Table A

2009 2010 2011

Net sales $ 14,079.00 $ 15,065.00 $ 16,360.00 16.20%
Cost of goods sold $ 9,011.00 $ 10,244.00 $ 10,798.00 19.83%
Gross profit $ 5,068.00 $ 4,821.00 $ 5,562.00 9.75%
Operating expense $ 3,520.00 $ 3,615.00 $ 4,090.00 16.19%
EBITDA $ 1,548.00 $ 1,206.00 $ 1,472.00
Interest expense $ 105.00 $ 125.00 $ 128.00 21.90%
Interest income $ 17.00 $ 19.00 $ 15.00 -11.76%
Pretax profit $ 1,461.00 $ 1,099.00 $ 1,359.00 -6.98%
Income tax $ 497.00 $ 374.00 $ 462.00 -7.04%
Net income $ 964.00 $ 725.00 $ 897.00 -6.95%

Table B Dec-11

Cash $ 500.00
Accounts receivable $ 5,245.00
Inventory $ 1,227.00
Current assets $ 6,972.00
PP&E $ 2,988.00
Total assets $ 9,960.00

Accounts payable $ 966.00

Notes payable, bank $ 826.00
Accrued taxes $ 139.00
Long-term debt, current
portion $ 100.00
Current liabilities $ 2,031.00
Long-term debt, current
portion $ 1,000.00
Total liabilities $ 3,031.00
Shareholder's equity $ 6,929.00
Total liabilities and
shareholder's equity $ 9,960.00

Table C
Projected
Sales 2011 Sales 2012
January $ 671.00 702
February $ 393.00 486
March $ 360.00 414
April $ 311.00 378
May $ 180.00 162
June $ 196.00 180
July $ 474.00 378
August $ 769.00 540
September $ 2,896.00 2970
October $ 2,618.00 2520
November $ 4,564.00 5724
December $ 2,928.00 3546

Total $ 16,360.00 $ 18,000.00

Crecimiento en Ventas

Crecimiento de los beneficios

Crecimientos de activos
Under seasonal production
66%
Operating expenses
0.24
Tax Rate
0.34

% sales througout Sept--Jan

0.8
Interest Rate
0.06

Current ratio 7.2211289487

Prueba de ácido 2.98
Working Capital 12,013.00
Días de inventario 40.91
Días de cuentas por cobrar 115.42
Días de cuentas por pagar 1,159.20
Ciclo operativo - 1,002.88

rotacion de inventarios 8.8003259984

Rotación de clientes 3.1191611058

Rotación de proveedores 0.31

EMISION DE BONO PRIVADO

Assets $ 9,960.00 Liabilities $ 1,000.00

Coupon 8% Coupon 5.00%
Duration 5 Duration

Period 0.5 1 1.5 2

CashFlow $25 $25 $25 $25
PV CF $24 $24 $24 $24
PV CF x t $12 $24 $37 $49
Duration 4.55882353
Leverage Adjusted Gap 4.43064943 years
2.5 3 3.5 4 4.5 5
$25 $25 $25 $25 $25 $1,050
$24 $24 $24 $24 $24 $1,024 $1,244
$61 $73 $85 $98 $110 $5,122 $5,671
 Actual Dec
31, 2011 Jan Feb Mar Apr
Cash 500 1511 2950 2768 2477
Accounts receivable 5245 2541 832 630 554
Inventory 1227 1227 1227 1227 1227
Current assets 6972 5280 5009 4625 4259
Net PP&E 2988 2988 2988 2988 2988
Total assets 9960 8260 7997 7613 7247

Accounts payable 966 232 160 137 125

Notes payable, bank 826 0 0 0 0
Accrued taxes 139 94 26 -188 -388
Long/term debt,
current portion 100 100 100 100 100
Current liabilities 2031 425 286 49 -163
Long-term debt 1000 1000 1000 1000 1000
Total liabilities 3031 1425 1286 1049 837
Shareholder's equity 6929 6842 6710 6564 6409
Total liabilities and
equity 9960 8268 7997 7613 7247

Accrued taxes
Beg. Accrued taxes 139 94 26 -188
Accrual of monthly
taxes -45 -68 -75 -80
Tax payments 0 0 -139 -120
End. Accrued taxes 139 94 26 -188 -388

-1.56%
May Jun Jul Aug Sep Oct Nov Dec
2274 1946 1625 1246 758 500 500 500
378 239 391 643 2457 3843 5771 6489
1227 1227 1227 1227 1227 1227 1227 1227
3879 3413 3243 3116 4442 5570 7498 8216
2988 2988 2988 2988 2988 2988 2988 2988
6867 6401 6231 6104 7430 8558 10486 11204

53 59 125 178 980 832 1889 1170

0 0 0 0 0 785 80 847
-492 -715 -795 -857 -757 -590 -55 111

100 100 100 100 100 100 100 100

-339 -556 -571 -578 323 1126 2014 2228
1000 950 950 950 950 950 950 950
661 394 379 372 1273 2076 2964 3128
6206 6007 5851 5732 6158 6482 7522 8076

6867 6401 6231 6104 7430 8558 10486 11204

-388 -492 -715 -795 -857 -757 -590 -55

-105 -103 -80 -61 219 167 536 285

0 -120 0 0 -120 0 0 -120
-492 -715 -795 -857 -757 -590 -55 111
 % 1Q % 2Q %3Q %4Q 11vs12
$19,055.00 - -7.36% -45.81% -58.67% Indicadores de eficiencia
$24,768.00 - -70.75% 198.12% 361.27% Rotación de inventarios
$14,724.00 - 0.00% 0.00% 0.00% Rotación de clientes
$58,550.00 - -22.55% -6.49% 97.06% Rotación de proveedores
$35,856.00 - 0.00% 0.00% 0.00%
$94,398.00 - -14.06% -3.66% 53.04% 12.49% Ciclo operativo
Días inventarios
$5,940.00 - -55.20% 441.35% 203.27% Días clientes
$1,712.00 - Días proveedores
-$4,606.00 - 2245.59% 51.03% -77.83% Días ciclo operativo

$1,200.00 - 0.00% 0.00% 0.00%

$4,244.00 - -239.21% -21.93% -749.88% Indicadores de líquidez
$11,650.00 - -1.67% -3.39% 0.00% Líquidez
$15,844.00 - -49.68% 6.98% 303.56% Prueba de ácido
$78,559.00 - -7.43% -4.73% 24.46% 16.55% Working Capital

$94,406.00 -14.08% -3.66% 53.04%

Indicadores de estabilida
- #DIV/0! #DIV/0! #DIV/0! Apalancamiento
- -512.36% 121.63% -40.77% Palanca financiera

- 53.19% -127.08% 1166.67% Cobertura de interés

- 72.66% -50.00% 0.00% Cobertura de deuda
2245.59% 51.03% -77.83%
 Jan Feb Mar Apr May Jun Jul
dicadores de eficiencia
otación de inventarios
otación de clientes
otación de proveedores

clo operativo
as inventarios

as proveedores
as ciclo operativo

dicadores de líquidez

ueba de ácido
orking Capital

dicadores de estabilidad
palancamiento
alanca financiera

obertura de interés
obertura de deuda
Aug Sep Oct Nov Dec
Exhibit 2 2012 Pro Forma Income Statement Under Seasonal Production (in thousands of dollars)
Jan Feb Mar Apr May Jun Jul Aug
Net sales 702 486 414 378 162 180 378 540
COGS a
463 321 273 249 107 119 249 356
Gross profit 239 165 141 129 55 61 129 184

Operating expensesb 360 360 360 360 360 360 360 360
Interest expense 11 7 7 7 7 7 7 7
Interest incomec 1 3 5 5 4 4 3 3
Profit (loss) before tax -132 -200 -222 -234 -308 -302 -235 -181
Income taxesd -45 -68 -75 -80 -105 -103 -80 -61
Net income -87 -132 -146 -155 -203 -200 -155 -119

EBITDA -121 -195 -219 -231 -305 -299 -231 -176

 D2012 D2011
Sep Oct Nov Dec Total Total
2,970 2,520 5,724 3,546 18,000 16,360 10.02%
1,960 1,663 3,778 2,340 11,880 10,798 10.02%
1,010 857 1,946 1,206 6,120 5,562 10.03%
4,090 -100.00%
360 360 360 360 4,320 1,472 193.48%
7 7 11 7 94 128 -26.21%
2 1 1 1 32 15 111.73%
645 491 1,576 839 1,737 1,359 27.84%
219 167 536 285 591 462 27.85%
426 324 1,040 554 1,147 897 27.83% 27.83%
0
650 497 1,586 846 1,800 0
 2011
Return Ratio Comparativo 4Q11-4Q12
ROA 9.01% 13.64%
ROE 29.02% -51.08%

Efficiency Ratios
Inventory Turnover 8.800325998 10.02%
Accounts Receivables 3.119161106 -11.07%
Accounts Payable 11.17805383 -9.16%

Days
Inventory 41.47573625 -9.11%
Accounts Receivables 117.018643 12.45%
Accounts Payable 32.65326912 10.09%
Ciclo Operativo 125.8411102 5.95%

Liquidity Ratios
Current Ratio 3.432791728 7.42%
Acid Test 2.828655835 10.90%
Working Capital 4941 21.19%

Profitability
EBITDA Mg 0.08997555 -47.79%
Net Income Mg 0.054828851 -43.89%
ROA 9.01% 13.64%

EBITDA/Gto por interés -0.337 78.88%

Deuda / EBITDA 0.117726161 795.20%
Línea
 2012
Return Ratio Jan Feb Mar Apr May
ROA -1.05% -1.65% -1.92% -2.13% -2.96%
ROE -1.27% -1.96% -2.23% -2.41% -3.28%

Efficiency Ratios
Inventory Turnover 0.38 0.26 0.22 0.20 0.09
Accounts Receivables 0.28 0.58 0.66 0.68 0.43
Accounts Payable 2.00 2.00 1.99 2.00 2.02

Days
Inventory 966.6213416 1396.23082678638 1639.053579 1795.15392 4188.69248
Accounts Receivables 1321.175214 624.855967078189 555.4347826 534.9470899 851.6666667
Accounts Payable 182.7678494 182.067589474997 183.0076124 182.8803912 180.929667
Ciclo Operativo 2105.028706 1839.01920438958 2011.48075 2147.220619 4859.42948

Liquidity Ratios
Current Ratio 12.42352941 17.513986013986 94.3877551 -26.1288344 -11.4424779
Acid Test 9.534117647 13.2237762237762 69.34693878 -18.595092 -7.82300885
Working Capital 4855 4723 4576 4422 4218

Profitability
EBITDA Mg -0.172820513 -0.400740740740741 -0.52956522 -0.61238095 -1.88222222
Net Income Mg -0.124054844 -0.27102733469769 -0.35336554 -0.40892185 -1.25532338
ROA -1.05% -1.65% -1.92% -2.13% -2.96%

EBITDA/Gto por interés -0.261849262 -0.607182940516274 -0.80237154 -0.92784993 -2.85185185

Deuda / EBITDA -9.066930432 -5.64797699733005 -5.0173326 -4.75203041 -3.60750361
Línea
Jun Jul Aug Sep Oct Nov Dec
-3.12% -2.49% -1.95% 5.73% 3.79% 9.92% 10.23%
-3.32% -2.65% -2.08% 6.91% 5.00% 13.83% 14.20%

0.10 0.20 0.29 1.60 1.36 3.08 9.68

0.75 0.97 0.84 1.21 0.66 0.99 2.77
2.01 2.00 2.00 2.00 2.00 2.00 10.15

3769.823232 1795.15392 1256.607744 228.4741353 269.273088 118.5479004 37.69823232

484.6388889 377.5529101 434.6203704 301.9545455 556.625 367.99703 131.5825
181.2710438 182.8803912 182.295174 182.4813795 182.5877826 182.5077293 35.9469697
4073.191077 1989.826439 1508.932941 347.9473013 643.3103054 304.0372012 133.3337626

-6.13848921 -5.67950963 -5.39100346 13.75232198 4.946714032 3.722939424 3.687612208

-3.92985612 -3.53064799 -3.26816609 9.953560372 3.857015986 3.113704071 3.136894075
3969 3814 3694 4119 4444 5484 5988

-1.66 -0.61238095 -0.32666667 0.218787879 0.197142857 0.277106918 0.04698

-1.10859163 -0.41072983 -0.22084497 0.143305914 0.128611975 0.181726903 0.030766113
-3.12% -2.49% -1.95% 5.73% 3.79% 9.92% 10.23%

-2.51515152 -0.92784993 -0.49494949 0.331496786 0.298701299 0.419858967 0.071181818

-3.51405622 -4.53602903 -5.95238095 1.61588181 3.693639291 0.712412367 1.053888889

10.23%
DIC11 1Q12 2Q12 3Q12 DIC12
9.01% -1.92% -3.12% 5.73% 10.23%
29.02% -2.23% -3.32% 6.91% 14.20%

8.80 0.22 0.10 1.60 9.68

3.12 0.66 0.75 1.21 2.77
11.18 1.99 2.01 2.00 10.15

41.48 1639.05 3769.82 228.47 37.70

117.02 555.43 484.64 301.95 131.58
32.65 183.01 181.27 182.48 35.95
125.84 2011.48 4073.19 347.95 133.33

3.43 94.39 -6.14 13.75 3.69

2.83 69.35 -3.93 9.95 3.14
4941 4576 3969 4119 5988

0.09 -0.53 -1.66 0.22 0.05

0.05 -0.35 -1.11 0.14 0.03
9.01% -1.92% -3.12% 5.73% 10.23%

-0.34 -0.80 -2.52 0.33 0.07

0.12 -5.02 -3.51 1.62 1.05
Comparativo 4Q11-4Q12
13.64%
-51.08% rentabilidad sobre el patrimonio

10.02%
-11.07%
-9.16%

-9.11%
12.45%
10.09%
5.95%

7.42%
10.90%
21.19%

-47.79%
-43.89%
13.64%

78.88%
795.20%
Exhibit 3 2012 Pro Forma Cash Flow Statement Under Seasonal Production (in thousands of dollars)
Jan Feb Mar Apr May Jun Jul
Operating Activities
Net income -87 -132 -146 -155 -203 -200 -155
Depreciation 25 25 25 25 25 25 25
Less: Increase (Decrease) in A/R -2,704 -1,710 -202 -76 -176 -139 151
Less: Increase (Decrease) in Inventory 0 0 0 0 0 0 0
Add: Increase (Decrease) in A/P -735 -71 -24 -12 -71 6 65
Add: Increase (Decrease) in Accrued Taxes -45 -68 -214 -200 -105 -223 -80
Cash flow from operations 1,862 1,464 -157 -265 -178 -253 -296

Investing Activities
Less: capital expenditures -25 -25 -25 -25 -25 -25 -25
Cash flow from operating and investing 1,837 1,439 -182 -203 -278 -321
Cash available before financing activities 1,837 2,450 2,268 2,268 1,774 1,496 1,125

Financing Activities
Less: bank note repayment 826 0 0 0 0 0 0
Less: debt repayment 0 0 0 0 0 50 0
Add: bank note issuance 0 0 0 0 0 0 0
Cash flow from financing -826 0 0 0 0 -50 0

Total Cash Flow 1,011 1,439 -182 -290 -203 -328 -321
Aug Sep Oct Nov Dec

-119 426 324 1,040 554

25 25 25 25 25
252 1,814 1,386 1,928 718
0 0 0 0 0
53 802 -149 1,057 -719
-61 99 167 536 165
-354 -463 -1,018 731 -693

-25 -25 -25 -25 -25

-379 -488 -1,043 706 -718
746 258 -785 706 -718

0 0 0 706 0
0 0 0 0 50
0 0 785 0 768
0 0 785 -706 718

-379 -488 -258 0 0

 Liabilities $1,000,000
Coupon 8.00%
Duration

Period 0.5 1 1.5 2

CashFlow $90,000 $90,000 $90,000 $90,000
PV CF $86,538 $83,210 $80,010 $76,932
PV CF x t $86,538 $83,210 $120,015 $153,865

PV CF $1,182,055
PV CF x t $5,264,497
Duration 4.4537

 
periodo monto amortizacion pago resultado
0 $1,000,000.00 $1,000,000.00 $50,000.00 $950,000.00
1 $950,000.00 $950,000.00 $50,000.00 $900,000.00
2 $900,000.00 $900,000.00 $50,000.00 $850,000.00
3 $850,000.00 $850,000.00 $50,000.00 $800,000.00
4 $800,000.00 $800,000.00 $50,000.00 $750,000.00
5 $750,000.00 $750,000.00 $50,000.00 $700,000.00
6 $700,000.00 $700,000.00 $50,000.00 $650,000.00
7 $650,000.00 $650,000.00 $50,000.00 $600,000.00
8 $600,000.00 $600,000.00 $50,000.00 $550,000.00
9 $550,000.00 $550,000.00 $50,000.00 $500,000.00
10 $500,000.00 $500,000.00 $50,000.00 $450,000.00
11 $450,000.00 $450,000.00 $50,000.00 $400,000.00
12 $400,000.00 $400,000.00 $50,000.00 $350,000.00
13 $350,000.00 $350,000.00 $50,000.00 $300,000.00
14 $300,000.00 $300,000.00 $50,000.00 $250,000.00
15 $250,000.00 $250,000.00 $50,000.00 $200,000.00
16 $200,000.00 $200,000.00 $50,000.00 $150,000.00
17 $150,000.00 $150,000.00 $50,000.00 $100,000.00
18 $100,000.00 $100,000.00 $50,000.00 $50,000.00
19 $50,000.00 $50,000.00 $50,000.00 $ -
 2.5 3 3.5 4 4.5 5 5.5 6
$90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000
$73,973 $71,128 $68,393 $65,762 $63,233 $60,801 $58,462 $56,214
$184,934 $213,385 $239,374 $263,048 $284,548 $304,004 $321,543 $337,282
 6.5 7 7.5 8 8.5 9 9.5  
$90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000
$54,052 $51,973 $49,974 $48,052 $46,204 $44,427 $42,718 $1,182,055
$351,336 $363,809 $374,804 $384,414 $392,731 $399,839 $405,819 $5,264,497