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Hi,

I want to start a new game on this board as a way to learn, share and hone my skills as an investor. As the popular saying goes, before you can become an artist, you have to start as a craftsman first. I consider myself a craftsman's apprentice, so I hope that many of you out there will chip in and share in this game.

So here's the background:

I received my monthly batch of annual reports (free from http://www.wilink.com/investors/ars.aspx ), and one of the more interesting annual report is a Goldas Jewelry. This is an OTC listed company and it isn't listed on any of the US exchanges, however it is listed in Berlin and Turkey (country of origin). What is interesting about Goldas is that the company spent 2 pages just on share price movements, most of the glossy pages highlight the company assets (200m usd), and the linear growth of sales (2bn usd). However only in the later pages does it highlight that the net income is around 6m usd for 2006. profitability is under 1%. The company is run by the Yalinkaya family.

Here is the question:

Where did the money go ? Was it spent on executive compensation ? Or is this the industry norm where the cost of business is high and that Net Margin is typically hovers below 1%. And is this company worthy to invest in ? ("Thumbs Up or Thumbs Down")

Where to Get Information:

The good news is that there is a TON of information on the website, from analyst reports to financial reports to share price information. Please put on your Sherlock Holmes Cap and head to this place to start :
http://www.goldas.com/Kurumsal/eng/investor_relations/financial_statements.aspx

Please post your answers here, multiple posts of course is allowed. Everyone is the winner here.

cheers!

raytoei
(who have no financial interests in GOLDAS Jewllery)
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