Sub Debt

Total External Financing

CASH AFTER FINANCING


Add:Beginning Cash & Equivalents

ENDING CASH & EQUIVALENTS

Moodys KMV Sample Reports

9,968
(320)

9,648
(7,477)
(275)
181

(7,571)

2,077
(2,032)
11
(41)

(2,062)

15
46
(31)

15

30

10,535
85

10,620
(7,739)
70
(249)

(7,918)

2,702
(2,114)
18
(22)

(2,118)

584
47
(47)

584

11,848
(151)

11,697
(8,552)
(469)
397

(8,624)

3,073
(2,454)
(60)
8

(2,506)

567
32
(174)

(142)

425

12,419
148

12,567
(9,468)
(446)
159

(9,755)

2,812
(2,755)
(12)
59

(2,708)

104
35

35

139

(126)
(207)

(333)

(303)
(199)

(502)
(312)
(82)

(394)

(896)
767
179

946

50
71

121

(147)

(147)

437
(226)

211
(100)
52

(48)

163
(52)
(88)

(140)

23
121

144

(153)
(46)

(199)

226
(142)

84
(145)
44

(101)

(17)
(14)
(23)

(37)

(54)
144

90

(306)

(306)

(167)
(115)

(282)
(1,094)
(4)

(1,098)

(1,380)
341
1,024

1,365

(15)
90

75

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 24

Summary FAS 95 Stmt of Cash Flows (Indirect)


MMAS Sample Customer (MMASSample)
Summary FAS 95 Stmt of Cash Flows (Indirect)
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003
Months Covered
12
12
12
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2004 6/30/2005
12
12
GJH
GJH
Annual
Annual

126

253

349

(369)

NET CASH PROV BY OPERATIONS

224
(2)
(320)
(275)
11
181
(41)

(222)

(96)

252
85
70
18
(249)
(22)
30

184

437

241
(13)
(151)
(469)
(60)
397
8
(30)

(77)

272

294
148
(446)
(12)
159
59

202

(167)

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Net Fixed Assets
Chg in Long Term Investments

NET CASH USED IN INVESTING

(312)
(82)

(394)

(100)
52

(48)

(145)
44

(101)

(1,094)
(4)

(1,098)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in ST Loans
Chg in CP-Long Term Debt
Chg in Long Term Debt

Net Chg in Borrowings


Cash Dividends Paid

NET CASH PROV BY FINANCING

CHANGE IN CASH & EQUIVALENTS

767
27
(47)

747
(207)

540

50

(52)
(84)
(230)

(366)

(366)

23

(14)
(27)
(138)

(179)
(46)

(225)

(54)

341
54
855

1,250

1,250

(15)

71

121

121

144

144

90

90

75

Reconciling Items
Deprec & Amort
Non-Operating Income
Chg in Net Receivables
Chg in Inventories
Chg in Prepaids/Deferreds
Chg in Accts Payable-Trade & Othr
Chg in Accruals
Chg in Taxes

Total Adjustments

ADD:CASH AND EQUIVALENTS AT BOP

CASH AND EQUIVALENTS AT EOP

Moodys KMV Sample Reports

Page 25

Summary Ratios
MMAS Sample Customer (MMASSample)
Summary Ratios
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
LIQUIDITY
Working Capital
Quick Ratio
Current Ratio
Net Sales/Working Capital

1,905
0.92
2.22
5.20

1,605
0.73
1.64
6.21

1,832
0.83
1.87
5.75

2,124
0.75
1.87
5.58

1,806
0.55
1.59
6.88

LEVERAGE
Net Worth-Actual
Tang Net Worth-Actual
Eff Tang Net Worth-Actual
Debt/Worth
Debt/Tang Worth
Debt Less Sub Debt-Liability/Eff Tg Wth
Borrowed Funds/Eff Tg Worth
LT Debt/Net Fixed Assets
Total Liabilities/Total Assets

1,717
1,717
1,717
1.44
1.44
1.44
0.90
1.66
0.59

1,636
1,636
1,636
2.05
2.05
2.05
1.40
1.44
0.67

1,889
1,889
1,889
1.45
1.45
1.45
1.02
1.28
0.59

2,192
2,192
2,192
1.34
1.34
1.34
0.79
1.17
0.57

1,823
1,823
1,823
2.42
2.42
2.42
1.64
1.15
0.71

9.40
2.99

813
691

2.25
0.63
0.05
0.06
1.44
1.56
507
476

3.24
3.56
2.02
1.57
2.52
1.95
729
652

4.22
4.73
1.35
1.25
3.31
3.01
887
743

(0.21)
(0.44)
0.29
0.33
0.49
0.55
231
231

PROFITABILITY (%)
Return on Assets
Return on Equity
Gross Margin
Net Margin

10.73
26.15
24.67
4.53

2.53
7.70
22.89
1.26

5.46
13.39
24.27
2.40

6.80
15.92
25.93
2.95

(5.92)
(20.24)
21.56
(2.97)

ACTIVITY
Net Accounts Receivable Days
Inventory Days on Hand
Accounts Payable Days
Net Sales/Total Assets
Net Sales/Net Worth
Net Sales/Net Fixed Assets
Profit Before Taxes/Total Assets (%)

50.45
94.65
31.83
2.37
5.77
14.90
13.65

61.88
105.00
39.51
2.00
6.09
13.20
3.15

55.61
97.95
26.67
2.27
5.58
17.47
7.12

54.10
108.55
40.76
2.31
5.41
22.78
9.60

47.26
114.51
42.68
1.99
6.81
9.41
(5.92)

19.26
35.95
(4.72)
0.58
(59.69)
(71.94)

(7.09)
(18.10)
15.46
5.69
82.98
100.79

10.76
7.14
16.04
12.46
39.77
37.94

21.40
49.88
(16.83)
4.82
N/A
N/A

COVERAGE
Interest Coverage
Net Income+Depr+Amort-Divs/CPLTD
UCA Cash Flow Coverage
UCA Cash Flow/CPLTD pp
EBITDA/Interest Exp+CPLTD
EBITDA/Interest Exp+CPLTD pp
EBITDA
EBIDA

3.04

GROWTH (%)
Total Assets Growth
Total Liabilities Growth
Net Worth Growth
Net Sales Growth
Operating Profit Growth
Net Profit Growth

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 26

Summary Cash Flow Management


MMAS Sample Customer (MMASSample)
Summary Cash Flow Management
Industry Classification: NAICS Code: 315228
Statement Date
Months Covered
Analyst
Stmt Type

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
12
12
12
12
12
GJH
GJH
GJH
GJH
GJH
Annual
Annual
Annual
Annual
Annual

UCA CASH AFTER OPERATIONS


Net Sales
Chg in Accts/Notes Rec-Trade(Net)

Cash Collected From Sales


Cost of Sales/Revenues
Chg in Inventories
Chg in Accts Payable-Trade

Cash Paid To Suppliers

CASH FROM TRADING ACTIVITIES


S,G&A Expense(Less Non-Cash Exp)
Chg in Prepaids/Deferreds
Chg in Accruals & Other Pay

Cash Paid for Operating Costs

CASH AFTER OPERATIONS

9,968
(320)

9,648

10,535
85

10,620

11,848
(151)

11,697

12,419
148

12,567

(7,477)
(275)
181

(7,571)

2,077

(7,739)
70
(249)

(7,918)

2,702

(8,552)
(469)
397

(8,624)

3,073

(9,468)
(446)
159

(9,755)

2,812

(2,032)
11
(41)

(2,062)

15

(2,114)
18
(22)

(2,118)

584

(2,454)
(60)
8

(2,506)

567

(2,755)
(12)
59

(2,708)

104

0.58
(9)

5.69
(139)

12.46
(337)

4.82
(238)

CASH IMPACT ANALYSIS


Net Sales Growth (%)
Total Cash Impact of Growth
Gross Margin (plus Depr) %
Cash Impact of Gross Margin Mgmt

26.23

24.99
(124)

26.54
163

27.82
152

23.76
(504)

Operating Expense (excl Depr) %


Cash Impact of Oper Exp Mgmt

18.60

20.39
(178)

20.07
34

20.71
(77)

22.18
(183)

Accounts Receivable Days


Cash Impact of Accts Rec Days Mgmt

50.45

61.88
(312)

55.61
181

54.10
49

47.26
233

Inventory Days on Hand (excl Depr)


Cash Impact of Inv Days Mgmt

96.65

107.93
(231)

100.98
147

111.39
(244)

117.81
(166)

Accounts Payable Days (excl Depr)


Cash Impact of A/P Days Mgmt

32.50

40.62
166

27.50
(278)

41.83
336

43.91
54

88

77
12

59
22

119
(53)

131
(6)

54.86

42.39
(69)

36.95
(32)

33.02
(26)

37.23
32

Other Operating Assets


Cash Impact of Other Op Assets Mgmt
Accrued Expenses Days
Cash Impact of Accruals Mgmt
Other Current Liabilities
Cash Impact of Other Current Liabilities Mgmt

Moodys KMV Sample Reports

Page 27

Executive Financial Statement Actual and %


MMAS Sample Customer (MMASSample)
Executive Financial Statement - Actual and %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
ASSETS
Cash & Near Cash
Accts/Notes Rec (Net)
Inventory
Other Current Assets

6/30/2002
12
Unqualif'd
KPMG
GJH
Annual

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

Target Currency: USD United States Dollars

71
1,370
1,936
88

3,465

1.7
32.7
46.3
2.1

82.8

121
1,690
2,211
77

4,099

2.4
33.9
44.3
1.5

82.1

144
1,605
2,141
59

3,949

3.1
34.6
46.2
1.3

85.2

90
1,756
2,610
119

4,575

1.8
34.2
50.8
2.3

89.1

75
1,608
3,056
131

4,870

1.2
25.8
49.0
2.1

78.1

665
12
42

719

4,184

15.9
0.3
1.0

17.2

100.0

755
14
122

891

4,990

15.1
0.3
2.4

17.9

100.0

603
18
66

687

4,636

13.0
0.4
1.4

14.8

100.0

520
20
20

560

5,135

10.1
0.4
0.4

10.9

100.0

1,320
22
22

1,364

6,234

21.2
0.4
0.4

21.9

100.0

433
199
651
277

1,560

10.3
4.8
15.6
6.6

37.3

1,200
226
832
236

2,494

24.0
4.5
16.7
4.7

50.0

1,148
142
583
214
30

2,117

24.8
3.1
12.6
4.6
0.6

45.7

1,134
115
980
222

2,451

22.1
2.2
19.1
4.3

47.7

1,475
169
1,139
281

3,064

23.7
2.7
18.3
4.5

49.1

907

907

21.7

21.7

860

860

17.2

17.2

630

630

13.6

13.6

492

492

9.6

9.6

1,347

1,347

21.6

21.6

TOTAL LIABILITIES

2,467

59.0

3,354

67.2

2,747

59.3

2,943

57.3

4,411

70.8

TOTAL NET WORTH


TOTAL LIABILITIES & NET WORTH

1,717
4,184

41.0
100.0

1,636
4,990

32.8
100.0

1,889
4,636

40.7
100.0

2,192
5,135

42.7
100.0

1,823
6,234

29.2
100.0

9,911
7,311
155

100.0
73.8
1.6

9,968
7,477
209

100.0
75.0
2.1

10,535
7,739
239

100.0
73.5
2.3

11,848
8,552
224

100.0
72.2
1.9

12,419
9,468
273

100.0
76.2
2.2

TOTAL CURRENT ASSETS


Net Fixed Assets
LT Receivables & Investments
Other Non-Current Assets

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

LIABILITIES/NET WORTH
S/T Loans Payable
Current Portion - LTD
Accounts Payable
Accrued Liabilities
Taxes Payable

TOTAL CURRENT LIABILITIES


Long Term Debt

TOTAL NON-CURRENT
LIABILITIES

INCOME STATEMENT
Net Sales/Revenues
Cost of Sales/Revenues
Cost of Sales - Depreciation

GROSS PROFIT
Net Operating Expenses
Depr & Amort

NET OPERATING PROFIT


Interest Income(Expense)
Other Income(Expense)

PROFIT BEFORE TAXES


Income Taxes

PROFIT BEFORE
EXTRAORDINARY ITEMS

NET PROFIT

2,445
1,843
19

24.7
18.6
0.2

2,282
2,032
15

22.9
20.4
0.2

2,557
2,114
13

24.3
20.1
0.1

3,072
2,454
17

25.9
20.7
0.1

2,678
2,755
21

21.6
22.2
0.2

583
(68)
56

5.9
(0.7)
0.6

235
(126)
48

2.4
(1.3)
0.5

430
(147)
47

4.1
(1.4)
0.4

601
(153)
45

5.1
(1.3)
0.4

(98)
(306)
35

(0.8)
(2.5)
0.3

571
122

5.8
1.2

157
31

1.6
0.3

330
77

3.1
0.7

493
144

4.2
1.2

(369)
-

(3.0)
-

449

4.5

126

1.3

253

2.4

349

2.9

(369)

(3.0)

449

4.5

126

1.3

253

2.4

349

2.9

(369)

(3.0)

COMPREHENSIVE INCOME

449

4.5

126

1.3

253

2.4

349

2.9

(369)

(3.0)

Cash Dividends & Withdrawals


Adj to Retained Earnings

(27)
(40)

Moodys KMV Sample Reports

(207)
-

(46)
-

Page 28

Executive Reconciliations & Ratios


MMAS Sample Customer (MMASSample)
Executive Reconciliations & Ratios
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Reconciliation of Working Captial

BEGINNING WORKING CAPITAL


1,905
Chg in Total Fixed Assets-Net
(90)
Chg in Long Term Rec & Invest
(2)
Chg in Other LT Assets
(80)
Chg in Long Term Debt
(47)
Chg in Net Worth
(81)
ENDING WORKING CAPITAL
1,605

UCA Cash Flow

Cash Collected From Sales


9,648
Cash Paid To Suppliers
(7,571)
CASH FROM TRADING ACTIVITIES
2,077
Cash Paid for Operating Costs
(2,062)
CASH AFTER OPERATIONS
15
Other Cash Expenses
46
Taxes - Paid in Cash
(31)
NET CASH AFTER OPERATIONS
30
Interest - Paid in Cash
(126)
Dividends - Paid in Cash
(207)
NET CASH INCOME
(303)
Current Portion Long Term Debt
(199)
CASH AFTER DEBT AMORTIZATION
(502)
Chg in Net Fixed Assets
(312)
Chg in Investments & Intangibles
(82)
Extraordinary and Non-Cash Items
FINANCING SURPLUS (REQMNTS)
(896)
Total External Financing
946
CASH AFTER FINANCING
50
Add:Beginning Cash & Equivalents
71
ENDING CASH & EQUIVALENTS
121

Ratios

Working Capital
1,905
1,605
Quick Ratio
0.92
0.73
Current Ratio
2.22
1.64
Debt/Worth
1.44
2.05
Debt/Tang Worth
1.44
2.05
Net Income+Depr+Amort-Divs/CPLTD
2.99
0.63
Return on Assets (%)
10.73
2.53
Return on Equity (%)
26.15
7.70
Net Accounts Receivable Days
50.45
61.88
Inventory Days on Hand
94.65
105.00
Accounts Payable Days
31.83
39.51
Total Assets Growth (%)
19.26
Total Liabilities Growth (%)
35.95
Net Worth Growth (%)
(4.72)
Net Sales Growth (%)
0.58
Net Profit Growth (%)
(71.94)

Moodys KMV Sample Reports

1,605
152
(4)
56
(230)
253
1,832

1,832
83
(2)
46
(138)
303
2,124

2,124
(800)
(2)
(2)
855
(369)
1,806

10,620
(7,918)
2,702
(2,118)
584
47
(47)
584
(147)
437
(226)
211
(100)
52
163
(140)
23
121
144

11,697
(8,624)
3,073
(2,506)
567
32
(174)
425
(153)
(46)
226
(142)
84
(145)
44
(17)
(37)
(54)
144
90

12,567
(9,755)
2,812
(2,708)
104
35
139
(306)
(167)
(115)
(282)
(1,094)
(4)
(1,380)
1,365
(15)
90
75

1,832
0.83
1.87
1.45
1.45
3.56
5.46
13.39
55.61
97.95
26.67
(7.09)
(18.10)
15.46
5.69
100.79

2,124
0.75
1.87
1.34
1.34
4.73
6.80
15.92
54.10
108.55
40.76
10.76
7.14
16.04
12.46
37.94

1,806
0.55
1.59
2.42
2.42
(0.44)
(5.92)
(20.24)
47.26
114.51
42.68
21.40
49.88
(16.83)
4.82
N/A

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 29

Executive FAS 95 Stmt of Cash Flows (Indirect)


MMAS Sample Customer (MMASSample)
Executive FAS 95 Stmt of Cash Flows (Indirect)
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income

126

253

349

(369)

NET CASH PROV BY OPERATIONS

224
(2)
(320)
(275)
11
181
(41)

(222)

(96)

252
85
70
18
(249)
(22)
30

184

437

241
(13)
(151)
(469)
(60)
397
8
(30)

(77)

272

294
148
(446)
(12)
159
59

202

(167)

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Net Fixed Assets
Chg in Investments

NET CASH USED IN INVESTING

(312)
(82)

(394)

(100)
52

(48)

(145)
44

(101)

(1,094)
(4)

(1,098)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in Short Term Liabilities
Chg in Long Term Debt

Net Chg in Borrowings


Deferred Interest Expense
Chg in Other ST and LT Liabilities
Cash Dividends Paid
Chg in Capital(Less Non-Cash)

NET CASH PROV BY FINANCING


Chg in Currency Translation

CHANGE IN CASH & EQUIVALENTS

794
(47)

747
(207)

540

50

(136)
(230)

(366)

(366)

23

(41)
(138)

(179)
(46)

(225)

(54)

395
855

1,250

1,250

(15)

71

121

121

144

144

90

90

75

Reconciling Items
Non-Cash Items
Non-Operating Income
Chg in Net Receivables
Chg in Deferred Revenue
Chg in Inventories
Chg in Prepaids/Deferreds
Chg in Accounts Rec-Related Co
Chg in Accts Payable-Trade & Othr
Chg in Overdrafts
Chg in Accruals
Chg in Taxes
Chg in Oper Assets and Liabilities

Total Adjustments

ADD:CASH AND EQUIVALENTS AT BOP

CASH AND EQUIVALENTS AT EOP

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 30

Asset Based Lending Report


MMAS Sample Customer (MMASSample)
Asset Based Lending Report
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual

ACCOUNTS RECEIVABLE
Total Accounts Receivable (AR)
AR Base before Cap & Sr Liens
NET AR BORROWING BASE

1,370

1,690

1,605

1,756

1,608

INVENTORY
Finished Goods
NET INVENTORY BORROWING BASE

1,936
-

2,211
-

2,141
-

2,610
-

3,056
-

3,306
3,306

3,901
3,901

3,746
3,746

4,366
4,366

4,664
4,664

ORDERS
Orders Base Before Cap
NET ORDERS BORROWING BASE
BORROWING BASE SUMMARY
Total Assets in Borrowing Base
Eligible Assets

TOTAL BORROWING BASE

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 31

Balance Sheet Account Assumptions


MMAS Sample Customer (MMASSample)
Balance Sheet Account Assumptions
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Stmt Type
Annual
Annual
Annual
Annual
Annual

CURRENT LIABILITIES
Note Payable - Bank
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

433

1,200
767
177.14
12.04

1,148
(52)
(4.33)
10.90

1,134
(14)
(1.22)
9.57

1,475
341
30.07
11.88

226
27
13.57
2.27
26.28

142
(84)
(37.17)
1.35
22.54

115
(27)
(19.01)
0.97
23.37

169
54
46.96
1.36
12.55

832
181
27.80
8.35
39.51

583
(249)
(29.93)
5.53
26.67

980
397
68.10
8.27
40.76

1,139
159
16.22
9.17
42.68

236
(41)
(14.80)
2.37

214
(22)
(9.32)
2.03

222
8
3.74
1.87

281
59
26.58
2.26

N/A
-

30
30
N/A
0.28
9.09

(30)
(100.00)
-

N/A
-

907

9.15

860
(47)
(5.18)
8.63

630
(230)
(26.74)
5.98

492
(138)
(21.90)
4.15

1,347
855
173.78
10.85

17

0.17

17
0.17

17
0.16

17
0.14

17
0.14

4.37

CPLTD-Bank
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
% of Long Term Debt Accounts

199

2.01
21.94

Accounts Payable-Trade
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
Days On Hand

651

6.57
31.83

Accrued Expenses
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

277

2.79

Income Taxes Payable


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
% of Profit Before Taxes

NON-CURRENT LIABILITIES
Long Term Debt
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

EQUITY
Common Stock
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 32

Income Statement Account Assumptions


MMAS Sample Customer (MMASSample)
Income Statement Account Assumptions
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Stmt Type
Annual
Annual
Annual
Annual
Annual
INCOME STATEMENT
Net Sales - Manufacturing
Division
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period

9,785

9,523

9,477

9,564

9,317

(262)
(2.68)

(46)
(0.48)

87
0.92

(247)
(2.58)

Net Sales - Catalog Division


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period

126

445
319
253.17

1,058
613
137.75

2,284
1,226
115.88

3,102
818
35.81

Cost of Goods Sold


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

7,311

73.77

7,477
166
2.27
75.01

7,739
262
3.50
73.46

8,552
813
10.51
72.18

9,468
916
10.71
76.24

Cost of Goods Sold Depreciation


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

155

209

239

224

273

1.56

54
34.84
2.10

30
14.35
2.27

(15)
(6.28)
1.89

49
21.88
2.20

2,032
189
10.26
20.39

2,114
82
4.04
20.07

2,454
340
16.08
20.71

2,755
301
12.27
22.18

15
(4)
(21.05)
0.15
0.69

13
(2)
(13.33)
0.12
0.57

17
4
30.77
0.14
0.70

21
4
23.53
0.17
0.60

126
58
85.29
1.26

147
21
16.67
1.40

153
6
4.08
1.29

306
153
100.00
2.46

46
32
228.57
0.46

47
1
2.17
0.45

32
(15)
(31.91)
0.27

35
3
9.38
0.28

2
(40)
(95.24)
0.02

(2)
N/A
-

13
13
N/A
0.11

(13)
N/A
-

31
(91)
(74.59)
0.31
19.75

77
46
148.39
0.73
23.33

144
67
87.01
1.22
29.21

(144)
(100.00)
-

207
180
666.67
164.29

(207)
(100.00)
-

46
46
N/A
13.18

(46)
(100.00)
-

(40)

40
N/A

N/A

N/A

N/A

SG & A Expense
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

1,843

Depreciation
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
% of Gross Fixed Assets

19

Interest Expense (-)


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
Other Income
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
Gain(Loss) on Asset Sale
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
Current Income Tax
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
% of Profit Before Taxes
Dividends - Common
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Profit
Adj to Retained Earnings
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period

Moodys KMV Sample Reports

18.60

0.19
1.04
68

0.69
14

0.14
42

0.42
122

1.23
21.37
27

6.01

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 33

Quick Projection Variables


MMAS Sample Customer (MMASSample)
Quick Projection Variables
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered
12
12
12
12
12
Stmt Type
Annual
Annual
Annual
Annual
Annual

Annual Sales Growth (%)

0.58

5.69

12.46

4.82

Gross Margin (plus Depr) (%)

26.23

24.99

26.54

27.82

23.76

Operating Expense (excl Depr) (%)

18.60

20.39

20.07

20.71

22.18

Net Accounts Receivable Days

50.45

61.88

55.61

54.10

47.26

Inventory Days on Hand (excl Depr)

96.65

107.93

100.98

111.39

117.81

Accounts Payable Days (excl Depr)

32.50

40.62

27.50

41.83

43.91

0.78

1.27

1.46

0.82

0.61

341

111

154

1,093

19.26

(7.09)

10.76

21.40

0.58

5.69

12.46

4.82

Depreciation Rate (%)

11.22

11.34

10.23

9.87

Depreciation Rate to Accumulated (%)

11.22

11.34

10.23

9.87

21.37

19.75

23.33

29.21

6.01

164.29

13.18

6.59

6.99

8.36

12.93

Cash/(SG&A + COGS) (%)


Capital Spending
Misc Balance Sheet Growth Rate
Misc Income Statement Growth Rate

Effective Tax Rate (%)


Dividend Payout Rate (%)
Interest Expense Rate (%)
Interest Income Rate (%)

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 34

FINANCIAL PACKAGE REPORTS


PEER COMPARISON REPORTS
Peer Comparison Reports are used to compare the borrowers financial statement data to the Risk Management Associations
(RMA) Annual Statement Studies Database. RMA provides common-sized Balance Sheet and Income Statement values, and
quartiled ratios for comparison.
In addition to the sample Peer Comparison Reports shown in this document, the following reports are also available:
1.

Peer Comparison Detailed Income Statement Actual

2.

Peer Comparison Detailed Balance Sheet %

3.

Peer Comparison Detailed Balance Sheet Actual and %

4.

Peer Comparison Summary Income Statement Actual

5.

Peer Comparison Summary Balance Sheet %

6.

Peer Comparison Summary Balance Sheet Actual and %

7.

Peer Comparison Executive Financial Statement Actual and %

Moodys KMV Sample Reports

Page 35

Peer Comparison Detailed Balance Sheet Actual


MMAS Sample Customer (MMASSample)
Prepared: 17:58, 9/22/2005
Detailed Balance Sheet - Actual
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005 3/31/2004 6/30/2005
Months Covered
12
12
12
12
12
12
0
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
315228 Variance
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Peer
Peer
Analyst
GJH
GJH
GJH
GJH
GJH
6/30/2005
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars
CURRENT ASSETS
Cash
Accts/Notes Rec-Trade
Bad Debt Reserve (-)

Target Currency: USD United States Dollars


71
1,424
54

Total Accts/Rec-Net
Raw Materials
Inventory

Total Inventory
Prepaid Expenses
Operating Current Assets

TOTAL CURRENT ASSETS

NON-CURRENT ASSETS
Land
Property Plant & Equipment
Furniture, Fixtures & Vehicles

Gross Fixed Assets


Accumulated Deprec (-)

Total Fixed Assets - Net


Cash Value Life Insurance
Operating Non-Cur Assets
Other Assets
Intangibles - Goodwill

TOTAL NON-CURRENT ASSETS


TOTAL ASSETS

CURRENT LIABILITIES
Note Payable - Bank
CPLTD-Bank
Accounts Payable-Trade
Accrued Expenses
Income Taxes Payable
Operating Current Liabs

TOTAL CURRENT LIABILITIES

NON-CURRENT LIABILITIES
Long Term Debt
Operating Non-Cur Liabs
Deferred Fed Inc Tax - LTP

TOTAL NON-CURRENT LIABILITIES


TOTAL LIABILITIES

NET WORTH
Common Stock
Retained Earnings

121
1,744
54

144
1,669
64

90
1,842
86

75
1,698
90

630
1,733
-

(555)
(35)
90

1,370
1,936

1,690
2,211

1,605
2,141

1,756
2,610

1,608
3,056

1,733
2,313
-

(125)
(2,313)
3,056

1,936
88
-

2,211
77
-

2,141
59
-

2,610
119
-

3,056
131
-

2,313
143

743
131
(143)

3,465

4,099

3,949

4,575

4,870

4,819

51

1,644
182

1,885
282

1,922
356

2,011
421

2,957
568

723
-

(723)
2,957
568

1,826
1,161

2,167
1,412

2,278
1,675

2,432
1,912

3,525
2,205

723
-

2,802
2,205

665
12
42
-

755
14
122
-

603
18
66
-

520
20
20
-

1,320
22
22
-

723
318
374

597
22
(318)
22
(374)

719
4,184

891
4,990

687
4,636

560
5,135

1,364
6,234

1,415
6,234

(51)
-

433
199
651
277
-

1,200
226
832
236
-

1,148
142
583
214
30
-

1,134
115
980
222
-

1,475
169
1,139
281
-

792
137
1,103
6
567

683
32
36
281
(6)
(567)

1,560

2,494

2,117

2,451

3,064

2,605

459

907
-

860
-

630
-

492
-

1,347
-

530
611
12

817
(611)
(12)

907
2,467

860
3,354

630
2,747

492
2,943

1,347
4,411

1,153
3,758

194
653

17
1,700

17
1,619

17
1,872

17
2,175

17
1,806

2,476

17
(670)

TOTAL NET WORTH


TOTAL LIABILITIES & NET WORTH

1,717
4,184

1,636
4,990

1,889
4,636

2,192
5,135

1,823
6,234

2,476
6,234

(653)
-

Working Capital
Tang Net Worth-Actual

1,905
1,717

1,605
1,636

1,832
1,889

2,124
2,192

1,806
1,823

2,214
2,102

(408)
(279)

Moodys KMV Sample Reports

Page 36

Peer Comparison Detailed Income Statement %


MMAS Sample Customer (MMASSample)
Prepared: 17:58, 9/22/2005
Detailed Income Statement - %
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005 3/31/2004 6/30/2005
Months Covered
12
12
12
12
12
12
0
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
315228 Variance
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Peer
Peer
Analyst
GJH
GJH
GJH
GJH
GJH
6/30/2005
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars

Target Currency: USD United States Dollars

Net Sales - Manufacturing Division


Net Sales - Catalog Division

NET SALES/REVENUE

98.7
1.3

100.0

95.5
4.5

100.0

90.0
10.0

100.0

80.7
19.3

100.0

75.0
25.0

100.0

100.0

100.0

(25.0)
25.0

Cost of Goods Sold


Cost of Goods Sold - Depreciation

TOTAL COST OF SALES/REV

GROSS PROFIT

73.8
1.6

75.3

24.7

75.0
2.1

77.1

22.9

73.5
2.3

75.7

24.3

72.2
1.9

74.1

25.9

76.2
2.2

78.4

21.6

68.7

68.7

31.3

7.5
2.2

9.7

(9.7)

18.6
0.2

18.8

5.9

20.4
0.2

20.5

2.4

20.1
0.1

20.2

4.1

20.7
0.1

20.9

5.1

22.2
0.2

22.4

(0.8)

27.7

27.7

3.6

22.2
0.2
(27.7)

(5.3)

(4.4)

0.7
0.1
0.4

(0.1)

5.8

1.3
0.5

(0.8)

1.6

1.4
0.4

(0.9)

3.1

1.3
0.3
0.1

(0.9)

4.2

2.5
0.3

(2.2)

(3.0)

1.8

(1.8)

1.8

2.5
0.3
(1.8)

(0.4)

(4.8)

NET PROFIT

1.2

4.5

0.3

1.3

0.7

2.4

1.2

2.9

(3.0)

1.8

(4.8)

EBIT
EBITDA
EBIDA

6.4
8.2
7.0

2.8
5.1
4.8

4.5
6.9
6.2

5.5
7.5
6.3

(0.5)
1.9
1.9

1.8
1.8
1.8

(2.3)
0.1
0.1

SG & A Expense
Depreciation
Operating Expense

TOTAL OPERATING EXPENSE

NET OPERATING PROFIT


Interest Expense (-)
Other Income
Other Expense (-)
Gain(Loss) on Asset Sale

TOTAL OTHER INCOME(EXP)

PROFIT BEFORE TAXES


Current Income Tax

Moodys KMV Sample Reports

Page 37

Peer Comparison Detailed Income Sheet Actual and %


MMAS Sample Customer (MMASSample)
Detailed Income Statement - Actual and %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
Net Sales - Manufacturing Division
Net Sales - Catalog Division

6/30/2002
12
Unqualif'd
KPMG
GJH
Annual

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
3/31/2004
6/30/2005
12
0
315228
Variance
Peer
Peer
6/30/2005

6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

Target Currency: USD United States Dollars


9,785
126

9,911

98.7
1.3

100.0

9,523
445

9,968

95.5
4.5

100.0

9,477
1,058

10,535

90.0
10.0

100.0

9,564
2,284

11,848

80.7
19.3

100.0

9,317
3,102

12,419

75.0
25.0

100.0

13,091

13,091

100.0

100.0

(3,774)
3,102

(672)

(25.0)
25.0

7,311
155

7,466

2,445

73.8
1.6

75.3

24.7

7,477
209

7,686

2,282

75.0
2.1

77.1

22.9

7,739
239

7,978

2,557

73.5
2.3

75.7

24.3

8,552
224

8,776

3,072

72.2
1.9

74.1

25.9

9,468
273

9,741

2,678

76.2
2.2

78.4

21.6

8,993

8,993

4,098

68.7

68.7

31.3

475
273

748

(1,420)

7.5
2.2

9.7

(9.7)

1,843
19

1,862

583

18.6
0.2

18.8

5.9

2,032
15

2,047

235

20.4
0.2

20.5

2.4

2,114
13

2,127

430

20.1
0.1

20.2

4.1

2,454
17

2,471

601

20.7
0.1

20.9

5.1

2,755
21

2,776

(98)

22.2
0.2

22.4

(0.8)

3,626

3,626

472

27.7

27.7

3.6

2,755
21
(3,626)

(850)

(570)

22.2
0.2
(27.7)

(5.3)

(4.4)

68
14
42

(12)

571

0.7
0.1
0.4

(0.1)

5.8

126
46
2

(78)

157

1.3
0.5

(0.8)

1.6

147
47

(100)

330

1.4
0.4

(0.9)

3.1

153
32
13

(108)

493

1.3
0.3
0.1

(0.9)

4.2

306
35

(271)

(369)

2.5
0.3

(2.2)

(3.0)

236

(236)

236

1.8

(1.8)

1.8

306
35
(236)

(35)

(605)

2.5
0.3
(1.8)

(0.4)

(4.8)

NET PROFIT

122

449

1.2

4.5

31

126

0.3

1.3

77

253

0.7

2.4

144

349

1.2

2.9

(369)

(3.0)

236

1.8

(605)

(4.8)

EBIT
EBITDA
EBIDA

639
813
691

6.4
8.2
7.0

283
507
476

2.8
5.1
4.8

477
729
652

4.5
6.9
6.2

646
887
743

5.5
7.5
6.3

(63)
231
231

(0.5)
1.9
1.9

236
236
236

1.8
1.8
1.8

(299)
(5)
(5)

(2.3)
0.1
0.1

Dividends - Common
Adj to Retained Earnings

(27)
(40)

(207)

(46)

NET SALES/REVENUE
Cost of Goods Sold
Cost of Goods Sold - Depreciation

TOTAL COST OF SALES/REV

GROSS PROFIT
SG & A Expense
Depreciation
Operating Expense

TOTAL OPERATING EXPENSE

NET OPERATING PROFIT


Interest Expense (-)
Other Income
Other Expense (-)
Gain(Loss) on Asset Sale

TOTAL OTHER INCOME(EXP)

PROFIT BEFORE TAXES


Current Income Tax

Moodys KMV Sample Reports

Page 38

Peer Comparison Summary Balance Sheet Actual


MMAS Sample Customer (MMASSample)
Prepared: 17:58, 9/22/2005
Summary Balance Sheet - Actual
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005 3/31/2004 6/30/2005
Months Covered
12
12
12
12
12
12
0
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
315228 Variance
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Peer
Peer
Analyst
GJH
GJH
GJH
GJH
GJH
6/30/2005
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars
ASSETS
Cash & Equivalents
Accts/Notes Rec-Trade (Net)
Trade Inventory
Operating Current Assets

TOTAL CURRENT ASSETS


Net Fixed Assets
Investments
Op Non-Current Assets
Non-Op Non-Curr Assets
Intangibles - Net

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

LIABILITIES/NET WORTH
S/T Loans Payable
CPLTD-Bank
Accounts Payable - Trade
Other Accruals
Taxes Payable
Operating Current Liabilities

TOTAL CURRENT LIABILITIES


Long Term Debt
Other Non-Current Liabilities
Deferred Fed Income Tax - LTP

TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES
Stock
Retained Earnings

TOTAL NET WORTH

TOTAL LIABILITIES & NET WORTH

Moodys KMV Sample Reports

Target Currency: USD United States Dollars

71
1,370
1,936
88

3,465

121
1,690
2,211
77

4,099

144
1,605
2,141
59

3,949

90
1,756
2,610
119

4,575

75
1,608
3,056
131

4,870

630
1,733
2,313
143

4,819

(555)
(125)
743
(12)

51

665
12
42

719

4,184

755
14
122

891

4,990

603
18
66

687

4,636

520
20
20

560

5,135

1,320
22
22

1,364

6,234

723
318
374

1,415

6,234

597
22
(318)
22
(374)

(51)

433
199
651
277

1,560

1,200
226
832
236

2,494

1,148
142
583
214
30

2,117

1,134
115
980
222

2,451

1,475
169
1,139
281

3,064

792
137
1,103
6
567

2,605

683
32
36
281
(6)
(567)

459

907

907

2,467

860

860

3,354

630

630

2,747

492

492

2,943

1,347

1,347

4,411

530
611
12

1,153

3,758

817
(611)
(12)

194

653

17
1,700

1,717

4,184

17
1,619

1,636

4,990

17
1,872

1,889

4,636

17
2,175

2,192

5,135

17
1,806

1,823

6,234

2,476

2,476

6,234

17
(670)

(653)

Page 39

Peer Comparison Summary Income Statement %


MMAS Sample Customer (MMASSample)
Summary Income Statement - %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005 3/31/2004 6/30/2005
Months Covered
12
12
12
12
12
12
0
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
315228 Variance
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Peer
Peer
Analyst
GJH
GJH
GJH
GJH
GJH
6/30/2005
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars
Sales/Revenues

Target Currency: USD United States Dollars

100.0

100.0

100.0

100.0

100.0

100.0

73.8
1.6

75.3

24.7

75.0
2.1

77.1

22.9

73.5
2.3

75.7

24.3

72.2
1.9

74.1

25.9

76.2
2.2

78.4

21.6

68.7

68.7

31.3

7.5
2.2

9.7

(9.7)

18.6
0.2

18.8

5.9

20.4
0.2

20.5

2.4

20.1
0.1

20.2

4.1

20.7
0.1

20.9

5.1

22.2
0.2

22.4

(0.8)

27.7

27.7

3.6

22.2
(27.7)
0.2

(5.3)

(4.4)

(0.7)
0.1
0.4

(0.1)

5.8

(1.3)
0.5

(0.8)

1.6

(1.4)
0.4

(0.9)

3.1

(1.3)
0.3
0.1

(0.9)

4.2

(2.5)
0.3

(2.2)

(3.0)

(1.8)

(1.8)

1.8

(2.5)
2.1

(0.4)

(4.8)

Income Taxes
NET PROFIT

1.2
4.5

0.3
1.3

0.7
2.4

1.2
2.9

(3.0)

1.8

(4.8)

EBIT
EBITDA
EBIDA

6.4
8.2
7.0

2.8
5.1
4.8

4.5
6.9
6.2

5.5
7.5
6.3

(0.5)
1.9
1.9

1.8
1.8
1.8

(2.3)
0.1
0.1

Cost of Sales/Revenues
Cost of Sales - Depreciation

TOTAL COST OF SALES/REV

GROSS PROFIT
S,G, & A Expense
Operating Expense
Depreciation

TOTAL OPERATING EXP(INC)

NET OPERATING PROFIT


Interest Income(Expense)
Other Income(Expense)
Gain(Loss) on Sale of Assets

TOTAL OTHER INCOME(EXP)

PROFIT BEFORE TAXES

Moodys KMV Sample Reports

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 40

Peer Comparison Summary Income Statement Actual and %


MMAS Sample Customer (MMASSample)
Summary Income Statement - Actual and %
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars

6/30/2002
12
Unqualif'd
KPMG
GJH
Annual

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
3/31/2004
6/30/2005
12
0
315228
Variance
Peer
Peer
6/30/2005

6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

Target Currency: USD United States Dollars

Sales/Revenues

9,911

100.0

9,968

100.0

10,535

100.0

11,848

100.0

12,419

100.0

13,091

100.0

(672)

Cost of Sales/Revenues
Cost of Sales - Depreciation

7,311
155

7,466

2,445

73.8
1.6

75.3

24.7

7,477
209

7,686

2,282

75.0
2.1

77.1

22.9

7,739
239

7,978

2,557

73.5
2.3

75.7

24.3

8,552
224

8,776

3,072

72.2
1.9

74.1

25.9

9,468
273

9,741

2,678

76.2
2.2

78.4

21.6

8,993

8,993

4,098

68.7

68.7

31.3

475
273

748

(1,420)

7.5
2.2

9.7

(9.7)

1,843
19

1,862

583

18.6
0.2

18.8

5.9

2,032
15

2,047

235

20.4
0.2

20.5

2.4

2,114
13

2,127

430

20.1
0.1

20.2

4.1

2,454
17

2,471

601

20.7
0.1

20.9

5.1

2,755
21

2,776

(98)

22.2
0.2

22.4

(0.8)

3,626

3,626

472

27.7

27.7

3.6

2,755
(3,626)
21

(850)

(570)

22.2
(27.7)
0.2

(5.3)

(4.4)

PROFIT BEFORE TAXES

(68)
14
42

(12)

571

(0.7)
0.1
0.4

(0.1)

5.8

(126)
46
2

(78)

157

(1.3)
0.5

(0.8)

1.6

(147)
47

(100)

330

(1.4)
0.4

(0.9)

3.1

(153)
32
13

(108)

493

(1.3)
0.3
0.1

(0.9)

4.2

(306)
35

(271)

(369)

(2.5)
0.3

(2.2)

(3.0)

(236)

(236)

236

(1.8)

(1.8)

1.8

(306)
271

(35)

(605)

(2.5)
2.1

(0.4)

(4.8)

Income Taxes
NET PROFIT

122
449

1.2
4.5

31
126

0.3
1.3

77
253

0.7
2.4

144
349

1.2
2.9

(369)

(3.0)

236

1.8

(605)

(4.8)

EBIT
EBITDA
EBIDA

639
813
691

6.4
8.2
7.0

283
507
476

2.8
5.1
4.8

477
729
652

4.5
6.9
6.2

646
887
743

5.5
7.5
6.3

(63)
231
231

(0.5)
1.9
1.9

236
236
236

1.8
1.8
1.8

(299)
(5)
(5)

(2.3)
0.1
0.1

Cash Dividends & Withdrawals


Adj to Retained Earnings

(27)
(40)

(207)

(46)

TOTAL COST OF SALES/REV

GROSS PROFIT
S,G, & A Expense
Operating Expense
Depreciation

TOTAL OPERATING EXP(INC)

NET OPERATING PROFIT


Interest Income(Expense)
Other Income(Expense)
Gain(Loss) on Sale of Assets

TOTAL OTHER INCOME(EXP)

Moodys KMV Sample Reports

Page 41

Peer Comparison Executive Financial Statement Actual


MMAS Sample Customer (MMASSample)
Executive Financial Statement - Actual
Industry Classification: NAICS Code: 315228
Statement Date
Months Covered
Audit Mthd
Accountant
Analyst
Stmt Type

6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005 3/31/2004


12
12
12
12
12
12
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
315228
KPMG
KPMG
KPMG
KPMG
KPMG
Peer
GJH
GJH
GJH
GJH
GJH
Annual
Annual
Annual
Annual
Annual

Source Currency: USD United States Dollars

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
0
Variance
Peer
6/30/2005

Target Currency: USD United States Dollars

ASSETS
Cash & Near Cash
Accts/Notes Rec (Net)
Inventory
Other Current Assets

71
1,370
1,936
88

TOTAL CURRENT ASSETS


Net Fixed Assets
LT Receivables & Investments
Other Non-Current Assets
Intangibles - Net

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

LIABILITIES/NET WORTH
S/T Loans Payable
Current Portion - LTD
Accounts Payable
Accrued Liabilities
Taxes Payable
Other Current Liabilities

TOTAL CURRENT LIABILITIES


Long Term Debt
Other Non-Current Liabilities

TOTAL NON-CURRENT LIABILITIES

121
1,690
2,211
77

144
1,605
2,141
59

90
1,756
2,610
119

75
1,608
3,056
131

630
1,733
2,313
143

(555)
(125)
743
(12)

3,465

4,099

3,949

4,575

4,870

4,819

51

665
12
42
-

755
14
122
-

603
18
66
-

520
20
20
-

1,320
22
22
-

723
318
374

597
22
(296)
(374)

719

891

687

560

1,364

1,415

(51)

4,184

4,990

4,636

5,135

6,234

6,234

433
199
651
277
-

1,200
226
832
236
-

1,148
142
583
214
30
-

1,134
115
980
222
-

1,475
169
1,139
281
-

792
137
1,103
6
567

683
32
36
281
(6)
(567)

1,560

2,494

2,117

2,451

3,064

2,605

459

907
-

860
-

630
-

492
-

1,347
-

530
623

817
(623)

907

860

630

492

1,347

1,153

194

TOTAL LIABILITIES

2,467

3,354

2,747

2,943

4,411

3,758

653

TOTAL NET WORTH


TOTAL LIABILITIES & NET WORTH

1,717
4,184

1,636
4,990

1,889
4,636

2,192
5,135

1,823
6,234

2,476
6,234

(653)
-

9,911
7,311
155

9,968
7,477
209

10,535
7,739
239

11,848
8,552
224

12,419
9,468
273

13,091
8,993
-

(672)
475
273

INCOME STATEMENT
Net Sales/Revenues
Cost of Sales/Revenues
Cost of Sales - Depreciation

GROSS PROFIT
Net Operating Expenses
Depr & Amort

NET OPERATING PROFIT


Interest Income(Expense)
Other Income(Expense)

PROFIT BEFORE TAXES


Income Taxes

PROFIT BEFORE EXTRAORDINARY ITEMS

NET PROFIT

2,445
1,843
19

2,282
2,032
15

2,557
2,114
13

3,072
2,454
17

2,678
2,755
21

4,098
3,626
-

(1,420)
(871)
21

583
(68)
56

235
(126)
48

430
(147)
47

601
(153)
45

(98)
(306)
35

472
(236)

(570)
(306)
271

571
122

157
31

330
77

493
144

(369)
-

236
-

(605)
-

449

126

253

349

(369)

236

(605)

449

126

253

349

(369)

236

(605)

COMPREHENSIVE INCOME

449

126

253

349

(369)

236

(605)

Cash Dividends & Withdrawals


Adj to Retained Earnings

(27)
(40)

(207)
-

(46)
-

Moodys KMV Sample Reports

Page 42

Peer Comparison Executive Financial Statement %


MMAS Sample Customer (MMASSample)
Executive Financial Statement - %
Industry Classification: NAICS Code: 315228
Statement Date
Months Covered
Audit Mthd
Accountant
Analyst
Stmt Type

6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005 3/31/2004


12
12
12
12
12
12
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
315228
KPMG
KPMG
KPMG
KPMG
KPMG
Peer
GJH
GJH
GJH
GJH
GJH
Annual
Annual
Annual
Annual
Annual

Source Currency: USD United States Dollars

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
0
Variance
Peer
6/30/2005

Target Currency: USD United States Dollars

ASSETS
Cash & Near Cash
Accts/Notes Rec (Net)
Inventory
Other Current Assets

1.7
32.7
46.3
2.1

2.4
33.9
44.3
1.5

3.1
34.6
46.2
1.3

1.8
34.2
50.8
2.3

1.2
25.8
49.0
2.1

10.1
27.8
37.1
2.3

(8.9)
(2.0)
11.9
(0.2)

TOTAL CURRENT ASSETS

82.8

82.1

85.2

89.1

78.1

77.3

0.8

Net Fixed Assets


LT Receivables & Investments
Other Non-Current Assets
Intangibles - Net

15.9
0.3
1.0
-

15.1
0.3
2.4
-

13.0
0.4
1.4
-

10.1
0.4
0.4
-

21.2
0.4
0.4
-

11.6
5.1
6.0

9.6
0.4
(4.7)
(6.0)

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

LIABILITIES/NET WORTH
S/T Loans Payable
Current Portion - LTD
Accounts Payable
Accrued Liabilities
Taxes Payable
Other Current Liabilities

17.2

17.9

14.8

10.9

21.9

22.7

(0.8)

100.0

100.0

100.0

100.0

100.0

100.0

10.3
4.8
15.6
6.6
-

24.0
4.5
16.7
4.7
-

24.8
3.1
12.6
4.6
0.6
-

22.1
2.2
19.1
4.3
-

23.7
2.7
18.3
4.5
-

12.7
2.2
17.7
0.1
9.1

11.0
0.5
0.6
4.5
(0.1)
(9.1)

TOTAL CURRENT LIABILITIES

37.3

50.0

45.7

47.7

49.1

41.8

7.4

Long Term Debt


Other Non-Current Liabilities

21.7
-

17.2
-

13.6
-

9.6
-

21.6
-

8.5
10.0

13.1
(10.0)

TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES
TOTAL NET WORTH
TOTAL LIABILITIES & NET WORTH

INCOME STATEMENT
Net Sales/Revenues
Cost of Sales/Revenues
Cost of Sales - Depreciation

GROSS PROFIT
Net Operating Expenses
Depr & Amort

NET OPERATING PROFIT


Interest Income(Expense)
Other Income(Expense)

PROFIT BEFORE TAXES


Income Taxes

PROFIT BEFORE EXTRAORDINARY ITEMS

NET PROFIT

COMPREHENSIVE INCOME

Moodys KMV Sample Reports

21.7

17.2

13.6

9.6

21.6

18.5

3.1

59.0

67.2

59.3

57.3

70.8

60.3

10.5

41.0
100.0

32.8
100.0

40.7
100.0

42.7
100.0

29.2
100.0

39.7
100.0

(10.5)
-

100.0
73.8
1.6

100.0
75.0
2.1

100.0
73.5
2.3

100.0
72.2
1.9

100.0
76.2
2.2

100.0
68.7
-

7.5
2.2

24.7
18.6
0.2

22.9
20.4
0.2

24.3
20.1
0.1

25.9
20.7
0.1

21.6
22.2
0.2

31.3
27.7
-

(9.7)
(5.5)
0.2

5.9
(0.7)
0.6

2.4
(1.3)
0.5

4.1
(1.4)
0.4

5.1
(1.3)
0.4

(0.8)
(2.5)
0.3

3.6
(1.8)

(4.4)
(2.5)
2.1

5.8
1.2

1.6
0.3

3.1
0.7

4.2
1.2

(3.0)
-

1.8
-

(4.8)
-

4.5

1.3

2.4

2.9

(3.0)

1.8

(4.8)

4.5

1.3

2.4

2.9

(3.0)

1.8

(4.8)

4.5

1.3

2.4

2.9

(3.0)

1.8

(4.8)

Page 43

Peer Comparison Ratios


MMAS Sample Customer (MMASSample)
Prepared: 17:58, 9/22/2005
Ratios
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005 3/31/2004 6/30/2005
Months Covered
12
12
12
12
12
12
0
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
315228 Variance
Accountant
KPMG
KPMG
KPMG
KPMG
KPMG
Peer
Peer
Analyst
GJH
GJH
GJH
GJH
GJH
6/30/2005
Stmt Type
Annual
Annual
Annual
Annual
Annual
LIQUIDITY
Working Capital
Quick Ratio
Current Ratio
Net Sales/Working Capital

1,905
0.92
2.22
5.20

1,605
0.73
1.64
6.21

1,832
0.83
1.87
5.75

2,124
0.75
1.87
5.58

1,806
0.55
1.59
6.88

2,214
0.91
1.85
5.91

(408)
(0.36)
(0.26)
0.96

LEVERAGE
Net Worth-Actual
Tang Net Worth-Actual
Eff Tang Net Worth-Actual
Debt/Worth
Debt/Tang Worth
Debt Less Sub Debt-Liability/Eff Tg Wth
Borrowed Funds/Eff Tg Worth
LT Debt/Net Fixed Assets
Total Liabilities/Total Assets

1,717
1,717
1,717
1.44
1.44
1.44
0.90
1.66
0.59

1,636
1,636
1,636
2.05
2.05
2.05
1.40
1.44
0.67

1,889
1,889
1,889
1.45
1.45
1.45
1.02
1.28
0.59

2,192
2,192
2,192
1.34
1.34
1.34
0.79
1.17
0.57

1,823
1,823
1,823
2.42
2.42
2.42
1.64
1.15
0.71

2,476
2,102
2,102
1.52
1.79
1.79
0.69
0.92
0.60

(653)
(279)
(279)
0.90
0.63
0.63
0.95
0.23
0.10

COVERAGE
Interest Coverage
Net Income+Depr+Amort-Divs/CPLTD
EBITDA/Interest Exp+CPLTD
EBITDA
EBIDA
Fixed Charge Coverage

9.40
2.99
3.04
813
691
3.04

2.25
0.63
1.44
507
476
1.44

3.24
3.56
2.52
729
652
2.52

4.22
4.73
3.31
887
743
3.31

(0.21)
(0.44)
0.49
231
231
0.49

N/A
1.72
1.72
236
236
1.72

(0.21)
(2.17)
(1.24)
(5)
(5)
(1.24)

PROFITABILITY (%)
Return on Assets
Return on Equity
Gross Margin
Gross Margin (plus Depr) %
Operating Expense %
Operating Expense (excl Depr) %
Operating Profit Margin
Operating Profit Margin (plus Depr) %
Net Margin
Dividend Payout Rate
Effective Tax Rate

10.73
26.15
24.67
26.23
18.79
18.60
5.88
7.64
4.53
6.01
21.37

2.53
7.70
22.89
24.99
20.54
20.39
2.36
4.60
1.26
164.29
19.75

5.46
13.39
24.27
26.54
20.19
20.07
4.08
6.47
2.40
23.33

6.80
15.92
25.93
27.82
20.86
20.71
5.07
7.11
2.95
13.18
29.21

(5.92)
(20.24)
21.56
23.76
22.35
22.18
(0.79)
1.58
(2.97)
-

3.79
9.53
31.30
31.30
27.70
27.70
3.61
3.61
1.80
-

(9.70)
(29.77)
(9.74)
(7.54)
(5.35)
(5.51)
(4.39)
(2.03)
(4.77)
-

ACTIVITY
Gross Accounts Receivable Days
Net Accounts Receivable Days
Raw Materials Days on Hand
Work in Process Days on Hand
Inventory Days on Hand
Inventory Days on Hand
Inventory Days on Hand (excl Depr)
Accounts Payable Days
Accounts Payable Days (excl Depr)
Net Sales/Total Assets
Net Sales/Net Worth
Net Sales/Net Fixed Assets
Profit Before Taxes/Total Assets (%)
Sustainable Growth

52.44
50.45
94.65
94.65
96.65
31.83
32.50
2.37
5.77
14.90
13.65
32.59

63.86
61.88
105.00
105.00
107.93
39.51
40.62
2.00
6.09
13.20
3.15
(4.72)

57.82
55.61
97.95
97.95
100.98
26.67
27.50
2.27
5.58
17.47
7.12
15.46

56.75
54.10
108.55
108.55
111.39
40.76
41.83
2.31
5.41
22.78
9.60
16.04

49.90
47.26
114.51
114.51
117.81
42.68
43.91
1.99
6.81
9.41
(5.92)
(16.83)

48.32
93.88
93.88
93.88
44.77
44.77
2.10
5.29
18.11
3.79
11.80

49.90
(1.06)
(93.88)
114.51
20.63
23.93
(2.09)
(0.86)
(0.11)
1.53
(8.70)
(9.70)
(28.63)

Moodys KMV Sample Reports

Page 44

Peer Comparison Comparison of Industry Values


MMAS Sample Customer (MMASSample)
Prepared: 17:58, 9/22/2005
Comparison of Industry Values
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Based on unqualified financial data for fiscal year 2005.
The analysis of this company uses the 2004 data for all of the companies in the industry code 315228, Men's and boys' cut and sew other outerwear
manufacturing, for comparative purposes. The peer group consists of 56 companies.
BALANCE SHEET DATA
Cust Value Peer Value Variance
Cash & Equivalents
1.2
10.1
(8.9)
Trade Receivables - (net)
25.8
27.8
(2.0)
Inventory
49.0
37.0
12.0
All Other Current Assets
2.1
2.3
(0.2)
Total Current Assets
78.1
77.2
0.9
Fixed Assets (net)
Intangibles
All Other Non-Current Assets
Total Non-Current Assets

21.2
0.7
21.9

11.6
6.0
5.1
22.7

9.6
(6.0)
(4.4)
(0.8)

Notes Payable-Short Term


Current Maturities-L/T/D
Trade Payables
Income Taxes Payable
All Other Current Liabilities
Total Current Liabilities

23.7
2.7
18.3
4.5
49.1

12.7
2.2
17.7
0.1
9.1
41.8

11.0
0.5
0.6
(0.1)
(4.6)
7.3

Long Term Debt


Deferred Taxes
All Other Non-Current Liabilities
Total Non-Current Liabilities
Net Worth

21.6
21.6
29.2

8.5
0.2
9.8
18.5
39.7

13.1
(0.2)
(9.8)
3.1
(10.5)

21.6
22.4
(0.8)
(2.2)
(3.0)

31.3
27.7
3.6
1.8
1.8

(9.7)
(5.3)
(4.4)
(4.0)
(4.8)

Cust Value

Peer Value

Variance

1.6
-

4.6
1.9
1.2

(3.0)
(0.3)
0.4

Quick Ratio
Upper
Median
Lower

0.5
-

1.9
1.1
0.5

(1.4)
(0.6)
-

A/R Days Turnover


Upper
Median
Lower

47
-

30
46
71

17
1
(24)

115
-

51
86
146

64
29
(31)

A/P Days Turnover


Upper
Median
Lower

43
-

16
32
58

27
11
(15)

Sales/Working Capital
Upper
Median
Lower

6.9
-

3.4
6.4
19.7

3.5
0.5
(12.8)

(0.2)
-

13.5
2.5

N/A
N/A

INCOME DATA
Gross Profit (%)
Operating Expenses (%)
Operating Profit (%)
All Other Expenses (net)
Profit Before Taxes (%)
RATIOS
Current Ratio
Upper
Median
Lower

Inventory Days
Upper
Median
Lower

Interest Coverage
Upper
Median

Moodys KMV Sample Reports

Page 45

MMAS Sample Customer (MMASSample)


Comparison of Industry Values
Industry Classification: NAICS Code: 315228
Lower
-

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
1.5

N/A

Net Income+Depr+Amort-Divs/CPLTD
Upper
(0.4)
Median
Lower
-

N/A
N/A
N/A

Net Fixed Asset/TNW


Upper
Median
Lower

0.7
-

0.1
0.3
1.1

0.6
0.4
(0.4)

Debt/Tang Net Worth


Upper
Median
Lower

2.4
-

0.6
2.2
7.1

1.8
0.2
(4.7)

(20.2)
-

71.2
14.4
2.9

N/A
N/A
N/A

(5.9)
-

12.4
5.9
0.8

N/A
N/A
N/A

Sales/Net Fixed Assets


Upper
Median
Lower

9.4
-

72.5
24.5
13.5

(63.1)
(15.1)
(4.1)

Sales/Total Assets
Upper
Median
Lower

2.0
-

2.9
2.1
1.5

(0.9)
(0.1)
0.5

Depr & Amort/Sales (%)


Upper
Median
Lower

2.4
-

0.4
0.9
1.8

2.0
1.5
0.6

Officer Comp/Sales (%)


Upper
Median
Lower

2.2
3.5
5.5

(2.2)
(3.5)
(5.5)

% Profit B4 Taxes/TNW
Upper
Median
Lower
% Profit B4 Taxes/TA
Upper
Median
Lower

The RiskCalc peer values were calculated using RiskCalc for private companies (North America) version 1.50. Peer sample sizes for RiskCalc
values are different from the above information and the RiskCalc sample size for this peer group consists of 47 companies. Customer values for
RiskCalc are not available on this report. Please select the RiskCalc report from the print menu to view customer RiskCalc values.
RISKCALC

Peer Value

1 Yr EDF Credit Measure


Upper
Median
Lower
-

0.5
1.1
3.0

5 Yr EDF Credit Measure


Upper
Median
Lower
-

3.7
7.2
9.6

Moodys KMV Sample Reports

Page 46

FINANCIAL PACKAGE REPORTS


CONSULTANT REPORTS
Consultant Reports are narrative reports based on a rule-based expert system that analyzes changes and trends in the financial
statement data (balance sheet, income statement, cash flow, and ratio). Consultant reports can be used as a due diligence
check for experienced analysts and as guidance for new analysts.
In addition to the sample Consultant Reports shown in this document, the following reports are also available:
1.

Consultant Ratios

2.

Financial Performance Analysis

Moodys KMV Sample Reports

Page 47

Quick Call Summary


MMAS Sample Customer (MMASSample)
Quick Call Summary
Industry Classification: NAICS Code: 315228
This analysis is based on unqualif'd financial data for fiscal year ending 6/30/2005.

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

All financial information is reported in USD. The analysis of this company uses the 2004 data for all of the companies in the industry code 315228,
men's and boys' cut and sew other outerwear manufacturing, for comparative purposes. The peer group consists of 56 companies.
SALES GROWTH
Net Sales increased moderately, growing by 4.82%. This is less than the 12.46% growth rate for 2004.
CASH STATUS
There was 139 of cash flow from operations generated in 2005, which was insufficient to cover all financing costs or any debt amortization. Therefore,
capital and investment expenditures of 1,098 had to be met by new debt, additional equity, or cash depletion.
NEGATIVE INDICATORS
Gross Margin (excluding Cost of Goods Depreciation) decreased significantly to 23.76% compared to 27.82% in 2004 which resulted in a cash outflow of
-504. The peer group median is 31.3%.
Operating expenses (excluding depreciation) as a percentage of sales increased moderately from 20.71% in 2004 to 22.18% during the current period,
which resulted in a cash outflow of 183.
Operating Profit turned negative in 2005, at -98, which was -0.79% of sales. Operating Profit of -98 decreased very significantly to -0.79% of sales from
5.07% in 2004.
Net Profit Margin turned negative, at -2.97% of sales, providing Net Profit of -369.
Bad Debt Reserve (as a % of Accounts Receivable) is at a high level and is increasing.
Debt/TNW increased very significantly to 2.42.

Moodys KMV Sample Reports

Page 48

Focus Questions Report


MMAS Sample Customer (MMASSample)
Focus Questions Report
Industry Classification: NAICS Code: 315228
This analysis is based on unqualif'd financial data for fiscal year ending 6/30/2005.

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

All financial information is reported in USD United States Dollars.


SALES GROWTH was moderate at 4.82% in 2005 although lower than 12.46% in the prior year. Was this slowing rate caused by:
Change in sales targets set by management?
Change in strategic direction with regard to marketing goals?
Changes in product mix?
Capacity limitations?
Increased competition in the company's major markets?
Financial deterioration of major buyers?
Changes in general market demand?
Will the growth rate continue to decline or will it stabilize in the near future?
The business, even at this modest growth rate, is not generating sufficient cash to service its debt.
Is management considering cost controls or reductions?
Are wages and salaries unusually high?
Can management tighten control of balance sheet cash flow drivers?
What has caused the decline of GROSS MARGIN (excl. Cost of Sales-Depreciation) to 23.76%?
Management-initiated price reductions to gain market share?
Production or distribution inefficiencies?
Increased inventory costs?
Strategic mistakes?
Price pressure from key buyers due to product/service issues?
Loss of market share due to obsolescence or style factors?
Increased competition from major rivals?
Increased cost pressures from labor or suppliers?
Can management reverse or halt this decline? If not, are strategic plans being developed to address the fundamental issues?
What has caused the OPERATING EXPENSE (excl. depreciation) to increase as a percent of sales?
Increased administrative or overhead costs?
Increased marketing or advertising costs?
Higher selling or technical costs due to salary pressures?
High proportion of fixed costs in operating expense?
Expansion or reorganization costs?
Unusual necessary expenses?
OPERATING PROFIT was -98 in 2005. Does management have plans to restore operating profitability?
NET PROFIT was negative, at -369. Can management effect changes to return the company to profitability?
Why are ACCOUNTS RECEIVABLE in days at such a high level?
Is this normal for this business or industry?
If not, how is management planning to speed A/R turnover?
Why is BAD DEBT RESERVE high and increasing? What is management doing to improve asset quality?
The company seems to be managing its Accounts Receivable, Trade Creditors, and Inventory turnover consistently.
Is this expected to continue?
If not, what will be the contributing factors?
What plans does management have to offset these changes?
Does the company expect a continued high level of CAPITAL EXPENDITURES for the next several years?
Even so, are there any leased premises or equipment?
Do any of these leases have cancellation or obsolescence risk?
Does management plan to continue this high spending rate?
If so, how much further investment is expected or necessary?
If not, what sales level can be sustained by capital assets?
What caused DEBT/TNW to increase in 2005? Were these changes consistent with management plans?

Moodys KMV Sample Reports

Page 49

Cash Flow Summary


MMAS Sample Customer (MMASSample)
Cash Flow Summary
Industry Classification: NAICS Code: 315228

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Based on unqualified financial data for fiscal year 2005.


All financial information is reported in USD United States Dollars. The analysis of this company uses the 2004 data for all of the companies in the
industry code 315228, Men's and boys' cut and sew other outerwear manufacturing, for comparative purposes. The peer group consists of 56
companies.
OVERVIEW
With positive Cash After Operations during the period, the business was capable of funding its trading cycle from internal operations. While an increase
in trading accounts absorbed 92 in cash flow, Operating Profit (excluding depreciation) covered this increase and allowed the business to realize 104 of
Cash After Operations.

Net Cash After Operations was positive during the period, however it was not adequate to cover interest payments or the current portion of long term
debt. This means the business is relying on sources of funding that are not part of its trading cycle. You will want to identify these sources. Typically
they include:
- Increasing levels of bank or other external debt;
- Decrease in cash or cash equivalents;
- Liquidation of other non-operating assets (e.g., investments, fixed assets);
- Increases in equity;
- Increases in other non-operating liabilities.
Consistent reliance on these funding sources for meeting debt service may be a concern since it can weaken the financial position of the company. In
addition, these additional sources of funding may not be available to support future cash needs.
In addition to examining cash flow for the recent period, you also need to consider the past trend of cash flow. Historically, the cash performance of the
business has been weak. In two of the past 4 periods, Cash After Debt Amortization has been negative which means Net Cash After Operations has
been inadequate to meet requirements for all financial charges and scheduled debt service. Over the past 4 periods, Cash after Debt Amortization has
averaged -122. If this pattern continues, the future prospect of repayment from internal operations is limited and the ability of the business to remain a
going concern may be threatened.
CASH EFFECT OF MANAGEMENT
Given the inability of the business to cover its financial charges and debt service from operating cash flows during the period, you will want to determine
the underlying reasons for this cash performance and their significance. You may want to start by examining the magnitude of the cash impact from
changes in some key financial factors known as "cash flow drivers". These are the factors in a company's business that, by varying from one period to
the next, can significantly influence operating cash flows. The cash effect of changes in each of these factors is discussed below.
CASH MARGIN MANAGEMENT
PROFITABILITY: During the current period, the Gross Profit Margin (excluding Cost of Goods Sold depreciation) declined from 27.82% to 23.76%
which reduced Cash After Operations during the period by 504.
Over the past 4 periods, the cumulative effect on cash of the period-to-period changes in the Gross Profit Margin totaled -313 and averaged -78.
Operating expenses (excluding depreciation) as a percentage of sales increased from 20.71% to 22.18% during the current period, which reduced Cash
After Operations by 183.
Over the past 4 periods, the cumulative effect on cash flow of the period-to-period change in Operating Expenses (excluding depreciation) as a
percentage of sales totaled -404 and averaged -101.
Overall, the combination of the change in Gross Profit Margin and Operating Expenses as a percentage of Sales produced a negative cash effect of 687.
TRADING ACCOUNT MANAGEMENT
ACCOUNTS RECEIVABLE: During the current period, the business converted its sales to cash more quickly than in the previous period. The reduction
in A/R days from 54.10 days to 47.26 days increased Cash After Operations by 233.
Over the past 4 periods, the cumulative effect on cash flow of the period-to-period change in A/R days totaled 151 and averaged 38.
INVENTORY: During the current period, relative levels of inventory increased from the prior period. The change in inventory due to management
decreased Cash After Operations by 166.
Over the past 4 periods, the cumulative effect on cash flow of the period-to-period change in inventory totaled -494 and averaged -124.

Moodys KMV Sample Reports

Page 50

ACCOUNTS PAYABLE: During the current period, relative levels of accounts payable increased from the prior period. The change in accounts payable
due to management was 54.
Over the past 4 periods, the cumulative effect on cash flow of the period-to-period change in the accounts payable days totaled 278 and averaged 69.
OTHER OPERATING ASSETS: During the current period, an increase in other operating assets from 119 to 131 decreased Cash After Operations.
The cash effect of management (vs. sales growth) was -6.
ACCRUED EXPENSES: During the current period, relative levels of accrued expenses increased from the prior period. The change in accrued
expenses due to management was 32.
The management of trading accounts produced a 120 net effect on Cash After Operations. The management of the Other Factors produced a 26 net
effect. Overall, the combined management of trading accounts and other factors produced a 146 net effect on Cash After Operations.
For analysis, consider the following issues:
With positive Cash After Operations during the period, the business was capable of funding its trading cycle from internal operations. While an increase
in trading accounts absorbed 92 in cash flow, Operating Profit (excluding depreciation) covered this increase and allowed the business to realize 104 of
Cash After Operations.
CASH EFFECT OF SALES GROWTH
During the period, sales increased by 4.82%. An increase in sales generally requires a proportional increase in trading accounts and this produced a 259 net cash effect. Other factors had a 21 net effect. Overall, the combined growth of trading accounts and other factors produced a -238 net effect on
Cash After Operations.
Over the past 4 periods, the cumulative effect on cash flow of the period-to-period changes in trading accounts due to sales growth totaled -804 and
averaged -201. The combined growth of trading accounts and other factors totaled -723 and averaged -181.

Moodys KMV Sample Reports

Page 51

Financial Statements Alerts


MMAS Sample Customer (MMASSample)
Financial Statement Alerts
Industry Classification: NAICS Code: 315228
Based on unqualifid financial data for fiscal year 2005.

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

All financial information is reported in USD United States Dollars. The analysis of this company uses the 2004 data for all of the companies in the
industry code 315228, Men's and boys' cut and sew other outerwear manufacturing, for comparative purposes. The peer group consists of 56
companies.
This report presents comments about problems found in the financial statements of MMAS Sample Customer. These comments direct the analyst's
attention to special conditions or potential problems. In addition, this report generates notes about potential discrepancies and areas of concern on the
borrower's financial reports.
INDUSTRY VALUES
There are no comparative industry values available for Net Profit + Depr./Cur. Mat. LTD for the SIC code and asset size category you selected. You
may want to select a different asset size category
INCOME TAXES
You may be concerned about contingent tax liabilities based on the low effective tax rate and/or the low average effective tax rate. These rates are
calculated on the most recent annual income statement.
The tax rate may have resulted from Investment Tax Credits or Net Operating Loss Carry Forwards. Audited statements will reconcile the effective to
statutory rate. However, if the statements are not audited, look in particular for the following possible warning signals:
- Recent tax audits,
- Aggressive use of tax shelters, and/or
- Primarily cash operations.
You should take these warning signals into account when estimating tax contingent liabilities. You can also use a footnote to point out concerns and
relevant facts.
GROSS FIXED ASSETS
In this period, accumulated depreciation is 62.55% of Gross Fixed Assets. This percentage indicates the borrower may need higher than planned capital
expenditures to support future operations.
If this percentage has been consistently high in recent years, you should investigate it further with the borrower. In your analysis, you should pay close
attention to its effect on the company's projected financial condition.

Moodys KMV Sample Reports

Page 52

Summary of Financial Parameters


MMAS Sample Customer (MMASSample)
Summary of Financial Parameters
Industry Classification: NAICS Code: 315228
Based on unqualified financial data for fiscal year 2005.

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

All financial information is reported in USD United States Dollars. The analysis of this company uses the 2004 data for all of the companies in the
industry code 315228 - Men's and boys' cut and sew other outerwear manufacturing, for comparative purposes. The peer group consists of 56
companies.

Moderate
Sales Growth (%) Change
Gross Margin (%) Change
Operating Expenses (%) Change
A/R Days Change
Inventory Days Change
A/P Days Change
UCA Cash Flow/CPLTD Change
Net Income+Depr+Amort-Divs/CPLTD Change
Debt/TNW Change
Net Margin (PB4T/Sales) Change
EBIT/Interest Change
Current Ratio
Quick Ratio
Profit Before Tax/TNW
Profit Before Tax/TA
Net Sales/Fixed Assets
Net Sales/Total Assets
Operating Profit Margin
Operating Exp/Gross Margin
% Capital Exp. Over Expected
% Capital Exp. Under Expected

2.00
0.25
0.25
2.00
2.00
2.00
0.15
0.15
0.10
0.25
0.15
0.10
0.10
1.00
0.25
0.25
0.10
0.25
1.00
10.00
10.00

Significant
8.00
2.50
2.50
8.00
8.00
8.00
1.00
1.00
0.50
1.50
1.00
0.50
0.50
4.00
2.00
2.00
1.50
1.50
4.00

Adequate
UCA Cash Flow/CPLTD
Net Income+Depr+Amort-Divs/CPLTD
EBIT/Interest

Moodys KMV Sample Reports

1.00
1.00
1.00

Page 53

FINANCIAL PACKAGE REPORTS


EDF MEASURES REPORTS
TM

The EDF Measures Reports include both Moodys KMV RiskCalc

and CreditEdge sample reports.


TM

TM

RiskAnalyst is integrated with RiskCalc, which provides you with Estimated Default Frequency (EDF ) credit measures for
private companies. Built from over 15 years of experience with market and fundamental data and modeling, EDF credit
measures have been extensively validated on defaults and have become the de facto standard for lenders and investors. The
General Business Financial Template (MMAS) is integrated with the following geographic specific RiskCalc models:

United States

Canada

Australia

The RiskCalc for Private Firm report is based on RiskCalc for the United States.
RiskAnalyst is also integrated with CreditEdge, which provides you with Estimated Default Frequency (EDF) credit measures
for public companies. The CreditEdge report shows the information available in RiskAnalyst for public companies.

Moodys KMV Sample Reports

Page 54

RiskCalc for Private Firm


MMAS Sample Customer (MMASSample)
RiskCalc for Private Firm (United States) - Version 3.1
Industry Classification: NAICS Code: 315228
EDFs calculated with Credit Cycle Adjustments
Statement Date
6/30/2001
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)
6/30/2002
12
Unqualif'd
KPMG
GJH
Annual

6/30/2003
12
Unqualif'd
KPMG
GJH
Annual

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

Source Currency: USD United States Dollars

Target Currency: USD United States Dollars

Exchange Rate:
Exchange Rate Date:

1
6/30/2001

1
6/30/2002

1
6/30/2003

1
6/30/2004

1
6/30/2005

1 Yr Bond Default Rate Mapping


1 Yr Percentile
1 Yr Custom Rating

Ba2.edf
59.02
N/A

Ba3.edf
69.72
N/A

Baa3.edf
34.71
N/A

Baa2.edf
17.31
N/A

B2.edf
86.44
N/A

5 Yr Bond Default Rate Mapping


5 Yr Percentile
5 Yr Custom Rating

Ba2.edf
62.42
N/A

Ba3.edf
77.21
N/A

Ba1.edf
42.59
N/A

Baa3.edf
28.96
N/A

B1.edf
86.15
N/A

Cumulative EDFs:
1 Year
2 Year
3 Year
4 Year
5 Year

1.24
2.59
3.98
5.39
6.81

1.76
3.63
5.52
7.42
9.31

0.62
1.45
2.39
3.39
4.45

0.30
0.85
1.57
2.42
3.37

4.26
6.84
8.98
10.88
12.60

Forward EDFs:
1 Year
2 Year
3 Year
4 Year
5 Year

1.24
1.37
1.43
1.47
1.50

1.76
1.91
1.97
2.01
2.04

0.62
0.84
0.95
1.03
1.09

0.30
0.56
0.72
0.86
0.98

4.26
2.69
2.30
2.08
1.93

Annualized EDFs:
1 Year
2 Year
3 Year
4 Year
5 Year

1.24
1.30
1.35
1.38
1.40

1.76
1.83
1.88
1.91
1.93

0.62
0.73
0.80
0.86
0.91

0.30
0.43
0.53
0.61
0.68

4.26
3.48
3.09
2.84
2.66

1-Yr. Relative Contributions:


Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

-31.63
N/A
23.61
N/A
N/A
9.24
-19.90
-9.40
-0.75
1.20
-4.27

-9.26
-8.49
15.56
10.24
17.74
7.58
18.55
-0.49
8.39
0.79
-2.92

-22.58
-12.24
17.01
-1.77
-15.10
7.95
-4.90
-4.18
5.29
-5.71
-3.27

-19.95
-8.06
15.59
-9.23
-14.44
7.59
-4.22
-3.60
5.35
-9.05
-2.93

40.60
-6.10
9.21
-0.90
15.55
4.89
11.74
0.22
4.93
4.05
-1.82

5-Yr. Relative Contributions:


Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

-14.59
N/A
22.75
N/A
N/A
17.62
-24.43
-10.16
-0.70
1.14
-8.62

-3.98
-10.38
13.99
7.18
15.76
13.48
21.25
-0.49
7.28
0.70
-5.51

-10.29
-15.85
16.20
-1.32
-14.21
14.97
-5.95
-4.47
4.86
-5.36
-6.53

-9.34
-10.71
15.25
-7.04
-13.96
14.69
-5.27
-3.95
5.05
-8.73
-6.01

21.48
-9.16
10.19
-0.77
16.98
10.70
16.55
0.28
5.26
4.41
-4.22

1-Yr. Relative Sensitivities:


Return On Assets (ROA)

-12.76

-268.67

-92.82

-34.41

-103.13

Moodys KMV Sample Reports

Page 55

MMAS Sample Customer (MMASSample)


RiskCalc for Private Firm (United States) - Version 3.1
Industry Classification: NAICS Code: 315228
Statement Date
6/30/2001 6/30/2002 6/30/2003 6/30/2004
Months Covered
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Unqualif'd
Accountant
KPMG
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual

Prepared: 17:58, 9/22/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

0.00
-358.58
0.00
0.00
23.18
-76.82
-124.92
87.10
99.14
-17.51

-54.38
-223.80
70.88
-45.24
11.59
-158.99
-159.09
36.61
62.14
-8.60

-1.89
-210.36
-86.42
72.32
19.47
-295.44
-164.10
68.46
71.62
-17.10

38.15
-371.33
-35.12
-39.86
14.47
-293.75
-144.34
58.99
58.85
-10.73

-19.93
-301.65
-70.59
-24.36
10.86
-205.13
-217.71
47.11
92.32
-7.21

5-Yr. Relative Sensitivities:


Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

-5.44
0.00
-346.17
0.00
0.00
40.83
-87.07
-126.00
74.82
86.96
-32.70

-134.36
-76.20
-240.96
56.99
-46.08
23.67
-215.54
-188.02
36.43
63.14
-18.60

-45.33
-2.64
-193.47
-69.03
73.35
39.63
-328.23
-171.16
67.83
72.47
-36.87

-16.95
53.45
-305.39
-28.27
-40.45
31.72
-320.51
-162.05
57.61
58.71
-24.89

-47.79
-26.24
-291.97
-53.33
-23.31
20.81
-253.22
-236.53
44.03
88.13
-14.64

Percentiles:
Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

77.32
N/A
35.79
N/A
N/A
89.30
N/A
59.71
52.08
66.52
46.07

38.08
33.42
42.26
88.36
15.08
92.15
19.06
45.36
77.35
66.43
49.84

57.04
48.44
47.14
23.59
76.17
90.26
50.65
53.80
66.44
58.01
47.59

63.75
66.16
36.33
39.31
66.70
92.03
50.79
53.90
68.01
51.44
49.46

9.11
45.91
30.52
22.37
9.63
94.14
16.89
42.95
76.74
73.10
53.15

Ratios or Levels:
Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

10.73
2.53
5.46
6.80
-5.92
N/A
0.58
5.69
12.46
4.82
1.70
2.42
3.11
1.75
1.20
N/A
3.13
-1.72
-0.41
-1.87
N/A
-8.21
2.93
1.34
-12.72
19.53
22.18
20.32
22.03
24.61
N/A
73.81
431.97
433.99
30.07
108.97
64.92
88.43
88.74
58.94
15.74
25.02
20.09
20.69
24.67
34.57
34.46
25.01
18.33
42.49
417,926.96 490,396.55 445,691.62 482,635.37 569,864.36

When defining percentiles, be aware that observations in the sample population are sorted in order of increasing ratio value. This means that the item's
impact on risk relative to its location within a certain percentile depends upon the relationship between the ratio and risk. An item that is in a high
percentile for profitability has a positive impact by lowering the probability of default, since more profitable companies have lower risk of default.
Conversely, an item in a high percentile in a leverage ratio has a negative impact, since a highly leveraged company has a higher risk of default.

Moodys KMV Sample Reports

Page 56

Credit Edge
CreditEdge Report - Version 2
MICROSOFT CORP
MKMVID: 594918
EDF Type: Annual
Trading Date: 9/23/2005
Published Outputs
Dates Requested

9/23/2005

6/30/2005

6/30/2004

6/30/2003

6/30/2002

6/30/2001

CreditEdge Statement Date


Trading Date

6/30/2005
9/23/2005

3/31/2005
6/30/2005

3/31/2004
6/30/2004

3/31/2003
6/30/2003

3/29/2002
6/30/2002

3/30/2001
6/30/2001

USD
UNITED STATES
COMPUTER SOFTWARE
7372

USD
UNITED STATES
COMPUTER SOFTWARE
7372

USD
UNITED STATES
COMPUTER SOFTWARE
7372

USD
UNITED STATES
COMPUTER SOFTWARE
7372

USD
UNITED STATES
COMPUTER SOFTWARE
7372

USD
UNITED STATES
COMPUTER SOFTWARE
7372

annual
0.02
0.02
0.02
0.02
0.02

annual
0.02
0.02
0.02
0.02
0.02

annual
0.02
0.02
0.02
0.02
0.03

annual
0.05
0.07
0.08
0.09
0.10

annual
0.06
0.08
0.09
0.10
0.11

annual
0.03
0.04
0.05
0.06
0.06

EDF Drivers
Default Point (Year 1)
Debt Due Year 2
Debt Due Year 3
Debt Due Year 4
Debt Due Year 5

19,788,500.00
0.00
0.00
0.00
0.00

17,520,500.00
0.00
0.00
0.00
0.00

16,690,328.13
0.00
0.00
0.00
0.00

14,496,000.00
0.00
0.00
0.00
0.00

12,931,000.00
0.00
0.00
0.00
0.00

9,740,000.00
0.00
0.00
0.00
0.00

Market Data
Market Capitalization
Share Price
Shares Outstanding
Share Equivalents
Market Leverage
Equity Volatility

0.00
0.00
10,712,706.05
9,265,907.23
0.07
0.21

0.00
0.00
10,804,000.98
10,745,315.43
0.06
0.23

0.00
0.00
10,777,000.00
10,728,973.63
0.05
0.27

0.00
0.00
10,722,000.00
10,816,034.18
0.05
0.35

0.00
0.00
5,415,000.00
5,372,750.49
0.04
0.39

0.00
0.00
5,336,000.00
5,241,057.13
0.02
0.40

Financial Data
Short Term Liabilities
Long Term Liabilities
Total Adjusted Liabilities
Deferred Tax
Minority Interest
Total Liabilities
Other Liabilities

16,877,000.00
5,823,000.00
22,700,000.00
0.00
0.00
22,700,000.00
5,823,000.00

16,139,000.00
2,763,000.00
18,902,000.00
0.00
0.00
18,902,000.00
2,763,000.00

15,984,000.00
1,412,654.30
17,396,654.30
1,790,345.34
0.00
19,187,000.00
1,412,654.66

13,161,000.00
2,670,000.00
15,831,000.00
369,000.00
0.00
16,200,000.00
2,670,000.00

11,842,000.00
2,178,000.00
14,020,000.00
59,000.00
0.00
14,079,000.00
2,178,000.00

9,740,000.00
0.00
9,740,000.00
1,775,000.00
0.00
11,515,000.00
0.00

3,427,199.71
0.00

3,457,280.03
0.00

1,724,320.07
0.00

857,759.95
0.00

0.00
0.00

0.00
0.00

Currency
Primary Country
Primary Industry
Primary SIC

Prepared: 15:12, 9/26/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Yearly EDF
EDF Type
EDF 1
EDF 2
EDF 3
EDF 4
EDF 5

Common Dividends
Preferred Dividends

Moodys KMV Sample Reports

Page 57

CreditEdge Report - Version 2


MICROSOFT CORP
MKMVID: 594918
EDF Type: Annual
Trading Date: 9/23/2005
Published Outputs
Dates Requested

Prepared: 15:12, 9/26/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

9/23/2005

6/30/2005

6/30/2004

6/30/2003

6/30/2002

6/30/2001

N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A

N/A
N/A
AA
6/30/2004

N/A
N/A
AA
6/30/2003

N/A
N/A
AA
6/30/2002

N/A
N/A
AA
6/30/2001

Industry Details
Industry 1
Industry Code
Industry Name
Weight

N09
BUSINESS SERVICES
4.28

N09
BUSINESS SERVICES
4.72

N09
BUSINESS SERVICES
5.11

N09
BUSINESS SERVICES
0.61

N09
BUSINESS SERVICES
1.41

N09
BUSINESS SERVICES
8.29

Industry 2
Industry Code
Industry Name
Weight

N11
COMPUTER HARDWARE
0.25

N11
COMPUTER HARDWARE
0.20

N11
COMPUTER HARDWARE
0.14

N11
N11
COMPUTER HARDWARE COMPUTER HARDWARE
1.34
1.77

N12
COMPUTER SOFTWARE
62.57

Industry 3
Industry Code
Industry Name
Weight

N12
COMPUTER SOFTWARE
89.77

N12
COMPUTER SOFTWARE
89.54

N12
COMPUTER SOFTWARE
88.75

N12
COMPUTER SOFTWARE
93.71

N12
COMPUTER SOFTWARE
67.43

N57
UNASSIGNED
29.14

Industry 4
Industry Code
Industry Name
Weight

N17
CONSUMER PRODUCTS
5.70

N17
CONSUMER PRODUCTS
5.54

N17
CONSUMER PRODUCTS
6.00

N17
N17
CONSUMER PRODUCTS CONSUMER PRODUCTS
3.77
2.28

N/A
N/A
N/A

Industry 5
Industry Code
Industry Name
Weight

N/A
N/A
N/A

N/A
N/A
N/A

N/A
N/A
N/A

N45
PUBLISHING
0.57

N45
PUBLISHING
0.76

N/A
N/A
N/A

Industry 6
Industry Code
Industry Name
Weight

N/A
N/A
N/A

N/A
N/A
N/A

N/A
N/A
N/A

N/A
N/A
N/A

N57
UNASSIGNED
26.36

N/A
N/A
N/A

Agency Ratings
Moody's Rating
Moody's Rating Date
S & P Rating
S & P Rating Date

Moodys KMV Sample Reports

Page 58

FINANCIAL PACKAGE REPORTS


LONG-TERM PROJECTION REPORTS
Long-Term Projection Reports are used to project borrower financial statement data into future periods. With Long-Term
Projections, the analyst can project annual, fiscal year-to-date, quarterly, or monthly statements.
In addition to the sample Long-Term Projection Reports shown in this document, the following reports are also available:
3.

Long-Term Projections: Detailed Income Statement Actual

4.

Long-Term Projections: Detailed Balance Sheet %

5.

Long-Term Projections: Detailed Income Statement %

6.

Long-Term Projections: Detailed Comprehensive Income Statement %

7.

Long-Term Projections: Detailed Income Statement Actual and %

8.

Long-Term Projections: Detailed Balance Sheet Exchange Rate

9.

Long-Term Projections: Detailed Balance Sheet Trend

10.

Long-Term Projections: Detailed Reconciliations

11.

Long-Term Projections: Detailed FAS 95 Stmt of Cash Flows (Direct)

12.

Long-Term Projections: Detailed Ratios

13.

Long-Term Projections: Summary Balance Sheet Actual

14.

Long-Term Projections: Summary Income Statement Actual

15.

Long-Term Projections: Summary Comprehensive Income Statement Actual

16.

Long-Term Projections: Summary Balance Sheet %

17.

Long-Term Projections: Summary Income Statement %

18.

Long-Term Projections: Summary Comprehensive Income Statement %

19.

Long-Term Projections: Summary Balance Sheet Actual and %

20.

Long-Term Projections: Summary Comprehensive Income Statement Actual and %

21.

Long-Term Projections: Summary Reconciliations

22.

Long-Term Projections: Summary UCA Cash Flow

23.

Long-Term Projections: Summary FAS 95 Stmt of Cash Flows (Indirect)

24.

Long-Term Projections: Summary Cash Flow Management

25.

Long-Term Projections: Executive Financial Statement Actual

26.

Long-Term Projections: Executive Financial Statement %

27.

Long-Term Projections: Executive Reconciliations & Ratios

28.

Long-Term Projections: Executive FAS 95 Stmt of Cash Flows (Indirect)

29.

Long-Term Projections: Notes to Financial Statements

30.

Long-Term Projections: Credit Compliance Report

31.

Long-Term Projections: Asset Based Lending Report

32.

Long-Term Projections: Balance Sheet Account Assumptions

33.

Long-Term Projections: Income Statement Account Assumptions

34.

Long-Term Projections: Quick Projection Variable

Moodys KMV Sample Reports

Page 59

Long-Term Projections: Detailed Balance Sheet Actual


MMAS Sample Customer (MMASSample)
Detailed Balance Sheet - Actual
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Projection Projection
Accountant
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars
CURRENT ASSETS
Cash
Accts/Notes Rec-Trade
Bad Debt Reserve (-)
Total Accts/Rec-Net
Inventory
Prepaid Expenses
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property Plant & Equipment
Furniture, Fixtures & Vehicles
Gross Fixed Assets
Accumulated Deprec (-)
Total Fixed Assets - Net
Cash Value Life Insurance
Other Assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Required Borrowings
Note Payable - Bank
CPLTD-Bank
Accounts Payable-Trade
Accrued Expenses
Income Taxes Payable
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Long Term Debt
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET WORTH
Common Stock
Retained Earnings
TOTAL NET WORTH
TOTAL LIABILITIES & NET WORTH

90
1,842
86
1,756
2,610
119
4,575

75
1,698
90
1,608
3,056
131
4,870

129
2,027
93
1,934
3,122
152
5,337

144
2,203
101
2,101
3,453
177
5,875

1,922
356
2,278
1,675
603
18
66
687
4,636

2,011
421
2,432
1,912
520
20
20
560
5,135

2,957
568
3,525
2,205
1,320
22
22
1,364
6,234

3,471
678
4,149
2,591
1,558
26
26
1,609
6,947

3,993
780
4,773
3,039
1,734
30
30
1,793
7,668

1,148
142
583
214
30
2,117

1,134
115
980
222
2,451

1,475
169
1,139
281
3,064

1,265
1,475
169
1,071
305
4,285

2,682
1,475
169
1,184
332
5,842

630
630
2,747

492
492
2,943

1,347
1,347
4,411

1,347
1,347
5,632

1,347
1,347
7,189

17
1,872
1,889
4,636

17
2,175
2,192
5,135

17
1,806
1,823
6,234

17
1,298
1,315
6,947

17
462
479
7,668

1,832
1,889

2,124
2,192

1,806
1,823

1,052
1,315

33
479

Working Capital
Tang Net Worth-Actual

Moodys KMV Sample Reports

Target Currency: USD United States Dollars

144
1,669
64
1,605
2,141
59
3,949

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 60

Long-Term Projections: Detailed Comprehensive Income Statement Actual


MMAS Sample Customer (MMASSample)
Detailed Comprehensive Income Statement - Actual
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Projection Projection
Accountant
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars
Net Sales - Manufacturing Division
Net Sales - Catalog Division
NET SALES/REVENUE

Target Currency: USD United States Dollars

9,477
1,058
10,535

9,564
2,284
11,848

9,317
3,102
12,419

10,122
3,370
13,492

10,997
3,661
14,658

7,739
239
7,978
2,557

8,552
224
8,776
3,072

9,468
273
9,741
2,678

10,354
361
10,714
2,778

11,452
419
11,871
2,786

2,114
13
2,127
430

2,454
17
2,471
601

2,755
21
2,776
(98)

3,117
25
3,142
(364)

3,540
29
3,569
(783)

147
147
47
(100)
330

153
153
32
13
(108)
493

306
306
35
(271)
(369)

157
18
143
318
38
(280)
(644)

157
18
143
318
41
(277)
(1,059)

77
253

144
349

(369)

(113)
(531)

(186)
(874)

EBIT
EBITDA
EBIDA

477
729
652

646
887
743

(63)
231
231

(326)
60
172

(741)
(293)
(107)

COMPREHENSIVE INCOME

253

349

(369)

(531)

(874)

(46)

23

38

Cost of Goods Sold


Cost of Goods Sold - Depreciation
TOTAL COST OF SALES/REV
GROSS PROFIT
SG & A Expense
Depreciation
TOTAL OPERATING EXPENSE
NET OPERATING PROFIT
Interest Expense (-)
Int. Exp. ST Loans Payable-Bank
Int. Exp. CPLTD-Bank
Int. Exp. Long Term Debt-Bank
Total Interest Expense
Other Income
Gain(Loss) on Asset Sale
TOTAL OTHER INCOME(EXP)
PROFIT BEFORE TAXES
Current Income Tax
NET PROFIT

Dividends - Common

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 61

Long-Term Projections: Detailed Balance Sheet Actual and %


MMAS Sample Customer (MMASSample)
Detailed Balance Sheet - Actual and %
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
CURRENT ASSETS
Cash
Accts/Notes Rec-Trade
Bad Debt Reserve (-)
Total Accts/Rec-Net
Inventory
Prepaid Expenses
TOTAL CURRENT
ASSETS
NON-CURRENT ASSETS
Property Plant &
Equipment
Furniture, Fixtures &
Vehicles
Gross Fixed Assets
Accumulated Deprec (-)
Total Fixed Assets - Net
Cash Value Life Insurance
Other Assets
TOTAL NON-CURRENT
ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Required Borrowings
Note Payable - Bank
CPLTD-Bank
Accounts Payable-Trade
Accrued Expenses
Income Taxes Payable
TOTAL CURRENT
LIABILITIES
NON-CURRENT LIABILITIES
Long Term Debt
TOTAL NON-CURRENT
LIABILITIES
TOTAL LIABILITIES
NET WORTH
Common Stock
Retained Earnings
TOTAL NET WORTH
TOTAL LIABILITIES &
NET WORTH

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

6/30/2006
12
Projection

6/30/2007
12
Projection

Annual

Annual

Target Currency: USD United States Dollars

144
1,669
64
1,605
2,141
59
3,949

3.1
36.0
1.4
34.6
46.2
1.3
85.2

90
1,842
86
1,756
2,610
119
4,575

1.8
35.9
1.7
34.2
50.8
2.3
89.1

75
1,698
90
1,608
3,056
131
4,870

1.2
27.2
1.4
25.8
49.0
2.1
78.1

129
2,027
93
1,934
3,122
152
5,337

1.9
29.2
1.3
27.8
44.9
2.2
76.8

144
2,203
101
2,101
3,453
177
5,875

1.9
28.7
1.3
27.4
45.0
2.3
76.6

1,922

41.5

2,011

39.2

2,957

47.4

3,471

50.0

3,993

52.1

356

7.7

421

8.2

568

9.1

678

9.8

780

10.2

2,278
1,675
603
18
66
687

49.1
36.1
13.0
0.4
1.4
14.8

2,432
1,912
520
20
20
560

47.4
37.2
10.1
0.4
0.4
10.9

3,525
2,205
1,320
22
22
1,364

56.5
35.4
21.2
0.4
0.4
21.9

4,149
2,591
1,558
26
26
1,609

59.7
37.3
22.4
0.4
0.4
23.2

4,773
3,039
1,734
30
30
1,793

62.2
39.6
22.6
0.4
0.4
23.4

4,636

100.0

5,135

100.0

6,234

100.0

6,947

100.0

7,668

100.0

1,148
142
583
214
30
2,117

24.8
3.1
12.6
4.6
0.6
45.7

1,134
115
980
222
2,451

22.1
2.2
19.1
4.3
47.7

1,475
169
1,139
281
3,064

23.7
2.7
18.3
4.5
49.1

1,265
1,475
169
1,071
305
4,285

18.2
21.2
2.4
15.4
4.4
61.7

2,682
1,475
169
1,184
332
5,842

35.0
19.2
2.2
15.4
4.3
76.2

630
630

13.6
13.6

492
492

9.6
9.6

1,347
1,347

21.6
21.6

1,347
1,347

19.4
19.4

1,347
1,347

17.6
17.6

2,747

59.3

2,943

57.3

4,411

70.8

5,632

81.1

7,189

93.7

17
1,872
1,889
4,636

0.4
40.4
40.7
100.0

17
2,175
2,192
5,135

0.3
42.4
42.7
100.0

17
1,806
1,823
6,234

0.3
29.0
29.2
100.0

17
1,298
1,315
6,947

0.2
18.7
18.9
100.0

17
462
479
7,668

0.2
6.0
6.3
100.0

1,832
1,889

39.5
40.7

2,124
2,192

41.4
42.7

1,806
1,823

29.0
29.2

1,052
1,315

15.1
18.9

33
479

0.4
6.3

Working Capital
Tang Net Worth-Actual

Moodys KMV Sample Reports

Page 62

Long-Term Projections: Detailed Comprehensive Income Statement Actual and %


MMAS Sample Customer (MMASSample)
Detailed Comprehensive Income Statement - Actual and %
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003
6/30/2004
Months Covered
12
12
Audit Mthd
Unqualif'd
Unqualif'd
Accountant
KPMG
KPMG
Analyst
GJH
GJH
Stmt Type
Annual
Annual
Source Currency: USD United States Dollars
Net Sales - Manufacturing Division
Net Sales - Catalog Division
NET SALES/REVENUE

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

6/30/2006
12
Projection

6/30/2007
12
Projection

Annual

Annual

Target Currency: USD United States Dollars

9,477
1,058
10,535

90.0
10.0
100.0

9,564
2,284
11,848

80.7
19.3
100.0

9,317
3,102
12,419

75.0
25.0
100.0

10,122
3,370
13,492

75.0
25.0
100.0

10,997
3,661
14,658

75.0
25.0
100.0

7,739
239
7,978
2,557

73.5
2.3
75.7
24.3

8,552
224
8,776
3,072

72.2
1.9
74.1
25.9

9,468
273
9,741
2,678

76.2
2.2
78.4
21.6

10,354
361
10,714
2,778

76.7
2.7
79.4
20.6

11,452
419
11,871
2,786

78.1
2.9
81.0
19.0

2,114
13
2,127
430

20.1
0.1
20.2
4.1

2,454
17
2,471
601

20.7
0.1
20.9
5.1

2,755
21
2,776
(98)

22.2
0.2
22.4
(0.8)

3,117
25
3,142
(364)

23.1
0.2
23.3
(2.7)

3,540
29
3,569
(783)

24.2
0.2
24.3
(5.3)

147
147
47
(100)
330

1.4
1.4
0.4
(0.9)
3.1

153
153
32
13
(108)
493

1.3
1.3
0.3
0.1
(0.9)
4.2

306
306
35
(271)
(369)

2.5
2.5
0.3
(2.2)
(3.0)

157
18
143
318
38
(280)
(644)

1.2
0.1
1.1
2.4
0.3
(2.1)
(4.8)

157
18
143
318
41
(277)
(1,059)

1.1
0.1
1.0
2.2
0.3
(1.9)
(7.2)

77
253

0.7
2.4

144
349

1.2
2.9

(369)

(3.0)

(113)
(531)

(0.8)
(3.9)

(186)
(874)

(1.3)
(6.0)

EBIT
EBITDA
EBIDA

477
729
652

4.5
6.9
6.2

646
887
743

5.5
7.5
6.3

(63)
231
231

(0.5)
1.9
1.9

(326)
60
172

(2.4)
0.4
1.3

(741)
(293)
(107)

(5.1)
(2.0)
(0.7)

COMPREHENSIVE INCOME

253

2.4

349

2.9

(369)

(3.0)

(531)

(3.9)

(874)

(6.0)

Cost of Goods Sold


Cost of Goods Sold - Depreciation
TOTAL COST OF SALES/REV
GROSS PROFIT
SG & A Expense
Depreciation
TOTAL OPERATING EXPENSE
NET OPERATING PROFIT
Interest Expense (-)
Int. Exp. ST Loans Payable-Bank
Int. Exp. CPLTD-Bank
Int. Exp. Long Term Debt-Bank
Total Interest Expense
Other Income
Gain(Loss) on Asset Sale
TOTAL OTHER INCOME(EXP)
PROFIT BEFORE TAXES
Current Income Tax
NET PROFIT

Dividends - Common

Moodys KMV Sample Reports

(46)

23

38

Page 63

Long-Term Projections: Detailed Income Statement Exchange Rate


MMAS Sample Customer (MMASSample)
Detailed Income Statement - Exchange Rate
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Currency
Target
Source Currency: USD United States Dollars
Exchange Rate
Net Sales - Manufacturing Division
Net Sales - Catalog Division
NET SALES/REVENUE
Cost of Goods Sold
Cost of Goods Sold - Depreciation
TOTAL COST OF SALES/REV
GROSS PROFIT
SG & A Expense
Depreciation
TOTAL OPERATING EXPENSE
NET OPERATING PROFIT
Interest Expense (-)
Int. Exp. ST Loans Payable-Bank
Int. Exp. CPLTD-Bank
Int. Exp. Long Term Debt-Bank
Total Interest Expense
Other Income
Gain(Loss) on Asset Sale
TOTAL OTHER INCOME(EXP)
PROFIT BEFORE TAXES
Current Income Tax
NET PROFIT

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual
Source
Target

Dividends - Common

6/30/2005
12
Unqualif'd
KPMG
GJH
Annual
Source
Target

6/30/2006
12
Projection

Source

Annual
Target

6/30/2007
12
Projection

Source

Annual
Target

Source

Target Currency: USD United States Dollars

1.00000

EBIT
EBITDA
EBIDA

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

1.00000

1.00000

1.00000

1.00000

9,477
1,058
10,535

9,477
1,058
10,535

9,564
2,284
11,848

9,564
2,284
11,848

9,317
3,102
12,419

9,317
3,102
12,419

10,122
3,370
13,492

10,122
3,370
13,492

10,997
3,661
14,658

10,997
3,661
14,658

7,739
239
7,978
2,557

7,739
239
7,978
2,557

8,552
224
8,776
3,072

8,552
224
8,776
3,072

9,468
273
9,741
2,678

9,468
273
9,741
2,678

10,354
361
10,714
2,778

10,354
361
10,714
2,778

11,452
419
11,871
2,786

11,452
419
11,871
2,786

2,114
13
2,127
430

2,114
13
2,127
430

2,454
17
2,471
601

2,454
17
2,471
601

2,755
21
2,776
(98)

2,755
21
2,776
(98)

3,117
25
3,142
(364)

3,117
25
3,142
(364)

3,540
29
3,569
(783)

3,540
29
3,569
(783)

147
147
47
(100)
330

147
147
47
(100)
330

153
153
32
13
(108)
493

153
153
32
13
(108)
493

306
306
35
(271)
(369)

306
306
35
(271)
(369)

157
18
143
318
38
(280)
(644)

157
18
143
318
38
(280)
(644)

157
18
143
318
41
(277)
(1,059)

157
18
143
318
41
(277)
(1,059)

77
253

77
253

144
349

144
349

(369)

(369)

(113)
(531)

(113)
(531)

(186)
(874)

(186)
(874)

477
729
652

477
729
652

646
887
743

646
887
743

(63)
231
231

(63)
231
231

(326)
60
172

(326)
60
172

(741)
(293)
(107)

(741)
(293)
(107)

(46)

(46)

23

23

38

38

Page 64

Long-Term Projections: Detailed Income Statement Trend


MMAS Sample Customer (MMASSample)
Detailed Income Statement - Trend
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
Net Sales - Manufacturing Division
Net Sales - Catalog Division
NET SALES/REVENUE
Cost of Goods Sold
Cost of Goods Sold - Depreciation
TOTAL COST OF SALES/REV
GROSS PROFIT
SG & A Expense
Depreciation
TOTAL OPERATING EXPENSE
NET OPERATING PROFIT
Interest Expense (-)
Int. Exp. ST Loans Payable-Bank
Int. Exp. CPLTD-Bank
Int. Exp. Long Term Debt-Bank
Total Interest Expense
Other Income
Gain(Loss) on Asset Sale
TOTAL OTHER INCOME(EXP)
PROFIT BEFORE TAXES
Current Income Tax
NET PROFIT

6/30/2004
12
Unqualif'd
KPMG
Trend
GJH
% Chg
Annual

7,739
239
7,978
2,557

2,114
13
2,127
430

147
147
47
(100)
330

6/30/2007
12
Projection

Trend
% Chg

Annual

Trend
% Chg

Annual

Trend
% Chg

77
253

0.9
115.9
12.5

9,317
3,102
12,419

(2.6)
35.8
4.8

10,122
3,370
13,492

8.6
8.6
8.6

10,997
3,661
14,658

8.6
8.6
8.6

8,552
224
8,776
3,072

10.5
(6.3)
10.0
20.1

9,468
273
9,741
2,678

10.7
21.9
11.0
(12.8)

10,354
361
10,714
2,778

9.4
32.1
10.0
3.7

11,452
419
11,871
2,786

10.6
16.3
10.8
0.3

2,454
17
2,471
601

16.1
30.8
16.2
39.8

2,755
21
2,776
(98)

12.3
23.5
12.3
(116.3)

3,117
25
3,142
(364)

13.1
19.0
13.2
271.5

3,540
29
3,569
(783)

13.6
16.3
13.6
115.0

153
153
32
13
(108)
493

4.1

100.0

(100.0)

4.1
(31.9)

100.0
9.4
(100.0)
150.9
(174.8)

157
18
143
318
38
(280)
(644)

157
18
143
318
41
(277)
(1,059)

(1.2)
64.4

8.0
49.4

144
349

87.0
37.9

(369)

(100.0)
(205.7)

(113)
(531)

44.0

(186)
(874)

64.4
64.4

646
887
743

35.4
21.7
14.0

(63)
231
231

(109.8)
(74.0)
(68.9)

(326)
60
172

417.5
(74.2)
(25.4)

(741)
(293)
(107)

127.4
(591.3)
(162.3)

306
306
35
(271)
(369)

(46)

477
729
652

6/30/2006
12
Projection

9,564
2,284
11,848

Dividends - Common

6/30/2005
12
Unqualif'd
KPMG
Trend
GJH
% Chg
Annual

Target Currency: USD United States Dollars

9,477
1,058
10,535

EBIT
EBITDA
EBIDA

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

4.0
8.6

3.4
74.6

(100.0)

23

8.6

38

64.4

Page 65

Long-Term Projections: Detailed UCA Cash Flow


MMAS Sample Customer (MMASSample)
Detailed UCA Cash Flow
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Net Sales - Manufacturing Division
Net Sales - Catalog Division
Chg in Accts/Notes Rec-Trade
Chg in Bad Debt Reserve (-)
Cash Collected From Sales
Cost of Goods Sold
Chg in Inventory
Chg in Accounts Payable-Trade
Cash Paid To Suppliers
CASH FROM TRADING
ACTIVITIES
SG & A Expense
Chg in Prepaid Expenses
Chg in Accrued Expenses
Cash Paid for Operating Costs
CASH AFTER OPERATIONS
Other Income
Current Income Tax
Chg in Income Taxes Payable
Other Income(Exp) & Taxes Paid
NET CASH AFTER OPERATIONS

CPLTD-Bank
Current Portion Long Term Debt
CASH AFTER DEBT AMORT.
Chg in Property Plant & Equipment
Chg in Furniture, Fixtures & Vehicles
Chg in Accumulated Deprec (-)
Cost of Goods Sold - Depreciation
Depreciation
Gain(Loss) on Asset Sale
Chg in Net Fixed Assets
Chg in Cash Value Life Insurance
Chg in Other Assets
Chg in Investments

9,317
3,102
144
4
12,567

10,122
3,370
(329)
3
13,166

10,997
3,661
(175)
8
14,491

(8,552)
(469)
397
(8,624)

(9,468)
(446)
159
(9,755)

(10,354)
(66)
(68)
(10,488)

(11,452)
(331)
114
(11,670)

3,073

2,812

2,678

2,821

(2,454)
(60)
8
(2,506)
567

(2,755)
(12)
59
(2,708)
104

(3,117)
(21)
24
(3,113)
(435)

(3,540)
(24)
26
(3,538)
(717)

32
(144)
(30)
(142)
425

35
35
139

38
113
151
(285)

41
186
227
(490)

Interest Expense (-)


Int. Exp. ST Loans Payable-Bank
Int. Exp. CPLTD-Bank
Int. Exp. Long Term Debt-Bank
Dividends - Common
Cash Paid for Dividends & Interest
NET CASH INCOME

9,564
2,284
(173)
22
11,697

(157)
(18)
(143)
38
(280)
(770)

(142)
(142)
84

(115)
(115)
(282)

(169)
(169)
(748)

(169)
(169)
(939)

(89)
(65)
237
(224)
(17)
13
(145)

(946)
(147)
293
(273)
(21)
(1,094)

(514)
(110)
386
(361)
(25)
(624)

(522)
(102)
448
(419)
(29)
(624)

(2)
46
44

(2)
(2)
(4)

(4)
(4)
(7)

(4)
(4)
(8)

(157)
(18)
(143)
23
(295)
(579)

(306)
(306)
(167)

(153)
(46)
(199)
226

Cash Paid for Plant and Investments

(101)

(1,098)

(631)

(632)

FINANCING SURPLUS (REQMNTS)

(17)

(1,380)

(1,380)

(1,571)

Chg in Required Borrowings


Chg in Note Payable - Bank
Chg in Long Term Debt
Total External Financing
CASH AFTER FINANCING

(14)
(23)
(37)
(54)

341
1,024
1,365
(15)

1,265
169
1,434
54

1,417
169
1,586
15

144
90

90
75

75
129

129
144

Add:
Cash
ENDING CASH & EQUIVALENTS

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 66

Long-Term Projections: Detailed FAS 95 Stmt of Cash Flows (Indirect)


MMAS Sample Customer (MMASSample)
Detailed FAS 95 Stmt of Cash Flows (Indirect)
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
Reconciling Items
Cost of Goods Sold - Depreciation
Depreciation
Gain(Loss) on Asset Sale
Chg in Accts/Notes Rec-Trade
Chg in Bad Debt Reserve (-)
Chg in Inventory
Chg in Prepaid Expenses
Chg in Accounts Payable-Trade
Chg in Accrued Expenses
Chg in Income Taxes Payable
Total Adjustments
NET CASH PROVIDED
BY OPERATIONS

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Property Plant & Equipment
Chg in Furniture, Fixtures & Vehicles
Chg in Accumulated Deprec (-)
Cost of Goods Sold - Depreciation
Depreciation
Gain(Loss) on Asset Sale
Chg in Net Fixed Assets

Chg in Cash Value Life Insurance


Chg in Other Assets
Chg in Investments

(369)

(531)

(874)

224
17
(13)
(173)
22
(469)
(60)
397
8
(30)
(77)

273
21
144
4
(446)
(12)
159
59
202

361
25
(329)
3
(66)
(21)
(68)
24
(71)

419
29
(175)
8
(331)
(24)
114
26
66

272

(167)

(603)

(808)

(89)
(65)
237
(224)
(17)
13
(145)

(946)
(147)
293
(273)
(21)
(1,094)

(514)
(110)
386
(361)
(25)
(624)

(522)
(102)
448
(419)
(29)
(624)

(2)
46
44

(2)
(2)
(4)

(4)
(4)
(7)

(4)
(4)
(8)

349

NET CASH USED IN INVESTING

(101)

(1,098)

(631)

(632)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in Required Borrowings
Chg in Note Payable - Bank
Chg in CPLTD-Bank
Chg in Long Term Debt
Net Chg in Borrowings
Dividends - Common
NET CASH PROV BY FINANCING

(14)
(27)
(138)
(179)
(46)
(225)

341
54
855
1,250
1,250

1,265
1,265
23
1,288

1,417
1,417
38
1,455

CHANGE IN CASH & EQUIV.


Add:
Cash
CASH AND EQUIVALENTS AT EOP

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

(54)

(15)

54

15

144
90

90
75

75
129

129
144

Page 67

Long-Term Projections: Cash Flow Management


MMAS Sample Customer (MMASSample)
Cash Flow Management
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Stmt Type
Annual
Annual
Annual
Annual
Annual
CASH FLOW DRIVERS
CASH FLOW DRIVERS
Net Sales Growth
12.46
4.82
Gross Margin (plus Depr) %
26.54
27.82
23.76
Operating Expense (excl Depr) %
20.07
20.71
22.18
Accounts Receivable Days
55.61
54.10
47.26
Inventory Days on Hand (excl Depr)
100.98
111.39
117.81
Accounts Payable Days (excl Depr)
27.50
41.83
43.91
OTHER FACTORS
Other Operating Assets
59
119
131
Accrued Expenses Days
36.95
33.02
37.23
Other Current Liabilities
CASH MARGIN MANAGEMENT SUMMARY
GROSS PROFIT:
BEGINNING GROSS PROFIT
2,796
3,296
Gross Profit Management
152
(504)
Gross Profit Growth
348
159
ENDING GROSS PROFIT (PLUS
3,296
2,951
DEPR)

8.64
23.26
23.10
52.32
110.06
37.75

8.64
21.87
24.15
52.32
110.06
37.75

152
35.75
-

177
34.20
-

2,951
(68)
255
3,138

3,138
(204)
271
3,206

(2,454)
(183)
(118)
(2,755)

(2,755)
(124)
(238)
(3,117)

(3,117)
(154)
(269)
(3,540)

CASH OPERATING PROFIT


842
196
TRADING ACCOUNT MANAGEMENT SUMMARY
CASH IMPACT OF MANAGEMENT:
Accounts Receivable
49
233
Inventory
(244)
(166)
Accounts Payable
336
54
Total Management - Trading Acct
141
120
Other Operating Assets
(53)
(6)
Accruals
(26)
32
Other Current Liabilities
Total Management - Other Factors
(79)
26
TOTAL CASH IMPACT OF MGMT
62
146

22

(334)

OPERATING EXPENSES:
BEGINNING OPERATING EXPENSE
Operating Expense Management
Operating Expense Growth
ENDING OPER EXP (LESS DEPR)

(2,114)
(77)
(263)
(2,454)

CASH IMPACT OF GROWTH:


Accounts Receivable
Inventory
Accounts Payable
Total Growth - Trading Accounts
Other Operating Assets
Accruals
Other Current Liabilities
Total Growth - Other Factors
TOTAL CASH IMPACT OF
SALES GROWTH
TOTAL TRADING ACCOUNT AND
OTHER FACTOR CHG
CASH AFTER OPERATIONS

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

(187)
220
(175)
(142)
(10)
(13)
(22)
(164)

(11)
(15)
(26)
(26)

(200)
(225)
61
(364)
(7)
34
27

(85)
(280)
105
(259)
(6)
27
21

(139)
(286)
107
(318)
(11)
37
26

(167)
(331)
114
(385)
(13)
41
28

(337)

(238)

(293)

(356)

(275)

(92)

(457)

(383)

567

104

(435)

(717)

Page 68

Long-Term Projections: Summary Income Statement Actual and %


MMAS Sample Customer (MMASSample)
Summary Income Statement - Actual and %
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
Sales/Revenues

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

6/30/2006
12
Projection

6/30/2007
12
Projection

Annual

Annual

Target Currency: USD United States Dollars

10,535

100.0

11,848

100.0

12,419

100.0

13,492

100.0

14,658

100.0

7,739
239
7,978
2,557

73.5
2.3
75.7
24.3

8,552
224
8,776
3,072

72.2
1.9
74.1
25.9

9,468
273
9,741
2,678

76.2
2.2
78.4
21.6

10,354
361
10,714
2,778

76.7
2.7
79.4
20.6

11,452
419
11,871
2,786

78.1
2.9
81.0
19.0

2,114
13
2,127
430

20.1
0.1
20.2
4.1

2,454
17
2,471
601

20.7
0.1
20.9
5.1

2,755
21
2,776
(98)

22.2
0.2
22.4
(0.8)

3,117
25
3,142
(364)

23.1
0.2
23.3
(2.7)

3,540
29
3,569
(783)

24.2
0.2
24.3
(5.3)

(147)
47
(100)
330

(1.4)
0.4
(0.9)
3.1

(153)
32
13
(108)
493

(1.3)
0.3
0.1
(0.9)
4.2

(306)
35
(271)
(369)

(2.5)
0.3
(2.2)
(3.0)

(318)
38
(280)
(644)

(2.4)
0.3
(2.1)
(4.8)

(318)
41
(277)
(1,059)

(2.2)
0.3
(1.9)
(7.2)

Income Taxes
NET PROFIT

77
253

0.7
2.4

144
349

1.2
2.9

(369)

(3.0)

(113)
(531)

(0.8)
(3.9)

(186)
(874)

(1.3)
(6.0)

EBIT
EBITDA
EBIDA

477
729
652

4.5
6.9
6.2

646
887
743

5.5
7.5
6.3

(63)
231
231

(0.5)
1.9
1.9

(326)
60
172

(2.4)
0.4
1.3

(741)
(293)
(107)

(5.1)
(2.0)
(0.7)

Cost of Sales/Revenues
Cost of Sales - Depreciation
TOTAL COST OF SALES/REV
GROSS PROFIT
S,G, & A Expense
Depreciation
TOTAL OPERATING EXP(INC)
NET OPERATING PROFIT
Interest Income(Expense)
Other Income(Expense)
Gain(Loss) on Sale of Assets
TOTAL OTHER INCOME(EXP)
PROFIT BEFORE TAXES

Cash Dividends & Withdrawals

Moodys KMV Sample Reports

(46)

23

38

Page 69

Long-Term Projections: Summary FAS 95 Stmt of Cash Flows (Direct)


MMAS Sample Customer (MMASSample)
Summary FAS 95 Stmt of Cash Flows (Direct)
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Sales
Chg in Net Receivables
CASH RECEIVED FROM CUSTOMERS
Cost of Sales/Revenues
Chg in Inventories
Chg in Accts Payable-Trade & Othr
Operating Expenses
Chg in Prepaids/Deferreds
Chg in Accruals
CASH PAID TO SUPPLIERS
AND EMPLOYEES
INTEREST PAID
INCOME TAXES PAID
INTEREST & DIVIDENDS RECEIVED
MISC CASH RECEIVED(PAID)
NET CASH PROV BY OPERATIONS

11,848
(151)
11,697
(8,552)
(469)
397
(2,454)
(60)
8

12,419
148
12,567
(9,468)
(446)
159
(2,755)
(12)
59

13,492
(326)
13,166
(10,354)
(66)
(68)
(3,117)
(21)
24

14,658
(167)
14,491
(11,452)
(331)
114
(3,540)
(24)
26

(11,130)
(153)
(174)
32
272

(12,463)
(306)
35
(167)

(13,601)
(318)
113
38
(603)

(15,208)
(318)
186
41
(808)

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Net Fixed Assets
Chg in Long Term Investments
NET CASH USED IN INVESTING

(145)
44
(101)

(1,094)
(4)
(1,098)

(624)
(7)
(631)

(624)
(8)
(632)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in ST Loans
Chg in CP-Long Term Debt
Chg in Long Term Debt
Net Chg in Borrowings
Cash Dividends Paid
NET CASH PROV BY FINANCING
CHANGE IN CASH & EQUIVALENTS
ADD:CASH AND EQUIVALENTS AT BOP
CASH AND EQUIVALENTS AT EOP

(14)
(27)
(138)
(179)
(46)
(225)
(54)
144
90

341
54
855
1,250
1,250
(15)
90
75

1,265
1,265
23
1,288
54
75
129

1,417
1,417
38
1,455
15
129
144

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 70

Long-Term Projections: Summary Ratios


MMAS Sample Customer (MMASSample)
Summary Ratios
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
LIQUIDITY
Working Capital
Quick Ratio
Current Ratio
Net Sales/Working Capital

1,832
0.83
1.87
5.75

2,124
0.75
1.87
5.58

1,806
0.55
1.59
6.88

1,052
0.48
1.25
12.82

33
0.38
1.01
444.61

LEVERAGE
Net Worth-Actual
Tang Net Worth-Actual
Eff Tang Net Worth-Actual
Debt/Worth
Debt/Tang Worth
Debt Less Sub Debt-Liability/Eff Tg Wth
Borrowed Funds/Eff Tg Worth
LT Debt/Net Fixed Assets
Total Liabilities/Total Assets

1,889
1,889
1,889
1.45
1.45
1.45
1.02
1.28
0.59

2,192
2,192
2,192
1.34
1.34
1.34
0.79
1.17
0.57

1,823
1,823
1,823
2.42
2.42
2.42
1.64
1.15
0.71

1,315
1,315
1,315
4.28
4.28
4.28
3.24
0.97
0.81

479
479
479
15.00
15.00
15.00
11.84
0.87
0.94

3.24
3.56

729
652

4.22
4.73
1.35
1.25
3.31
3.01
887
743

(0.21)
(0.44)
0.29
0.33
0.49
0.55
231
231

(1.02)
(0.72)
(0.61)
(0.61)
0.12
0.12
60
172

(2.33)
(2.29)
(1.09)
(1.09)
(0.60)
(0.60)
(293)
(107)

PROFITABILITY (%)
Return on Assets
Return on Equity
Gross Margin
Net Margin

5.46
13.39
24.27
2.40

6.80
15.92
25.93
2.95

(5.92)
(20.24)
21.56
(2.97)

(7.65)
(40.42)
20.59
(3.94)

(11.40)
(182.34)
19.01
(5.96)

ACTIVITY
Net Accounts Receivable Days
Inventory Days on Hand
Accounts Payable Days
Net Sales/Total Assets
Net Sales/Net Worth
Net Sales/Net Fixed Assets
Profit Before Taxes/Total Assets (%)

55.61
97.95
26.67
2.27
5.58
17.47
7.12

54.10
108.55
40.76
2.31
5.41
22.78
9.60

47.26
114.51
42.68
1.99
6.81
9.41
(5.92)

52.32
106.36
36.48
1.94
10.26
8.66
(9.27)

52.32
106.17
36.42
1.91
30.58
8.45
(13.82)

10.76
7.14
16.04
12.46
39.77
37.94

21.40
49.88
(16.83)
4.82
N/A
N/A

11.43
27.68
(27.87)
8.64
(271.46)
(44.02)

10.38
27.64
(63.55)
8.64
(114.96)
(64.45)

2,776

3,275

2,929

3,115

3,181

COVERAGE
Interest Coverage
Net Income+Depr+Amort-Divs/CPLTD
UCA Cash Flow Coverage
UCA Cash Flow/CPLTD pp
EBITDA/Interest Exp+CPLTD
EBITDA/Interest Exp+CPLTD pp
EBITDA
EBIDA

2.52

GROWTH (%)
Total Assets Growth
Total Liabilities Growth
Net Worth Growth
Net Sales Growth
Operating Profit Growth
Net Profit Growth
USER-DEFINED CALCULATIONS
Pro Forma EBITDA

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 71

Long-Term Projections: Executive Financial Statement Actual and %


MMAS Sample Customer (MMASSample)
Executive Financial Statement - Actual and %
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003
Months Covered
12
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
ASSETS
Cash & Near Cash
Accts/Notes Rec (Net)
Inventory
Other Current Assets
TOTAL CURRENT ASSETS
Net Fixed Assets
LT Receivables & Investments
Other Non-Current Assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES/NET WORTH
S/T Loans Payable
Current Portion - LTD
Accounts Payable
Accrued Liabilities
Taxes Payable
TOTAL CURRENT LIABILITIES
Long Term Debt
TOTAL NON-CURRENT
LIABILITIES
TOTAL LIABILITIES

TOTAL NET WORTH


TOTAL LIABILITIES & NET WORTH

INCOME STATEMENT
Net Sales/Revenues
Cost of Sales/Revenues
Cost of Sales - Depreciation
GROSS PROFIT
Net Operating Expenses
Depr & Amort
NET OPERATING PROFIT
Interest Income(Expense)
Other Income(Expense)
PROFIT BEFORE TAXES
Income Taxes
PROFIT BEFORE
EXTRAORDINARY ITEMS
NET PROFIT
COMPREHENSIVE INCOME

6/30/2004
12
Unqualif'd
KPMG
GJH
Annual

6/30/2005
12
Unqualif'd
KPMG
GJH
Annual

6/30/2006
12
Projection

6/30/2007
12
Projection

Annual

Annual

Target Currency: USD United States Dollars

144
1,605
2,141
59
3,949

3.1
34.6
46.2
1.3
85.2

90
1,756
2,610
119
4,575

1.8
34.2
50.8
2.3
89.1

75
1,608
3,056
131
4,870

1.2
25.8
49.0
2.1
78.1

129
1,934
3,122
152
5,337

1.9
27.8
44.9
2.2
76.8

144
2,101
3,453
177
5,875

1.9
27.4
45.0
2.3
76.6

603
18
66
687
4,636

13.0
0.4
1.4
14.8
100.0

520
20
20
560
5,135

10.1
0.4
0.4
10.9
100.0

1,320
22
22
1,364
6,234

21.2
0.4
0.4
21.9
100.0

1,558
26
26
1,609
6,947

22.4
0.4
0.4
23.2
100.0

1,734
30
30
1,793
7,668

22.6
0.4
0.4
23.4
100.0

1,148
142
583
214
30
2,117

24.8
3.1
12.6
4.6
0.6
45.7

1,134
115
980
222
2,451

22.1
2.2
19.1
4.3
47.7

1,475
169
1,139
281
3,064

23.7
2.7
18.3
4.5
49.1

2,740
169
1,071
305
4,285

39.4
2.4
15.4
4.4
61.7

4,157
169
1,184
332
5,842

54.2
2.2
15.4
4.3
76.2

630
630

13.6
13.6

492
492

9.6
9.6

1,347
1,347

21.6
21.6

1,347
1,347

19.4
19.4

1,347
1,347

17.6
17.6

2,747

59.3

2,943

57.3

4,411

70.8

5,632

81.1

7,189

93.7

1,889
4,636

40.7
100.0

2,192
5,135

42.7
100.0

1,823
6,234

29.2
100.0

1,315
6,947

18.9
100.0

479
7,668

6.3
100.0

10,535
7,739
239
2,557
2,114
13
430
(147)
47
330
77
253

100.0
73.5
2.3
24.3
20.1
0.1
4.1
(1.4)
0.4
3.1
0.7
2.4

11,848
8,552
224
3,072
2,454
17
601
(153)
45
493
144
349

100.0
72.2
1.9
25.9
20.7
0.1
5.1
(1.3)
0.4
4.2
1.2
2.9

12,419
9,468
273
2,678
2,755
21
(98)
(306)
35
(369)
(369)

100.0
76.2
2.2
21.6
22.2
0.2
(0.8)
(2.5)
0.3
(3.0)
(3.0)

13,492
10,354
361
2,778
3,117
25
(364)
(318)
38
(644)
(113)
(531)

100.0
76.7
2.7
20.6
23.1
0.2
(2.7)
(2.4)
0.3
(4.8)
(0.8)
(3.9)

14,658
11,452
419
2,786
3,540
29
(783)
(318)
41
(1,059)
(186)
(874)

100.0
78.1
2.9
19.0
24.2
0.2
(5.3)
(2.2)
0.3
(7.2)
(1.3)
(6.0)

253
253

2.4
2.4

349
349

2.9
2.9

(369)
(369)

(3.0)
(3.0)

(531)
(531)

(3.9)
(3.9)

(874)
(874)

(6.0)
(6.0)

Cash Dividends & Withdrawals

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

(46)

23

38

Page 72

Long-Term Projections: Executive FAS 95 Stmt of Cash Flows (Direct)


MMAS Sample Customer (MMASSample)
Executive FAS 95 Stmt of Cash Flows (Direct)
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash Received From Customers
Cash Pd To Suppliers & Employees
Interest Paid
Income Taxes Paid
Interest & Dividends Received
Misc Cash Received (Paid)
NET CASH PROV BY OPERATIONS

11,697
(11,130)
(153)
(174)
32
272

12,567
(12,463)
(306)
35
(167)

13,166
(13,601)
(318)
113
38
(603)

14,491
(15,208)
(318)
186
41
(808)

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Net Fixed Assets
Chg in Investments
Chg in Intangibles - Net
NET CASH USED IN INVESTING

(145)
44
(101)

(1,094)
(4)
(1,098)

(624)
(7)
(631)

(624)
(8)
(632)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in Short Term Liabilities
Chg in Long Term Debt
Net Chg in Borrowings
Deferred Interest Expense
Chg in Other ST and LT Liabilities
Cash Dividends Paid
Chg in Capital(Less Non-Cash)
NET CASH PROV BY FINANCING
Chg in Currency Translation
CHANGE IN CASH & EQUIVALENTS

(41)
(138)
(179)
(46)
(225)
(54)

395
855
1,250
1,250
(15)

1,265
1,265
23
1,288
54

1,417
1,417
38
1,455
15

144
90

90
75

75
129

129
144

ADD:CASH AND EQUIVALENTS AT BOP


CASH AND EQUIVALENTS AT EOP

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 73

Long-Term Projections: RiskCalc for Private Firm Version 3.1


MMAS Sample Customer (MMASSample)
RiskCalc for Private Firm (United States) - Version 3.1
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Historical EDFs calculated with Credit Cycle Adjustments, Projected EDFs with Financial Statements Only
Statement Date
6/30/2003
6/30/2004
6/30/2005
6/30/2006
6/30/2007
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd
Unqualif'd
Unqualif'd
Projection
Projection
Accountant
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Source Currency: USD United States Dollars

Target Currency: USD United States Dollars

Exchange Rate:
Exchange Rate Date:

1
6/30/2003

1
6/30/2004

1
6/30/2005

1
6/30/2006

1
6/30/2007

1 Yr Bond Default Rate Mapping


1 Yr Percentile
1 Yr Custom Rating

Ba1.edf
46.21
N/A

Baa2.edf
17.31
N/A

B2.edf
86.44
N/A

B3.edf
94.79
N/A

Caa-C.edf
97.46
N/A

5 Yr Bond Default Rate Mapping


5 Yr Percentile
5 Yr Custom Rating

Ba2.edf
55.88
N/A

Baa3.edf
28.96
N/A

B1.edf
86.15
N/A

B3.edf
93.56
N/A

Caa-C.edf
96.87
N/A

Cumulative EDFs:
1 Year
2 Year
3 Year
4 Year
5 Year

0.85
1.99
3.25
4.59
5.99

0.30
0.85
1.57
2.42
3.37

4.26
6.84
8.98
10.88
12.60

6.81
10.21
12.88
15.15
17.16

9.85
14.70
18.46
21.63
24.39

Forward EDFs:
1 Year
2 Year
3 Year
4 Year
5 Year

0.85
1.14
1.28
1.39
1.47

0.30
0.56
0.72
0.86
0.98

4.26
2.69
2.30
2.08
1.93

6.81
3.64
2.98
2.61
2.37

9.85
5.38
4.41
3.88
3.53

Annualized EDFs:
1 Year
2 Year
3 Year
4 Year
5 Year

0.85
1.00
1.09
1.17
1.23

0.30
0.43
0.53
0.61
0.68

4.26
3.48
3.09
2.84
2.66

6.81
5.24
4.49
4.03
3.70

9.85
7.64
6.58
5.91
5.44

1-Yr. Relative Contributions:


Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

-32.37
N/A
24.39
N/A
N/A
11.39
-5.40
-5.99
7.58
-8.19
-4.69

-19.95
-8.06
15.59
-9.23
-14.44
7.59
-4.22
-3.60
5.35
-9.05
-2.93

40.60
-6.10
9.21
-0.90
15.55
4.89
11.74
0.22
4.93
4.05
-1.82

42.01
-5.29
8.50
-3.11
-1.99
4.14
13.20
4.14
8.05
7.85
-1.72

37.60
-4.30
6.90
-4.23
0.62
3.36
10.72
7.71
7.82
15.33
-1.43

5-Yr. Relative Contributions:


Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

-15.30
N/A
24.08
N/A
N/A
22.27
-6.80
-6.64
7.22
-7.97
-9.71

-9.34
-10.71
15.25
-7.04
-13.96
14.69
-5.27
-3.95
5.05
-8.73
-6.01

21.48
-9.16
10.19
-0.77
16.98
10.70
16.55
0.28
5.26
4.41
-4.22

22.60
-8.08
9.55
-2.73
-2.21
9.20
18.91
5.22
8.74
8.70
-4.06

20.16
-6.54
7.73
-3.70
0.68
7.45
15.31
9.69
8.45
16.93
-3.35

1-Yr. Relative Sensitivities:


Return On Assets (ROA)

-75.89

-34.41

-103.13

-47.62

-16.17

Moodys KMV Sample Reports

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Page 74

MMAS Sample Customer (MMASSample)


RiskCalc for Private Firm (United States) - Version 3.1
Industry Classification: NAICS Code: 315228
Projection Title: Long term
Statement Date
6/30/2003 6/30/2004 6/30/2005 6/30/2006 6/30/2007
Months Covered
12
12
12
12
12
Audit Mthd
Unqualif'd Unqualif'd Unqualif'd Projection Projection
Accountant
KPMG
KPMG
KPMG
Analyst
GJH
GJH
GJH
Stmt Type
Annual
Annual
Annual
Annual
Annual
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

0.00
-176.21
0.00
0.00
15.94
-268.33
-135.28
55.90
58.45
-14.00

38.15
-371.33
-35.12
-39.86
14.47
-293.75
-144.34
58.99
58.85
-10.73

-19.93
-301.65
-70.59
-24.36
10.86
-205.13
-217.71
47.11
92.32
-7.21

18.42
-310.94
95.45
-118.77
15.66
-109.33
-227.05
39.53
111.06
-6.17

22.33
-376.67
-7.31
-131.17
18.99
-132.52
-244.75
37.01
107.31
-5.79

5-Yr. Relative Sensitivities:


Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

-32.74
0.00
-160.17
0.00
0.00
28.62
-313.14
-137.60
48.88
52.20
-26.64

-16.95
53.45
-305.39
-28.27
-40.45
31.72
-320.51
-162.05
57.61
58.71
-24.89

-47.79
-26.24
-291.97
-53.33
-23.31
20.81
-253.22
-236.53
44.03
88.13
-14.64

-22.06
24.25
-300.94
72.09
-113.62
30.01
-134.93
-246.65
36.94
105.99
-12.52

-7.18
28.19
-349.60
-5.30
-120.36
34.89
-156.85
-254.97
33.17
98.23
-11.27

Percentiles:
Return On Assets (ROA)
Sales Growth
Cash to Assets
Change in AR Turnover
Change in Return On Assets (ROA)
Inventory to Sales
Cash Flow to Interest Expense
Retained Earnings to Current Liabilities
Current Liabilities to Sales
Leverage
Size

57.04
N/A
47.14
N/A
N/A
90.26
N/A
53.80
66.44
58.01
47.59

63.75
66.16
36.33
39.31
66.70
92.03
50.79
53.90
68.01
51.44
49.46

9.11
45.91
30.52
22.37
9.63
94.14
16.89
42.95
76.74
73.10
53.15

7.71
56.85
37.37
76.78
37.80
92.96
11.89
29.65
86.07
79.01
55.54

5.73
56.85
37.52
50.00
27.06
93.31
10.12
18.58
91.63
91.15
57.61

Prepared: 18:12, 9/22/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Ratios or Levels:
Return On Assets (ROA)
5.46
6.80
-5.92
-7.65
-11.40
Sales Growth
N/A
12.46
4.82
8.64
8.64
Cash to Assets
3.11
1.75
1.20
1.86
1.88
Change in AR Turnover
N/A
-0.41
-1.87
1.39
0.00
Change in Return On Assets (ROA)
N/A
1.34
-12.72
-1.73
-3.75
Inventory to Sales
20.32
22.03
24.61
23.14
23.56
Cash Flow to Interest Expense
N/A
433.99
30.07
-125.86
-212.91
Retained Earnings to Current Liabilities
88.43
88.74
58.94
30.29
7.91
Current Liabilities to Sales
20.09
20.69
24.67
31.76
39.85
Leverage
25.01
18.33
42.49
50.60
73.76
Size
445,691.62 482,635.37 569,864.36 635,025.62 700,953.4
2
When defining percentiles, be aware that observations in the sample population are sorted in order of increasing ratio value. This means that the item's
impact on risk relative to its location within a certain percentile depends upon the relationship between the ratio and risk. An item that is in a high
percentile for profitability has a positive impact by lowering the probability of default, since more profitable companies have lower risk of default.
Conversely, an item in a high percentile in a leverage ratio has a negative impact, since a highly leveraged company has a higher risk of default.

Moodys KMV Sample Reports

Page 75

FINANCIAL PACKAGE REPORTS


SHORT-TERM PROJECTION REPORTS
Short-Term Projection Reports are used to project borrower financial statement data into future periods. With Short-Term
Projections, the analyst can project monthly statements.
In addition to the sample Short-Term Projection Reports shown in this document, the following reports are also available:
1.

Short-Term Projections: Detailed Balance Sheet Actual

2.

Short-Term Projections: Comprehensive Income Statement Actual

3.

Short-Term Projections: Detailed Balance Sheet %

4.

Short-Term Projections: Detailed Income Statement %

5.

Short-Term Projections: Detailed Comprehensive Income Statement %

6.

Short-Term Projections: Detailed Balance Sheet Actual and %

7.

Short-Term Projections: Detailed Income Statement Actual and %

8.

Short-Term Projections: Detailed Comprehensive Income Statement Actual and %

9.

Short-Term Projections: Detailed Balance Sheet Exchange Rate

10.

Short-Term Projections: Detailed Income Statement Exchange Rate

11.

Short-Term Projections: Detailed Balance Sheet Trend

12.

Short-Term Projections: Detailed Income Statement Trend

13.

Short-Term Projections: Detailed UCA Cash Flow

14.

Short-Term Projections: Detailed FAS 95 Stmt of Cash Flows (Indirect)

15.

Short-Term Projections: Cash Flow Management

16.

Short-Term Projections: Summary Income Statement Actual

17.

Short-Term Projections: Summary Balance Sheet %

18.

Short-Term Projections: Summary Income Statement %

19.

Short-Term Projections: Summary Comprehensive Income Statement %

20.

Short-Term Projections: Summary Balance Sheet Actual and %

21.

Short-Term Projections: Summary Income Statement Actual and %

22.

Short-Term Projections: Summary Comprehension Income Statement Actual and %

23.

Short-Term Projections: Summary Reconciliations

24.

Short-Term Projections: FAS Stmt of Cash Flows (Direct)

25.

Short-Term Projections: Summary Ratios

26.

Short-Term Projections: Executive Financial Statement Actual

27.

Short-Term Projections: Executive Financial Statement %

28.

Short-Term Projections: Executive Financial Statement Actual and %

29.

Short-Term Projections: Executive FAS 95 Stmt of Cash Flows (Direct)

30.

Short-Term Projections: Notes to Financial Statements

31.

Short-Term Projections: Asset Based Lending Report

32.

Short-Term Projections: Income Statement Account Assumptions

33.

Short-Term Projections: RiskCalc for Private Firm

Moodys KMV Sample Reports

Page 76

Short-Term Projections: Detailed Income Statement Actual


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Detailed Income Statement - Actual
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
12
Audit Mthd
Unqualif'd
Total
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
Net Sales - Manufacturing
Division
Net Sales - Catalog Division
NET SALES/REVENUE
Cost of Goods Sold
Cost of Goods Sold Depreciation
TOTAL COST OF SALES/REV
GROSS PROFIT
SG & A Expense
Depreciation
TOTAL OPERATING EXPENSE
NET OPERATING PROFIT
Interest Expense (-)
Int. Exp. ST Loans Payable-Bank
Int. Exp. CPLTD-Bank
Int. Exp. Long Term Debt-Bank
Total Interest Expense
Other Income
TOTAL OTHER INCOME(EXP)
PROFIT BEFORE TAXES
Current Income Tax
NET PROFIT

9,317

814

814

814

814

814

814

814

814

814

814

814

814

9,768

3,102
12,419

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

3,252
13,020

9,468
273

831
27

834
28

838
29

842
29

845
30

849
31

853
31

856
32

860
33

864
34

867
34

871
35

10,210
373

9,741
2,678

858
227

862
222

867
218

871
214

875
209

880
205

884
201

889
196

893
192

897
188

902
183

906
179

10,584
2,434

2,755
21
2,776
(98)

242
2
244
(17)

243
2
245
(23)

245
2
247
(29)

246
2
248
(34)

247
2
250
(40)

249
2
251
(46)

250
2
252
(52)

251
2
254
(57)

253
3
255
(63)

254
3
256
(69)

255
3
258
(75)

257
3
259
(80)

2,992
28
3,019
(585)

306
306
35
(271)
(369)

16
2
15
32
3
(29)
(46)

16
2
15
32
3
(29)
(52)

16
2
15
32
3
(29)
(58)

16
2
15
32
3
(29)
(64)

16
2
15
32
3
(29)
(69)

16
2
15
32
3
(29)
(75)

16
2
15
32
3
(29)
(81)

16
2
15
32
3
(29)
(87)

16
2
15
32
3
(29)
(92)

16
2
15
32
3
(29)
(98)

16
2
15
32
3
(29)
(104)

16
2
15
32
3
(29)
(110)

192
24
180
384
36
(348)
(936)

(369)

(7)
(40)

(8)
(45)

(8)
(50)

(9)
(54)

(10)
(59)

(11)
(64)

(12)
(69)

(13)
(74)

(13)
(79)

(14)
(84)

(15)
(89)

(16)
(94)

(136)
(801)

(63)
231
231

(14)
15
22

(20)
10
18

(26)
5
14

(31)
10

(37)
(5)
5

(43)
(10)
1

(49)
(15)
(3)

(54)
(20)
(7)

(60)
(25)
(11)

(66)
(30)
(15)

(72)
(35)
(20)

(77)
(40)
(24)

(549)
(150)
(10)

54

EBIT
EBITDA
EBIDA
Dividends - Common

Moodys KMV Sample Reports

Target Currency: USD United States Dollars

Page 77

Short-Term Projections: Detailed Reconciliations


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Detailed Reconciliations
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
Analyst
GJH
Stmt Type
Annual

BEGINNING RETAINED EARNINGS


Net Profit
Dividends - Common
ENDING RETAINED EARNINGS

2,175
(369)
1,806

BEGINNING NET WORTH


Net Profit
Div & Withdrawals-Cash
ACTUAL ENDING NET WORTH
INCR(DECR) IN NET WORTH

Moodys KMV Sample Reports

1,786
(45)
3
1,744
(42)

BEGINNING WORKING CAPITAL


2,124
Decrease(Increase) in Non-Current Assets:
Total Fixed Assets-Net
(800)
Cash Value Life Insurance
(2)
Other Assets
(2)
Increase(Decrease) in Non-Current Liabilities:
Long Term Debt
855
Increase(Decrease) in Net Worth
(369)
ENDING WORKING CAPITAL
1,806

1,823
(40)
3
1,786
(37)

Reconciliation of Retained Earnings


1,727
1,681
1,630
(50)
(54)
(59)
3
4
4
1,681
1,630
1,575

1,769
(45)
3
1,727

2,192
(369)
1,823
(369)

1,806
(40)
3
1,769

1,575
(64)
4
1,515

1,515
(69)
5
1,451

1,451
(74)
5
1,382

1,382
(79)
5
1,308

1,308
(84)
6
1,230

1,592
(64)
4
1,532
(60)

Reconciliation of Working Capital


1,603
1,496
1,385

Reconciliation of Net Worth


1,744
1,698
1,647
(50)
(54)
(59)
3
4
4
1,698
1,647
1,592
(46)
(51)
(55)

1,532
(69)
5
1,468
(65)

1,468
(74)
5
1,399
(69)

1,399
(79)
5
1,325
(74)

1,325
(84)
6
1,247
(78)

1,230
(89)
6
1,147

1,247
(89)
6
1,164
(83)

1,147
(94)
6
1,059
1,164
(94)
6
1,076
(87)

1,271

1,152

1,030

903

773

639

501

1,806

1,707

(62)
-

(61)
-

(60)
-

(59)
-

(59)
-

(58)
-

(57)
-

(56)
-

(56)
-

(55)
-

(54)
-

(53)
-

(37)
1,707

(42)
1,603

(46)
1,496

(51)
1,385

(55)
1,271

(60)
1,152

(65)
1,030

(69)
903

(74)
773

(78)
639

(83)
501

(87)
360

Page 78

Short-Term Projections: Detailed FAS 95 Stmt of Cash Flows (Direct)


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Detailed FAS 95 Stmt of Cash Flows (Direct)
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
12
Analyst
GJH
Stmt Type
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Sales - Manufacturing
9,317
Division
Net Sales - Catalog Division
3,102
Chg in Accts/Notes Rec-Trade
144
Chg in Bad Debt Reserve (-)
4
Cash Received From Customers
12,567

Cost of Goods Sold


Chg in Inventory
Chg in Accounts Payable-Trade
SG & A Expense
Chg in Prepaid Expenses
Chg in Accrued Expenses
Cash Paid To Suppliers
and Employees
Interest Expense (-)
Int. Exp. ST Loans Payable-Bank
Int. Exp. CPLTD-Bank
Int. Exp. Long Term Debt-Bank
Interest Paid
Current Income Tax
Income Taxes Paid

Interest & Dividends Received


Other Income
Misc Cash Received(Paid)

NET CASH PROVIDED


BY OPERATIONS

814

814

814

814

814

814

814

814

814

814

814

814

9,768

271
(204)
5
885

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

271
1,085

3,252
(204)
5
12,820

(9,468)
(446)
159
(2,755)
(12)
59

(831)
(74)
32
(242)
(2)
1

(834)
(14)
5
(243)
(2)
1

(838)
(14)
5
(245)
(2)
1

(842)
(13)
5
(246)
(2)
1

(845)
(14)
5
(247)
(2)
1

(849)
(14)
5
(249)
(2)
1

(853)
(14)
5
(250)
(2)
1

(856)
(14)
5
(251)
(2)
1

(860)
(14)
5
(253)
(2)
1

(864)
(13)
5
(254)
(2)
1

(867)
(14)
5
(255)
(3)
1

(871)
(14)
5
(257)
(3)
1

(10,210)
(226)
87
(2,992)
(26)
12

(12,463)

(1,116)

(1,087)

(1,093)

(1,097)

(1,102)

(1,107)

(1,113)

(1,118)

(1,123)

(1,127)

(1,133)

(1,138)

(13,354)

(306)
(306)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(16)
(2)
(15)
(32)

(192)
(24)
(180)
(384)

7
7

8
8

8
8

9
9

10
10

11
11

12
12

13
13

13
13

14
14

15
15

16
16

136
136

35
35

3
3

3
3

3
3

3
3

3
3

3
3

3
3

3
3

3
3

3
3

3
3

3
3

36
36

(167)

(253)

(24)

(28)

(32)

(37)

(41)

(45)

(49)

(54)

(57)

(62)

(66)

(748)

(59)

(76)

(76)

(76)

(76)

(76)

(76)

(76)

(76)

(76)

(76)

(76)

(895)

(32)

(15)

(15)

(15)

(15)

(15)

(15)

(15)

(15)

(15)

(15)

(15)

(197)

29
(27)

30
(28)

31
(29)

32
(29)

32
(30)

33
(31)

34
(31)

35
(32)

35
(33)

36
(34)

37
(34)

38
(35)

402
(373)

(2)
(91)

(2)
(91)

(2)
(91)

(2)
(91)

(2)
(91)

(2)
(91)

(2)
(91)

(2)
(91)

(3)
(91)

(3)
(91)

(3)
(91)

(3)
(91)

(28)
(1,092)

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Property Plant &
(946)
Equipment
Chg in Furniture, Fixtures &
(147)
Vehicles
Chg in Accumulated Deprec (-)
293
Cost of Goods Sold (273)
Depreciation
Depreciation
(21)
Chg in Net Fixed Assets
(1,094)

Moodys KMV Sample Reports

Page 79

MMAS Sample Customer (MMASSample)


Prepared: 18:15, 9/22/2005
Detailed FAS 95 Stmt of Cash Flows (Direct)
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
12
Analyst
GJH
Stmt Type
Annual
Chg in Cash Value Life
Insurance
Chg in Other Assets
Chg in Investments

NET CASH USED IN


INVESTING

(2)

(2)
(4)

(1)

(1)

(1)

(1)

(1)

(1)

(1)

(1)

(1)

(1)

(1)

(1)

(12)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(1,104)

360
360
3
362

113
113
3
116

117
117
3
121

121
121
4
124

125
125
4
129

129
129
4
133

133
133
5
137

137
137
5
142

141
141
5
146

144
144
6
150

148
148
6
154

152
152
6
158

1,820
1,820
54
1,872

(15)

18

18

90
75

75
93

93
93

93
94

94
94

94
94

94
95

95
95

95
96

96
96

96
97

97
97

97
97

CHANGE IN CASH & EQUIV.


Add:
Cash
CASH AND EQUIVALENTS AT
EOP

(1,098)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in Required Borrowings
Chg in Note Payable - Bank
341
Chg in CPLTD-Bank
54
Chg in Long Term Debt
855
Net Chg in Borrowings
1,250
Dividends - Common
NET CASH PROV BY
1,250
FINANCING

Moodys KMV Sample Reports

Page 80

Short-Term Projections: Detailed Ratios


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Detailed Ratios
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
Analyst
GJH
Stmt Type
Annual
ACTIVITY
Gross Accounts Receivable Days
Net Accounts Receivable Days
Inventory Days on Hand
Inventory Days on Hand (excl Depr)
Accounts Payable Days
Accounts Payable Days (excl Depr)
Net Sales/Total Assets
Net Sales/Net Worth
Net Sales/Net Fixed Assets
Profit Before Taxes/Total Assets (%)

49.90
47.26
114.51
117.81
42.68
43.91
1.99
6.81
9.41
(5.92)

53.33
50.68
110.96
114.60
41.51
42.87
1.98
7.29
9.42
(8.45)

53.33
50.68
110.88
114.60
41.48
42.87
1.95
7.46
9.02
(9.38)

53.33
50.68
110.81
114.60
41.45
42.87
1.93
7.67
8.66
(10.31)

53.33
50.68
110.74
114.60
41.42
42.87
1.91
7.90
8.33
(11.19)

53.33
50.68
110.66
114.60
41.40
42.87
1.89
8.18
8.03
(12.06)

53.33
50.68
110.59
114.60
41.37
42.87
1.87
8.50
7.76
(12.92)

53.33
50.68
110.52
114.60
41.35
42.87
1.85
8.87
7.50
(13.78)

53.33
50.68
110.45
114.60
41.32
42.87
1.83
9.31
7.26
(14.60)

53.33
50.68
110.39
114.60
41.29
42.87
1.81
9.83
7.05
(15.41)

53.33
50.68
110.32
114.60
41.27
42.87
1.79
10.44
6.84
(16.19)

53.33
50.68
110.25
114.60
41.24
42.87
1.77
11.19
6.65
(16.99)

53.33
50.68
110.18
114.60
41.22
42.87
1.76
12.09
6.48
(17.75)

GROWTH (%)
Total Assets Growth
Total Liabilities Growth
Net Worth Growth
Net Sales Growth
Operating Profit Growth
Net Profit Growth
Sustainable Growth

21.40
49.88
(16.83)
4.82
N/A
N/A
(16.83)

5.70
8.90
(2.03)
4.82
(110.83)
(28.83)
(19.91)

1.19
2.49
(2.33)
(33.33)
(12.37)
(22.24)

1.16
2.51
(2.65)
(25.47)
(11.22)
(24.63)

1.13
2.52
(2.99)
(19.55)
(9.71)
(26.99)

1.11
2.54
(3.36)
(16.67)
(9.02)
(29.42)

1.09
2.55
(3.76)
(14.29)
(8.28)
(31.93)

1.07
2.56
(4.21)
(12.74)
(7.79)
(34.55)

1.05
2.56
(4.71)
(11.09)
(7.09)
(37.23)

1.03
2.57
(5.27)
(9.98)
(6.62)
(40.04)

1.00
2.56
(5.90)
(8.90)
(6.09)
(42.95)

0.99
2.57
(6.65)
(8.49)
(5.96)
(46.08)

0.97
2.57
(7.51)
(7.68)
(5.52)
(49.37)

2,929

232

228

224

220

217

213

209

205

201

198

194

190

USER-DEFINED CALCULATIONS
Pro Forma EBITDA

Moodys KMV Sample Reports

Page 81

Short-Term Projections: Summary Balance Sheet Actual


MMAS Sample Customer (MMASSample)
Summary Balance Sheet - Actual
Industry Classification: NAICS Code: 315228
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005
Months Covered
12
1
1
1
Audit Mthd
Unqualif'd
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
ASSETS
Cash & Equivalents
Accts/Notes Rec-Trade (Net)
Trade Inventory
Operating Current Assets
TOTAL CURRENT ASSETS
Net Fixed Assets
Investments
Non-Op Non-Curr Assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES/NET WORTH
Overdrafts (Financing)
S/T Loans Payable
CPLTD-Bank
Accounts Payable - Trade
Other Accruals
TOTAL CURRENT LIABILITIES
Long Term Debt
TOTAL NON-CURRENT
LIABILITIES
TOTAL LIABILITIES
Stock
Retained Earnings
TOTAL NET WORTH
TOTAL LIABILITIES & NET
WORTH

93
1,807
3,130
133
5,163

93
1,807
3,144
135
5,180

94
1,807
3,158
138
5,196

94
1,807
3,171
140
5,212

94
1,807
3,185
142
5,229

95
1,807
3,199
144
5,246

95
1,807
3,213
147
5,262

96
1,807
3,227
149
5,279

96
1,807
3,241
152
5,296

97
1,807
3,254
154
5,312

97
1,807
3,268
156
5,329

97
1,807
3,282
159
5,346

1,320
22
22
1,364
6,234

1,382
22
22
1,426
6,590

1,443
23
23
1,488
6,668

1,503
23
23
1,549
6,745

1,562
23
23
1,609
6,821

1,621
24
24
1,668
6,897

1,679
24
24
1,727
6,973

1,736
25
25
1,785
7,047

1,792
25
25
1,842
7,121

1,848
25
25
1,899
7,194

1,903
26
26
1,954
7,267

1,957
26
26
2,009
7,338

2,010
27
27
2,064
7,410

1,475
169
1,139
281
3,064

360
1,475
169
1,171
282
3,457

473
1,475
169
1,176
283
3,576

590
1,475
169
1,181
284
3,700

711
1,475
169
1,186
285
3,827

836
1,475
169
1,192
287
3,958

965
1,475
169
1,197
288
4,094

1,098
1,475
169
1,202
289
4,233

1,235
1,475
169
1,207
290
4,376

1,375
1,475
169
1,212
291
4,523

1,519
1,475
169
1,217
292
4,673

1,668
1,475
169
1,223
293
4,828

1,820
1,475
169
1,228
295
4,986

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

1,347
1,347

4,411

4,804

4,923

5,047

5,174

5,305

5,441

5,580

5,723

5,870

6,020

6,175

6,333

17
1,806
1,823
6,234

17
1,769
1,786
6,590

17
1,727
1,744
6,668

17
1,681
1,698
6,745

17
1,630
1,647
6,821

17
1,575
1,592
6,897

17
1,515
1,532
6,973

17
1,451
1,468
7,047

17
1,382
1,399
7,121

17
1,308
1,325
7,194

17
1,230
1,247
7,267

17
1,147
1,164
7,338

17
1,059
1,076
7,410

Moodys KMV Sample Reports

75
1,608
3,056
131
4,870

10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006


1
1
1
1
1
1
1
1
1

Target Currency: USD United States Dollars

Prepared: 18:15, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)

Page 82

Short-Term Projections: Summary Comprehensive Income Statement Actual


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Summary Comprehensive Income Statement - Actual
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
12
Audit Mthd
Unqualif'd
Total
Accountant
KPMG
Analyst
GJH
Stmt Type
Annual
Source Currency: USD United States Dollars
Sales/Revenues
Cost of Sales/Revenues
Cost of Sales - Depreciation
TOTAL COST OF SALES/REV
GROSS PROFIT
S,G, & A Expense
Depreciation
TOTAL OPERATING EXP(INC)
NET OPERATING PROFIT
Interest Income(Expense)
Other Income(Expense)
TOTAL OTHER INCOME(EXP)
PROFIT BEFORE TAXES

1,085

1,085

1,085

1,085

1,085

1,085

1,085

1,085

1,085

1,085

1,085

1,085

13,020

9,468
273
9,741
2,678

831
27
858
227

834
28
862
222

838
29
867
218

842
29
871
214

845
30
875
209

849
31
880
205

853
31
884
201

856
32
889
196

860
33
893
192

864
34
897
188

867
34
902
183

871
35
906
179

10,210
373
10,584
2,434

2,755
21
2,776
(98)

242
2
244
(17)

243
2
245
(23)

245
2
247
(29)

246
2
248
(34)

247
2
250
(40)

249
2
251
(46)

250
2
252
(52)

251
2
254
(57)

253
3
255
(63)

254
3
256
(69)

255
3
258
(75)

257
3
259
(80)

2,992
28
3,019
(585)

(306)
35
(271)
(369)

(32)
3
(29)
(46)

(32)
3
(29)
(52)

(32)
3
(29)
(58)

(32)
3
(29)
(64)

(32)
3
(29)
(69)

(32)
3
(29)
(75)

(32)
3
(29)
(81)

(32)
3
(29)
(87)

(32)
3
(29)
(92)

(32)
3
(29)
(98)

(32)
3
(29)
(104)

(32)
3
(29)
(110)

(384)
36
(348)
(936)

(369)

(7)
(40)

(8)
(45)

(8)
(50)

(9)
(54)

(10)
(59)

(11)
(64)

(12)
(69)

(13)
(74)

(13)
(79)

(14)
(84)

(15)
(89)

(16)
(94)

(136)
(801)

(63)
231
231

(14)
15
22

(20)
10
18

(26)
5
14

(31)
10

(37)
(5)
5

(43)
(10)
1

(49)
(15)
(3)

(54)
(20)
(7)

(60)
(25)
(11)

(66)
(30)
(15)

(72)
(35)
(20)

(77)
(40)
(24)

(549)
(150)
(10)

(369)

(40)

(45)

(50)

(54)

(59)

(64)

(69)

(74)

(79)

(84)

(89)

(94)

(801)

EBIT
EBITDA
EBIDA

Cash Dividends & Withdrawals

Moodys KMV Sample Reports

Income Taxes
NET PROFIT

Other Comprehensive Income


COMPREHENSIVE INCOME

12,419

Target Currency: USD United States Dollars

54

Page 83

Short-Term Projections: Summary UCA Cash Flow


MMAS Sample Customer (MMASSample)
Summary UCA Cash Flow
Industry Classification: NAICS Code: 315228
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005
Months Covered
12
1
Analyst
GJH
Stmt Type
Annual
Net Sales
Chg in Accts/Notes RecTrade(Net)
Cash Collected From Sales
Cost of Sales/Revenues
Chg in Inventories
Chg in Accts Payable-Trade
Cash Paid To Suppliers
CASH FROM TRADING
ACTIVITIES
S,G&A Expense(Less Non-Cash
Exp)
Chg in Prepaids/Deferreds
Chg in Accruals & Other Pay
Cash Paid for Operating Costs
CASH AFTER OPERATIONS
Other Income (Expense)
Taxes - Paid in Cash
Other Income (Expense) & Taxes
Paid
NET CASH AFTER OPERATIONS

Interest Expense
Dividends - Paid in Cash
Cash Paid for Dividends & Interest
NET CASH INCOME
Current Portion Long Term Debt
CASH AFTER DEBT
AMORTIZATION
Chg in Net Fixed Assets
Chg in Investments
Cash Paid for Plant and
Investments
FINANCING SURPLUS
(REQMNTS)
Chg in ST Loans/Other Payables
Chg in LT & Sub Debt
Total External Financing
CASH AFTER FINANCING
Add:Beginning Cash &
Equivalents
ENDING CASH & EQUIVALENTS

Moodys KMV Sample Reports

12,419
148

1,085
(199)

Prepared: 18:15, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
8/31/2005
1

1,085
-

9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006


1
1
1
1
1

1,085
-

1,085
-

1,085
-

1,085
-

1,085
-

2/28/2006
1

1,085
-

3/31/2006 4/30/2006
1
1

1,085
-

1,085
-

5/31/2006 6/30/2006 6/30/2006


1
1
12

1,085
-

1,085
-

13,020
(199)

12,567
(9,468)
(446)
159
(9,755)
2,812

885
(831)
(74)
32
(873)
12

1,085
(834)
(14)
5
(843)
242

1,085
(838)
(14)
5
(847)
238

1,085
(842)
(13)
5
(850)
235

1,085
(845)
(14)
5
(854)
231

1,085
(849)
(14)
5
(858)
227

1,085
(853)
(14)
5
(861)
223

1,085
(856)
(14)
5
(865)
220

1,085
(860)
(14)
5
(869)
216

1,085
(864)
(13)
5
(872)
213

1,085
(867)
(14)
5
(876)
209

1,085
(871)
(14)
5
(880)
205

12,820
(10,210)
(226)
87
(10,348)
2,471

(2,755)

(242)

(243)

(245)

(246)

(247)

(249)

(250)

(251)

(253)

(254)

(255)

(257)

(2,992)

(12)
59
(2,708)
104
35
35

(2)
1
(243)
(230)
3
7
10

(2)
1
(244)
(3)
3
8
11

(2)
1
(246)
(8)
3
8
12

(2)
1
(247)
(12)
3
9
12

(2)
1
(248)
(18)
3
10
13

(2)
1
(250)
(23)
3
11
14

(2)
1
(251)
(28)
3
12
15

(2)
1
(252)
(33)
3
13
16

(2)
1
(254)
(38)
3
13
17

(2)
1
(255)
(43)
3
14
17

(3)
1
(257)
(48)
3
15
18

(3)
1
(258)
(53)
3
16
19

(26)
12
(3,005)
(537)
36
136
174

139

(221)

(4)

(9)

(13)

(17)

(21)

(25)

(30)

(34)

(362)

(306)
(306)
(167)
(115)
(282)

(32)
3
(30)
(250)
(14)
(264)

(32)
3
(29)
(21)
(14)
(35)

(32)
3
(29)
(25)
(14)
(39)

(32)
4
(29)
(29)
(14)
(43)

(32)
4
(28)
(33)
(14)
(47)

(32)
4
(28)
(37)
(14)
(51)

(32)
5
(28)
(41)
(14)
(55)

(32)
5
(27)
(44)
(14)
(59)

(32)
5
(27)
(48)
(14)
(62)

(32)
6
(27)
(52)
(14)
(66)

(32)
6
(26)
(56)
(14)
(70)

(32)
6
(26)
(60)
(14)
(74)

(384)
54
(334)
(696)
(168)
(865)

(1,094)
(4)
(1,098)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(1,092)
(12)
(1,104)

(1,380)

(356)

(127)

(131)

(135)

(139)

(143)

(146)

(150)

(154)

(158)

(162)

(166)

(1,967)

341
1,024
1,365
(15)
90

360
14
374
18
75

113
14
127
93

117
14
131
93

121
14
135
94

125
14
139
94

129
14
143
94

133
14
147
95

137
14
151
95

141
14
155
96

144
14
158
96

148
14
162
97

152
14
166
97

1,820
168
1,988
18

75

93

93

94

94

94

95

95

96

96

97

97

97

Page 84

Short-Term Projections: FAS 95 Stmt of Cash Flows (Indirect)


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Summary FAS 95 Stmt of Cash Flows (Indirect)
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
Analyst
GJH
Stmt Type
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
(369)

(40)

(45)

(50)

(54)

(59)

(64)

(69)

(74)

(79)

(84)

(89)

(94)

294
148
(446)
(12)
159
59
202
(167)

29
(199)
(74)
(2)
32
1
(213)
(253)

30
(14)
(2)
5
1
20
(24)

31
(14)
(2)
5
1
21
(28)

32
(13)
(2)
5
1
22
(32)

32
(14)
(2)
5
1
23
(37)

33
(14)
(2)
5
1
23
(41)

34
(14)
(2)
5
1
24
(45)

35
(14)
(2)
5
1
25
(49)

35
(14)
(2)
5
1
25
(54)

36
(13)
(2)
5
1
26
(57)

37
(14)
(3)
5
1
27
(62)

38
(14)
(3)
5
1
28
(66)

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Net Fixed Assets
(1,094)
Chg in Long Term Investments
(4)
NET CASH USED IN INVESTING
(1,098)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

(91)
(1)
(92)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in ST Loans
341
Chg in CP-Long Term Debt
54
Chg in Long Term Debt
855
Net Chg in Borrowings
1,250
Cash Dividends Paid
NET CASH PROV BY FINANCING
1,250
CHANGE IN CASH & EQUIVALENTS
(15)

360
360
3
362
18

113
113
3
116
-

117
117
3
121
-

121
121
4
124
-

125
125
4
129
-

129
129
4
133
-

133
133
5
137
-

137
137
5
142
-

141
141
5
146
-

144
144
6
150
-

148
148
6
154
-

152
152
6
158
-

Reconciling Items
Deprec & Amort
Chg in Net Receivables
Chg in Inventories
Chg in Prepaids/Deferreds
Chg in Accts Payable-Trade & Othr
Chg in Accruals
Total Adjustments
NET CASH PROV BY OPERATIONS

ADD:CASH AND EQUIVALENTS AT BOP


CASH AND EQUIVALENTS AT EOP

Moodys KMV Sample Reports

75
93

93
93

93
94

94
94

94
94

94
95

95
95

95
96

96
96

96
97

97
97

97
97

90
75

Page 85

Short-Term Projections: Summary Cash Flow Management


MMAS Sample Customer (MMASSample)
Summary Cash Flow Management
Industry Classification: NAICS Code: 315228
Projection Title: Short Term
Statement Date
Months Covered
Analyst
Stmt Type
UCA CASH AFTER OPERATIONS
Net Sales
Chg in Accts/Notes Rec-Trade(Net)
Cash Collected From Sales

Prepared: 18:15, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
12
1
1
1
1
1
1
1
1
1
1
1
1
GJH
Annual
12,419
148
12,567

1,085
(199)
885

1,085
1,085

1,085
1,085

1,085
1,085

1,085
1,085

1,085
1,085

1,085
1,085

1,085
1,085

1,085
1,085

1,085
1,085

1,085
1,085

1,085
1,085

(9,468)
(446)
159
(9,755)
2,812

(831)
(74)
32
(873)
12

(834)
(14)
5
(843)
242

(838)
(14)
5
(847)
238

(842)
(13)
5
(850)
235

(845)
(14)
5
(854)
231

(849)
(14)
5
(858)
227

(853)
(14)
5
(861)
223

(856)
(14)
5
(865)
220

(860)
(14)
5
(869)
216

(864)
(13)
5
(872)
213

(867)
(14)
5
(876)
209

(871)
(14)
5
(880)
205

(2,755)
(12)
59
(2,708)
104

(242)
(2)
1
(243)
(230)

(243)
(2)
1
(244)
(3)

(245)
(2)
1
(246)
(8)

(246)
(2)
1
(247)
(12)

(247)
(2)
1
(248)
(18)

(249)
(2)
1
(250)
(23)

(250)
(2)
1
(251)
(28)

(251)
(2)
1
(252)
(33)

(253)
(2)
1
(254)
(38)

(254)
(2)
1
(255)
(43)

(255)
(3)
1
(257)
(48)

(257)
(3)
1
(258)
(53)

Net Sales Growth (%)


Total Cash Impact of Growth

4.82
(238)

4.82
(170)

(7)

(7)

(7)

(7)

(7)

(7)

(7)

(7)

(7)

(7)

(7)

Gross Margin (plus Depr) %


Cash Impact of Gross Margin Mgmt

23.76
(504)

23.42
(4)

23.08
(4)

22.74
(4)

22.41
(4)

22.07
(4)

21.73
(4)

21.39
(4)

21.05
(4)

20.71
(4)

20.38
(4)

20.04
(4)

19.70
(4)

Operating Expense (excl Depr) %


Cash Impact of Oper Exp Mgmt

22.18
(183)

22.30
(1)

22.42
(1)

22.55
(1)

22.67
(1)

22.79
(1)

22.91
(1)

23.04
(1)

23.16
(1)

23.28
(1)

23.40
(1)

23.53
(1)

23.65
(1)

Accounts Receivable Days


Cash Impact of Accts Rec Days Mgmt

47.26
233

50.68
(122)

50.68
-

50.68
-

50.68
-

50.68
-

50.68
-

50.68
-

50.68
-

50.68
-

50.68
-

50.68
-

50.68
-

Inventory Days on Hand (excl Depr)


Cash Impact of Inv Days Mgmt

117.81
(166)

114.60
88

114.60
-

114.60
-

114.60
-

114.60
-

114.60
-

114.60
-

114.60
-

114.60
-

114.60
-

114.60
-

114.60
-

Accounts Payable Days (excl Depr)


Cash Impact of A/P Days Mgmt

43.91
54

42.87
(28)

42.87
-

42.87
-

42.87
-

42.87
-

42.87
-

42.87
-

42.87
-

42.87
-

42.87
-

42.87
-

42.87
-

131
(6)

133
4

135
(2)

138
(2)

140
(2)

142
(2)

144
(2)

147
(2)

149
(2)

152
(2)

154
(2)

156
(3)

159
(3)

37.23
32

35.47
(14)

35.42
-

35.35
(1)

35.30
-

35.26
-

35.21
-

35.15
(1)

35.10
-

35.06
-

35.02
-

34.96
-

34.92
-

Cost of Sales/Revenues
Chg in Inventories
Chg in Accts Payable-Trade
Cash Paid To Suppliers
CASH FROM TRADING ACTIVITIES
S,G&A Expense(Less Non-Cash Exp)
Chg in Prepaids/Deferreds
Chg in Accruals & Other Pay
Cash Paid for Operating Costs
CASH AFTER OPERATIONS

CASH IMPACT ANALYSIS

Other Operating Assets


Cash Impact of Other Op Assets Mgmt
Accrued Expenses Days
Cash Impact of Accruals Mgmt
Other Current Liabilities
Cash Impact of Other Current Liabilities Mgmt

Moodys KMV Sample Reports

Page 86

Short-Term Projections: Executive Reconciliations & Ratios


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Executive Reconciliations & Ratios
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
12
Analyst
GJH
Stmt Type
Annual

BEGINNING WORKING
CAPITAL
Chg in Total Fixed Assets-Net
Chg in Long Term Rec & Invest
Chg in Other LT Assets
Chg in Long Term Debt
Chg in Net Worth
ENDING WORKING CAPITAL

Moodys KMV Sample Reports

1,603

(800)
(2)
(2)
855
(369)
1,806

(62)
(37)
1,707

(61)
(42)
1,603

(60)
(46)
1,496

Reconciliation of Working Captial


1,496
1,385
1,271

1,707

(59)
(51)
1,385

(59)
(55)
1,271

12,567
(9,755)
2,812

885
(873)
12

1,085
(843)
242

1,085
(847)
238

(2,708)
104
35
139

(243)
(230)
3
7
(221)

(244)
(3)
3
8
8

(246)
(8)
3
8
4

(247)
(12)
3
9
-

(306)
(167)
(115)

(32)
3
(250)
(14)

(32)
3
(21)
(14)

(32)
3
(25)
(14)

(282)

(264)

(35)

(1,094)
(4)

(91)
(1)

(58)
(60)
1,152

UCA Cash Flow


1,085
1,085
(850)
(854)
235
231

Cash Collected From Sales


Cash Paid To Suppliers
CASH FROM TRADING
ACTIVITIES
Cash Paid for Operating Costs
CASH AFTER OPERATIONS
Other Cash Expenses
Taxes - Paid in Cash
NET CASH AFTER
OPERATIONS
Interest - Paid in Cash
Dividends - Paid in Cash
NET CASH INCOME
Current Portion Long Term
Debt
CASH AFTER DEBT
AMORTIZATION
Chg in Net Fixed Assets
Chg in Investments &
Intangibles
Extraordinary and Non-Cash
Items
FINANCING SURPLUS
(REQMNTS)
Total External Financing
CASH AFTER FINANCING
Add:Beginning Cash &
Equivalents
ENDING CASH &
EQUIVALENTS

1,806

2,124

1,030

903

773

639

501

(57)
(65)
1,030

(56)
(69)
903

(56)
(74)
773

(55)
(78)
639

(54)
(83)
501

(53)
(87)
360

1,152

1,085
(858)
227

1,085
(861)
223

1,085
(865)
220

1,085
(869)
216

1,085
(872)
213

1,085
(876)
209

1,085
(880)
205

12,820
(10,348)
2,471

(248)
(18)
3
10
(4)

(250)
(23)
3
11
(9)

(251)
(28)
3
12
(13)

(252)
(33)
3
13
(17)

(254)
(38)
3
13
(21)

(255)
(43)
3
14
(25)

(257)
(48)
3
15
(30)

(258)
(53)
3
16
(34)

(3,005)
(537)
36
136
(362)

(32)
4
(29)
(14)

(32)
4
(33)
(14)

(32)
4
(37)
(14)

(32)
5
(41)
(14)

(32)
5
(44)
(14)

(32)
5
(48)
(14)

(32)
6
(52)
(14)

(32)
6
(56)
(14)

(32)
6
(60)
(14)

(384)
54
(696)
(168)

(39)

(43)

(47)

(51)

(55)

(59)

(62)

(66)

(70)

(74)

(865)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(1,092)
(12)

(1,380)

(356)

(127)

(131)

(135)

(139)

(143)

(146)

(150)

(154)

(158)

(162)

(166)

(1,967)

1,365
(15)
90

374
18
75

127
93

131
93

135
94

139
94

143
94

147
95

151
95

155
96

158
96

162
97

166
97

1,988
18

75

93

93

94

94

94

95

95

96

96

97

97

97

Page 87

MMAS Sample Customer (MMASSample)


Prepared: 18:15, 9/22/2005
Executive Reconciliations & Ratios
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
12
Analyst
GJH
Stmt Type
Annual

1,806
0.55
1.59
2.42
2.42
(0.44)

1,707
0.55
1.49
2.69
2.69
(0.54)

1,603
0.53
1.45
2.82
2.82
(0.81)

1,496
0.51
1.40
2.97
2.97
(1.09)

1,385
0.50
1.36
3.14
3.14
(1.36)

Ratios
1,271
0.48
1.32
3.33
3.33
(1.63)

(5.92)
(20.24)
47.26
114.51
42.68
21.40
49.88
(16.83)
4.82
N/A

(7.21)
(26.62)
50.68
110.96
41.51
5.70
8.90
(2.03)
4.82
(28.83)

(8.01)
(30.62)
50.68
110.88
41.48
1.19
2.49
(2.33)
(12.37)

(8.81)
(34.99)
50.68
110.81
41.45
1.16
2.51
(2.65)
(11.22)

(9.56)
(39.57)
50.68
110.74
41.42
1.13
2.52
(2.99)
(9.71)

Working Capital
Quick Ratio
Current Ratio
Debt/Worth
Debt/Tang Worth
Net Income+Depr+AmortDivs/CPLTD
Return on Assets (%)
Return on Equity (%)
Net Accounts Receivable Days
Inventory Days on Hand
Accounts Payable Days
Total Assets Growth (%)
Total Liabilities Growth (%)
Net Worth Growth (%)
Net Sales Growth (%)
Net Profit Growth (%)

Moodys KMV Sample Reports

1,152
0.46
1.28
3.55
3.55
(1.90)

1,030
0.45
1.24
3.80
3.80
(2.18)

903
0.43
1.21
4.09
4.09
(2.45)

773
0.42
1.17
4.43
4.43
(2.72)

639
0.41
1.14
4.83
4.83
(2.99)

501
0.39
1.10
5.31
5.31
(3.27)

360
0.38
1.07
5.88
5.88
(3.54)

(10.30)
(44.63)
50.68
110.66
41.40
1.11
2.54
(3.36)
(9.02)

(11.03)
(50.22)
50.68
110.59
41.37
1.09
2.55
(3.76)
(8.28)

(11.77)
(56.51)
50.68
110.52
41.35
1.07
2.56
(4.21)
(7.79)

(12.47)
(63.51)
50.68
110.45
41.32
1.05
2.56
(4.71)
(7.09)

(13.16)
(71.48)
50.68
110.39
41.29
1.03
2.57
(5.27)
(6.62)

(13.83)
(80.59)
50.68
110.32
41.27
1.00
2.56
(5.90)
(6.09)

(14.51)
(91.48)
50.68
110.25
41.24
0.99
2.57
(6.65)
(5.96)

(15.16)
(104.38)
50.68
110.18
41.22
0.97
2.57
(7.51)
(5.52)

Page 88

Short-Term Projections: Executive FAS 95 Stmt of Cash Flows (Indirect)


MMAS Sample Customer (MMASSample)
Executive FAS 95 Stmt of Cash Flows (Indirect)
Industry Classification: NAICS Code: 315228
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005
Months Covered
12
1
Analyst
GJH
Stmt Type
Annual
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
(369)

Prepared: 18:15, 9/22/2005


Amounts Printed in: Thousands
MMAS (3.1.6.0)
8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006
1
1
1
1
1
1

2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 6/30/2006


1
1
1
1
1
12

(40)

(45)

(50)

(54)

(59)

(64)

(69)

(74)

(79)

(84)

(89)

(94)

(801)

294
148
(446)
(12)
159
59
202
(167)

29
(199)
(74)
(2)
32
1
(213)
(253)

30
(14)
(2)
5
1
20
(24)

31
(14)
(2)
5
1
21
(28)

32
(13)
(2)
5
1
22
(32)

32
(14)
(2)
5
1
23
(37)

33
(14)
(2)
5
1
23
(41)

34
(14)
(2)
5
1
24
(45)

35
(14)
(2)
5
1
25
(49)

35
(14)
(2)
5
1
25
(54)

36
(13)
(2)
5
1
26
(57)

37
(14)
(3)
5
1
27
(62)

38
(14)
(3)
5
1
28
(66)

402
(199)
(226)
(26)
87
12
51
(748)

CASH FLOWS FROM INVESTING ACTIVITIES:


Chg in Net Fixed Assets
(1,094)
Chg in Investments
(4)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(91)
(1)

(1,092)
(12)

Reconciling Items
Non-Cash Items
Non-Operating Income
Chg in Net Receivables
Chg in Deferred Revenue
Chg in Inventories
Chg in Prepaids/Deferreds
Chg in Accounts Rec-Related Co
Chg in Accts Payable-Trade & Othr
Chg in Overdrafts
Chg in Accruals
Chg in Taxes
Chg in Oper Assets and Liabilities
Total Adjustments
NET CASH PROV BY
OPERATIONS

(1,098)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(92)

(1,104)

CASH FLOWS FROM FINANCING ACTIVITIES:


Chg in Short Term Liabilities
395
Chg in Long Term Debt
855
Net Chg in Borrowings
1,250
Deferred Interest Expense
Chg in Other ST and LT Liabilities
Cash Dividends Paid
Chg in Capital(Less Non-Cash)
NET CASH PROV BY FINANCING
1,250
Chg in Currency Translation
CHANGE IN CASH &
(15)
EQUIVALENTS

360
360
3
362
18

113
113
3
116
-

117
117
3
121
-

121
121
4
124
-

125
125
4
129
-

129
129
4
133
-

133
133
5
137
-

137
137
5
142
-

141
141
5
146
-

144
144
6
150
-

148
148
6
154
-

152
152
6
158
-

1,820
1,820
54
1,872
18

97

NET CASH USED IN INVESTING

ADD:CASH AND EQUIVALENTS AT


BOP
CASH AND EQUIVALENTS AT EOP

90

75

93

93

94

94

94

95

95

96

96

97

75

93

93

94

94

94

95

95

96

96

97

97

97

Moodys KMV Sample Reports

Page 89

Short-Term Projections: Credit Compliance Report


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Credit Compliance Report
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
Stmt Type
Annual
USER-DEFINED COMPLIANCE
Pro Forma EBITDA:
Actual
2,929
Standard (Min)
Variance
2,929
Result

Moodys KMV Sample Reports

232

228
224
400
400
232
(172)
(176)
DEFAULT DEFAULT

220

217

213

209

205

201

198

194

190

220

217

213

209

205

201

198

194

190

Page 90

Short-Term Projections: Balance Sheet Account Assumptions


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Balance Sheet Account Assumptions
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
Stmt Type
Annual
CURRENT ASSETS
Cash
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

75
(15)
(16.67)
0.60

93
18
23.57
0.71

93
0.47
0.72

94
0.47
0.72

94
0.45
0.72

94
0.46
0.73

95
0.46
0.73

95
0.46
0.73

96
0.45
0.74

96
0.45
0.74

97
0.44
0.74

97
0.46
0.75

97
0.44
0.75

1,698
(144)
(7.82)
13.67
49.90

1,902
204
12.02
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

1,902
14.61
53.33

Bad Debt Reserve (-)


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

90
4
4.65
0.72

95
5
5.07
0.73

95
0.73

95
0.73

95
0.73

95
0.73

95
0.73

95
0.73

95
0.73

95
0.73

95
0.73

95
0.73

95
0.73

Inventory
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
Days On Hand

3,056
446
17.09
24.61
114.51

3,130
74
2.42
24.04
110.96

3,144
14
0.44
24.15
110.88

3,158
14
0.44
24.26
110.81

3,171
13
0.43
24.36
110.74

3,185
14
0.44
24.47
110.66

3,199
14
0.44
24.57
110.59

3,213
14
0.43
24.68
110.52

3,227
14
0.43
24.79
110.45

3,241
14
0.43
24.89
110.39

3,254
13
0.42
25.00
110.32

3,268
14
0.43
25.11
110.25

3,282
14
0.43
25.21
110.18

Prepaid Expenses
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

131
12
10.08
1.05

133
2
1.63
1.02

135
2
1.63
1.04

138
2
1.63
1.06

140
2
1.63
1.07

142
2
1.63
1.09

144
2
1.63
1.11

147
2
1.63
1.13

149
2
1.63
1.15

152
2
1.63
1.16

154
2
1.63
1.18

156
3
1.63
1.20

159
3
1.63
1.22

Accts/Notes Rec-Trade
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
Days On Hand (Gross Receivables)

NON-CURRENT ASSETS
Property Plant & Equipment
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

2,957
946
47.04
23.81

3,016
59
1.98
23.17

3,092
76
2.52
23.75

3,167
76
2.45
24.33

3,243
76
2.40
24.92

3,319
76
2.34
25.50

3,395
76
2.29
26.08

3,471
76
2.24
26.66

3,547
76
2.19
27.25

3,623
76
2.14
27.83

3,699
76
2.09
28.41

3,775
76
2.05
29.00

3,850
76
2.01
29.58

Furniture, Fixtures & Vehicles


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

568
147
34.92
4.57

600
32
5.69
4.61

615
15
2.52
4.73

631
15
2.45
4.84

646
15
2.40
4.96

661
15
2.34
5.08

676
15
2.29
5.19

691
15
2.24
5.31

706
15
2.19
5.42

721
15
2.14
5.54

736
15
2.09
5.66

751
15
2.05
5.77

767
15
2.01
5.89

Gross Fixed Assets (excl Land)


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period

3,525
1,093
44.94

3,616
91
2.58

3,707
91
2.52

3,798
91
2.45

3,889
91
2.40

3,980
91
2.34

4,071
91
2.29

4,162
91
2.24

4,253
91
2.19

4,344
91
2.14

4,435
91
2.09

4,526
91
2.05

4,617
91
2.01

Moodys KMV Sample Reports

Page 91

MMAS Sample Customer (MMASSample)


Prepared: 18:15, 9/22/2005
Balance Sheet Account Assumptions
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
Stmt Type
Annual
Beg Accumulated Depreciation
Plus: Depreciation Expense
Purchase/Sale of Assets
Ending Accumulated Depreciation

1,912
294
(1)
2,205

2,205
29
2,234

2,234
30
2,264

2,264
31
2,295

2,295
32
2,327

2,327
32
2,359

2,359
33
2,392

2,392
34
2,426

2,426
35
2,461

2,461
35
2,496

2,496
36
2,532

2,532
37
2,569

2,569
38
2,607

293
15.32
17.76
62.55

29
1.33
17.16
61.79

30
1.35
17.40
61.09

31
1.36
17.63
60.44

32
1.38
17.88
59.83

32
1.39
18.12
59.28

33
1.40
18.38
58.77

34
1.42
18.64
58.30

35
1.43
18.90
57.86

35
1.44
19.18
57.46

36
1.45
19.45
57.10

37
1.46
19.74
56.77

38
1.46
20.03
56.46

Cash Value Life Insurance


Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

22
2
10.00
0.18

22
1.63
0.17

23
1.63
0.17

23
1.63
0.18

23
1.63
0.18

24
1.63
0.18

24
1.63
0.19

25
1.63
0.19

25
1.63
0.19

25
1.63
0.20

26
1.63
0.20

26
1.63
0.20

27
1.63
0.21

Other Assets
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

22
2
10.00
0.18

22
1.63
0.17

23
1.63
0.17

23
1.63
0.18

23
1.63
0.18

24
1.63
0.18

24
1.63
0.19

25
1.63
0.19

25
1.63
0.19

25
1.63
0.20

26
1.63
0.20

26
1.63
0.20

27
1.63
0.21

Actual Incr (Decr) Over Prior


% Incr (Decr) Over Prior Period
% of Net Sales
% of Gross Fixed Assets (excl Land)

CURRENT LIABILITIES
Note Payable - Bank
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

1,475
341
30.07
11.88

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

1,475
11.33

CPLTD-Bank
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
% of Long Term Debt Accounts

169
54
46.96
1.36
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

169
1.30
12.55

Accounts Payable-Trade
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales
Days On Hand

1,139
159
16.22
9.17
42.68

1,171
32
2.80
8.99
41.51

1,176
5
0.44
9.03
41.48

1,181
5
0.44
9.07
41.45

1,186
5
0.43
9.11
41.42

1,192
5
0.44
9.15
41.40

1,197
5
0.44
9.19
41.37

1,202
5
0.43
9.23
41.35

1,207
5
0.43
9.27
41.32

1,212
5
0.43
9.31
41.29

1,217
5
0.42
9.35
41.27

1,223
5
0.43
9.39
41.24

1,228
5
0.43
9.43
41.22

Accrued Expenses
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

281
59
26.58
2.26

282
1
0.39
2.17

283
1
0.39
2.18

284
1
0.39
2.18

285
1
0.39
2.19

287
1
0.39
2.20

288
1
0.39
2.21

289
1
0.39
2.22

290
1
0.39
2.23

291
1
0.39
2.24

292
1
0.39
2.24

293
1
0.39
2.25

295
1
0.39
2.26

Moodys KMV Sample Reports

Page 92

MMAS Sample Customer (MMASSample)


Prepared: 18:15, 9/22/2005
Balance Sheet Account Assumptions
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
Stmt Type
Annual
NON-CURRENT LIABILITIES
Long Term Debt
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

EQUITY
Common Stock
Actual Incr (Decr) Over Prior
% Incr (Decr) Over Prior Period
% of Net Sales

Moodys KMV Sample Reports

1,347
855
173.78
10.85

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

1,347
10.35

17
0.14

17
0.13

17
0.13

17
0.13

17
0.13

17
0.13

17
0.13

17
0.13

17
0.13

17
0.13

17
0.13

17
0.13

17
0.13

Page 93

Short-Term Projections: Quick Projection Variables


MMAS Sample Customer (MMASSample)
Prepared: 18:15, 9/22/2005
Quick Projection Variables
Amounts Printed in: Thousands
Industry Classification: NAICS Code: 315228
MMAS (3.1.6.0)
Projection Title: Short Term
Statement Date
6/30/2005 7/31/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/31/2005 1/31/2006 2/28/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006
Months Covered
12
1
1
1
1
1
1
1
1
1
1
1
1
Stmt Type
Annual

Annual Sales Growth (%)

4.82

4.82

Gross Margin (plus Depr) (%)

23.76

23.42

23.08

22.74

22.41

22.07

21.73

21.39

21.05

20.71

20.38

20.04

19.70

Operating Expense (excl Depr) (%)

22.18

22.30

22.42

22.55

22.67

22.79

22.91

23.04

23.16

23.28

23.40

23.53

23.65

Net Accounts Receivable Days

47.26

50.68

50.68

50.68

50.68

50.68

50.68

50.68

50.68

50.68

50.68

50.68

50.68

Inventory Days on Hand (excl Depr)

117.81

114.60

114.60

114.60

114.60

114.60

114.60

114.60

114.60

114.60

114.60

114.60

114.60

Accounts Payable Days (excl Depr)

43.91

42.87

42.87

42.87

42.87

42.87

42.87

42.87

42.87

42.87

42.87

42.87

42.87

0.61

0.72

0.72

0.72

0.72

0.72

0.72

0.72

0.72

0.72

0.72

0.72

0.72

Capital Spending

1,093

91

91

91

91

91

91

91

91

91

91

91

91

Misc Balance Sheet Growth Rate

21.40

5.70

1.19

1.16

1.13

1.11

1.09

1.07

1.05

1.03

1.00

0.99

0.97

Misc Income Statement Growth Rate

4.82

4.82

Depreciation Rate (%)

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

Depreciation Rate to Accumulated (%)

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

9.87

Effective Tax Rate (%)

14.60

14.60

14.60

14.60

14.60

14.60

14.60

14.60

14.60

14.60

14.60

14.60

Dividend Payout Rate (%)

6.59

6.59

6.59

6.59

6.59

6.59

6.59

6.59

6.59

6.59

6.59

6.59

Interest Expense Rate (%)

12.93

12.20

11.35

10.98

10.62

10.27

9.94

9.61

9.30

9.00

8.71

8.44

8.17

Cash/(SG&A + COGS) (%)

Interest Income Rate (%)

Moodys KMV Sample Reports

Page 94

FINANCIAL PACKAGE REPORTS


MISCELLANEOUS REPORTS
Miscellaneous reports are those reports not associated with historicals or projections. The following sample Miscellaneous
reports are available in this document:

Chart of Accounts: This report details the Chart of Accounts available in the RiskAnalyst General Business Financial
Template (MMAS). The Chart of Accounts represents all of the standard data input items. In Moodys KMV
Financial Analyst, you can customize the standard Chart of Accounts for each borrowers financial statements by
adding and relabeling accounts as necessary.

User-Defined Analyses: User-Defined Analyses are unique calculations that are designed for each customer. The
User-Defined Analyses report lists all the user-defined analyses that have been created for the customer.

Added and Relabeled Accounts: This report details the accounts that have been added and relabeled for the customer.

In addition to the sample Miscellaneous Reports shown in this document, the following report is also available:

Customer List: The Customer List report lists all customers available in a specific directory. The report lists the
customers' short name, customer name, model, and group.

Moodys KMV Sample Reports

Page 95

Chart of Accounts
Chart of Accounts
MMAS
Account
100 Annual Sales Growth (%)
150 Gross Margin (plus Depr) (%)
200 Operating Expense (excl Depr) (%)
250 Net Accounts Receivable Days
300 Inventory Days on Hand (excl Depr)
350 Accounts Payable Days (excl Depr)
400 Cash/(SG&A + COGS) (%)
450 Capital Spending
550 Misc Balance Sheet Growth Rate (%)
600 Misc Income Statement Growth Rate (%)
650 Depreciation Rate (%)
670 Depreciation Rate to Accumulated (%)
700 Effective Tax Rate (%)
750 Dividends Payout Rate (%)
800 Interest Expense Rate (%)
850 Interest Income Rate (%)
940 Total Accounts Receivable (AR)
960 Less: Intracompany AR
970 Less: Holdback/Retainage
980 Less: Concentrations
990 Less: Government and Other
1000 Less: AR over XXX days past due
1020 AR Advance Rate (%)
1050 Cash
1100 Time Deposits
1150 Marketable Securities
1200 Accts/Notes Rec-Trade
1300 Bad Debt Reserve (-)
1230 Loans to Related Co - CP
1240 Due from Related Co - CP
1250 Accts/Notes Rec-Other
1670 Income Tax Receivable
1680 Def Inc Tax Recover - CP
1400 Raw Materials
1450 Work in Process
1500 Inventory
1550 Other Inventory
1600 Supplies
1650 Costs in Excess of Billings
1350 Operating Current Assets
1700 Prepaid Expenses
1750 Operating Current Assets
1790 Derivative Assets - CP
1800 Non-Op Current Assets
1810 Memo - 0 Decimals
1850 LIFO Reserve
1900 Off Bal Sheet Cur Assets
1820 Memo - 2 Decimals
1830 Footnote - Current Assets
2050 Land
2070 Construction in Progress
2100 Property Plant & Equipment
2150 Furniture, Fixtures & Vehicles
2200 Furniture & Fixtures
2250 Leasehold Improvements
2300 Transportation Equipment
2350 Capital Leases
2400 Accumulated Deprec (-)
2450 Accts/Notes Rec-Long Term
2500 Accts/Notes Rec-Offcr/Stkh
2530 Cash Value Life Insurance
2550 Investment in Subsidiaries
2560 Loans to Related Co - LTP
2600 Other Investments
2650 Prepaids/Deferreds - LTP
2800 Operating Non-Cur Assets
2700 Def Inc Tax Recover - LTP
2740 Derivative Assets - LTP
2750 Other Assets
2850 Intangibles - Goodwill
2900 Intangibles - Other

Moodys KMV Sample Reports

Prepared: 18:05, 9/22/2005


Class Type Flow
2 245 145
2 245 145
2 245 145
2 245 145
2 245 145
2 245 145
2 245 145
2 244 145
2 245 145
2 245 145
2 245 145
2 245 145
2 245 145
2 245 145
2 245 145
2 245 145
50 248 140
50 250 140
50 250 140
50 250 140
50 250 140
50 250 140
50 252 140
5
5
5
5
5
5
5
7
7
5
10
15
5
11
20
5
13
81
5
13
15
5
12
80
5
25
65
5
25
65
5
15
25
5
16
25
5
17
25
5
20
35
5
20
35
5
27
30
5
30
50
5
30
40
5
30
50
5
35
80
5
35
80
5 215 135
5 216 135
5 217 135
5 220 135
5 212 135
10
39
90
10
38
90
10
40
90
10
40
90
10
40
90
10
40
90
10
40
90
10
40
90
10
45
95
10
50
80
10
50
80
10
55
80
10
55
80
10
55
80
10
55
80
10
62
40
10
60
50
10
25
65
10
65
80
10
65
80
10
70 100
10
70 100

Page 96

Chart of Accounts
MMAS
Account
2820 Accumulated Amort (-)
2910 Memo - 0 Decimals
2940 Off Bal Sheet Non-Cur Assets
2920 Memo - 2 Decimals
2930 Footnote - Non-Cur Assets
3050 Overdrafts (Book)
3070 Overdrafts (Financing)
3100 Note Payable - Bank
3150 ST Loans Payable-Other
3200 CPLTD-Bank
3250 CPLTD-Other Secured
3300 CPLTD-Other Unsecured
3350 CP-Capital Lease Obligatns
3370 CP-Subordinated Debt
3400 Accounts Payable-Trade
3450 Loans from Related Co - CP
3460 Due to Related Co - CP
3500 Accounts Pay-Other
3600 Interest Payable
3650 Dividends Payable
3550 Wages/Salaries Payable
3700 P/S Plan Contribution
3750 Bonuses Payable
3800 Accrued Expenses
3920 Other Taxes Payable
3850 Billings in Excess of Costs
3900 Income Taxes Payable
3910 Deferred Fed Inc Tax - CP
3960 Acr'd Post Retrmt Benfts-CP
3970 Operating Current Liabs
3940 Derivative Liabilities - CP
3950 Non-Op Current Liabs
3980 Memo - 0 Decimals
4010 Off Bal Sheet Cur Liabs
3990 Memo - 2 Decimals
4000 Footnote - Current Liabs
4050 Long Term Debt
4100 Long Term Debt-Other Sec
4150 Long Term Debt-Other Unsec
4220 Deferred Debt
4230 Deferred Interest
4200 Capital Lease Obligations
4390 Derivative Liabilities - LTP
4400 Non-Op Non-Cur Liabs
4250 Loans from Officers/Stkhldrs
4300 Loans from Related Co - LTP
4330 Deferred Revenue
4340 Acr'd Post Rtrmt Benfts-LTP
4350 Operating Non-Cur Liabs
4450 Deferred Fed Inc Tax - LTP
4600 Subordinated Debt-Liab
4660 Subord Deferred Debt-Liab
4680 Subord Deferred Int-Liab
4700 Minority Interest-Liab
4800 Other Liabilities-Gray Area
4460 Memo - 0 Decimals
4490 Off Bal Sheet Non-Cur Liabs
4470 Memo - 2 Decimals
4860 Memo - 0 Decimals
4870 Memo - 2 Decimals
4480 Footnote - Non-Cur Liabs
4880 Footnote - Other Liab
4650 Subordinated Debt-Equity
4670 Subord Deferred Debt-Equity
4690 Subord Deferred Int-Equity
4750 Minority Interest-Equity
4850 Other Equity-Gray Area
5050 Preferred Stock
5100 Common Stock
5150 Paid In Capital
5200 Other Equity

Moodys KMV Sample Reports

Prepared: 18:05, 9/22/2005


Class Type Flow
10
71 120
10 215 135
10 217 135
10 220 135
10 212 135
15
72
37
15
73 105
15
75 105
15
75 105
15
80
75
15
80
75
15
80
75
15
80
75
15
81
75
15
85
25
15
87 106
15
87
25
15
87
27
15
91
70
15
92 130
15
90
35
15
90
35
15
90
35
15
90
35
15
90
35
15 102
15
15
95
65
15
95
65
15 100
50
15 100
50
15 105 106
15 105 106
15 215 135
15 218 135
15 220 135
15 212 135
20 110 125
20 110 125
20 110 125
20 110 107
20 110 107
20 112 125
20 125 105
20 125 105
20 127 105
20 127 105
20 126
15
20 126
50
20 126
50
20 115
65
22 120 105
22 120 108
22 120 108
22 122 106
22 122 106
20 215 135
20 218 135
20 220 135
22 215 135
22 220 135
20 212 135
22 212 135
22 134 102
22 134 109
22 134 109
22 135 102
22 135 102
25 129 102
25 130 102
25 131 102
25 131 102

Page 97

Chart of Accounts
MMAS
Account
5250 Other Equity
5420 Currency Translation
5400 Retained Earnings
5410 Accumulated OCI
5450 Treasury Stock (-)
5460 Memo - 0 Decimals
5470 Memo - 2 Decimals
5480 Footnote - Net Worth
4900 AR Borrowing Base Cap
4920 Senior Liens on Accounts Receivable
4940 Raw Materials
4950 Raw Materials Advance Rate (%)
4970 Work in Process
4980 Work in Process Advance Rate (%)
5000 Finished Goods
5010 Finished Goods Advance Rate (%)
5520 Inventory Borrowing Base Cap
5540 Senior Liens on Inventory
5560 Orders on Hand
5630 Less: Ineligible Orders
5640 Orders Advance Rate (%)
5650 Orders on Hand Cap
5700 Maximum Loan Amount
5720 Current Balance on Loan
5740 Current Overdraft (if any)
5760 Accounts Payable Offset
6050 Net Sales - Manufacturing Division
6070 Net Sales - Catalog Division
6100 Sales/Revenues
6150 Returns & Allowances (-)
6200 Discounts (-)
6250 Cost of Goods Sold
6270 Cost of Sales/Revenues
6300 Cost of Sales/Revenues
6350 Cost of Goods Sold - Depreciation
6400 Other Operating Income (+)
6420 Selling Expense
6450 SG & A Expense
6470 Other Gen & Admin Expense
6490 Post Retirement Benefit Expense
6500 Operating Expense
6550 Officers' Compensation
6560 Personnel Expense
6570 Lease/Rent Expense
6600 Depreciation
6650 Amortization
6580 Research & Development
6700 Bad Debt Expense
6750 Other Operating Expense
7530 Dividends - ESOP Trust
6850 Interest Expense (-)
6870 Deferred Interest Expense (-)
6880 Capitalized Interest
6800 Interest Income
6900 Income from Subs/Joint Ventures
7000 Non-Cash Income
7010 Non-Cash Expense (-)
7040 Gain on Derivatives
7050 Other Income
7090 Loss on Derivatives (-)
7100 Other Expense (-)
7120 Commitment Fees (-)
7150 Gain(Loss) on Asset Sale
7250 Current Income Tax
7300 Deferred Income Tax
7320 Income Tax Credit (+)
7230 Minority Interest
7200 Extraordinary Gain(Loss)
7350 After Tax Income
7400 After Tax Expense (-)
7470 Cumulative Effect of Acct'g Chg

Moodys KMV Sample Reports

Prepared: 18:05, 9/22/2005


Class Type Flow
25 131 102
25 133
5
25 140 103
25 141 118
25 132 105
25 215 135
25 220 135
25 212 135
50 254 140
50 256 140
50 258 140
50 252 140
50 260 140
50 252 140
50 262 140
50 252 140
50 264 140
50 266 140
50 268 140
50 270 140
50 252 140
50 272 140
50 274 140
50 276 140
50 278 140
50 280 140
30 145
15
30 145
15
30 145
15
30 147
20
30 147
20
30 150
25
30 150
25
30 150
25
30 152
95
30 157
45
30 156
55
30 156
55
30 156
55
30 156
55
30 155
35
30 158
35
30 155
35
30 159
35
30 160
95
30 162 120
30 155
35
30 155
21
30 155
35
30 207
35
30 170
70
30 170 107
30 171
91
30 165
85
30 182 110
30 175
60
30 176
61
30 180
87
30 180
87
30 185 115
30 185 115
30 185 115
30 184
90
30 190
65
30 190
65
30 192
66
30 196 104
30 195
88
30 195
88
30 200 116
30 197
67

Page 98

Chart of Accounts
MMAS
Account
7480 After Tax Non-Cash Inc(Exp)
7450 Dividends - Stock
7500 Dividends - Preferred
7520 Dividends - Common
7550 Withdrawals
7600 Prior Period Adjustments
7650 Adj to Retained Earnings
7540 Memo - 0 Decimals
7660 Memo - 2 Decimals
7670 Footnote - Income/Expense
7700 Unreal Gain/(Loss) on Mark Sec
7720 OCI Foreign Currency Translation
7740 Minimum Pension Liab Adj
7760 Other OCI Adjustment
7780 Deferred Hedging Gain/(Loss)
7790 Derivatives - FMV Adjustment
8000 Min Working Capital
8050 Min Current Ratio
8100 Min Quick Ratio
8150 Max Debt to Tangible Worth
8170 Min Interest Coverage
8200 Min Net Income+Depr+AmortDivs/CPLTD
8250 Max Capital Expenditures
8300 Min Net Margin
8350 Min Return on Equity
8400 Min Return on Assets
8450 Max Net Accounts Receivable Days
8500 Max Inventory Days
8550 Max Accounts Payable Days
8600 Max Officers' Compensation
8650 Max Lease/Rent Expense
8700 Max Cash Dividends & Withdrawals
8750 Max Subordinated Debt Payment
8800 Max New Debt
8850 Min Tangible Net Worth
8880 Min Cash Balance
8900 Max Sales Growth (%)
9000 Prime Rate
9050 LIBOR
9100 Money Market
9150 Market Value of Equity
9160 Non-Op Income from Above
9200 Proceeds from Asset Sales
9210 Capital Expenditures
9230 Capitalized Interest
9250 Proceeds from ST/LT Borrowings
9270 Principal Pmts on ST and LTD
9300 Total Line of Credit
9320 Unused Portion-Line of Credit
9500 SIC Code
9600 Projected Interest Expense
9650 Projected Interest Income
9700 Proj Int Exp - Def Debt Amort
9750 Percent Cash Sales
9760 Footnote - Statistics
9850 Adjustments to Intangibles
9900 Contingent Liabilities
9950 Exchange Rate

Moodys KMV Sample Reports

Prepared: 18:05, 9/22/2005


Class Type Flow
30 197
67
32 205 102
32 208 130
32 206 130
32 206 130
32 210 103
32 210 103
30 215 135
30 220 135
30 212 135
31 201 117
31 201 117
31 201 117
31 201 117
31 201 117
31 201 117
40 230 135
40 235 135
40 235 135
40 235 135
40 235 135
40 235 135
40
40
40
40
40
40
40
40
40
40
40
40
40
40
40
35
35
35
35
35
35
35
35
35
35
35
35
35
30
30
30
35
35
35
35
35

230
235
235
235
235
235
235
230
230
230
230
230
230
230
235
240
240
240
215
215
215
215
215
215
215
215
215
219
170
165
170
220
212
222
215
221

135
135
135
135
135
135
135
135
135
135
135
135
135
135
135
135
135
135
135
135
96
97
98
76
77
135
135
135
70
85
107
135
135
135
135
135

Page 99

User-Defined Analyses
User-Defined Analyses
Customer: MMAS Sample Customer
Name:
Pro Forma EBITDA
Print On Reports:
Yes
Decimal Places:
0
Round Protect:
No
Credit Compliance:
Yes
Date
Value
6/30/2001
400
6/30/2002
400
6/30/2003
400
6/30/2004
400
6/30/2005
400
Compliance Is Minimum:
Yes
Formula:
MacroValue=FE.MACRO(M.GROSS_PROFIT)FE.MACRO(M.OPERATING_EXP_EXCL_DEPR_TO_SALES)+FE.ACCOUNT(A.CostofSalesDepreciation)

Prepared: 18:05, 9/22/2005

Added and Relabeled Accounts


Added and Relabeled Accounts
Customer: MMAS Sample Customer
Original Name
New Name
Added Accounts
Relabeled Accounts
Finished Goods
Inventory
Prepaids/Deferreds - CP
Prepaid Expenses
Buildings & Improvements
Property Plant & Equipment
Machinery & Equipment
Furniture, Fixtures & Vehicles
Non-Op Non-Cur Assets
Other Assets
ST Loans Payable-Bank
Note Payable - Bank
Other Accruals
Accrued Expenses
Long Term Debt-Bank
Long Term Debt
Sales/Revenues
Net Sales - Manufacturing Division
Sales/Revenues
Net Sales - Catalog Division
Cost of Sales/Revenues
Cost of Goods Sold
Cost of Sales - Depreciation
Cost of Goods Sold - Depreciation
General & Admin Expense
SG & A Expense

Moodys KMV Sample Reports

Prepared: 18:05, 9/22/2005


Class

Type

Flow

Current Assets
Current Assets
Non-Current Assets
Non-Current Assets
Non-Current Assets
Current Liabilities
Current Liabilities
Non-Current Liabilities
Income/Expenses
Income/Expenses
Income/Expenses
Income/Expenses
Income/Expenses

Inventory-Fin Good
Op Current Asset
Gross Fixed Assets
Gross Fixed Assets
Non-Op Non-Cur Asset
Short Term Payables
Accrued Liabilities
Long Term Debt
Sales
Sales
Cost of Sales
Cost of Sales-Deprec
SG & A Expense

Purchases
Prepaids
Fixed Assets
Fixed Assets
Investments
Financings
Operating Expenses
LT Financings
Revenue
Revenue
Purchases
Depreciation
SG & A Expense

Page 100

RATINGS PACKAGE REPORTS


Ratings Package Reports include both Customer and Explanation reports. These reports display information on the assessment
of a customer by the internal rating model. The various reports cover Borrower Rating or scorecard score, facility or LGD
analysis, and the history of customer archives. Each report reproduces information available in the scorecard, facility, and
archive functionality within RiskAnalyst.
In addition to the sample Ratings Package Reports shown in this document, the following report is also available:

Archive History

Moodys KMV Sample Reports

Page 101

Ratings Summary
Durawear Limited, Inc. (2005) (DWLMMAS)
Ratings Summary
Industry Classification: NAICS Code: 315228
Scorecard Name:
Source Currency:
Target Currency:
User Name:

Prepared: 09:12, 10/14/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)
Middle Market MMAS
USD United States Dollars
USD United States Dollars
John Baer

Scorecard Summary
Section

Weighted Score

Historical Ratio Assessments


Balance Sheet Factors
Industry / Market
Company
Management
Total
Grade
Equivalent PD
1 Yr EDF

5
2.06 %
4.26

Facilities Summary: Committed


EAD
3100.00

LGD
37.81 %

Facility Grade
C

EL%
1.61 %

LGD
59.04 %

Facility Grade
E

EL%
2.52 %

Facilities Summary: Proposed


EAD
7225.00

Moodys KMV Sample Reports

Page 102

Scorecard Detail
Durawear Limited, Inc. (2005) (DWLMMAS)
Scorecard Detail
Industry Classification: NAICS Code: 315228
Scorecard Name:
Source Currency:
Target Currency:
User Name:

Prepared: 09:12, 10/14/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)
Middle Market MMAS
USD United States Dollars
USD United States Dollars
John Baer

Section Name: Historical Ratio Assessments


Factor
Operations
Net Profit before Tax / TA
Net Profit before Tax / Sales
Net profit before Tax / TNW
Net Sales Growth
Gross Margin
Operating Profit Margin
Breakeven Sales Realization
Debt Service
Earnings Coverage
Cash Flow Coverage
Liquidity
Accounts Payable Days
Accounts Receivable Days
Quick
Inventory Days
Capital Structure
Debt / Tangible Net Worth
Borrowed Funds / EBITDA
Borrowed Funds / Effective TNW
Section Total

Value
14
9
12
87
41
19
37
10
40
50
98
30
63
64
4
60

Section Name: Balance Sheet Factors


Factor
Audit Method
Operations
Growth Funding
Liquidity
Inventory Valuation
Debtor Risk
Capital Structure
Debt Repayment
Owner Support (% of Existing Facilities)
Intrinsic Full Value of Intangibles
Section Total

Value
Unqualified
Poor
Auditor Present
Average Spread / Good Quality
Tight Spread
< 10%
Negligible

Section Name: Industry / Market


Factor
Industry
Industry Type
Market
Market Conditions
Customer Power
Diversification of Products
Competitive Positioning
Section Total

Value
Manufacturing - Miscellaneous Industries
Neutral
Some
Many Products, Narrow Market
Neutral

Section Name: Company


Factor
Years in Relationship
Business Stage
Quality Management
Supplier Power
Credit History
Conduct of Account
Section Total

Moodys KMV Sample Reports

Value
> 2 Years
Stable - Mature
Exceeds Industry Standards
Some
Clear
Good

Page 103

Section Name: Management


Factor
Experience in Industry
Financial Reporting and Formal Planning
Risk Management
Openness
Risk Appetite
Management Style and Structure
Section Total

Value
> 20 years
Appropriate Planning and Reporting
Pro-active
Meets Expectations
Balanced
Adequate

Scorecard Summary
Section

Weighted Score

Historical Ratio Assessments


Balance Sheet Factors
Industry / Market
Company
Management
Total
Grade
Equivalent PD
1 Yr EDF

Moodys KMV Sample Reports

5
2.06 %
4.26

Page 104

Facility Summary Committed


Durawear Limited, Inc. (2005) (DWLMMAS)
Facility Summary - Committed
Industry Classification: NAICS Code: 315228
Source Currency:
USD United States Dollars
Target Currency:
USD United States Dollars
Borrower Grade:
5
Borrower PD:
2.06 %
1 Yr EDF
4.26
Facility Grade:
C
Total EAD
3100.00
Facility: OD1
Type
Overdraft

Aggregate LGD%
37.81 %

EAD
1500.00

Seniority
Senior

Prepared: 09:12, 10/14/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Total LGD
1172.08

Guaranteed
Yes

Aggregate EL%
1.61 %

LGD%
37.81 %

Facility Grade
C

Total EL
49.94

EL%
1.61 %

LGD by Portion
Valuation
3100.00
8279.00

Guaranteed
Collateralized
Unsecured
Non-Guaranteed
Facility: TL1
Type
Term Loan

EAD
1600.00

Seniority
Senior

Eligible Amount
0.00
1500.00
0.00
1500.00

Guaranteed
Yes

LGD%
0.00 %
37.81 %
45.00 %
37.81 %

LGD%
37.81 %

LGD Amount
0.00
567.14
0.00
567.14

Facility Grade
C

EL%
1.61 %

LGD by Portion
Guaranteed
Collateralized
Unsecured
Non-Guaranteed

Moodys KMV Sample Reports

Valuation
3100.00
8279.00

Eligible Amount
0.00
1600.00
0.00
1600.00

LGD%
0.00 %
37.81 %
45.00 %
37.81 %

LGD Amount
0.00
604.94
0.00
604.94

Page 105

Facility Summary Proposed


Durawear Limited, Inc. (2005) (DWLMMAS)
Facility Summary - Proposed
Industry Classification: NAICS Code: 315228
Source Currency:
USD United States Dollars
Target Currency:
USD United States Dollars
Borrower Grade:
5
Borrower PD:
2.06 %
1 Yr EDF
4.26
Facility Grade:
E
Total EAD
7225.00
Facility: OD1
Type
Overdraft

Aggregate LGD%
59.04 %

EAD
1500.00

Seniority
Senior

Prepared: 09:12, 10/14/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Total LGD
4265.83

Guaranteed
Yes

Aggregate EL%
2.52 %

LGD%
37.81 %

Facility Grade
C

Total EL
181.74

EL%
1.61 %

LGD by Portion
Valuation
3100.00
8279.00

Guaranteed
Collateralized
Unsecured
Non-Guaranteed
Facility: RLC 1
Type
Revolving Line of
Credit

EAD
4125.00

Seniority
Subordinated

Eligible Amount
0.00
1500.00
0.00
1500.00

Guaranteed
No

LGD%
0.00 %
37.81 %
45.00 %
37.81 %

LGD%
75.00 %

LGD Amount
0.00
567.14
0.00
567.14

Facility Grade
F

EL%
3.20 %

LGD by Portion
Valuation
0.00

Collateralized
Unsecured
Non-Guaranteed
Facility: TL1
Type
Term Loan

EAD
1600.00

Seniority
Senior

Eligible Amount
0.00
4125.00
4125.00

Guaranteed
Yes

LGD%
0.00 %
75.00 %
75.00 %

LGD%
37.81 %

LGD Amount
0.00
3093.75
3093.75

Facility Grade
C

EL%
1.61 %

LGD by Portion
Guaranteed
Collateralized
Unsecured
Non-Guaranteed

Moodys KMV Sample Reports

Valuation
3100.00
8279.00

Eligible Amount
0.00
1600.00
0.00
1600.00

LGD%
0.00 %
37.81 %
45.00 %
37.81 %

LGD Amount
0.00
604.94
0.00
604.94

Page 106

Facility Details Committed


Durawear Limited, Inc. (2005) (DWLMMAS)
Facility Details - Committed
Industry Classification: NAICS Code: 315228
Source Currency:
USD United States Dollars
Target Currency:
USD United States Dollars
Borrower Grade:
5
Borrower PD:
2.06 %
1 Yr EDF
4.26
Facility Grade:
C
Total EAD
3100.00
Facility: OD1
Type
Overdraft
Guarantees
ID
PG1

Prepared: 09:12, 10/14/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Aggregate LGD%
37.81 %

EAD
1500.00

Total LGD
1172.08

Seniority
Senior

Aggregate EL%
1.61 %

Guaranteed
Yes

Type
Personal

Eligible Amount
0.00

Type
Receivables (Less Than
1 Year) - Not Affiliate
Plant and Equipment
(excl Leasehold
Improvements)
Inventory - Not Inspected

LGD%
37.81 %

PD
3.20 %

Facility Grade
C

Total EL
49.94

EL%
1.61 %

LGD%
0.00 %

LGD Amount
0.00

Eligible Amount
657.29

LGD%
35.00 %

LGD Amount
230.05

842.71

40.00 %

337.08

0.00

40.00 %

0.00

Collateral
ID
Rec1
PE1

Inv1
Facility: TL1
Type
Term Loan
Guarantees
ID
PG1

EAD
1600.00

Seniority
Senior

Guaranteed
Yes

Type
Personal

Eligible Amount
0.00

Type
Receivables (Less Than
1 Year) - Not Affiliate
Plant and Equipment
(excl Leasehold
Improvements)
Inventory - Not Inspected

LGD%
37.81 %

PD
3.20 %

Facility Grade
C

EL%
1.61 %

LGD%
0.00 %

LGD Amount
0.00

Eligible Amount
701.11

LGD%
35.00 %

LGD Amount
245.39

898.89

40.00 %

359.56

0.00

40.00 %

0.00

Collateral
ID
Rec1
PE1

Inv1

Moodys KMV Sample Reports

Page 107

Facility Details Proposed


Durawear Limited, Inc. (2005) (DWLMMAS)
Facility Details - Proposed
Industry Classification: NAICS Code: 315228
Source Currency:
USD United States Dollars
Target Currency:
USD United States Dollars
Borrower Grade:
5
Borrower PD:
2.06 %
1 Yr EDF
4.26
Facility Grade:
E
Total EAD
7225.00
Facility: OD1
Type
Overdraft
Guarantees
ID
PG1

Prepared: 09:12, 10/14/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Aggregate LGD%
59.04 %

EAD
1500.00

Total LGD
4265.83

Seniority
Senior

Aggregate EL%
2.52 %

Guaranteed
Yes

Type
Personal

Eligible Amount
0.00

Type
Receivables (Less Than
1 Year) - Not Affiliate
Plant and Equipment
(excl Leasehold
Improvements)
Inventory - Not Inspected

LGD%
37.81 %

PD
3.20 %

Facility Grade
C

Total EL
181.74

EL%
1.61 %

LGD%
0.00 %

LGD Amount
0.00

Eligible Amount
657.29

LGD%
35.00 %

LGD Amount
230.05

842.71

40.00 %

337.08

0.00

40.00 %

0.00

Collateral
ID
Rec1
PE1

Inv1
Facility: RLC 1
Type
Revolving Line of
Credit

Facility: TL1
Type
Term Loan
Guarantees
ID
PG1

EAD
4125.00

Seniority
Subordinated

Guaranteed
No

LGD%
75.00 %

Facility Grade
F

EL%
3.20 %

EAD
1600.00

Seniority
Senior

Guaranteed
Yes

LGD%
37.81 %

Facility Grade
C

EL%
1.61 %

Type
Personal

Eligible Amount
0.00

Type
Receivables (Less Than
1 Year) - Not Affiliate
Plant and Equipment
(excl Leasehold
Improvements)
Inventory - Not Inspected

PD
3.20 %

LGD%
0.00 %

LGD Amount
0.00

Eligible Amount
701.11

LGD%
35.00 %

LGD Amount
245.39

898.89

40.00 %

359.56

0.00

40.00 %

0.00

Collateral
ID
Rec1
PE1

Inv1

Moodys KMV Sample Reports

Page 108

Scorecard Detail (Explanation)


Durawear Limited, Inc. (2005) (DWLMMAS)
Scorecard Detail (Explanation)
Industry Classification: NAICS Code: 315228
Scorecard Name:
Scorecard Description:
Source Currency:
Target Currency:
User Name:

Prepared: 09:26, 10/14/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)
Middle Market MMAS
Middle Market Internal Rating model
USD United States Dollars
USD United States Dollars
John Baer

Section Name: Historical Ratio Assessments


Factor
Operations
Net Profit before Tax / TA
Net Profit before Tax / Sales
Net profit before Tax / TNW
Net Sales Growth
Gross Margin
Operating Profit Margin
Breakeven Sales Realization
Debt Service
Earnings Coverage
Cash Flow Coverage
Liquidity
Accounts Payable Days
Accounts Receivable Days
Quick
Inventory Days
Capital Structure
Debt / Tangible Net Worth
Borrowed Funds / EBITDA
Borrowed Funds / Effective TNW
Section Total

Value

Raw Score

14
9
12
87
41
19
37

14
9
12
87
41
19
37

10
40

10
40

50
98
30
63

50
98
30
63

64
4
60

64
4
60

Range
~
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00
~
0.00 ~ 100.00
0.00 ~ 100.00
~
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00
~
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00

Weight

Weighted Score

0.04
0.04
0.04
0.05
0.03
0.04
0.06

0.56
0.36
0.48
4.35
1.23
0.76
2.22

0.13
0.12

1.3
4.8

0.06
0.03
0.06
0.06

3
2.94
1.8
3.78

0.08
0.08
0.08

5.12
0.32
4.8

Weight
0.15

Weighted Score
8.25

0.4

0.07
0.08

7
6.8

0.15
0.1

3.75
0

0.05

2.25

Section Name: Balance Sheet Factors


Factor
Audit Method
Operations
Growth Funding
Liquidity
Inventory Valuation
Debtor Risk
Capital Structure
Debt Repayment
Owner Support (% of Existing
Facilities)
Intrinsic Full Value of Intangibles
Section Total

Value

Raw Score

Tight Spread
< 10%

25
0

Range
-15.00 ~ 55.00
~
0.00 ~ 115.00
~
0.00 ~ 100.00
0.00 ~ 87.50
~
0.00 ~ 110.00
0.00 ~ 100.00

Negligible

45

45.00 ~ 105.00

Unqualified

55

Poor

10

Auditor Present
Average Spread / Good Quality

100
85

Section Name: Industry / Market


Factor
Industry
Industry Type
Market
Market Conditions
Customer Power
Diversification of Products
Competitive Positioning
Section Total

Moodys KMV Sample Reports

Value

Raw Score

Manufacturing - Miscellaneous
Industries

46.07

Neutral
Some
Many Products, Narrow Market
Neutral

25
50
75
25

Range
~
6.21 ~ 76.68
~
-7.50 ~ 128.00
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00

Weight

Weighted Score
0.3

13.821

0.25
0.25
0.12
0.08

6.25
12.5
9
2

Page 109

Section Name: Company


Factor
Years in Relationship
Business Stage
Quality Management
Supplier Power
Credit History
Conduct of Account
Section Total

Value
> 2 Years
Stable - Mature
Exceeds Industry Standards
Some
Clear
Good

Raw Score
66.7
75
115
50
110
110

Range
0.00 ~ 66.70
0.00 ~ 80.00
0.00 ~ 115.00
0.00 ~ 100.00
0.00 ~ 110.00
0.00 ~ 110.00

Weight

Value
> 20 years
Appropriate Planning and
Reporting
Pro-active
Meets Expectations
Balanced
Adequate

Raw Score

Range
0.00 ~ 100.00
0.00 ~ 85.00

Weight

100
75
100
50
100
50

0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 100.00
0.00 ~ 115.00

0.1
0.14
0.1
0.2
0.23
0.23

Weighted Score
6.67
10.5
11.5
10
25.3
25.3

Section Name: Management


Factor
Experience in Industry
Financial Reporting and Formal
Planning
Risk Management
Openness
Risk Appetite
Management Style and Structure
Section Total

Weighted Score
0.1
0.2

10
15

0.2
0.2
0.1
0.2

20
10
10
10

Scorecard Summary
Section
Historical Ratio Assessments

Weight

Weighted Score
0.4

Balance Sheet Factors

0.15

Industry / Market

0.1

Company

0.2

Management

0.15

Total
Grade
Equivalent PD
1 Yr EDF

Moodys KMV Sample Reports

5
2.06 %
4.26

Page 110

Facility Explanation Report Committed


MMAS Sample Customer (MMASSample)
Facility Explanation Report - Committed
Industry Classification: NAICS Code: 315228
Source Currency:
USD United States Dollars
Target Currency:
USD United States Dollars

Prepared: 18:10, 9/22/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Facilities
Facility ID
OD1

Facility Type
Overdraft

Seniority
Senior

Facility Grade
C

TL1

Term Loan

Senior

Facility Expected Loss


Expected Loss is often defined as the product of the PD, the EAD and the LGD%. However, it should be noted that for portions of facilities that are
guaranteed, the guarantor's PD is used in place of the Borrower's. Therefore RiskAnalyst actually calculates the facility expected loss as the sum of the
expected losses for each portion of the exposure.
RiskAnalyst calculates the EAD for the facility and then divides this into three main portions: a collateralized portion, a guaranteed portion and an
unsecured portion. The collateralized and guaranteed portions are in turn further subdivided into portions attributed to each piece of collateral and
guarantee.
The Borrowers PD is 2.06 % and this is used in the EL calculations for the collateralized and unsecured portions. For the guaranteed portion, the PD of
each guarantor will be used for the portion covered by that guarantee. Therefore, one must calculate ELs for each guarantee separately and then sum
them up.
In order to work out the sizes of the guaranteed and collateralized portions, RiskAnalyst determines eligible amounts for each guarantee and collateral
item allocated to the facility. This is done by first applying the relevant haircut, any prior liens and limitation, and allocation percentage. Applying the
result to the amount required for this facility gives the eligible amount.
The process used for eligible collateral is very similar.
The following sections take each proposed and committed facility in turn and describe how it is broken into portions and the allocation of each guarantee
and collateral item.
Facility ID: OD1

Guaranteed Portion
Collateralized Portion
Unsecured Portion

Facility Type: Overdraft


Exposure Portion (Eligible Amount)
0.00
1500.00
0.00

Loss Given Default


0.00
567.14
0.00

Expected Loss
0.00
24.16
0.00

Guaranteed Portion of: OD1


Guarantee ID:PG1
Guarantor
Haircut
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% used

Owner

Type
Valuation
Value after haircut

0.00 %
0.00 %
0.00 %
Net Allocation
No - Personal Guarantees not eligible Amount Used (Eligible Amount)
Unused surplus
45.00 %
Loss Given Default

Personal
3100.00
3100.00
0.00
0.00
0.00
0.00

Collateralized Portion of: OD1


Collateral ID: Rec1
Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Moodys KMV Sample Reports

Receivables (Less Than 1 Year) - Not Valuation


Affiliate
20.00 %
Value after haircut
0.00
Expected Realization
48.39 %
48.39 %
Net Allocation
Yes
Amount Used (Eligible Amount)
Unused surplus
35.00 %
35.00 %
Loss Given Default
Expected Loss

1698.00
1358.40
1358.40
657.29
657.29
0.00
230.05
9.80

Page 111

Collateral ID: PE1


Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Collateral ID: Inv1


Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Plant and Equipment (excl Leasehold Valuation


Improvements)
28.57 %
Value after haircut
0.00
Expected Realization
48.39 %
48.39 %
Net Allocation
Yes
Amount Used (Eligible Amount)
Unused surplus
40.00 %
40.00 %
Loss Given Default
Expected Loss

Inventory - Not Inspected


28.57 %
0.00
0.00 %
0.00 %
No - Collateral type not eligible
40.00 %
40.00 %

Facility ID: TL1

Guaranteed Portion
Collateralized Portion
Unsecured Portion

3525.00
2517.86
2517.86
1218.32
842.71
375.61
337.08
14.36

Valuation
Value after haircut

3056.00
2182.86

Expected Realization

2182.86

Net Allocation
Amount Used (Eligible Amount)
Unused surplus

0.00
0.00
0.00

Loss Given Default


Expected Loss

0.00
0.00

Facility Type: Term Loan


Exposure Portion (Eligible Amount)
0.00
1600.00
0.00

Loss Given Default


0.00
604.94
0.00

Expected Loss
0.00
25.77
0.00

Guaranteed Portion of: TL1


Guarantee ID:PG1
Guarantor
Haircut
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% used

Owner

Type
Valuation
Value after haircut

0.00 %
0.00 %
0.00 %
Net Allocation
No - Personal Guarantees not eligible Amount Used (Eligible Amount)
Unused surplus
45.00 %
Loss Given Default

Personal
3100.00
3100.00
0.00
0.00
0.00
0.00

Collateralized Portion of: TL1


Collateral ID: Rec1
Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Moodys KMV Sample Reports

Receivables (Less Than 1 Year) - Not Valuation


Affiliate
20.00 %
Value after haircut
0.00
Expected Realization
51.61 %
51.61 %
Net Allocation
Yes
Amount Used (Eligible Amount)
Unused surplus
35.00 %
35.00 %
Loss Given Default
Expected Loss

1698.00
1358.40
1358.40
701.11
701.11
0.00
245.39
10.45

Page 112

Collateral ID: PE1


Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Collateral ID: Inv1


Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Moodys KMV Sample Reports

Plant and Equipment (excl Leasehold Valuation


Improvements)
28.57 %
Value after haircut
0.00
Expected Realization
51.61 %
51.61 %
Net Allocation
Yes
Amount Used (Eligible Amount)
Unused surplus
40.00 %
40.00 %
Loss Given Default
Expected Loss

Inventory - Not Inspected


28.57 %
0.00
0.00 %
0.00 %
No - Collateral type not eligible
40.00 %
40.00 %

3525.00
2517.86
2517.86
1299.54
898.89
400.65
359.56
15.32

Valuation
Value after haircut

3056.00
2182.86

Expected Realization

2182.86

Net Allocation
Amount Used (Eligible Amount)
Unused surplus

0.00
0.00
0.00

Loss Given Default


Expected Loss

0.00
0.00

Page 113

Facility Explanation Report Proposed


MMAS Sample Customer (MMASSample)
Facility Explanation Report - Proposed
Industry Classification: NAICS Code: 315228
Source Currency:
USD United States Dollars
Target Currency:
USD United States Dollars

Prepared: 18:10, 9/22/2005


Amounts Printed in: Thousands
SYSTEMREPORTS (3.1.8.0)

Facilities
Facility ID
OD1

Facility Type
Overdraft

Seniority
Senior

Facility Grade
C

TL1

Term Loan

Senior

Facility Expected Loss


Expected Loss is often defined as the product of the PD, the EAD and the LGD%. However, it should be noted that for portions of facilities that are
guaranteed, the guarantor's PD is used in place of the Borrower's. Therefore RiskAnalyst actually calculates the facility expected loss as the sum of the
expected losses for each portion of the exposure.
RiskAnalyst calculates the EAD for the facility and then divides this into three main portions: a collateralized portion, a guaranteed portion and an
unsecured portion. The collateralized and guaranteed portions are in turn further subdivided into portions attributed to each piece of collateral and
guarantee.
The Borrowers PD is 2.06 % and this is used in the EL calculations for the collateralized and unsecured portions. For the guaranteed portion, the PD of
each guarantor will be used for the portion covered by that guarantee. Therefore, one must calculate ELs for each guarantee separately and then sum
them up.
In order to work out the sizes of the guaranteed and collateralized portions, RiskAnalyst determines eligible amounts for each guarantee and collateral
item allocated to the facility. This is done by first applying the relevant haircut, any prior liens and limitation, and allocation percentage. Applying the
result to the amount required for this facility gives the eligible amount.
The process used for eligible collateral is very similar.
The following sections take each proposed and committed facility in turn and describe how it is broken into portions and the allocation of each guarantee
and collateral item.
Facility ID: OD1

Guaranteed Portion
Collateralized Portion
Unsecured Portion

Facility Type: Overdraft


Exposure Portion (Eligible Amount)
0.00
1500.00
0.00

Loss Given Default


0.00
567.14
0.00

Expected Loss
0.00
24.16
0.00

Guaranteed Portion of: OD1


Guarantee ID:PG1
Guarantor
Haircut
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% used

Owner

Type
Valuation
Value after haircut

0.00 %
0.00 %
0.00 %
Net Allocation
No - Personal Guarantees not eligible Amount Used (Eligible Amount)
Unused surplus
45.00 %
Loss Given Default

Personal
3100.00
3100.00
0.00
0.00
0.00
0.00

Collateralized Portion of: OD1


Collateral ID: Rec1
Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Moodys KMV Sample Reports

Receivables (Less Than 1 Year) - Not Valuation


Affiliate
20.00 %
Value after haircut
0.00
Expected Realization
48.39 %
48.39 %
Net Allocation
Yes
Amount Used (Eligible Amount)
Unused surplus
35.00 %
35.00 %
Loss Given Default
Expected Loss

1698.00
1358.40
1358.40
657.29
657.29
0.00
230.05
9.80

Page 114

Collateral ID: PE1


Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Collateral ID: Inv1


Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Plant and Equipment (excl Leasehold Valuation


Improvements)
28.57 %
Value after haircut
0.00
Expected Realization
48.39 %
48.39 %
Net Allocation
Yes
Amount Used (Eligible Amount)
Unused surplus
40.00 %
40.00 %
Loss Given Default
Expected Loss

Inventory - Not Inspected


28.57 %
0.00
0.00 %
0.00 %
No - Collateral type not eligible
40.00 %
40.00 %

Facility ID: RLC 1

Guaranteed Portion
Collateralized Portion
Unsecured Portion

2517.86
2517.86
1218.32
842.71
375.61
337.08
14.36

Valuation
Value after haircut

3056.00
2182.86

Expected Realization

2182.86

Net Allocation
Amount Used (Eligible Amount)
Unused surplus

0.00
0.00
0.00

Loss Given Default


Expected Loss

0.00
0.00

Facility Type: Revolving Line of Credit


Exposure Portion (Eligible Amount)
0.00
0.00
4125.00

Facility ID: TL1

Guaranteed Portion
Collateralized Portion
Unsecured Portion

3525.00

Loss Given Default


0.00
0.00
3093.75

Expected Loss
0.00
0.00
131.81

Facility Type: Term Loan


Exposure Portion (Eligible Amount)
0.00
1600.00
0.00

Loss Given Default


0.00
604.94
0.00

Expected Loss
0.00
25.77
0.00

Guaranteed Portion of: TL1


Guarantee ID:PG1
Guarantor
Haircut
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% used

Owner

Type
Valuation
Value after haircut

0.00 %
0.00 %
0.00 %
Net Allocation
No - Personal Guarantees not eligible Amount Used (Eligible Amount)
Unused surplus
45.00 %
Loss Given Default

Personal
3100.00
3100.00
0.00
0.00
0.00
0.00

Collateralized Portion of: TL1


Collateral ID: Rec1
Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Moodys KMV Sample Reports

Receivables (Less Than 1 Year) - Not Valuation


Affiliate
20.00 %
Value after haircut
0.00
Expected Realization
51.61 %
51.61 %
Net Allocation
Yes
Amount Used (Eligible Amount)
Unused surplus
35.00 %
35.00 %
Loss Given Default
Expected Loss

1698.00
1358.40
1358.40
701.11
701.11
0.00
245.39
10.45

Page 115

Collateral ID: PE1


Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Collateral ID: Inv1


Type
Haircut
Prior Liens
Limitation
Allocation Using EAD Weighting
Allocation Used
Eligible
LGD% for Collateral Type
LGD% used

Moodys KMV Sample Reports

Plant and Equipment (excl Leasehold Valuation


Improvements)
28.57 %
Value after haircut
0.00
Expected Realization
51.61 %
51.61 %
Net Allocation
Yes
Amount Used (Eligible Amount)
Unused surplus
40.00 %
40.00 %
Loss Given Default
Expected Loss

Inventory - Not Inspected


28.57 %
0.00
0.00 %
0.00 %
No - Collateral type not eligible
40.00 %
40.00 %

3525.00
2517.86
2517.86
1299.54
898.89
400.65
359.56
15.32

Valuation
Value after haircut

3056.00
2182.86

Expected Realization

2182.86

Net Allocation
Amount Used (Eligible Amount)
Unused surplus

0.00
0.00
0.00

Loss Given Default


Expected Loss

0.00
0.00

Page 116

MOODYS KMV SUPPORTLINE


If you are still having problems after referring to the Online Help System, you can reach the Moodys KMV SupportLine at:
Phone:

North American Callers:

+1.866.995.9659

International Callers:

Dial your AT&T Country Access Code followed by


+1.866.995.9659 or +1.415.874.6568
To obtain your countrys AT&T Direct Access code, visit
http://www.business.att.com/bt/access.jsp?c=a

Email:

mailto:techsupport@MKMV.com

Web Site:

https://support.moodyskmv.com/

Moodys KMV Sample Reports

Page 117