CREDIT REPORT

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1 Eurogate Trade Report CREDIT REPORT Order Details: Your reference: XXXXXXX Purchase order: Delivery speed: Immediate Language: English COMPANY REPORTED TEST GRUP SRL Principal Address: Teststreet 99, Ap Testberg Romania Telephone: , , Fax: [email protected] Web: Former company addresses Former Principal Address: Example Bvd Testberg Romania ICON number: 55XXXXXXX National ID: J99/999/1999 VAT number: 1111XXXX - Seite 1 -

2 Date of Last Research: CREDIT INFORMATION SUMMARY Insolvency According to available information sources the company is Information: not in a insolvency/preliminary/debt regulation proceeding. Maximum Credit: EUR 4.000,00 Maximum Credit is to be understood as the highest possible engagement for a supplier delivering goods or rendering services on open terms with an average respite of 60 days. (It is assumed that, on the average, the company in question has 5 suppliers, who deliver goods or render services at the same time.) Credit Rating: 7: Moderate risk Payment Practices: Payments are made according to terms According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at Further Rating Information: Researched company is categorized as a small company. Turnover volume of RON in the year increased by 22,05% compared with. In the previous period this change was 45,51%. Fixed assets decreased by RON and now 23,20% of total assets. Working capital of RON increased for 167,14% compared with the last period. Debt Collection: There is no record of any debt collection action by Coface Central Europe Holding AG against this company - Seite 2 -

3 exceeding a single case volume of EUR 500. COMPANY DETAILS Established: 1999 Registration: No. J99/XXX/ Testberg, Romania Legal Form: Limited Liability Company Capital: Nominal capital: RON ,00 Divided into: 567 Ordinary shares at RON 100,00 each Paid-up capital: RON ,00 Shareholders: EVA GXXXXX Examplestr 11 Testberg, Jud. Testberg Romania Shareholder Equity capital: 33,34% 189 Ordinary shares TOMAS CXXXXXX Romania Shareholder Equity capital: 33,33% 189 Ordinary shares HERMAN MXXXXXXXX - Seite 3 -

4 Romania Shareholder Equity capital: 33,33% 189 Ordinary shares EVA GXXXXX is registered as administrator within the following companies: TEXTILA XXXXX SA, J99/999/1991. Management: EVA GXXXXX - Director Examplestr 11 Testberg, Jud. Testberg Romania Present KEY DATA ON OPERATIONS Subject of NACE Operation: 4690 Non-specialised wholesale trade Collaborators: Lxxx, Terxxx, Setxxx, Naxxx, Sxxx Xxx, Knixxx, Wxxx, Stahlxxx, Unxxx, Axxx Copco. NACE codes given are based on the most recent NACE Revision 2. The company is active in the Coface sector 'Non specialised trade'. Note: the Coface Sector Rating for this industry in the emerging markets of CEE is 'B+' (Last rating: 'B+') - Seite 4 -

5 Inflation rate: 6,3% Company 300: Satisfactory business development Development: Key Data: Amounts shown in Romanian Leu (New) (RON) Turnover: 3.XXX.XXX Fixed assets: 4XX.XXX Equity capital: 1.XXX.XXX Profit after taxation: 6XX.XXX Operating result - profit: 7XX.XXX Turnover: 2.XXX.XXX Fixed assets: 5XX.XXX Equity capital: 1.XXX.XXX Profit after taxation: 5XX.XXX Operating result - profit: 6XX.XXX Turnover: 1.9XX.XXX Fixed assets: 4XX.XXX Equity capital: 4XX.XXX Profit after taxation: 2XX.XXX Ratios: Return on assets ( ROA ) (=Net profit / Total assets) : 0,32 : 0,39 Return on equity ( ROE ) (=Net profit / Shareholder equity) : 0,39 : 0,52 : 0,56 - Seite 5 -

6 Workforce: Total workforce: 8 Total workforce: 8 Total workforce: 10 FINANCIAL INFORMATION Financials: Amounts shown in Romanian Leu (New) (RON) BALANCE SHEET Fixed assets 4XX.XXX 5XX.XXX 4XX.XXX Current assets 1.5XX.XXX 7XX.XXX 6XX.XXX Inventory 4XX.XXX 3XX.XXX 2XX.XXX Claims (receivable) 1.0XX.XXX 3XX.XXX 2XX.XXX Liquid assets 1XX.XXX 9X.XXX 1XX.XXX Short term financial 0 0 investments Prepaid expenses 11.XXX 11.XXX TOTAL ASSETS 2.0XX.XXX 1.3XX.XXX Equity capital 1.6XX.XXX 1.0XX.XXX 4XX.XXX Share capital 56.XXX 56.XXX Subscribed and paid 56.XXX 56.XXX 3X.XXX capital Reserves 2X.XXX 2X.XXX Short-term liabilities 3XX.XXX 3XX.XXX Long-term liabilities 0 10.XXX Total debts 3XX.XXX 3XX.XXX 6XX.XXX Provisions for risks 0 0 and charges Deferred income 0 0 TOTAL EQUITY AND 2.0XX.XXX 1.XXX.XXX LIABILITIES PROFIT AND LOSS - Seite 6 -

7 Turnover 3.XXX.XXX 2.7XX.XXX 1.9XX.XXX Total income 3.4XX.XXX 2.8XX.XXX 1.9XX.XXX Total expenses 2.6XX.XXX 2.2XX.XXX 1.6XX.XXX Operating result - 7XX.XXX 6XX.XXX profit Operating result loss Profit on financial 0 0 transactions (financial profit) Loss on financial 5.XXX 5.XXX transactions (financial loss) Current result - 7XX.XXX 6XX.XXX profit Current result - loss 0 0 Extraordinary profit 0 0 Extraordinary loss 0 0 Profit before 7XX.XXX 6XX.XXX 3XX.XXX taxation Loss before taxation 0 0 Profit after taxation 6XX.XXX 5XX.XXX 2XX.XXX Loss after taxation 0 0 Approximate Exchange Rates: : 4,2373 RON = 1 EUR : 3,6827 RON = 1 EUR : 3,332 RON = 1 EUR : 3,5245 RON = 1 EUR : 3,0493 RON = 1 USD : 2,5189 RON = 1 USD : 2,4383 RON = 1 USD : 2,809 RON = 1 USD Financial Comments: Effectively from July 1st 2005, the Romanian currency was redenominated so that 10,000 old lei(rol) will be exchanged for 1 new leu (RON). The financial statements of the companies will be published in new currency RON starting with Seite 7 -

8 All financials for previous years displayed in the report were converted from ROL to RON. Bankers: VOLKSBANK ROMANIA SA - Account no. ROXXVBBUXXXXTIXXXXXXXXXX Bucuresti, Sector 2, Mihai Bravu 171 Ratios: Debt Ratio (=(Short-term liabilities + Long-term liabilities) / Total Assets) : 0,18 : 0,25 Quick ratio (=(Current assets - Inventory)/Current liabilities) : 3,10 : 1,39 Current ratio ( CR ) (=Current assets / Current liabilities) : 4,28 : 2,34 Leverage (=Long Term Liabilities / Total Equity) : 0 : 0,01 Return on sales ( ROS ) (=Net profit / Turnover) : 0,19 : 0,19 : 0,14 Return on assets ( ROA ) (=Net profit / Total assets) : 0,32 : 0,39 - Seite 8 -

9 Return on equity ( ROE ) (=Net profit / Shareholder equity) : 0,39 : 0,52 : 0,56 Operating margin, in % (=Operating result / Sales) : 22,51 : 22,20 Days supply in inventory (=(Inventory / Turnover) * No. of days in period) : 45,29 : 41,03 : 42,50 Days sales in receivables (=(Receivables / Turnover) * No. of days in period) : 108,24 : 47,06 : 47,61 Days purchase in payables (=(Current Liabilities / Turnover) * No. of days in period) : 38,47 : 42,92 Sales to Total Assets (=Sales / Total assets) : 1,69 : 2,07 Cash ratio (=Cash / Current liabilities) : 0,29 : 0,29 Eurogate risk class: 4 - Low risk - Seite 9 -

10 CODES AND DEFINITIONS Payment Practices Payments are made very correctly. Payments are made regularly. Payments are made according to terms Payments are made irregularly. Payments are made slowly. Payments are made very slowly. Payments are extremely slow, constantly legal actions occur. Payments stopped. Credit Rating 10 Excellent risk 9 Very low risk 8 Low risk 7 Moderate risk 6 Acceptable risk 5 Medium high risk 4 Significant risk 3 High risk 2 Very high risk of insolvency 1 Extremely high risk of insolvency 0 Insolvency/preliminary/debt regulation proceedings Company Development 0 Development cannot be determined by outside parties 15 On account of the information about insolvency/preliminary/debt regulation proceedings, Coface Central Europe is not in a position to give a final assessment about the company development at this time. 100 Very positive business development 150 Expansive business development 200 Positive business development 300 Satisfactory business development 350 Slightly declining business development 400 Declining business development 500 Rapidly declining business development 600 Questionable declining business development - Seite 10 -

11 Eurogate risk class 1 High risk 2 Moderate to high risk 3 Moderate (average) risk 4 Low risk 5 Excellent / almost no risk 8 Unrated company (maybe new business or too little info) 9 Dead company/stopped trading etc Coface Sector Rating A+, A, A- B+, B, B- C+, C, C- D In a good sector economic environment with robust corporate financial health, payment behaviour has been satisfactory. Corporate default probability is low on average. The essentially good economic environment in the sector could experience short-term deterioration with negative consequences on corporate financial health. Payment behaviour has been generally satisfactory and default probability acceptable. In a very uncertain economic environment with vulnerable corporate financial health, payment behaviour is relatively poor. Default probability is high enough to cause concern. With a very poor economic environment prevailing in the sector, weakened corporate financial health gives rise to generally bad payment behaviour. Default probability is high. End of document. - Seite 11 -