Proft Before Tax 1Profit After Tax 2Total Assets 3Net NPA (%) 4

5EPS 6Return on AssetsReturn on Net WorthOverheads/ Net Income from operations (%)Overheads/Average Net Assets

7

RevenuesNet ProfitDividend Payout RatioMarket CapitalisationNumber of EmployeesPrice Earning Ratio

Pre-merger

Liquidity Analysis Ratio 2 ratios

1. Current Ratio = Current AssetsCurrent Liabilities(in millions)

Year 1 2003

= 1294 = 513

Year 2 2004= 1265 = 486

Year 3 2005

= 1464 = 685

2. Net Working Capital Ratio = Net Working CapitalTotal Assets

*Net Working Capital = Current Assets - Current Liabilities

Year 1 2003= 781 = 2009

Year 2 2004

= 778 = 1982

Year 3 2005

= 779 = 2204

Post-Merger

(in millions)Year 1 2007

2.52 = 22783462

Year 2 2008 2.60 = 20262582

Year 3 2009

2.14 = 15202149

Year 1 2007 0.39 = -118416618

Year 2 2008

0.39 = -55613948

Year 3 2009

0.35 = -62914382

= 0.66

= 0.78

= 0.71

= - 0.07

= - 0.04

= - 0.04

Charts1. Profitability Ratios

2003 2004 2005 2007 2008ROA 0.03019 0.015138 0.019494 0.064037 -0.048289ROCE 0.200331 0.079058 0.092517 0.116359 -0.092597Profit Margin 0.040906 0.021525 0.025046 0.163281 -0.156954EPS 1.671271 0.74938 0.871795 2.71308 -2.784906

2. Activity2003 2004 2005 2007 2008

Assets Turnover 0.738523 0.703258 0.778786 0.392192 0.307662

2003 2004 2005 2007 2008 2009

-0.06

-0.04

-0.02

0

0.02

0.04

0.06

0.08

ROA

2003 2004 2005 2007 2008 2009

-0.2

-0.15

-0.1

-0.05

0

0.05

0.1

0.15

0.2

Profit Margin

2003 2004 2005 2007 2008 20090

0.10.20.30.40.50.60.70.80.9

Assets Turnover

3. Capital Structure Analysis2003 2004 2005 2007 2008

Debt to Equity 4.122112 2.563991 3.246445 0.752131 1.124771

4. Liquidity Ratios2003 2004 2005 2007 2008

Current Ratio 2.522417 2.602881 2.137226 0.658001 0.784663Net WC Ratio 0.388751 0.392533 0.353448 -0.071248 -0.039862

2003 2004 2005 2007 2008 20090

0.10.20.30.40.50.60.70.80.9

Assets Turnover

2003 2004 2005 2007 2008 20090

0.51

1.52

2.53

3.54

4.5

Debt to Equity

2003 2004 2005 2007 2008 20090

0.5

1

1.5

2

2.5

3

Current Ratio

2003 2004 2005 2007 2008 20090

0.5

1

1.5

2

2.5

3

Current Ratio

20090.0154610.0326230.0467550.842308

20090.330674

2003 2004 2005 2007 2008 2009

-0.06

-0.04

-0.02

0

0.02

0.04

0.06

0.08

ROA

2003 2004 2005 2007 2008 2009

-0.15

-0.1

-0.05

0

0.05

0.1

0.15

0.2

0.25

ROCE

2003 2004 2005 2007 2008 2009

-0.2

-0.15

-0.1

-0.05

0

0.05

0.1

0.15

0.2

Profit Margin

2003 2004 2005 2007 2008 2009

-4

-3

-2

-1

0

1

2

3

4

EPS

2003 2004 2005 2007 2008 20090

0.10.20.30.40.50.60.70.80.9

Assets Turnover

20091.083831

20090.707306

-0.043735

2003 2004 2005 2007 2008 20090

0.10.20.30.40.50.60.70.80.9

Assets Turnover

2003 2004 2005 2007 2008 20090

0.51

1.52

2.53

3.54

4.5

Debt to Equity

2003 2004 2005 2007 2008 20090

0.5

1

1.5

2

2.5

3

Current Ratio

2003 2004 2005 2007 2008 2009

-0.1

0

0.1

0.2

0.3

0.4

0.5

Net WC Ratio

2003 2004 2005 2007 2008 20090

0.5

1

1.5

2

2.5

3

Current Ratio

2003 2004 2005 2007 2008 2009

-0.1

0

0.1

0.2

0.3

0.4

0.5

Net WC Ratio

2003 2004 2005 2007 2008 2009

-0.15

-0.1

-0.05

0

0.05

0.1

0.15

0.2

0.25

ROCE

2003 2004 2005 2007 2008 2009

-4

-3

-2

-1

0

1

2

3

4

EPS

2003 2004 2005 2007 2008 2009

-0.1

0

0.1

0.2

0.3

0.4

0.5

Net WC Ratio

2003 2004 2005 2007 2008 2009

-0.1

0

0.1

0.2

0.3

0.4

0.5

Net WC Ratio

Income2003 2004 2005 2007

Income 1479.6 1403.5 1629.8 3646Operating Expenses 985.3 1034.9 996 1552Compensation 520.5 522.6 509.8 612Selling, general & administrative 76.5 84.3 69.7 257

2003 2004 2005 2007 2008 20090

500100015002000250030003500400045005000

Income

2003 2004 2005 2007 2008 20090

100

200

300

400

500

600

700

Compensation

2008 20094518 44603469 2192

664 649305 313

2003 2004 2005 2007 2008 20090

500100015002000250030003500400045005000

Income

2003 2004 2005 2007 2008 20090

500

1000

1500

2000

2500

3000

3500

4000

Operating Expenses

2003 2004 2005 2007 2008 20090

100

200

300

400

500

600

700

Compensation

2003 2004 2005 2007 2008 20090

50

100

150

200

250

300

350

Selling, general & administrative

2003 2004 2005 2007 2008 20090

500

1000

1500

2000

2500

3000

3500

4000

Operating Expenses

2003 2004 2005 2007 2008 20090

50

100

150

200

250

300

350

Selling, general & administrative

PRE-MERGER

Capital Market Analysis Ratios 4 ratios1. Price Earnings Ratio = Market Price of Common Stock Per ShareEPS

Year 1 2003

= =

Year 2 2004= =

Year 3 2005

= =

2. Market to Book Ratio = Market Price of Common Stock Per Share Book Value of Equity Per Common Share

*Book Value of Equity Per Common Share = Book Value of Equity for Common Stock / Number of Common Shares

Year 1 2003= =

Year 2 2004

= =

Year 3 2005

= =

3. Dividend Yield = Annual Dividends Per Common Share Market Price of Common Stock Per Share

*Book Value of Equity Per Common Share = Book Value of Equity for Common Stock / Number of Common Shares

Year 1 2003

= =

= =

Year 2 2004

= =

Year 3 2005

= =

4. Dividend Payout Ratio = Cash DividendsNet Income

Year 1 2003

= =

Year 2 2004

= =

Year 3 2005= =

POST MERGER

Market Price of Common Stock Per Share (MP not avilable)EPS

Year 1 2007

#DIV/0! = =

Year 2 2008#DIV/0! = =

Year 3 2009

#DIV/0! = =

Market Price of Common Stock Per Share (MP not avilable) Book Value of Equity Per Common Share

*Book Value of Equity Per Common Share = Book Value of Equity for Common Stock / Number of Common Shares

Year 1 2007#DIV/0! = =

Year 2 2008

#DIV/0! = =

Year 3 2009

#DIV/0! = =

Annual Dividends Per Common Share (annual diviend not available) Market Price of Common Stock Per Share

*Book Value of Equity Per Common Share = Book Value of Equity for Common Stock / Number of Common Shares

Year 1 2007

#DIV/0! = =

#DIV/0! = =

Year 2 2008

#DIV/0! = =

Year 3 2009

#DIV/0! = =

(cash dividends not available)

Year 1 2007

#DIV/0! = =

Year 2 2008

#DIV/0! = =

Year 3 2009#DIV/0! = =

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

(annual diviend not available)

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

(cash dividends not available)

#DIV/0!

#DIV/0!

#DIV/0!

PRE MERGER

Capital Structure Analysis Ratios

1. Debt to Equity Ratio = Total LiabilitiesTotal Stockholder's Equity(in millions)

Year 1 2003= 1249303

Year 2 2004

= 1182461

Year 3 2005

= 1370422

2. Interest Coverage Ratio = Income Before Interest and Income Tax Expenses Interest Expense

*Income Before Interest and Income Tax Expenses = Income Before Income Taxes + Interest Expense

Year 1 2003=

Year 2 2004=

Year 3 2005

=

POST MERGER

2 ratios

(in millions)Year 1 2007

= 4.12 = 70589384

Year 2 2008

= 2.56 = 73746556

Year 3 2009

= 3.25 = 74476871

Income Before Interest and Income Tax Expenses (NO INTEREST EXPENSE) Interest Expense

*Income Before Interest and Income Tax Expenses = Income Before Income Taxes + Interest Expense

Year 1 2007= #DIV/0! =

Year 2 2008= #DIV/0! =

Year 3 2009

= #DIV/0! =

= 0.75

= 1.12

= 1.08

= #DIV/0!

= #DIV/0!

= #DIV/0!

PRE MERGER

Activity Analysis Ratios1. Assets Turnover Ratio = SalesAverage Total Assets

*Average Total Assets = (Total Assets in the beginning + Total Assets in the end)/2

Year 1 2003= 14802004

Year 2 2004

= 14031995

Year 3 2005

= 16302093

2. Accounts Receivable Turnover Ratio =

*Average Accounts Receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) / 2

Year 1 2003=

Year 2 2004=

Year 3 2005

=

POST MERGER

2 ratios

*Average Total Assets = (Total Assets in the beginning + Total Assets in the end)/2

Year 1= 0.74 =

Year 2

= 0.70 =

Year 3

= 0.78 =

Sales (NO ACCOUNTS RECEIVABLE)Average Accounts Receivable

*Average Accounts Receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) / 2

Year 1= #DIV/0! =

Year 2= #DIV/0! =

Year 3

= #DIV/0! =

POST MERGER

20073938 = 0.39 10041

20084702 = 0.31 15283

20094684 = 0.33 14165

(NO ACCOUNTS RECEIVABLE)

2007= #DIV/0!

2008= #DIV/0!

2009

= #DIV/0!

PRE MERGER

Profitability Analysis Ratios 4 ratios1. Return on Assets (ROA) = Net IncomeAverage Total Assets

*Average Total Assets = (Total Assets in the beginning + Total Assets in the end)/2

Year 1 2003= 60.52004

Year 2 2004

= 30.21995

Year 3 2005

= 40.82093

2. Return on Equity (ROCE) = Net IncomeAverage Common Stockholders' Equity

*Average Common Stockholders' Equity = (Common Stockholders' Equity in the beginning + Common Stockholders' Equity at the end) /2

Year 1 2003= 60.5302

Year 2 2004= 30.2382

Year 3 2005

= 40.8441

3. Profit Margin = Net IncomeSales

Year 1 2003= 60.51479

Year 2 2004

= 30.21403

Year 3 2005= 40.81629

4. Earnings Per Share (EPS) = Net IncomeNumber of Equity Shares Outstanding

Year 1 2003

= 60.536.2

Year 2 2004= 30.240.3

Year 3 2005= 40.846.8

POST MERGER

*Average Total Assets = (Total Assets in the beginning + Total Assets in the end)/2

Year 1= 0.03 =

Year 2

= 0.02 =

Year 3

= 0.02 =

Net IncomeAverage Common Stockholders' Equity

*Average Common Stockholders' Equity = (Common Stockholders' Equity in the beginning + Common Stockholders' Equity at the end) /2

Year 1= 0.20 =

Year 2= 0.08 =

Year 3

= 0.09 =

Year 1= 0.04 =

Year 2

= 0.02 =

Year 3= 0.03 =

Net IncomeNumber of Equity Shares Outstanding

Year 1

= 1.67 =

Year 2= 0.75 =

Year 3= 0.87 =

POST MERGER

(in millions)2007

643 = 0.06 10041

2008-738 = - 0.05 15283

2009219 = 0.02 14165

*Average Common Stockholders' Equity = (Common Stockholders' Equity in the beginning + Common Stockholders' Equity at the end) /2

2007643 = 0.12 5526

2008-738 = - 0.09 7970

2009219 = 0.03 6713

2007643 = 0.16 3938

2008-738 = - 0.16 4702

2009219 = 0.05 4684

2007643 = 2.71 237

2008-738 = - 2.78 265

2009219 = 0.84 260

Sheet1Liquidity RatiosChartsOther chartsCapital Market AnalysisCapital Structure AnalysisActivity Analysis RatiosProfitability Ratios