CREDIT REPORT TEST A.D. Creditworthiness: BASIC COMPANY INFORMATION SHORT SUMMARY: (DECEMBER 2012) Creditworthiness: Recommended credit limit: 0 EUR

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1 CREDIT REPORT TEST A.D. Date of preparation 8/30/2013 Creditworthiness: BAD BASIC COMPANY INFORMATION Company name: Registered address: Telephone: Fax: Electronic mail: Web page: Id no.: Tax no.: Director/President of the management board: President of supervisory board: Legal form: Court register entry date: TEST A.D. Test Str. 1, Belgrade, Serbia Mr. Xxxx Yyyyy, General Director Mr. Qqqqq Ppppp Joint Stock Company in xxxxxx 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 11

2 GENERAL COMPANY DATA History: Subject was established in xxxx. In 2011 was privatized by FFFF Ltd. Size of the company: Size (EU): Large sized Equity capital (in EUR) Ownership: Registered activity: Premises: Equity capital Share capital Share capital in local currency 6,558,358,000 RSD on ,558,358,000 RSD on Share capital 100% Major shareholders: FFF Ltd., Belgrade Serbia (ID: ) holds 70.29% PPP Ltd. Belgrade, Serbia (ID: ) holds 14.29% DM Manufacture of other furniture Manufacture and trading of furniture Offices-Business building in Belgrade, Test str 1, covering 1,800 m2 owned Offices in Kraljevo 660 m2, owned Offices in Novi Sad 880 m2, owned Production facilities in Kraljevo, covering 31,123m2, owned Production facilities in Novi Sad, covering 17,135 m2, owned Production facilities in Vranje, covering 6,962 m2, owned Production facilities in Surdulica, covering 3,716 m2, owned Warehouses in Novi Sad, covering 14,352 m2, owned Warehouses in Kraljevo, covering 2,000 m2, owned HOTEL TEST, Novi Sad POSLOVNI KLUB TEST 1, Belgrade Shops-branch offices (total of 9): Novi Beograd Kuršumlija Novi Sad Arandjelovac Smederevo Lazarevac Bačka Palanka Paraćin Belgrade Show rooms in cities of Serbia (total of 34) Business activity (in EUR) Net sales revenues Subsidiary/affiliated companies Subsidiaries in Serbia: TEST + d.o.o., Belgrade, Serbia (ID: ) TEST - d.o.o., Vranje, Serbia (ID:444444) TEST * d.o.o., Vranje, Serbia (ID: ) TEST /d.o.o., Donji Stajevac, Serbia (ID: ) Average number of employees: Subsidiaries abroad: TEST d.o.o., Podgorica, Montenegro (ID: ) TEST, Moscow, Russia TEST GmbH, Germany Management: Mr. Zzzz Zzzzz, Member of the Board of directors Mr. Aaaaa Aaaaa, Member of the Board of directors Mr. Sssss Ssss, Member of the Board of directors Page 2 of 11

3 Supervisory board: Official entries: / Commercial banks: Mr. Kkkkk Kkkkk, Member Ms. Uuuuu Uuuu, Member Ms. Lllll Lllll, Member Komercijalna banka A.D.- Beograd Account No.: Vojvođanska banka A.D.- Novi Sad Account No.: Societe Generale banka Srbija A.D.- Beograd Account No.: Hypo Alpe-Adria-Bank A.D.- Beograd Account No.: Raiffeisen banka A.D.- Beograd Account No.: Piraeus Bank A.D.- Beograd Account No.: Unicredit Bank Srbija A.D.- Beograd Account No.: Payment delays: total days under blockade for the last 12 months: Recorded debt collection: The company has been registered as a debtor in Pro Kolekt group Case registered on: Capital amount of the claim: EUR 126, Case status: Claim is justified, subject has submitted payment plan Claim should be settled by end of Starting end of June 2013 Case registered on: Capital amount of the claim: RSD 436, Case status: Claim is justified, payment plan has not been submitted yet (see section notes) Page 3 of 11

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 Long-term financial investments Long-term operating receivables 0 0 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 0 0 Provisions 0 0 Long-term accrued costs and deferred revenues 0 0 LONG-TERM LIABILITIES Long-term financial liabilities Long-term operating liabilities Deferred tax liabilities 0 0 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 11

5 PROFIT & LOSS ACCOUNT 1/ /2011 (in EUR) 1/ /2012 (in EUR) NET SALES REVENUES 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 0 0 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 OTHER EXPENSES TOTAL PROFIT TOTAL LOSS TAX ON PROFIT DEFERRED TAXES NET PROFIT FOR FINANCIAL YEAR NET LOSS FOR FINANCIAL YEAR AVERAGE NUMBER OF EMPLOYEES BASED ON WORKING HOURS WITHIN THE FINANCIAL PERIOD NUMBER OF OPERATING MONTHS Page 5 of 11

6 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 (%) 72,52 79,89 Share of deficit of NWC in sales revenues (%) 20,03 / Share of deficit of NWC which can be replaced with net profit in one year (%) Financial strength 3,70 / Capital ratio (%) 35,02 30,71 Debt to net worth 1,86 2,26 Financing of tangible and intangible long-term assets by capital (%) Financing of long-term assets and inventories by capital (%) 138,56 135,54 53,07 50,26 Long-term sources to long-term assets (%) 140,61 147,34 Financial stability (%) 106,45 111,59 Net claim to net worth (%) / / Net short-term claim to monthly sales income (in months) Financial balance 1,82 3,10 Current ratio 1,68 1,69 Quick acid ratio 1,14 1,22 Quick ratio 0,04 0,35 Quality of net working capital 1,74 1,71 Long-term financing of short-term assets (%) 40,53 40,78 Long-term financing of inventories (%) 126,53 147,78 Short-term financing of long-term assets (%) / / Page 6 of 11

7 Profitability and efficiency Sales revenues increase/decrease (%) n.a. -5,20 Net profit margin on sales (%) 0,74-9,81 Operating margin (%) -10,34-16,89 EBITDA in sales revenues (%) -6,81-13,91 Cash flow from operating activities in sales revenues (%) n.a. 17,49 Free cash flow in sales revenues (%) n.a. -1,82 Return on equity - ROAE (%) 0,59-8,04 Return on assets - ROAA (%) 0,21-2,64 Rate of accumulation (%) 4,27-6,82 Sales revenues per employee (in EUR) Labour costs in value added 1,22 1,60 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. 4,80 Share of loss in depreciation (%) / -328,40 Share of loss in share capital (%) / -8,33 Assets management Inventory days Receivables collection period (days) Payables deferral period (days) Cash converting cycle (days) Assets turnover 0,28 0,27 Capital turnover 0,80 0,82 Indebtedness Level of indebtedness-fin. of material investments by foreign funds (%) 15,22 18,07 Financial debt to total capital 0,56 0,77 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) 12,77 13,92 / / 54,42 / Share of free cash flow in fin. and oper. Liabilites (%) n.a. / 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 (%) 3,82 7,47 Trade receivables to trade payables 1,82 1,12 Share of intangible and tangible long-term assets in depreciation (%) n.a. / Page 7 of 11

8 CONCLUSION/EVALUATION Notes: Subject is the leading producer of furniture in Serbia. According to Tax office of the Republic of Serbia (as of ) subject has unpaid obligation for taxes (VAT and taxes) in the amount of RSD 4,234,272,311 (EUR 37,142,739) Subject s major export countries are: France, Italy, countries of Benelux, Scandinavian countries and Russia One local informant reports: Subject and members of the group have enormous unpaid obligations toward banks Creditworthiness: Description of creditworthiness: Subject actually is under control of controversial Serbian businessman Mr. Qpapap Ppppp. He is ranked among most powerful Serbs list. C+ Poor financial condition. Significant probability for non-payment of financial commitments. Very high credit / default risk. Recommended credit limit: (EUR) 0 EUR 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 104,64000 RSD 113,72000 RSD Average 104,64000 RSD 113,72000 RSD Page 8 of 11

9 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 9 of 11

10 Accumulation in sales revenues (latest period) Return on equity - ROAE (last three business periods) Assets and liabilities structure (latest period) Page 10 of 11

11 Comparison of financial debt to equity capital Cash-flow estimation Page 11 of 11