Ceres exhibits

Exhibit 2 - Balance Sheet

At December 31 2002 2003 2004 2005 2006E 2007F 2008F 2009F
Assets
Cash 705 1,542 1,818 2,158 1,955
Accounts Receivable 3,485 4,405 6,821 10,286 14,471
Inventories 3,089 2,795 3,201 3,291 3,847
Current Assets 7,279 8,742 11,839 15,735 20,273 - - -

Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617 4,347
Other Assets 645 645 645 645 645
Land 450 1,750 2,853 2,853 2,853
Non-Current Assets 3,352 5,075 6,456 7,115 7,844 - - -

Total Assets 10,631 13,817 18,295 22,850 28,117 - - -

Liabilities & Shareholders Equity

Accounts Payable 2,034 2,973 4,899 6,660 9,424
Current Portion of Long-term Debt 315 352 525 730 649
Current Liabilities 2,349 3,325 5,423 7,390 10,074 - - -

Long-Term Debt 3,258 4,400 5,726 7,123 8,480

Shareholders Equity 5,024 6,091 7,146 8,336 9,563

Total Liabilities & Shareholders Equity 10,631 13,817 18,295 22,850 28,117 - - -

Exhibit 3 - Income Statement

For Years Ending December 31 2002 2003 2004 2005 2006E 2007F 2008F 2009F
Sales 24,652 26,797 29,289 35,088 42,597
Cost of Goods Sold 20,461 21,706 23,841 28,597 35,100
Gross Profit 4,191 5,091 5,448 6,491 7,497 - - -

General & Administrative Expense 1,999 2,138 2,372 2,877 3,578

Research & Development 203 203 212 222 232
Depreciation & Amortization 347 412 455 557 669
Earnings before Interest & Taxes 1,641 2,338 2,408 2,836 3,018 - - -

Interest 187 349 440 547 658

Earnings before Taxes 1,454 1,989 1,968 2,289 2,360 - - -
Taxes 264 696 689 801 826
Net Income 1,191 1,293 1,279 1,488 1,534 - - -

Derived Statement of Cash Flows

For Years Ending December 31 2003 2004 2005 2006E 2007F 2008F 2009F
Net Income 1,293 1,279 1,488 1,534
Depreciation & Amortization 412 455 557 669
Change in Accounts Receivable (920) (2,416) (3,465) (4,185)
Change in Inventories 294 (406) (90) (556)
Change in Accounts Payable 939 1,926 1,761 2,765
Operating Cash Flow 2,019 838 250 226 - - -

Investment in PP&E (835) (734) (1,215) (1,398)

Investment in Other Assets - - - -
Investment in Land (1,300) (1,103) - -
Investing Cash Flow (2,135) (1,836) (1,215) (1,398) - - -

Debt Issuance 1,494 1,850 2,128 2,006

Retirement of Debt (315) (352) (525) (730)
Dividends (226) (224) (298) (307)
Financing Cash Flow 953 1,274 1,306 969 - - -

Change in Cash 837 276 340 (203) - - -

For Years Ending
2003 2004 2005 2006E Economical Bal
December 31
Net Income 1,293 1,279 1,488 1,534 At December 31
Depreciation &
412 455 557 669 Capital Employed
Amortization
Change in Accounts
-920 -2,416 -3,465 -4,185
Receivable
Change in Inventories 294 -406 -90 -556 Accounts Receivable
Change in Accounts
939 1,926 1,761 2,765 Accounts Payable
Payable
Operating Cash Flow 2,019 838 250 226 Inventories
Operating Working
Capital
Plant, Property, &
Investment in PP&E -835 -734 -1,215 -1,398
Equipment (net)
Investment in Other
0 0 0 0 Other Assets
Assets
Investment in Land -1,300 -1,103 0 0 Land
Investing Cash Flow -2,135 -1,836 -1,215 -1,398 Non-Current Assets
Capital Employed
Debt Issuance 1,494 1,850 2,128 2,006
Retirement of Debt -315 -352 -525 -730 Invested Capital
Current Portion of Long-
Dividends -226 -224 -298 -307
term Debt
Financing Cash Flow 953 1,274 1,306 969 Long-Term Debt
Shareholders Equity
Change in Cash 837 276 340 -203 Cash
Invested Capital
For Years Ending
2003 2004 2005 2006E
December 31
Operating Cash Flow 2,019 838 250 226
Investing Cash Flow -2,135 -1,836 -1,215 -1,398
Financing Cash Flow 953 1,274 1,306 969
Change in Cash 837 276 340 -203
 Economical Balance Sheet (in $ thousand, some numbers are rounded up)

t December 31 2002 2003 2004 2005 2006E

apital Employed

ccounts Receivable 3,485 4,405 6,821 10,286 14,471

ccounts Payable -2,034 -2,973 -4,899 -6,660 -9,424

nventories 3,089 2,795 3,201 3,291 3,847

perating Working
4,540 4,227 5,123 6,917 8,894
apital
lant, Property, &
2,257 2,680 2,958 3,617 4,347
quipment (net)

ther Assets 645 645 645 645 645

and 450 1,750 2,853 2,853 2,853

on-Current Assets 3,352 5,075 6,456 7,115 7,845
apital Employed 7,892 9,301 11,579 14,032 16,739
16,739
nvested Capital
urrent Portion of Long-
315 352 525 730 649
erm Debt
ong-Term Debt 3,258 4,400 5,726 7,123 8,480
hareholders Equity 5,024 6,091 7,146 8,336 9,563
ash -705 -1,542 -1,818 -2,158 -1,955
nvested Capital 7,892 9,301

16737

Capital Empl Amount

Particulars 2002 2003 2004 2005 2006E
Accounts Rec 3,485 4,405 6,821 10,286 14,471
Inventories 3,089 2,795 3,201 3,291 3,847
Plant, Proper 2,257 2,680 2,958 3,617 4,347
Other Assets 645 645 645 645 645
Land 450 1,750 2,853 2,853 2,853
Accounts Pay 2,034 2,973 4,899 6,660 -9,424
Capital Empl 7,892 9,301 11,578 14,032 16,738
16,739
Invested Capital
Current Porti 315 352 525 730 649
Long-Term D 3,258 4,400 5,726 7,123 8,480
Shareholders 5,024 6,091 7,146 8,336 9,563
Cash 705 1,542 1,818 2,158 -1,955
Invested Capi 7,892 9,301 11,578 14,032 16,738
16737
11,579 14,032 16,739
For Years
Ending
2003 2004
### 2006E
December
31
Net
1,293 1,279
### 1,534
Income
Depreciatio
n&
412 455
### 669
Amortizati
on

Change in
Accounts -920 ### -4,185
Receivable
Change in
294 -406
### -556
Inventories
Change in
Accounts 939 1,926
### 2,765
Payable
Operating
2,019 838
### 226
Cash Flow

Investment
-835 -734
### -1,398
in PP&E
Investment
in Other 0 ###
0 0
Assets
Investment
-1,300 ### 0
in Land
Investing
-2,135 ### -1,398
Cash Flow

Debt
1,494 1,850
### 2,006
Issuance
Retirement
-315 -352
### -730
of Debt
Dividends -226 -224
### -307
Financing
953 1,274
### 969
Cash Flow

Economical Balance Sheet (in $ thousand, some numbers are rounded up)
At
December ### ### 2004 2005 2006E
Capital
31
Employed
Accounts
3,485 ### 6,821 10,286 14,471
Receivable
Accounts Payable -2,034
### -4,899 -6,660 -9,424
Inventories 3,089
### 3,201 3,291 3,847
Operating Working Capital 4,540
### 5,123 6,917 8,894
Plant, Property, & Equipmen2,257
### 2,958 3,617 4,347

Economical Balance Sheet (in

At December 31
Capital Employed
Accounts Receivable
Accounts Payable
Inventories
Operating Working
Capital
Plant, Property, &
Equipment (net)
Other Assets
Land
Non-Current Assets
Capital Employed

Invested Capital
Current Portion of Long-
term Debt
Long-Term Debt
Shareholders Equity
Cash
Invested Capital
 Economical Balance Sheet (in $ thou
At December 31 2002
Capital Employed

Accounts Receivable 3,485

Accounts Payable -2,034
Inventories 3,089
Operating Working
4,540
Capital
Plant, Property, &
2,257
Equipment (net)
Other Assets 645
Land 450
Non-Current Assets 3,352
Capital Employed 7,892

Invested Capital
Current Portion of Long-
315
term Debt
Long-Term Debt 3,258
Shareholders Equity 5,024
Cash -705
Invested Capital
nomical Balance Sheet (in $ thousand, some numbers are rounded up)
2002 2003 2004 2005 2006E

3,485 4,405 6,821 10,286 14,471

-2,034 -2,973 -4,899 -6,660 -9,424
3,089 2,795 3,201 3,291 3,847
4,540 4,227 5,123 6,917 8,894

2,257 2,680 2,958 3,617 4,347

645 645 645 645 645
450 1,750 2,853 2,853 2,853
3,352 5,075 6,456 7,115 7,845
7,892 9,301 11,579 14,032 16,739

315 352 525 730 649

3,258 4,400 5,726 7,123 8,480
5,024 6,091 7,146 8,336 9,563
 -705 -1,542 -1,818 -2,158 -1,955
ital 7,892 9,301 11,579
lance Sheet (in $ thousand, some numbers are rounded up)
2003 2004 2005 2006E

4,405 6,821 10,286 14,471

-2,973 -4,899 -6,660 -9,424
2,795 3,201 3,291 3,847
4,227 5,123 6,917 8,894

2,680 2,958 3,617 4,347

645 645 645 645
1,750 2,853 2,853 2,853
5,075 6,456 7,115 7,845
9,301 11,579 14,032 16,739

352 525 730 649

4,400 5,726 7,123 8,480
6,091 7,146 8,336 9,563
-1,542 -1,818 -2,158 -1,955
7,892 9,301 11,579 14,032
14,032 16,739
16,739