Question for the board BNK announced capital budget of $247m for 2013 which will be fully financed with the funds generated from operations. Last quarter they earned $12.2m. There could be some non cash expense items such as $15.6m deletion & depreciation still it does not add up. Cash on hand is only $21.6m inventory only $11m There is account receivables if $75.6m but there seems to be a problem with AR. $25m is due from one domestic customer which is past due ( default) the payment is subject to debt financing. This does not sound good at all. $55 is due from petroleum refineries of which $27.8m is due in 30 days. The rest for a longer period of time. There seems to be some issues with AR specially for $25m. The company has net working capital of $106m but the actual working capital may be much less than that due to issues with AR & the time frame. So how are they going to fund the buget of $247 for 2013 from funds generated from operations. Did they get new lines of credit but borrowed money is still not funds from operations.