provide trend anaysis and red flags

1. Debu/Equity (mmentated) DetEquality 2013-2012 (umrestated) 2013 2012 Changes in Debt & Equity Total Liabilities S457,849 $331,999 $125,850 125,850/331,999-37.91% Total Equity $838,9528628,151 $10,811 10,811/828,151 - 1.31% Debu Equity 0.55 0.14 (0.55-0.400.40 - 36.13% increase Increase 0.40 incre Debt/Equity: 2012-2011 (unrestated) 2012 2011 Changes in Debt & Equity Total Liabilities $331,999 $348,950-516,951 -16,951/348,950--4.86% decrease Total Equity 5828,151 S7&8,462 539.689 39,689/788,462 5,03% increase Debu'Equity 0.40 0.44 -0.04 (0.40-0.4410.44 -9.42% decrease 2. Cash flow from operations capital expenditures (restarted and unrestated) Cash Flow from Operations / Capital Expenditures: 2013-2012 [unrestated) 2013 2012 Changes in OCF & CE Op Cash Flow $105,303 577.281 $28.022 28.022/77,281 36.26% Capital Exp $33.213 545,334-512,121 - 12.12145,334 --26.74% OCFICE 3.17 1.70T 147 (3.17-1.7071 70-85.99% increase diese increase Cash Flow from Operations / Capital Expenditures: 2012-2011 (unrestated 2012 2011 Changes in OCF & CE Op. Cash Flow $77,281 $48.315 528 956 28.95648,315-59.959 Capital Exp. $45,334 595,712-550.376 -50,378,95,712 -52.63% OCENCE 1.70 0 50 1.20 11.70-0.5010.50 - 237.70% increase decrease increase Cash Flow Era Operation Capital Lapon 2013-2012 ( 2013 2012 Change is OCF & CE Op Cash Flow SID1,7 $89.49 $31,838 31,938/69,949 - 45.66% Capital Exp $32.583 $6,816 -5,816/39,399-1730% OCF/CE 3.13 1.78 1.35 0.13-1.7871.78 - 76.13% dec increase Cara Flow From Operations / Capital Expenditures 2012-2011 Crestated) 2012 2011 Changes in O0F&CE Op.Cash Flow $69,949 547,826 522,123 22,123,447,826 - 46.26% Capital Exp. $39,399 95.223-555,824 -55,824/95,223 --58.62% OCFCB 1.78 0.50 1.27 (1.78-0.5090.50 - 263.29% increme decrease increme 3. Times interest earned (unrestled) ERIT/Interest Expenses 2013-2012 (warestated) 2013 2012 EBIT $9,541 $52,599 -$53,058 Interest Expense $24.982 $25,771 -5789 Times int. earned 0.38 2.43 -2.05 Changes in EBIT & IE -53,058/62,599--84.76% -78925,771 -3.06% (2.79-44894.48 -84.28% decrease decrease decrease EBIT / Interest Expense: 2012-2011 (umrestated) 2012 2011 EBIT 562,599 $23,952 538,647 Interest Expense $25,771 $31,785-56,015 Timsint card 2.43 0.75 168 increase Changes in EBIT & IE 38,647/23.952-161.35% -6,015/31,786--18,92% (2.43-0.7570.75 - 222.35% decrease incre 4. Cash Now adequacy (restatied and unrestated) Cash Flow from Operations / Long Term Debt + Fixed Asset Purchased + Dividends Pald): 2013-2012 (unrestated) 2013 2012 Changes in OCF<+FA+DP Op. Cash Flow S105,303 ST7,281 $28.022 28.002/77,281 - 36.26% increase LT+FA+DP S309.9515201,967 S105,984 105,984/203,951 - 51.97% Increase OCFLT FA+DP 018 004 (0.34-0.3810.38 -10.53% increase Cowbroades LT Dest+FA Parded+DP2012-2011 (rested) 2012 2011 Changes in OCF <+FA+DP Op. Chr $77,281 S42,315 $28,956 22,96648,315 - 59.95% increase LT+FA+DP $209,967 5202,61 SI 289 1,289/2012,678 -0.54% inceae OCF/LT+FA+DP 0.3B 0.24 0.14 (038-0.2470.24-0.33% Increase Cash Flow free Operations / LT Debt + FA Purchased +DP) 2013-2012 (restated) 2013 2012 Changes in OCF & LT+FA+ DP Op. Cash Flow S101,857 $69,949 $31,938 31,938/69,999 - 45.66% increase LT+FA+ DP $308 279 5202,267 5106,012 | 106,012/202,267-52.41% increase OCF/LT+FA+DP 0.33 0.36 -0.03 (0.33-6.3670.36--8.33% decrease Cash Flow from Operations / LT Debt + FA Purchased + DP): 2012-2011 (restuted) 2012 2011 Changes in OCF & LT+FA+DP Op. Cash Flow $69,949 547,626 522,123 22, 123/47,826 - 46.26% increase LT+FA+DP S202,267 201,610 657 657/201,610 -0.33% Increase OCF/LT+FA+DP 0.36 0.24 0.12 (0.36-0.2470.24-50% increase 5. Det service coverage ratio (unrestated) decrease Net Operating Income Total Debt Service: 2013-2012 (unrestated) 2013 2012 Changes in NOI & DS Net Op. Income $26.716 562.599 -535,883 -35,883/62,599--57 32% Total Debt Sery. 57,379 $10.5 -53,209 -3,209/10,588 --3031% Debt serv, Cover 3.62 591 (3.62-5.917591 --38.76% decrease decrease increase Net Operating Income / Total Debt Service: 2012-2011 (unrestated) 2012 2011 Changes in NOI & DS Net Op. Income 562.599 $40,581 522.018 22.018:40,581 - 54.26% Total Debt Sery SIO 588 $10,588 0:10,588 -0.004% Debt ser Cover 591 591-3 833.83 - 54.26% neutral inct Car Race 2013-2017 2013 CARE Current $315,854 185152,707 152,16 98.50 CSIL615 39.36 SETA 31.77948.836 -5.77% Com 3.7 77 6.87-1V3.7 -1.11% ine Curs 2012-2011 ( red) 2012 2011 CCA CF Cum A 3163,147 5130,00 33,09 09/10 - 256 Cum 549,836 354.13654295 2017 Cum Ratio 240 0.87 10.01.2357256-MIX (3.81-24072.40-1.10% Ack The Rate: 2013-2012 2013 2012 Changes in (C+MS+AK) & CL C.Ms + A/R 5293,000 $136,765156.223 156,221136,785 - 11421% ir $1,615 549.336 331,779 31,779449.836-63.77% Aeld Test 3.59 2.74 0.85 3.57-27272.72-00% Ac Th Rate: 2012-2011 Created 2012 2011 Changes in (C+MSHAURI & CL CM + AR $135,786 $118481318,305 18.3052118,481-15.45% CIL 549,836 554,134 -54.298 29/54,134-7.94% Acid Test 274 2.19 0:56 266-2.071/2.07 -25.41% incre der ince 13.59-2.1932 19-603% Caii Flew from operations to Current Liabilities rate: 2013-2012) 2013 2012 Changes in operation & CL. Cal Flow From Op S101,455 570.0075.11.478 11A, 20.007419 increase Curl Liabilities $81.635 549,836 $31.779 31.779.49,83663.971 in CHOICE 1.40 -0.16 1.24.14011:45-14% de Cash Flow from operation to Carral Liabilities at 2012-2011 Critated 2012 2011 Changes in operations & CL Cash Flow From Op $70,007 547.225 522.770 22,770 47,22842 incre 549.836 $94.14 54.29.29 41.9425 CECI 140 07 0:53 1110-0708761.02% 11240271087-15 e per 2014 2014 CHEF 2012 R. 146275 1305 NELSO $ ONS 4943213 CONOCE carathirai TUIN CM7 4,9 301.00 23 232,175 TESO 4007 6175 12.se 1 Produit devem General de 14) Legal women 4032 14917 12.374 ANAS 17.00 24,097 1,193 223 104 13097 9,035 17,46 57.717 11,724 9.10 31.00 26 0.73) 1. 2405 159 3,590 1 109 41.30 17,014 1,199 372 140 745 17,380 5176 1264 35174 Aegis offering and ended Rewing charges Change in fe fingre qe beiden Deprendimo Tolosis and Income fum perties Interese, Los y extinguishes of debet Inconeless) before Income expense hemel (4) Notinos) from conting 121679 14996 5.190 127.906 2,461 SLO 34 2,147 30.034 397427 5:54 25.535 141 26351 34,99 5,162 204.984 15518 36,776 ICS 4309 312.030 42,293 J1,806 1627 06.140) 20131 8.406 14 2.701 I 17.175 (130) 110 23 19,721 7635 33,009