CREDIT REPORT. Test d.d. Creditworthiness: BASIC COMPANY INFORMATION SHORT SUMMARY: (DECEMBER 2012) Creditworthiness: 0 EUR. Recommended credit limit:
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1 CREDIT REPORT Test d.d. Date of preparation 9/11/2013 Creditworthiness: CRITICAL BASIC COMPANY INFORMATION Company name: Registered address: Fax: Electronic mail: Web page: Id no.: Tax no.: Director/President of the management board: President of supervisory board: Group: Legal form: Court register entry date: on Registration no.: Test d.d. Test d.d. za proizvodnju i prodaju Adresa 10, Grad, Croatia Telephone: test@test.hr Mr. Ivo Ivic Mr. Marko Maric Company belongs to the Test group of companies Joint stock company SHORT SUMMARY: (DECEMBER 2012) Total assets (in EUR) Equity capital (in EUR) Financial debt (in EUR) Net sales revenues (in EUR) EBITDA (in EUR) Net profit/loss for financial year (in EUR) Trend - credit score (max. 100 points): Creditworthiness: Recommended credit limit: 0 EUR Page 1 of 12
2 GENERAL COMPANY DATA History: Company was established in From the very beginning, the company started to expand to the foreign markets. Both export and sales increased significantly in first couple of years. By the end of 1999 company was already a leader in its segment of production, production of baby furniture. Size of the company: Equity capital (in EUR) Today the company has 73% market share on domestic market and a very good position on surrounding markets as well. Size (EU): Large Equity capital Share capital Ownership: 1. KUNA D.D. 9,56% 2. KARLOVAČKA BANKA D.D. KARLOVAC 9,19% 3. RAIFFEISENBANK AUSTRIA D.D. 8,95% 4. MIRO D.O.O. 8,22% 5. FRANJO STJEPAN 7,03% 6. ERSTE & STEIERMARKISCHE BANK D.D. 5,73% 7. SOCIETE GENERALE-SPLITSKA BANKA D.D. 4,47% 8. MIRO NENAD 3,08% 9. STIPE PERIC 2,55% 10. PERO PERIC 2,05% TOTAL: 60,83% Registered activity: Premises: C Manufacture of other furniture - company sells equipment for babies: baby room, bedding, feeders, carriers, beds, cabinets, carts, car seats, walkers, feeding equipment and toys - company has offices and production facilities at heading address - company has stores in Zagreb, Split and Pula Business activity (in EUR) Net sales revenues Major buyers: Major suppliers: Market position: - small companies - large buyers - private persons - MIRO Spain - HANS Germany - ADIO Italy - company has 73% market share on domestic market Export (% of sales): ,00 0,00 Import: Germany, Italy, Austria, UK, Spain, Finland Page 2 of 12
3 Subsidiary/affiliated companies - company has 100% ownership in next companies: TEST Proizvodnja d.o.o. TEST OPS d.o.o. TEST metali d.o.o. TEST Opskrba d.o.o. TEST Trgovina d.o.o. TEST turizam d.o.o. TEST Plin d.o.o. TRG d.o.o. TEST ESCO d.o.o. TEST Nastavno obrazovni centar - subsidiaries abroad: TEST GmbH Germany Börnestr Düsseldorf TEST d.o.o. Slovenia Efenkova cesta 61 Velenje TEST sro Czech Republic Malo prosenska Prosenice Average number of employees: Management: Supervisory board: Official entries: / Commercial banks: Mr. Ivo Ivic, president of management board Mr. Petar Miric, member of the board Mrs. Ivana Ivanic, member of the board Mr. Marko Maric, president Mrs. Ana Anic, member Mr. Dudo Dudic, member Mrs. Iva Peric, member Mr. Ivan Ivanis, member OTP BANKA HRVATSKA d.d. Zadar Account No.: CENTAR BANKA d.d. Zagreb Account No.: ZAGREBAČKA BANKA d.d. Zagreb Account No.: HYPO ALPE-ADRIA-BANK d.d. Zagreb Account No.: SOCIETE GENERALE SPLITSKA BANKA d.d. Split Account No.: Payment delays: Recorded debt collection: Number of blocked bank accounts: 0 No payment delays were recorded The company has been registered as a debtor in Pro Kolekt Group. Claim registered on: Amount of the claim: 5.485,00 EUR Claim status: Closed negative, claim disputed. Subject paid until today: 0 EUR Claim registered on: Amount of the claim: ,00 EUR Claim status: Closed positive Subject paid until today: ,00 EUR Page 3 of 12
4 BALANCE SHEET 12/31/2011 (in EUR) 12/31/2012 (in EUR) ASSETS LONG-TERM ASSETS Intangible long-term assets Tangible long-term assets Investment properties 0 0 Long-term financial investments Long-term operating receivables Other long-term assets 0 0 SHORT-TERM ASSETS Inventories Short-term financial investment Short-term operating receivables Short-term operating receivables due by customers Cash ST DEFERRED COSTS AND ACCRUED REVENUES Off-balance sheet assets LIABILITIES EQUITY CAPITAL Share capital PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES Provisions Long-term accrued costs and deferred revenues 0 0 LONG-TERM LIABILITIES Long-term financial liabilities Long-term operating liabilities Deferred tax liabilities SHORT-TERM LIABILITIES Short-term financial liabilities Short-term operating liabilities Short-term operating liabilities to suppliers ST ACCRUED COSTS AND DEFERRED REVENUES AND OTHER ST LIABILITIES Off-balance sheet liabilities Page 4 of 12
5 PROFIT & LOSS ACCOUNT 1/ /2011 (in EUR) 1/ /2012 (in EUR) NET SALES REVENUES Net sales revenues on domestic market 0 0 Net sales revenues on EU market 0 0 INCREASE OF INVENTORIES OF PRODUCTS AND WORK -IN-PROGRESS DECREASE OF INVENTORIES OF PRODUCTS AND WORK-IN-PROGRESS OTHER OPERATING REVENUES GROSS OPERATING PROFIT OPERATING EXPENSES Cost of goods, materials and services Labour costs Depreciation Revaluatory oper. expen. from intangible and tang. fixed assets Revaluatory operating expenses from working capital 0 0 Other operating expenses OPERATING PROFIT 0 0 OPERATING LOSS FINANCIAL REVENUES FINANCIAL EXPENSES Interest expenses FINANCING PROFIT 0 0 FINANCING LOSS OTHER REVENUES 0 0 OTHER EXPENSES 0 0 TOTAL PROFIT 0 0 TOTAL LOSS TAX ON PROFIT 0 0 DEFERRED TAXES 0 0 NET PROFIT FOR FINANCIAL YEAR 0 0 NET LOSS FOR FINANCIAL YEAR AVERAGE NUMBER OF EMPLOYEES BASED ON WORKING HOURS WITHIN THE FINANCIAL PERIOD NUMBER OF OPERATING MONTHS Page 5 of 12
6 ID CASH FLOW STATEMENT 12/31/2011 (in EUR) 12/31/2012 (in EUR) A Cash flows from (used in) operating activities 1 Pretax profit (loss) Depreciation Income and other taxes Other exclusion of non-cash transactions Gross cash-flow from operating activities ( ) Decrease (- increase) in operating receivables n.a Decrease (- increase) in deferred costs and accrued revenues n.a Decrease (- increase) in inventories n.a Decrease (- increase) in deferred tax receivables n.a Increase (- decrease) in deferred tax liabilities n.a Increase (- decrease) in operating liabilities n.a Revaluatory operating expenses from working capital n.a Increase (- decrease) in accrued costs and deferred revenues n.a Cash flow from operations ( ) n.a B Cash flows from (used in) investing activities Receipts (- Expenditure) from investing activities 15 Offset decrease (- increase) in intangible long-term assets n.a Offset decrease (- increase) in tangible long-term assets n.a Offset decrease (- increase) in investment properties n.a Offset decrease (- increase) in long-term financial investments Offset decrease (- increase) in short-term financial investments n.a n.a Cash flow from investments ( ) n.a C Cash flows from (used in) financing activities Receipts (- Expenditure) from financing 21 Increase (- decrease) in equity capital (less net profit) n.a Offset increase (- decrease) in provisions n.a Offset increase (- decrease) in long-term financial liabilities n.a Offset increase (- decrease) in short-term financial liabilities n.a Cash flow from financing ( ) n.a Cash and cash equivalents, end of year Net increase in cash and cash equivalents ( n.a Cash and cash equivalents, beginning of year n.a Page 6 of 12
7 RATIOS 12/31/ /31/2012 Monthly sales revenues (in EUR) Investment in intang., tangible long-term assets and inventories (in EUR) Financial liabilities (in EUR) Net worth (in EUR) EBITDA (in EUR) Free cash flow - estimation (in EUR) n.a Cash-flow estimation Cash-flow from operating activities (in EUR) n.a Cash-flow from investing activities (in EUR) n.a Cash-flow from financing activities (in EUR) n.a Balance at the beginning of the year (in EUR) Changes in cash and cash equivalents (in EUR) n.a Balance at the end of the period (in EUR) n.a Financial intermediary position Net debt (in EUR) Net short-term debt (in EUR) Net long-term debt (in EUR) Net claim (in EUR) / / Net short-term claim (in EUR) / / Net long-term claim (in EUR) / / Net working capital analysis Net working capital - NWC (in EUR) Recommended net working capital (in EUR) Surplus / deficit of NWC (in EUR) Share of NWC in sales revenues (%) -89,15-169,18 Share of deficit of NWC in sales revenues (%) 50,97 100,13 Share of deficit of NWC which can be replaced with net profit in one year (%) Financial strength / / Capital ratio (%) 34,93 24,65 Debt to net worth 1,86 3,05 Financing of tangible and intangible long-term assets by capital (%) Financing of long-term assets and inventories by capital (%) 42,72 28,66 37,43 26,44 Long-term sources to long-term assets (%) 66,67 50,46 Financial stability (%) 60,49 47,84 Net claim to net worth (%) / / Net short-term claim to monthly sales income (in months) Financial balance / / Current ratio 0,35 0,21 Quick acid ratio 0,15 0,12 Quick ratio 0,02 0,01 Quality of net working capital / / Long-term financing of short-term assets (%) / / Long-term financing of inventories (%) / / Short-term financing of long-term assets (%) 33,33 49,54 Page 7 of 12
8 Profitability and efficiency Sales revenues increase/decrease (%) n.a. -24,32 Net profit margin on sales (%) -20,32-48,45 Operating margin (%) -8,69-27,33 EBITDA in sales revenues (%) -3,52-20,18 Cash flow from operating activities in sales revenues (%) n.a. 11,20 Free cash flow in sales revenues (%) n.a. 4,79 Return on equity - ROAE (%) -18,42-40,21 Return on assets - ROAA (%) -6,43-12,06 Rate of accumulation (%) -15,15-41,37 Sales revenues per employee (in EUR) Labour costs in value added 1,06 1,51 Value added per employee (in EUR) Net profit/loss per employee (in EUR) Net profit to operating cash-flow (%) n.a. / Share of cash-flow from operating activities in total assets (%) n.a. 2,90 Share of loss in depreciation (%) -393,25-677,40 Share of loss in share capital (%) -63,66-114,74 Assets management Inventory days Receivables collection period (days) Payables deferral period (days) Cash converting cycle (days) Assets turnover 0,32 0,25 Capital turnover 0,91 0,83 Indebtedness Level of indebtedness-fin. of material investments by foreign funds (%) 61,34 72,86 Financial debt to total capital 0,90 1,35 Net financial debt to EBITDA / / Ratio of short-term debt to monthly sales revenues (in months) Ratio of net short-term debt to monthly sales income (in months) Factor of indebtedness (total debt compared to accumulation in years) 16,50 25,67 13,98 22,54 / / Share of free cash flow in fin. and oper. Liabilites (%) n.a. 1,65 Share of EBITDA in fin. and oper. Liabilites (%) / / EBIT financial expenses cover ratio / / EBITDA financial expenses cover ratio / / Share of financial costs in sales revenues (%) 12,53 21,68 Trade receivables to trade payables 0,21 0,18 Share of intangible and tangible long-term assets in depreciation (%) n.a. / Page 8 of 12
9 CONCLUSION/EVALUATION Notes: Resume: Creditworthiness: Description of creditworthiness: - Mr. Ivo Ivic is also the director of the company PROGRAM d.o.o., Rijeka, Croatia - Mr. Marko Maric is also a member of the management board of ZVIJEZDA d.o.o., Split, Croatia - company performed with both operating and net loss in years under discussion - sales revenues decreased by 24% compared to 2011 and were recorded at EUR per month in company is net debtor, 72% of company's material investments in 2012 were financed by foreign funds -share of capital in total liabilities was recorded at acceptable level, still financial strength was poor, only 47% of company's long term assets and inventories in 2012 were financed by long term sources of financing - the debts, both net short term debt compared to monthly sales income and the total debts compared to retained earnings, were recorded at high level in years under discussion D- Critical financial condition. No capacity for payment of the commitments. Recommended credit limit: (EUR) 0 EUR Based on available financial data and due to high overall indebtedness, especially net short term indebtedness that can make problems with current liquidity, credit limit for the company is 0! Some of the data are supplied from sources not controlled by Pro kolekt d.o.o. Pro kolekt d.o.o. does not guarantee for the correctness or the effective delivery of the information and will not be held responsible for any errors therein or omissions there from.credit report is made solely for clients needs. Credit report is intended only for clients decision making and is not intended for further distribution. Pro kolekt d.o.o. does not take any responsibility for business decisions made upon credit report. Exchange rate (balance sheet): 1 EUR End of period 7,53000 HRK 7,52000 HRK Average 7,43000 HRK 7,51000 HRK Page 9 of 12
10 GRAPHS (COMPANY) Net sales revenues, EBITDA, net profit/loss (last three business periods) Revenue structure (latest period) Cost structure in sales revenues (last three business periods) Page 10 of 12
11 Accumulation in sales revenues (latest period) Return on equity - ROAE (last three business periods) Assets and liabilities structure (latest period) Page 11 of 12
12 Comparison of financial debt to equity capital Cash-flow estimation Page 12 of 12
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