# Three Musketeers and Milady exhibits to print

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```					                                                  Exhibit 1

Repayment schedule for new term loan

Total principal to be repaid = P                                      \$4,519,765.93
Term, number of years                                                            15
Interest rate, annual = R                                                    7.50%
Number of months to repay = N                                                   180
Interest rate per month = (! + R)^(1/12) -1 = r                             0.604%
Annuity factor = PVIFA = (1 - (!/(! + r)^N))/r                              109.519
Payment per month = P / PVIFA                                            \$41,269.21

Month           Payment              Interest       Principal      Balance

\$4,519,765.93
2013        Jan              \$41,269.21          \$27,321.62     \$13,947.59    4,505,818.34
Feb               41,269.21           27,237.31      14,031.90    4,491,786.44
Mar               41,269.21           27,152.49      14,116.72    4,477,669.71
Apr               41,269.21           27,067.15      14,202.06    4,463,467.65
May               41,269.21           26,981.30      14,287.91    4,449,179.74
Jun               41,269.21           26,894.93      14,374.28    4,434,805.47
Jul              41,269.21           26,808.04      14,461.17    4,420,344.30
Aug               41,269.21           26,720.62      14,548.59    4,405,795.71
Sep               41,269.21           26,632.68      14,636.53    4,391,159.18
Oct               41,269.21           26,544.20      14,725.01    4,376,434.17
Nov               41,269.21           26,455.19      14,814.02    4,361,620.15
Dec               41,269.21           26,365.64      14,903.57    4,346,716.58

2014        Jan               41,269.21           26,275.55      14,993.66    4,331,722.92
Feb               41,269.21           26,184.91      15,084.30    4,316,638.63
Mar               41,269.21           26,093.73      15,175.48    4,301,463.15
Apr               41,269.21           26,002.00      15,267.21    4,286,195.94
May               41,269.21           25,909.71      15,359.50    4,270,836.43
Jun               41,269.21           25,816.86      15,452.35    4,255,384.08
Jul              41,269.21           25,723.45      15,545.76    4,239,838.33
Aug               41,269.21           25,629.48      15,639.73    4,224,198.60
Sep               41,269.21           25,534.94      15,734.27    4,208,464.33
Oct               41,269.21           25,439.83      15,829.38    4,192,634.94
Nov               41,269.21           25,344.14      15,925.07    4,176,709.87
Dec               41,269.21           25,247.87      16,021.34    4,160,688.54

Principal paid in                      2013          \$173,049.35
Principal to be paid in                2014          \$186,028.05
Term loan interest paid in             2013          \$322,181.17
Exhibit 2

Fixed assets and depreciation expense

Gross fixed assets Dec 31,          2012           \$6,651,678.00
Asset purchased Jan 1,              2013             1,560,000.00
---------------------
Gross fixed assets Dec 31,          2013           \$8,211,678.00

Accumulated depreciation
Dec 31,            2012           \$3,680,405.50

Depreciation expense as % of gross fixed assets               7.50%

Depreciation expense for forecast year               \$615,875.85

Accumulated depreciation      Dec 31,2013          \$4,296,281.35

Net fixed assets   Dec 31,          2013           \$3,915,396.65
Exhibit 3

Jan        0.40         Jul         0.51
Feb        0.69         Aug         0.72
Mar        0.94         Sep         1.86
Apr        1.40         Oct         1.32
May        1.28         Nov         1.10
Jun        0.69         Dec         1.09
Exhibit 4

Balance Sheet
Dec. 31              Dec. 31              Dec. 31              Dec. 31              Dec. 31              Dec. 31
Assets                                                     2013                 2012                 2011                 2010                 2009                 2008
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
------------------------------------------------------
Cash                                                                                50,000               50,000               50,000              50,000               50,000
Short-term securities                                                             467,261              347,040              284,736             289,984              294,770
Accounts receivable                                                               702,692              640,074              578,816             504,844              443,724
Inventory                                                                         870,129            1,077,371            1,073,170           1,002,507              939,409
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total current assets                                                            2,090,082            2,114,484            1,986,722           1,847,335            1,727,903

Gross fixed assets                                                              6,651,678            5,301,678            4,576,678           4,036,678            3,536,678
Accumulated depreciation                                                        3,680,406            3,181,530            2,783,904           2,440,653            2,137,902
Net fixed assets                                                                2,971,273            2,120,148            1,792,774           1,596,025            1,398,776
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total assets                                                                    5,061,354            4,234,633            3,779,497           3,443,360            3,126,678
========== ========== ========== ========== ========== ==========

Dec. 31              Dec. 31              Dec. 31              Dec. 31              Dec. 31              Dec. 31
Liabilities and Equity Capital                             2013                 2012                 2011                 2010                 2009                 2008
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
------------------------------------------------------
Notes payable, short-term loan                                                             0                    0                    0                   0                    0
Current portion of long-term debt                                                 141,556                88,609               70,756              59,543               48,967
Accounts payable                                                                  607,512              651,415              649,197             611,875              578,548
Accrued expenses                                                                    19,841               96,841               78,221              93,521             118,631
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total current liabilities                                                         768,908              836,865              798,173             764,938              746,146

Long-term debt                                                                 3,286,210            2,390,227            1,908,634           1,606,170            1,320,877

Equity capital
Common stock, total par value                                                     100,000              100,000              100,000             100,000              100,000
Capital surplus                                                                   150,000              150,000              150,000             150,000              150,000
Retained earnings                                                                 756,236              757,540              822,689             822,252              809,656
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total equity capital                                                            1,006,236            1,007,540            1,072,689           1,072,252            1,059,656
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total liabilities and equity capital                                            5,061,354            4,234,633            3,779,497           3,443,360            3,126,678
========== ========== ========== ========== ========== ==========
Exhibit 5

Income Statement                                      2013                 2012                 2011                 2010                 2009                 2008
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
-------------------------------------------------
Net sales                                                                9,749,121            9,197,284            8,516,003            7,706,790            7,038,165
Cost of goods sold                                                       6,575,538            6,109,105            5,792,170            5,294,883            4,780,646
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Gross profit                                                             3,173,582            3,088,178            2,723,833            2,411,907            2,257,518

Salary expense                                                              545,000              525,000              487,600              460,447              453,086
Advertising expense                                                         228,000              240,750              162,000              151,300              147,500
Sales commissions                                                           584,947              551,837              510,960              462,407              422,290
Lease expense                                                               325,000              325,000              235,760              140,500              140,800
Depreciation expense                                                        498,876              397,626              343,251              302,751              265,251
Maintenance & other expense                                                 183,000              173,620              168,400              174,890              176,340
Fencing instructor                                                                   0           162,090              128,000                87,025               85,900
Bad debt, charge accounts                                                   143,517              176,380              162,538              147,371              134,559
Bad debt, bank credit cards                                                   67,504               54,271               50,012               45,345               41,403
Bank card terminal fees                                                        4,680                3,311               10,219                9,248                8,446
Bank card fee on sales                                                        77,993               82,776               76,644               69,361               63,343
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total administrative expense                                             2,658,517            2,692,660            2,335,384            2,050,645            1,938,918

EBIT                                                                        515,066              395,518             388,449              361,262              318,600

Interest expense                                                            281,730              250,543              201,784              172,829              139,868
Interest income                                                                1,388                3,473                3,115                4,263                3,792
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Profit before-tax                                                           234,724              148,448              189,780              192,696              182,524
Income tax tax rate 26 %                                                      61,028               38,596               49,343               50,101               47,456
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net income                                                                  173,696              109,851              140,437              142,595              135,068
========== ========== ========== ========== ========== ==========

Dividends                                                                   175,000              175,000             140,000              130,000              125,000
Net to retained earnings                                                     (1,304)             (65,149)                437               12,595               10,068
Dividend per share                                                            \$1.75                \$1.75               \$1.40                \$1.30                \$1.25
Earnings per share                                                            \$1.74                \$1.10               \$1.40                \$1.43                \$1.35
Exhibit 6

Peer Group
Ratio Analysis                           Average                 2013               2012           2011           2010           2009           2008
---------------------
--------------------------------------------------- --------------------- --------------------- ---------------------                        -------------- --------------
---------------------
Current ratio                                                      1.90                                 2.72           2.53           2.49           2.42           2.32
Quick ratio                                                        0.92                                 1.59           1.24           1.14           1.10           1.06
Sales / accounts receivable                                      12.45                                 13.87          14.37          14.71          15.27          15.86
COGS percent of sales                                         72.20%                                67.45%         66.42%         68.02%         68.70%         67.92%
COGS / inventory                                                   5.28                                 7.56           5.67           5.40           5.28           5.09
COGS / accounts payable                                            8.00                                10.82           9.38           8.92           8.65           8.26
Sales / net working capital                                        8.86                                 7.38           7.20           7.17           7.12           7.17
EBIT / interest expense                                            2.31                                 1.83           1.58           1.93           2.09           2.28
Fixed assets / net worth                                           1.46                                 2.95           2.10           1.67           1.49           1.32
Total debt / net worth                                             2.23                                 4.03           3.20           2.52           2.21           1.95
Rate of return on total assets                                  3.72%                                 3.43%          2.59%          3.72%          4.14%          4.32%
Rate of return on equity capital                              12.00%                                17.26%         10.90%         13.09%         13.30%         12.75%
Sales / net fixed assets                                           5.08                                 3.28           4.34           4.75           4.83           5.03
Sales / total assets                                               2.30                                 1.93           2.17           2.25           2.24           2.25
Depreciation expense / sales                                    4.20%                                 5.12%          4.32%          4.03%          3.93%          3.77%
Salaries / sales                                                5.30%                                 5.59%          5.71%          5.73%          5.97%          6.44%
Net profit as percent of sales                                  1.62%                                 1.78%          1.19%          1.65%          1.85%          1.92%
Exhibit 7
2012              2012              2012              2012              2013              2013              2013              2013              2013              2013              2013              2013              2013               2013                2013               2013                 2013              2014              2014
Cash Budget                              Sep               Oct               Nov               Dec               Jan               Feb               Mar               Apr               May               Jun                Jul              Aug               Sep                Oct                 Nov                Dec                Totals              Jan               Feb
----------------- ---------------- ----------------------------------------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------      ----------------- -------------------   ----------------- ----------------- -----------------
Sales                                1,511,114 1,072,403                    893,669           885,545           357,468           616,632           840,049                                                                                                                                                                                   10,724,033
Cash sales                              151,111           107,240            89,367            88,555            35,747
Bank credit card sales                  604,445           428,961           357,468           354,218           142,987
Charge sales                            755,557           536,202           446,835           442,773           178,734
Outstanding receivables                 820,088           951,295           824,150           702,692           413,468
Collected in one month                   87,742           226,667           160,860           134,050           132,832
Collected in two months                  84,086           131,613           340,001           241,291           201,076
Collected in three months                57,195            41,109            64,344           166,223           117,964
Uncollected store credit                   7,799             5,606             8,774           22,667            16,086
Interest on securities                           0                 0                 0                 0              312
Funds from long-term loan                                                                                    1,092,000
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------   ------------------ ------------------
Total cash inflows                       984,580           935,591 1,012,040                   984,336 1,722,917
========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= =========                                                                                                                   =========           =========
Ending inventory                     1,593,911 1,472,454 1,087,485                            870,129 1,220,244
Inventory purchases                     580,885           575,604           195,917           358,248           546,032
Accounts payable                        830,149           824,868           445,181           607,512           795,296
Payment for inventory                   697,062           580,885           575,604           195,917           358,248
Sales commissions                        90,667            64,344            53,620            53,133            21,448
Principal on long-term debt              11,096            11,168            11,240            11,312            13,948
Salary expense                           45,417            45,417            45,417            45,417            50,833
Maintenance & other                      21,667            21,667            21,667            21,667              4,583
Lease payments                           27,083            27,083            27,083            27,083            25,000
Advertising expense                      19,000            19,000            19,000            19,000            21,250
Fencing instructor                                -                 -                 -                 -        10,000
Purchase of fixed assets                                                                                     1,560,000
Bank card terminal fee                        390               390               390               390               429
Bank card fee on sales                   12,089              8,579             7,149             7,084             2,860
Bad debt, bank credit cards                4,160             2,990             4,680           12,089              8,579
Tax payments                             15,257                                                15,257
Interest on term loans                   22,343            22,271            22,199            22,127            27,322
Interest on short-term credit line         1,839             1,976             1,327                213                  0
Dividend payments                        43,750                                                43,750
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------   ------------------ ------------------
Total cash outflows                  1,011,820            805,770           789,376           474,439 2,104,500
========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= =========                                                                                                                    =========          =========
Net cash flow                           (27,240)          129,821           222,664           509,898          (381,582)
Plus beginning cash balance              50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000              50,000               50,000             50,000
Unadjusted cash balance                  22,760           179,821           272,664           559,898          (331,582)
Less minimum cash balance                50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000              50,000               50,000             50,000
Variance from minimum balance           (27,240)          129,821           222,664           509,898          (381,582)
Short-term bank loan                    395,122           265,301            42,636                    0                 0
Short-term securities                            0                 0                 0        467,261            85,679

```
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