CREDIT REPORT SAMPLE SRL. Creditworthiness: BASIC COMPANY INFORMATION SHORT SUMMARY: (DECEMBER 2012) Creditworthiness:

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1 CREDIT REPORT SAMPLE SRL Date of preparation 9/17/2013 Creditworthiness: WEAK BASIC COMPANY INFORMATION Company name: SAMPLE SRL Registered address: Str. Mare nr. 1, Sector 1, Bucureşti, Romania Telephone: Fax: Electronic mail: Web page: Id no.: Tax no.: RO Legal form: Limited Liability Company Court register entry date: Registration no.: J40/123/2000 SHORT SUMMARY: (DECEMBER 2012) Total assets (in Equity capital (in Financial debt (in Net sales revenues (in EBITDA (in Net profit/loss for financial year (in Trend - credit score (max. 100 points): Creditworthiness: Recommended credit limit: EUR Page 1 of 10

2 GENERAL COMPANY DATA Equity capital (in Equity capital Share capital Share capital = RON divided into shares in the amount of 10 RON each Ownership: Registered activity: Premises: POPESCU VIRGIL - 60 % IONESCU ION - 40 % NACE Retail sale of hardware, paints and glass in specialized stores. Showroom and warehouse in Str. Sapientei nr. 3A, Sector 3, Bucuresti Showroom and warehouse in Str. Principala nr 15, Brasov, Judetul Brasov Showroom and warehouse in Str. Dreapta nr. 101, Cluj-Napoca, Judetul Cluj Showroom and warehouse in Str. Inclinata nr. 30, Timisoara, Judetul Timis Business activity (in Net sales revenues Import: Average number of employees: France, Italy, Germany, Poland, Slovenia employees on employees on employees on employees on employees on Management: Commercial banks: POPESCU VIRGIL - General Manager IONESCU ION - Sales Manager MARINESCU MARIN - Financial Manager BANCA COMERCIALA ROMANA BRD - GROUPE SOCIETE GENERALE BANCA TRANSILVANIA PIREUS BANK ROMANIA Page 2 of 10

3 BALANCE SHEET 12/31/2010 (in 12/31/2011 (in 12/31/2012 (in ASSETS LONG-TERM ASSETS Intangible long-term assets Tangible long-term assets Long-term financial investments 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 LIABILITIES EQUITY CAPITAL Share capital PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES Provisions Long-term accrued costs and deferred revenues LONG-TERM LIABILITIES Long-term financial liabilities Long-term operating 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 Page 3 of 10

4 PROFIT & LOSS ACCOUNT 1/ /2010 (in 1/ /2011 (in 1/ /2012 (in NET SALES REVENUES OTHER OPERATING REVENUES GROSS OPERATING PROFIT OPERATING EXPENSES Cost of goods, materials and services Labour costs Depreciation Other operating expenses OPERATING PROFIT FINANCIAL REVENUES FINANCIAL EXPENSES Interest expenses FINANCING PROFIT FINANCING LOSS TOTAL PROFIT TAX ON PROFIT NET PROFIT FOR FINANCIAL YEAR AVERAGE NUMBER OF EMPLOYEES BASED ON WORKING HOURS WITHIN THE FINANCIAL PERIOD NUMBER OF OPERATING MONTHS Page 4 of 10

5 RATIOS 12/31/ /31/ /31/2012 Monthly sales revenues (in Investment in intang., tangible long-term assets and inventories (in Financial liabilities (in Net worth (in EBITDA (in Free cash flow - estimation (in n.a Cash-flow estimation Cash-flow from operating activities (in n.a Cash-flow from investing activities (in n.a Cash-flow from financing activities (in n.a Balance at the beginning of the year (in Changes in cash and cash equivalents (in n.a Balance at the end of the period (in n.a Financial intermediary position Net debt (in Net short-term debt (in Net long-term debt (in / Net claim (in / / / Net short-term claim (in / / / Net long-term claim (in 231 / 0 Net working capital analysis Net working capital - NWC (in Recommended net working capital (in Surplus / deficit of NWC (in Share of NWC in sales revenues (%) 4,58 2,71 1,27 Share of deficit of NWC in sales revenues (%) / / / Share of deficit of NWC which can be replaced with net profit in one year (%) Financial strength / / / Capital ratio (%) 12,04 8,81 7,55 Debt to net worth 6,87 9,62 11,42 Financing of tangible and intangible long-term assets by capital (%) Financing of long-term assets and inventories by capital (%) 204,72 163,89 120,80 64,75 42,82 32,89 Long-term sources to long-term assets (%) 216,10 175,31 128,79 Financial stability (%) 68,35 45,81 35,06 Net claim to net worth (%) / / / Net short-term claim to monthly sales income (in months) Financial balance / / / Current ratio 1,08 1,04 1,02 Quick acid ratio 0,93 0,88 0,84 Quick ratio 0,06 0,05 0,02 Quality of net working capital 0,00 0,00 0,00 Long-term financing of short-term assets (%) 7,26 4,28 1,92 Long-term financing of inventories (%) 53,71 26,64 10,77 Short-term financing of long-term assets (%) / / / Page 5 of 10

6 Profitability and efficiency Sales revenues increase/decrease (%) n.a. 18,46 7,25 Net profit margin on sales (%) 3,51 4,74 4,20 Operating margin (%) 3,98 4,63 4,89 EBITDA in sales revenues (%) 5,89 5,03 5,11 Cash flow from operating activities in sales revenues (%) n.a. 5,47 4,71 Free cash flow in sales revenues (%) n.a. 4,79 3,44 Return on equity - ROAE (%) 43,44 74,57 77,73 Return on assets - ROAA (%) 5,23 7,67 6,33 Rate of accumulation (%) 5,41 5,18 4,40 Sales revenues per employee (in Labour costs in value added 0,18 0,21 0,21 Value added per employee (in Net profit/loss per employee (in Net profit to operating cash-flow (%) n.a. 86,66 89,34 Share of cash-flow from operating activities in total assets (%) n.a. 8,16 6,69 Share of loss in depreciation (%) / / / Share of loss in share capital (%) / / / Assets management Inventory days Receivables collection period (days) Payables deferral period (days) Cash converting cycle (days) Assets turnover 1,49 1,62 1,51 Capital turnover 12,39 15,73 18,49 Indebtedness Level of indebtedness-fin. of material investments by foreign funds (%) 31,65 54,20 64,94 Financial debt to total capital 0,15 0,34 0,28 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) 7,02 7,29 7,76 0,47 0,90 1,26 10,82 11,73 14,71 Share of free cash flow in fin. and oper. Liabilites (%) n.a. 7,90 5,32 Share of EBITDA in fin. and oper. Liabilites (%) 10,06 8,29 7,90 EBIT financial expenses cover ratio 12,82 83,16 64,34 EBITDA financial expenses cover ratio 18,95 90,40 67,29 Share of financial costs in sales revenues (%) 0,31 0,06 0,08 Trade receivables to trade payables 0,89 0,85 0,83 Share of intangible and tangible long-term assets in depreciation (%) n.a. 67,89 464,69 Page 6 of 10

7 CONCLUSION/EVALUATION Creditworthiness: Description of creditworthiness: B+ Moderate financial condition, a low level of financial strength. Unstable business trend. Highly vulnerable to adverse changes in financial and business conditions. A low level of capacity for payment of financial commitments. Significant / high credit risk. Recommended credit limit: ( EUR History of assessments: ( Balance sheet period Date of preparation Creditworthiness 12/2010Z 9/17/2013 N Recommended credit limit Could not be defined 12/2011Z 9/17/2013 B /2012Z 9/17/2013 B Additional comment Exchange rate (balance sheet): 1 EUR End of period 4,28480 RON 4,31970 RON 4,42870 RON Average 4,20990 RON 4,23790 RON 4,45600 RON Page 7 of 10

8 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 8 of 10

9 Accumulation in sales revenues (latest period) Return on equity - ROAE (last three business periods) Assets and liabilities structure (latest period) Page 9 of 10

10 Comparison of financial debt to equity capital Cash-flow estimation Page 10 of 10

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

CREDIT REPORT TEST A.D. Creditworthiness: BASIC COMPANY INFORMATION SHORT SUMMARY: (DECEMBER 2012) Creditworthiness: Recommended credit limit: 0 EUR CREDIT REPORT TEST A.D. Date of preparation 8/30/2013 Creditworthiness: BAD BASIC COMPANY INFORMATION Company name: Registered address: Telephone: +381 11 111 11 1111 Fax: Electronic mail: Web page: Id