OTC Bulletin Board S & P Company Insight for ALCO, INC.
Profile
	Business Summary: ALCO, Inc., through its subsidiaries, engages in the marine insurance brokerage business in Asia. It offers marine hull protection and indemnity insurance and other marine business services.   Address   12 Harcourt Rd Suite 501   Central   Phone: 852-2521-0373 Auditor   Kempisty & Company   New York , NY Transfer Agent   Continental Stock Transfer & Trust Co. Employees:  36 ShareHolders:  30 Founded:  1999 Domicile:  Nevada
Background
	ALCO, Inc., through its subsidiaries, engages in the marine insurance brokerage business in Asia. It offers marine hull protection and indemnity insurance and other marine business services. The company also acts as an in-house insurance brokerage firm and general consultant for the China Chanjiang Shipping Corporation Group. In addition, it operates as an agent of Institute of Chartered Shipbrokers (UK) for setting up distant learning centre in Shanghai, the People's Republic China. The company was founded in 1988 and is headquartered in Central, Hong Kong. History:  INCORPORATED in Nevada June 7, 1999, as Sea Horse, Inc.; name changed to Lotus Capital Corp. Sept. 20, 2004, and to ALCO, Inc. Feb. 13, 2006. On Dec. 9, 2005, the company acquired AL Marine Holdings (BVI), Ltd. for 9,766,480 Common shares. AL Marine was incorporated in the British Virgin Islands on May 30, 2005.   Subsidiaries: AL Marine Holdings (BVI), Ltd. Andrew Liu & Co., Ltd. Chang An Consultants Ltd. EduShipAsia Ltd.     Capital Expenditures, thousand. US Dollars   Year   Amount   2006   60   2005   20   2004   8
Management
	Management Officers Position  Andrew Liu Fu Kang Chairman, President & Chief Executive Officer  Colman Au Kwok Wai Secretary & Chief Financial Officer Directors  Andrew Liu Fu Kang  John Liu Shou Kang
Annual Report
	Annual Report   Income Statement   2008 2007 REVENUES Web-site Advertising 17,083 10,917 Consulting Income 146,923 247,921 Enrollment Fee Income 6,410 3,227 Commission Income 4,719,681 4,302,725 Total Revenues 4,890,097 4,564,790 EXPENSES Salaries (1,540,390) (1,317,347) Rent (480,814) (468,307) Other General and Administrative (497,522) (489,015) Travel Expenses (303,686) (309,048) Bad Debts Expenses (164,353) (199,375) Depreciation (31,456) (18,568) Interest Expense (654) (2,929) Interest Income 63,307 123,730 Investment Income 1,008 - Currency Translation Gain(Loss) (15,466) (3,536) Income/expense: other 86,841 109,492 Earnings before Taxes 2,006,912 1,989,887 TAXES AND OTHER EXPENSES Provision for Income Tax (321,113) (346,944) Minority Interest (After Tax) (57,216) (40,885) Net Income (Loss) 1,628,583 1,602,058 SUPPLEMENTARY INFO Operating Income (Loss) 1,856,410.00 1,759,594.00 Basic and diluted EPS - Continuing Operations 0.16 0.16   Balance Sheet   2008 2007 ASSETS CURRENT ASSETS Cash and Cash Equivalents 5,564,247 4,341,015 Commissions Receivable, Net 360,757 277,130 Enrolment Fee Receivable 699 2,754 Total Current Assets 5,925,703 4,620,899 NON CURRENT ASSETS Property, Plant and Equipment, Net 128,934 71,237 Equity Investments 143,621 - Restricted Cash 1,444,178 486,217 Other Receivables 436,648 24,675 Deposits and Prepayments 71,046 84,637 Total Assets 8,150,130 5,287,665 LIABILITIES CURRENT LIABILITIES Trade Accounts Payable 1,425,946 278,222 Accrued Expenses 58,022 46,882 Due to Minority Shareholders 40,833 40,833 Due to Directors 15,496 14,946 Current Portion of Obligation from Hire Purchases Lease 2,342 2,085 Income Tax Payable 405 20,910 Deferred Revenue 1,917 - Other Payables 208,293 132,720 Claim Payable 99,652 90,332 Total Current Liabilities 1,852,906 626,930 NON CURRENT LIABILITIES Long Term Portion of Obligation from Hire Purchase Lease 3,284 5,626 Minority Interest 28,763 12,572 SHAREHOLDERS' EQUITY Common Stock - Par Value 10,150 10,150 Additional Paid in Capital 60,363 60,363 Retained Earnings 6,200,607 4,572,024 Accumulated Other Comprehensive Income (5,943) - Total Shareholders Equity 6,265,177 4,642,537 Total Liabilities & Shareholders Equity 8,150,130 5,287,665
Interim Report
	Interim Report      Data Not Available
Pro Forma Report
	Pro Forma Report      Data Not Available
Quarterly Report
	Quarterly Report Information      Quarterly Revenue, US$ Year Quarter Revenue   2009   1 1,030,000   2008   1 1,190,000   2008   2 1,170,000   2008   3 1,160,000   2008   4 1,330,000   2008   Full Year 4,890,000   2007   1 1,150,000   2007   2 1,140,000   2007   3 1,200,000   2007   4 1,070,000   2007   Full Year 4,570,000   2006   1 850,000   2006   2 820,000   2006   3 1,020,000   2006   4 1,060,000   2006   Full Year 3,750,000   2005   1 720,000   2005   2 620,000   2005   3 890,000   2005   4 780,000   2005   Full Year 3,000,000   2004   Full Year 1,860,000     Quarterly Net Income, US$ Year Quarter Revenue   2009   1 260,000   2008   1 470,000   2008   2 390,000   2008   3 430,000   2008   4 340,000   2008   Full Year 1,630,000   2007   1 550,000   2007   2 440,000   2007   3 460,000   2007   Full Year 1,600,000   2006   Full Year 1,499,000   2005   Full Year 970,000   2004   Full Year (120,000)     Quarterly EPS, US$ Year Quarter Revenue   2009   1 .03   2008   1 .05   2008   2 .04   2008   3 .04   2008   4 .03   2008   Full Year .16   2007   1 .05   2007   2 .04   2007   3 .05   2007   4 .02   2007   Full Year .16   2006   1 .04   2006   2 .03   2006   3 .05   2006   4 .04   2006   Full Year .15   2005   1 .04   2005   2 .01   2005   3 .05   2005   4 .01   2005   Full Year .10   2004   Full Year (.01)
Stock Data
	Capitalization as of 03/31/2009:     Authorized Shares Outstanding Shares Common $0.001 par 50,000,000 10,150,000 Preferred $0.01 par 5,000,000 None   LONG TERM DEBT: $2,658.   Common $0.001 par   Stockholders:  12/31/2008, 30. Transfer Agent:  Continental Stock Transfer & Trust Co.   New York , NY   OTC Bulletin Board( Primary): ALCQ   Exchange Year High Low OTC Bulletin Board 2009 0.3000 0.3000 OTC Bulletin Board 2008 0.3000 0.3000 OTC Bulletin Board 2007 0.5100 0.0500   DIVIDENDS: Common $0.001 par: No cash. Common reverse split 1-for-10, Sept. 26, 2005.