Investment Analysis Polar Sports A

Investment Analysis Polar Sports
Investment Analysis
Polar Sports, Inc.
Apndice
Anexo 1 (Balance En Nivel de Produccin)

2012 Pro Forma Balances y devengados Impuestos Bajo Nivel de
Produccin (en miles de dlares)
Actual
Dic
31,
2011
Feb
2,24
3
Mar
1,43
7
Apr
Ma
y
Jun
Jul
500
500
500
500
500
500
832
2,31
4
5,38
9
2,98
8
8,37
7
630
2,96
6
5,03
3
2,98
8
8,02
1
554
3,63
9
4,69
3
2,98
8
7,68
1
378
4,44
2
5,32
0
2,98
8
8,30
8
239
5,23
4
5,97
3
2,98
8
8,96
1
391
5,90
7
6,79
8
2,98
8
9,78
6
643
6,48
3
7,62
6
2,98
8
10,6
14
2,457
495
1,05
3
495
2,28
9
495
3,37
9
495
-563
100
1,08
5
1,00
0
2,08
5
6,22
2
8,30
8
-875
100
2,00
9
-966
100
3,00
8
495
4,42
1
1,03
8
100
3,97
8
950
2,95
9
6,00
3
8,96
1
950
3,95
8
5,82
7
9,78
6
950
4,92
8
5,68
6
10,6
14
Cuentas por Cobrarb
5,245
Inventariosc
1,227
Activos Circulantes
6,972
Propiedad, planta y equiposd
2,988
Total de activos
9,960
Jan
1,32
7
2,54
1
1,70
6
5,57
4
2,98
8
8,56
2
Accounts payablee
966
495
495
495
495
Notes payable, bank
826
96
Accrued taxesf
Long-term debt, current portion
139
100
104
100
41
100
-171
100
-451
100
Current Liabilities
2,031
Long-term debtg
1,000
Total liabilities
3,031
Shareholders' equity
6,929
Total liabilities and equity
9,960
699
1,00
0
1,69
9
6,86
3
8,56
2
636
1,00
0
1,63
6
6,74
0
8,37
7
424
1,00
0
1,42
4
6,59
7
8,02
1
241
1,00
0
1,24
1
6,44
1
7,68
1
Efectivoa
500
Aug
Sep
5,601
8,558
2,988
11,54
6
4,798
-981
100
4,412
950
5,362
6,184
11,54
6
Oct
500
3,84
3
4,98
9
9,33
2
2,98
8
12,3
20
495
4,99
8
-786
100
4,80
7
950
5,75
7
6,56
3
12,3
20
Nov
Dec
500
500
5,771
6,489
2,455
1,227
8,725
8,216
2,988
11,71
3
2,988
11,20
4
495
495
2,521
1,229
-150
100
2
100
2,966
1,826
950
900
3,916
2,726
7,797
11,71
3
8,478
11,20
4
Accrued Taxes
Beg. accrued taxes
Accrual of monthly taxes
Tax payments
End. accrued taxes
139
139
-34
0
104
-63
0
41
-74
-139
-171
-81
-199
-451
-112
0
-563
-113
-199
-875
-90
0
104
41
-171
-451
-563
-875
-966
-966
-73
0
1,03
8
1,038
256
-199
-981
195
0
-786
636
0
-150
351
-199
-981
-786
-150
Anexo 2 (Estado de Resultados En Nivel de Produccin)

2012 Pro Forma Estado de Resultados En Nivel de Produccin (en miles
de dlares)
Ma
Ma
Au
Jan Feb
r
Apr
y
Jun
Jul
g
Net sales
702 486 414 378 162 180 378 540
a
COGS
421 292 248 227
97 108 227 324
Gross profit
281 194 166 151
65
72 151 216
Operating expensesb
Storage & Handling Costs
Interest expensee
Interest incomec
Profit (loss) before tax
360
11
11
1
101
360
15
7
2
186
360
19
7
4
217
360
23
7
2
237
Income taxesd
-34
Net income
-66
-63
122
-74
143
-81
156
360
28
8
1
331
112
218
360
33
13
1
333
113
220
Sep
2,970
1,782
1,188
Oct
2,520
1,512
1,008
Nov
5,724
3,434
2,290
Dec
3,546
2,128
1,418
Total
18,000
10,800
7,200
360
38
20
1
265
360
41
30
1
214
360
36
39
1
360
32
43
1
360
16
44
1
360
8
20
1
4,320
0
249
16
754
574
1,870
1,032
2,647
-90
175
-73
141
256
195
636
351
798
498
379
1,234
681
1,849
Assumed cost of goods sold equal to 60% sales due to the savings regarding the maintenance ($480,000) and training
($600,000) costs.
b
Assumed to be same for each month throughout the year.
2% annualized rate of return on monthly cash

balances.
d
Negative figures are tax credits from operating losses, and reduced accured taxes shown on balance sheets. The federal
tax rate on all earnings was 34%.
e Interest expense includes the coupon rate (8%) on the long-term date, interest rate of 6% and 11% (exceeding 2m
loans) on the line of credit.
Anexo 3 (Estado de Flujos de Efectivo bajo nivel de produccin)

2012 Pro Forma Estado de Flujos de Efectivo En Nivel de
Produccin ( en miles de dlares )
Jan
Feb
M
ar
-66
25
2,7
04
122
25
1,7
10
14
3
25
20
2
608
65
2
Add: Increase (Decrease) in A/P
479
471
Add: Increase (Decrease) in Accrued

Taxes
-34
-63
Apr
Ma
y
Jun
Jul
Aug
Sep
Oct
Nov
Dec
220
25
-175
25
141
25
498
25
379
25
1,23
4
25
681
25
139
151
252
1,8
14
1,3
86
792
673
576
882
612
312
-90
-73
57
195
636
152
Operating Activities
Net income
Depreciation
Less: Increase (Decrease) in A/R
Less: Increase (Decrease) in
Inventory
0
21
2
-76
21
8
25
17
6
673
80
3
156
25
0
280
0
11
2
1,92
8 718
2,53 1,22
4
8
78
1
1,0
09
93
2
1,1
61
1,06
5
1,0
17
916
-25
80
6
-25
1,0
34
1,6
53
1,7
43
93
7
-96
-25
95
7
95
7
-25
1,1
86
1,1
86
-25
1,09
0
1,09
0
-25
1,0
42
1,0
42
826
0
0
0
0
0
0
0
Add: bank note issuance
96
0
0
95
7
0
50
1,2
36
0
0
1,09
0
0
0
1,0
42
Cash flow from financing
826
96
95
7
1,1
86
1,09
0
916
80
6
937
Cash flow from operations
1,6
78
941
Investing Activities
Less: capital expenditures
-25
-25
Cash flow from operating and

investing
1,6
53
Cash available before financing

activities
353
175
2,50 1,36
2
7
-25
-25
378
200
2,47 1,34
7
2
378
200
2,47 1,34
7
2
0
0
0
0
2,47 1,29
7
2
0
50
378
200
1,0
42
378
200
-25
-25
Financing Activities
Less: bank note repayment
Less: debt repayment
Total Cash Flow
827
Exhibit 4 (Inventory Plan)
2012 Inventory Plan Under Level Production (in thousands of

dollars)
0
0
2,47 1,34
7
2
Dec,20
11
Sales
Labour Costs
Less:COGS-Material
Cost
Purchases
Ending Inventory
1227
Januar
y
Februar
y
Marc
h
April
May
Augus
t
Septem
ber
Octob
er
Novemb
er
Decemb
er
702
405
486
405
414
405
378
405
162
405
180
405
378
405
540
405
2,970
405
2,520
405
5,724
405
3546
405
421
292
248
227
97
108
227
324
1782
1512
3434
2128
495
495
495
1706
2314
2966
495
363
9
495
495
495
495
495
495
495
495
4442
5234
5907
6483
5601
4989
2455
1227
June
July
Exhibit 5 (Ratios)
Ratios Under level of Production
Januar
y
Debt Ratio
0.25
Februa
ry
0.24
March
0.22
April
0.19
May
June
Leverage
0.34
0.49
July
0.68
Augus
t
Septem
ber
Octob
er
Novemb
er
Decembe
r
0.87
0.87
0.88
0.50
0.32
Debt-Equity ratio
Times interest earned
Working Capital-to Total
Assets
Current ratio
0.15
-21.19
0.15
-25.68
0.15
-28.23
0.17
-38.20
0.57
0.57
0.57
0.58
7.97
8.47
11.87
19.49
0.083
0.075
0.059
0.054
0.053
0.048
-30.92%
38.23
%
64.29%
-1.73%
-1.83%
-2.02%
Sales-to-Assets
Sales-to-Working Capital
Net Profit Margin
20.82%
ROA
0.33
0.54
-23.53
-11.27
Liquidity
0.74
-5.41
0.94
20.85
0.93
15.03
0.91
43.59
0.45
54.86
0.25
11.66
0.44
0.39
0.34
0.36
0.37
0.49
0.57
4.90
2.97
Efficiency
0.047
0.019
0.041
0.017
Profitability
129.04
74.03
%
%
2.26
1.92
1.94
1.94
2.94
4.50
0.019
0.017
0.037
0.034
0.049
0.046
0.249
0.234
0.210
0.212
0.500
0.466
160.20
%
12.12%
68.20
%
7.24%
71.33%
-0.93%
7.81%
3.02%
14.30%
3.62%
0.06
0.16
-21.63
0.06
0.17
96.40
0.21
0.15
74.54
0.32
0.27
147.47
0.39
0.14
117.69
0.39
0.22
19.32
0.62
0.61
0.61
0.55
0.52
0.52
0.53
-11.44
-6.14
Efficiency
-5.68
-5.39
13.77
4.95
3.72
3.69
0.054
0.024
0.049
0.023
Profitability
119.78
71.49
59.60%
%
%
0.061
0.057
0.080
0.071
0.372
0.331
0.265
0.236
0.528
0.469
131.71
%
9.34%
56.32
%
5.41%
42.72%
-1.56%
10.51%
3.47%
14.90%
2.86%
0.51
-3.04%
-2.42%
25.18
%
1.42%
Ratios Under Seasonal Production*
Debt Ratio
Debt-Equity ratio
Times interest earned
Working Capital-to Total
Assets
Current ratio
0.19
0.15
-26.49
0.16
0.15
-28.16
0.13
0.16
-38.17
0.59
0.59
0.60
0.61
12.41
17.49
95.28
-26.13
0.086
0.078
0.062
0.057
0.056
0.051
0.029
0.026
-31.15%
37.71
%
-1.84%
-1.94%
-2.10%
25.51
%
2.04%
Sales-to-Assets
Sales-to-Working Capital
Net Profit Margin

ROA
Leverage
0.11
0.07
0.16
0.16
-37.34
-29.50
Liquidity
0.21
0.15
-23.15
21.35%
0.61
-3.19%
-2.92%

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Investment Analysis Polar Sports