Investment Research Associates - Page 20




                                       - 109 -                                        
                                        IRA                 Cedilla Co.               
               Income                                                                 
               Gross receipts           $73,280             $101,274                  
               Dividends                3,125               --                        
               Interest                 112,804             1,038                     
               Gross rents                   225              --                      
               Capital gain             141,519             --                        
               Partnership              1,157,861           --                        
               Management fees               --             2,750                     
               Consulting fees           100,000                                      
               Total                    1,588,814           105,062                   
               Deductions                                                             
               Compensation--officers       --              26,800                    
               Salaries/wages                --             4,100                     
               Depreciation             638,550              --                       
               Consulting fees          125,000              --                       
               Commissions              209,440              --                       
               Other                     60,911               19,470                  
               Total                    1,033,901           50,370                    
               Net income               554,913             54,692                    
               Special deductions          (2,055)           --                       
               Taxable income           542,858             54,692                    
                                                                                     
               Assets                                                                 
               Cash                     962,964        11,806                         
               Loans                                                                  
               Stockholders             1,200               --                        
               Others                   3,725,675           21,885                    
               Treasury bills              --               24,308                    
               Securities                   --                 --                     
               Marketable               177,951             --                        
               Nonmarketable            65,000              --                        
               Investment in sub.       234,024        --                             
               Investment in pship.     130,907             1,800                     
               Depreciable assets       5,108,573              --                     
               Less accumulated dep.   (638,550)             --                       
               Cedilla trust            4,511              --                         
               Deferred expenses        91,640              --                        
               Other                      1,029               2,060                   
               Total                    9,864,924           61,859                    
               Liabilities                                                            
               Payables                                                               
               Short term               309,795             --                        
               Long term                5,319,924      --                             
               Deferred income           2,807,260              --                    
               Total                    8,436,979           --                        
               Net assets               1,427,945           61,859                    
          Capital stock                                                               





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Last modified: May 25, 2011