# Analysis report, Long Term Solvency Analysis

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Long Term Solvency Analysis:

1. Times Interest Earned =Recurring Earning, Excluding Interest Expenses, Tax expense,    Equity Earnings and Minority Earnings / Interest Expense, Including Capitalized Interest

 Year Calculation Times Interest Earned 2010 (73925853)+39841438+81559136/81559136 0.58 2009 12449992+6660853+109378796/109378796 0.169 2008 (44547812)+59479213+92078158/92078158 1.162 2007 (147748621)+10515658+59426579/59426579 (1.309) 2006 8141611+28798020+51801936/51801936+19395767 1.246

2. Fixed Charge Coverage= Recurring Earnings, excluding Interest Expense, Tax expense  Equity earnings and minority earnings + interest portion of Rentals/Interest expense including Capitalized interest + Interest portion of rentals

 Year Calculation Fixed Charge Coverage 2010 47474721+272613/81559136+272613 0.58 2009 128489641+687699/109378796+687699 1.17 2008 107009559+985789/92078158+985789 1.160 2007 (77806384)+1423773/59426579+1423773 (1.26) 2006 88741567+1296222/51801936+19395767+1296222 1.242

3. Debt Ratio = Total Liabilities/ Total Assets

 Year Calculation Debt Ratio 2010 1477985214/2076456256 71 2009 1317512493/1989909388 66 2008 1564958454/2142251957 73 2007 1237565608/1859406923 67 2006 926733773/1696323709 55

4. Debt /Equity Ratio =Total liabilities/ Shareholders’ equity

 Year Calculation Debt /Equity Ratio 2010 1477985214/598471042 247 2009 1317512493/672396895 196 2008 1564958454/577293503 271 2007 1237565608/621841315 199 2006 926733773/769589936 120

5. Debt /tangible met worth ratio=total liabilities /stockholders equity-intangible assets

 Year Calculation Debt /tangible met worth ratio 2010 1477985214/598471042 247 2009 1317512493/672396895 196 2008 1564958454/577293503 271 2007 1237565608/621841315 199 2006 926733773/769589936 120