Comprehensive Report - BursaTransport Compr… · BUSINESS PROFILE 000085. page 2 of 17 OOD -...

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For the exclusive use of:

Account Name:

Customer Reference No.:

Date of the Request:

Delivery Date:

Sample Client

17.03.2010

20.03.2010

Comprehensive ReportConfidential

SAMPLE COMPANYName:

Fax +359 2 8014101

Phone +359 2 8014160

10 CHERNI VRAH Str., Sofia , BulgariaHeadquarters

E-mail

Website http://www.sample.com

[email protected]

COMPANY

Court Registration No:

Bulstat

9999/2005

111111111

Registration Date: 15.01.2005

Legal Form: AD - Joint Stock Company

Status: Active

Number of Employees

Registered Capital

Total Shareholders Equity

Sales Revenue

Profit before tax

109

EUR 5,113

EUR 16,847,068

EUR 77,669,327

EUR 189,178

Sector:

Consortium

Term of Existence

Special Conditions

No term

31.12.2019

Terms of Partnership

Nace Industry Code: 46.12: Agents involved in the sale of fuels, ores, metals and industrial chemicals

Company Type: Legal entity

UIC: 111111111

Subject of Activity: Trade and distribution of high-quality fuels, polymers and petrochemicals, trade with petrol and petroleum products, transport services, import, export, re-export and any other activity not prohibited by law.

Private national non-financial enterprises

BUSINESS PROFILE

000085

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OOD - limited liability company AD - Joint Stock Company Commercial Act, Court Decision

Date of document 23.07.2006

Deposited Funds Increased EUR 2,556 EUR 5,113 Commercial Act, Court Decision

Shares number changed 50 100 Commercial Act, Court Decision

Capital Increased EUR 2,556 EUR 5,113 Commercial Act, Court Decision


Change of address 25 "Hristo Botev" Str., Sofia 1000, Bulgaria

10 "CHERNI VRAH" Str., Sofia 1407, Bulgaria

Decision of Sofia City Court


Type of Event: Previous Current Reason for occurrence

COMPANY HISTORY

Change of type

RISK RATING

Value31.12.2009

Payment Punctuality

Financial Strength

Risk Rating

A

4

Normal risk

For Financial Strength it is used a scale from 1 to 10, where 1 - very bad, 10 - very good.

For Payment Punctuality is used a scale from A to E, where A – very good, E – very bad.

Notes

CREDIT LIMIT

Value31.12.2009

Credit Limit - Debtor (in EUR)

Credit Limit - Creditor (in EUR)

1,441,025

1,546,351

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OTHER COMMERCIAL DATA

ROSA Popovo Bulgaria 15.42: Manufacture of refined oils and fats

HOLCIM KARIERNI MATERIALI Sofia Bulgaria 14.21: Operation of gravel and sand pits

AYLA BULGARIA Kazichene Bulgaria 74.20: Architectural and engineering activities and related technical consultancy

Sector CountryName City

Country Percent

Canada 20.0%

Country Percent

Brazil 30.0%

Country Type

Exclusive ImporterENZO Leichtmetallräder GmbH Germany

AgentKFZ STAHLRAD Australia

Name

Sample-3

Sample-2

Sample-1

Name

RODCRAFT PNEUMATIC TOOLS 51.90: Other wholesaleGMBH

- Germany

VALAN Blagoevgrad Bulgaria 51.90: Other wholesale

GLAVBOLGARSTROY Sofia Bulgaria 45.21: General construction of buildings and civil engineering works


KOREKT - 2004 Sandanski Bulgaria 51.38: Wholesale of other food, including fish, crustaceans and molluscs

FORTUNA EZ Vratsa Bulgaria 51.19: Agents involved in the sale of a variety of goods

BANNER GMBH 51.90: Other wholesale Vienna Austria


IMPORTS

EXPORTS

REPRESENTED COMPANIES

TRADE MARKS

SUPPLIERS

CLIENTS

PARTNERS

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3.

223 6-th September Str. "Central" District, Plovdiv, 4006, BulgariaAddress:

Start Date: 03.08.2007rentedStatus

Type Offices

E-mail [email protected]

2.

145 Botevgradsko Shose Str., Sofia, 1517, BulgariaAddress:

Start Date: 04.07.2007ownedStatus

Type Shop


1.

10 CHERNI VRAH Str., Sofia, 1407, BulgariaAddress:

Start Date: 23.08.2008ownedStatus

Type Head Office


WORKING POINTS

PREMISES

25 Hristo Belchev Str., Sofia, 1000, BulgariaAddress:

End Date: 23.08.2008.ownedStatus

HeadquartersType Start Date: 25.01.20051.

WORKING POINTS

PREMISES HISTORY

Issued No Of Shares/Stakes

Nominal value Date

50

EUR 51.13 15.01.2005

EUR 2,556Capital

CAPITAL HISTORY

Type of shares/stakes Ordinary shares Number of privileged shares 5

Contribution in-kind EUR 511 Rights which the shares give to their holder Voting right

Capital EUR 5,113 Issued No Of Shares/Stakes 100

Nominal value EUR 51.13 Date 01.07.2007

CAPITAL

Deposited Funds (in EUR) EUR 5,113

Special Conditions For Transfer In compliance with the requirements of Art. 12 of the In-Laws of the Company.

Conceded Estate Value

Contribution in-kind info Regulated land plot

EUR 511

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Percent:

Share/Stake (BGN):

23.5%

2,350

First Name:

Last Name:

Middle Name:

IVAN

IVANOV

IVANOV

BULGARIANNationality:

INDIVIDUALS

COMPANIES

100

Percent: 25.0%

Share/Stake (BGN):

Sample Shareholder 2Name:

Bulstat

Legal Form: OOD - limited liability company

Nationality: Bulgaria

766,938ACCOUNTING PROFIT OR LOSS(2008) EUR

6,135,503SALES REVENUE(2008) EUR

76,694TOTAL SHAREHOLDERS' EQUITY(2008) EUR

5,000

Percent: 50.0%

Share/Stake (BGN):

Sample Shareholder 1Name:

Bulstat 0000000001

Legal Form: AD - Joint Stock Company


5,624ACCOUNTING PROFIT OR LOSS(2008) EUR

35,790SALES REVENUE(2008) EUR

12,271TOTAL SHAREHOLDERS' EQUITY(2008) EUR

SHAREHOLDERS/OWNERS

OTHER SHAREHOLDERS

Percent: 1.5%

LIST OF PHYSICAL PERSONS

150Share/Stake (BGN):

0000000002

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Percent:

Share/Stake (BGN):

50.0%

2,500

First Name:

Last Name:

Middle Name:

PETAR

PETROV

PETROV

RUSSIANNationality:

02.12.2007End Date:

INDIVIDUALS

COMPANIES

02.12.2007End Date:

2,500

Percent: 50.0%

Share/Stake (BGN):

Sample Company 3Name:

Bulstat 0000000011

Legal Form: EAD - Sole-owner public limited company


SHAREHOLDERS/OWNERS HISTORY

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Board of Managers Member

First Name:

Last Name:

Middle Name:

GEORGI

GEORGIEV

GEORGIEV


13.01.1960Birth Date:

600113XXXX(SSN)ID:

Position:

Executive Director

First Name:

Last Name:

Middle Name:

KAMEN

KAMENOV

KAMENOV



700419XXXX(SSN)ID:

Position:

MANAGEMENT

The Procurator represents the company jointly with the Chairman.

Way of representation - Representative

Way of representation - Procurator

Jointly and Separately

The company is represented by the three executive directors and is bound by two signatures.

Way of Management

Volume of Representation Power The Branch Manager has the right of management and representation of the branch.

-

-

INDIVIDUALS

COMPANIES

Other Administrators

First Name:

Last Name:

Middle Name:

TODOR

TODOROV

TODOROV



760915XXXXID:

Position:

02.12.2007End Date:

MANAGEMENT HISTORY

.

INDIVIDUALS

Executive Director

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INDIVIDUALS

COMPANIES

Test company 000000000 67.0 500,000

Company Name BULSTAT/UIC Percent % Capital (EUR)

The Shareholder Sample Shareholder 1 participates in the following companies:

000000001 30.0 400,000


The Shareholder IVAN IVANOV IVANOV participates in the following companies:

ChairmanTest Company 3Name:

Bulstat 0000000011

Legal Form: EAD - Sole-owner public limited company


Position:

02.12.2007End Date:

COMPANIES

BULGARIAN INDUSTRIAL CONSORTIUM 200861965 8.8 2,608

Subject participates in the following companies:


PARTICIPATIONS

SECTOR COMPARISON

TOTAL ASSETS 70,510,730 21,661,307 61,161,757SALES REVENUE 77,669,327 35,534,615 59,095,627OPERATING PROFIT/LOSS 189,178 1,409,376 954,071ACCOUNTING PROFIT OR LOSS 189,178 762,081 954,071

TOTAL CURRENT ASSETS 27,672,139 11,473,986 26,009,929

TOTAL SHAREHOLDERS' EQUITY 16,847,068 5,147,005 16,722,312

TOTAL FIXED TANGIBLE ASSETS 42,067,562 9,544,456 34,366,484

Amounts in EUR SUBJECT COMPANY 2008

SECTOR AVERAGES 2008

SUBJECT COMPANY 2007

SECTOR AVERAGES 2007

4,531,836 7,913,350

9,865,121

17,984,777 28,584,199

1,157,139

660,674

Board of Managers Member

PA

AFFILIATED

Test company 3

The Manager Georgi Georgiev Georgiev participates in the following companies:

000000001 3.0 100,000


Sample company 3

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PROPERTY LIENS

Pledge of a trade enterprise

Reason

Object

Size

Contract

Transfer of money

EUR 1,859,312

Interest Gross inretesr rate + 7 point

Debtor over Secure Claim

AtPawn Creditor

SAMPLE COMPANY

SAMPLE BANK

Description The enterprise as an entity

Pledge of a company share

Pledgor

Secured Claim Debtor

Pledge Creditor United Bulgarian Bank

Debtor`s name

Pledgor`s name

Secured Claim Reason

Secured Claim Subject

Secured Claim Amount

Contract - 11.08.2008

Trasfer of money

EUR 555800

Secured Claim Interests

Gross interest rate + 14 points

Gross interest rate + 4 points

Secured Claim Delay Interests

EUR 555800Pledge Money

Pledge Property Description

Pledge Property Price

Company share (nominal value EUR 1,304)

EUR 1,304

PEER ANALYSIS

TOTAL Fixed Tangible assets 42,067,562 956,116 10,030,013 34,546,970

OPERATING PROFIT/LOSS 189,178 4,006,483 987,816 -6,775,129Sales Revenue 77,669,327 48,874,391 37,201,597 19,754,784

ACCOUNTING PROFIT or LOSS 189,178 4,006,994 987,816 -6,775,129

TOTAL ASSETS 70,510,730 14,880,128 22,522,407 45,451,292

TOTAL Shareholders' Equity 16,847,068 5,505,591 5,010,149 21,697,182

TOTAL CURRENT ASSETS 27,672,139 13,486,857 980,147 10,464,611

Amounts in EUR SUBJECT COMPANY 2008 PEER COMPANY 1

Current Ratio (Current Assets/Current Liabilities)

1.5 1.5 0.1 0.6

Days Payable Outstanding (Payables/Cost of sales)*365

18.6 42.6 47.3 4.7

Days Receivable Outstanding (Receivables/Sales)*365

18.2 37.4 18.7 13.8

Leverage (TL/E) 3.2 1.7 3.5 1.1

ROA (Net Profit/Total Assets) 0.2 24.2 3.9 -13.9

Gross Profit Margin (Gross Profit/Sales) 9.1 11.6 5.9 -7.0

ROS (Net Profit/Sales) 0.2 7.4 2.4 -32.1

ROE (Net Profit/Shareholders' Equity) 0.8 65.4 17.7 -29.9

KEY RATIOS X, %, DAYS

Note

The companies PEER COMPANY 1, PEER COMPANY 2 & PEER COMPANY 3 are large sector players in terms of Sales Revenue.

PEER COMPANY 2 PEER COMPANY 3

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26,764

58,555

Overdue tax and social security obligations without property to secure the claim

Overdue tax and social security obligations with a writ of execution over subject's property

OVERDUE DEBTS TO THE STATE BUDGET Amounts in EUR

UNITED BULGARIAN BANK

1874185000 (mortgage of real

estate)

333,271,808

752,222,841

Overdue loan interest

Overdue loan principal

Collateral

Lending Bank

PRESENCE OF THE SUBJECT IN "THE LIST OF CREDIT MILLIONAIRES IN BULGARIA" AS OF 1998 Amounts in BGN

PRESENCE OF THE SUBJECT'S MANAGEMENT IN "THE LIST OF CREDIT MILLIONAIRES IN BULGARIA" AS OF 1998

Name: GEORGI GEORGIEV GEORGIEV

Overdue loan interest

Overdue loan principal

Collateral

Lending Bank

34,551

39,148

No collateral

UNITED BULGARIAN BANK

NEGATIVE DATA

Distraint of a company share

Distraint Distraint Bank test 1

Reason Court Decision

Size

Interests

EUR 2,100,000

10 %

Description

Lifting Distraint

Size

Stop Execution Over Property

case № 167/1894

EUR 700,000

sample text

Distraint Distraint Bank Test

Reason Court

Size

Interests

EUR 1,000,000

5 %

Description

Lifting Distraint

Size

Stop Execution Over Property

case No164/1999

EUR 1,000,000

Company share of Test Shareholder 3

Amounts in BGN

Part of the capital of the company

Part of the capital of the company

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NEGATIVE FINANCIAL INDICATORS (EUR)

Termination and Liquidation

Terms of Liquidation

Liquidator

14.11.2008

Liquidator`s name

Insolvency

Open Proceedings

Insolvency Date

Decision 71 from 24.11.2008, Case number 56/2008, Regional Court - Ruse

14/03/2007

Hold Proceedings Decision 71 from 24.11.2008, Case number 56/2008, Regional Court - Ruse

Declare Bankrupt Decision 71 from 24.11.2008, Case number 56/2008, Regional Court - Ruse

Supervision Body Member IVAN IVANOV GEORGIEV

Other Negative Data

.

Consolidated: NO Auditor's opinion: UnqualifiedAuditor: Hristo Mavrudiev

Change % 200620072008BALANCE SHEET (AMOUNTS IN EUR) Change

%

Cost of acquisition or liquidation of tangible fixed assets 158.73 336.7217,811,364 6,884,034 1,576,313

Vehicles -23.67 58.57570,602 747,509 471,411

Fixed Assets 21.87 34.6942,838,590 35,151,828 26,098,894

ASSETS 15.29 37.3570,510,729 61,161,757 44,530,455

Fixed Tangible assets 22.41 32.2542,067,562 34,366,484 25,986,921

Machinery and equipment -25.82 29.046,715,308 9,052,934 7,015,436

Land -4.03 4.4816,970,289 17,682,007 16,923,761

FINANCIAL DATA

OVERDUE OBLIGATIONS WITH A WRIT OF EXECUTION OVER THE SUBJECT'S PROPERTY FROM THE CHAMBER OF PRIVATE ENFORCEMENT AGENTS

Area

Land plot

1000 sq. m

Type of Property

Private Legal Executor

Sofia City Court

Alexander Alexandrov (No. 700)

Court

01/03/2010Reg. Date

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Reimbursable taxes 27.96 38.81795,570 621,731 447,892

Receivables from awarded damages 108.79 0.0097,145 46,528 46,528

Other short-term receivables 98.08 0.0052,663 26,587 26,587

Short-term financial assets - -- - -

TOTAL Short-term receivables -20.37 14.186,394,216 8,030,350 7,032,820

TOTAL Inventories 19.75 55.5020,996,712 17,533,732 11,275,520

Work in progress -49.72 36.714,279,513 8,510,965 6,225,490

Short-term receivables -20.37 14.186,394,216 8,030,350 7,032,820

Receivables from customers and suppliers -46.12 13.553,865,878 7,174,448 6,318,545

Receivables from related parties 882.86 -16.671,582,960 161,057 193,268

TOTAL Short-term Financial Assets - -- - -

TOTAL ASSETS 15.29 37.3570,510,729 61,161,757 44,530,455

TOTAL CURRENT ASSETS 6.39 41.1227,672,139 26,009,929 18,431,561

LIABILITIES & SHAREHOLDER'S EQUITY 15.29 37.3570,510,729 61,161,757 44,530,455

Cash on hand - 219.75- 264,849 82,829

Cash -36.93 261.83281,211 445,847 123,221

Cash in banks - 348.10- 180,997 40,392

Deferred expenses - -- - -

TOTAL Cash -36.93 261.83281,211 445,847 123,221

Investments 0.00 673.23723,478 723,478 93,566

Long-term Financial Assets 0.00 673.23723,478 723,478 93,566

Investments in subsidiary companies 0.00 680.66722,455 722,455 92,544

Other long-term securities 0.00 -1,023 1,023 -

Investment property - -- - 1,023

INTANGIBLE ASSETS -23.14 236.1047,550 61,866 18,407

TOTAL Fixed Tangible assets 22.41 32.2542,067,562 34,366,484 25,986,921

Rights of ownership -19.79 -39,369 49,084 -

TOTAL Intangible Assets -23.14 236.1047,550 61,866 18,407

Software -36.00 -30.568,181 12,782 18,407

Long-term receivables - -- - -

Inventories 19.75 55.5020,996,712 17,533,732 11,275,520

Current assets 6.39 41.1227,672,139 26,009,929 18,431,561

Raw materials 112.54 37.7111,075,605 5,211,087 3,784,071

Goods for sale -12.14 32.0592,544 105,326 79,762

Finished goods 49.72 212.465,549,051 3,706,355 1,186,197

Goodwill - -- - -

TOTAL Long-term Financial Assets 0.00 673.23723,478 723,478 93,566

Deferred Expenses - -- - -

TOTAL FIXED ASSETS 21.87 34.6942,838,590 35,151,828 26,098,894

Deferred tax assets - -- - -

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Current liabilities 78.07 10.2018,963,305 10,649,187 9,663,417

Short-term liabilities 78.07 10.2018,963,305 10,649,187 9,663,417

Payables to suppliers and customers 87.99 -16.283,602,563 1,916,322 2,289,054

Payables to financial institutions 76.46 19.2714,963,979 8,480,287 7,110,025

TOTAL Long-term Payables 2.69 77.1534,700,357 33,790,258 19,074,255

Other long-term liabilities 40.17 39.2883,852 59,821 42,949

TOTAL Long-term Liabilities 2.69 77.1534,700,357 33,790,258 19,074,255

Deferred income - -- - -

Payables to personnel 49.16 44.88226,502 151,854 104,815

TOTAL Short-term liabilities 78.07 10.2018,963,305 10,649,187 9,663,417

Deferred income - -- - -

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 15.29 37.3570,510,729 61,161,757 44,530,455

Total Liabilities 20.76 54.6453,663,662 44,439,445 28,737,671

Tax liabilities 146.59 0.00110,950 44,994 44,994

Social security payables 35.29 74.3647,039 34,768 19,940

Total Current Liabilities 78.07 10.2018,963,305 10,649,187 9,663,417

Other current liabilities -41.46 -77.8412,271 20,963 94,589

Revaluation reserve 0.00 0.0013,940,884 13,940,884 13,940,884

RESERVES 5.07 4.1316,456,440 15,662,404 15,041,185

TOTAL Reserves 5.07 4.1316,456,440 15,662,404 15,041,185

Specific reserves 46.12 56.462,515,556 1,721,520 1,100,300

Share capital 0.00 100.00260,759 260,759 130,379

Shareholders' Equity 0.75 5.8916,847,067 16,722,312 15,792,784

TOTAL Share Capital 0.00 100.00260,759 260,759 130,379

Subscribed capital 0.00 100.00260,759 260,759 130,379

Financial result -83.75 28.64129,868 799,149 621,220

Long-term payables 2.69 77.1534,700,357 33,790,258 19,074,255

Long-term Liabilities 2.69 77.1534,700,357 33,790,258 19,074,255

Debts on trade loans 79.94 -19.572,953,222 1,641,247 2,040,566

Accounts payable to financial institutions -1.33 88.8631,663,284 32,089,190 16,990,741

Current Year Profit (Loss) -83.75 28.64129,868 799,149 621,220

Accumulated Profit (Loss), incl.: - -- - -

TOTAL Shareholders' Equity 0.75 5.8916,847,067 16,722,312 15,792,784

TOTAL Financial result -83.75 28.64129,868 799,149 621,220

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Change % 200620072008PROFIT AND LOSS ACCOUNT (AMOUNTS IN EUR) Change

%

Services 61.27 83.72325,693 201,960 109,928

Goods 377.18 13,611.2714,719,071 3,084,624 22,497

Other -38.89 145.833,377,083 5,526,554 2,248,150

Financial Income 1,149.72 106.982,274,738 182,020 87,942

Total Sales Revenue 31.43 30.3577,669,327 59,095,627 45,335,740

GRAND TOTAL 34.86 30.5079,944,065 59,277,647 45,423,682

TOTAL EXPENSES 36.75 30.5079,754,887 58,323,576 44,692,023

OPERATING INCOME 34.86 30.5079,944,065 59,277,647 45,423,682

Production 17.83 17.0659,247,481 50,282,489 42,955,165

Sales Revenue 31.43 30.3577,669,327 59,095,627 45,335,740

ACCOUNTING PROFIT or LOSS -80.17 30.40189,178 954,071 731,659

TOTAL INCOME 34.86 30.5079,944,065 59,277,647 45,423,682

Tax expenses -61.72 40.2859,310 154,921 110,439

GRAND TOTAL 1 34.86 30.5079,944,065 59,277,647 45,423,682

NET PROFIT/LOSS -83.75 28.64129,868 799,149 621,220

Foreign exchange gains 1,193.03 189.072,274,226 175,884 60,844

Interest income, incl. from related parties -91.67 -77.36511 6,136 27,098

Total financial income 1,149.72 106.982,274,738 182,020 87,942

OPERATING PROFIT/LOSS -80.17 30.40189,178 954,071 731,659

Total operating income 34.86 30.5079,944,065 59,277,647 45,423,682

Social insurance costs 34.35 54.72337,964 251,556 162,591

Expenses for salaries and wages 55.47 31.601,728,167 1,111,549 844,654

Other expenses -83.60 188.65901,919 5,500,478 1,905,585

Corrections 325.91 -39.7413,492,481 -5,972,400 -4,273,889

Total Economic elements expenses -1.59 28.9660,206,664 61,179,653 47,441,751

Economic elements expenses -1.59 28.9660,206,664 61,179,653 47,441,751

Operating expenses 36.75 30.5079,754,887 58,323,576 44,692,023

Cost of materials 5.23 19.9848,432,123 46,023,939 38,358,140

Depreciation Costs 28.65 51.463,273,802 2,544,700 1,680,105

Cost of hired services -3.74 27.995,532,689 5,747,432 4,490,677

Foreign exchange losses 472.03 -2,582,535 451,471 -

Interest expenses 38.13 80.443,055,992 2,212,360 1,226,078

Other financial operations expenses -7.80 51.80417,214 452,493 298,083

Total operating expenses 36.75 30.5079,754,887 58,323,576 44,692,023

Total financial expenses 94.32 104.466,055,741 3,116,324 1,524,161

Expenses for fixed assets acquisition and liquidation -29.76 -127.89-5,470,312 -4,215,602 -1,849,854

Balance value of assets sold (excluding goods) 444.64 852.5516,605,226 3,048,833 320,069

Change in inventories 149.06 -75.132,357,567 -4,805,632 -2,744,104

Financial expenses 94.32 104.466,055,741 3,116,324 1,524,161

Total Amounts of corrective nature: 325.91 -39.7413,492,481 -5,972,400 -4,273,889

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FINANCIAL RATIOS

Ratios are expressed in either "x, times", "percentage" or in "days".

Notes:

Inflation rate at the end of the period 7.8% 12.5% 6.5%

Year 2008 2007 2006

Tangible Assets Turnover (times) 1.8 1.7 1.7

Fixed Assets Turnover (times) 1.8 1.7 1.7

Total Assets Turnover (times) 1.1 1.0 1.0

Days Payable Outstanding (Payables/Cost of sales)*365 18.6 12.8 19.4

Inventory Turnover (days) 108.6 116.7 95.3

Days Receivable Outstanding (Receivables/Sales)*365 18.2 44.3 50.9

Activity Ratios 2008 2007 2006

Quick Ratio ((Current Assets - Inventories)/Current Liabilities) 0.4 0.8 0.7

Working Capital (CA-CL) 8,708,834.6 15,360,742.0 8,768,144.5

Current Ratio (Current Assets/Current Liabilities) 1.5 2.4 1.9

Liquidity Ratios 2008 2007 2006

Leverage (TL/E) 3.2 2.7 1.8

Equity Ratio (E/TA) 0.2 0.3 0.4

Total Debts/Total Assets 0.8 0.7 0.6

Solvency Ratios 2008 2007 2006

Operating profit or loss/Total Assets 0.3% 1.6% 1.6%

Gross Profit Margin (Gross Profit/Sales) 9.1% 7.2% 4.8%

Operating Profit Margin (Operationg Profit/Sales) 0.2% 1.6% 1.6%

ROS (Net Profit/Sales) 0.2% 1.4% 1.4%

ROA (Net Profit/Total Assets) 0.2% 1.3% 1.4%

ROE (Net Profit/Shareholders' Equity) 0.8% 4.8% 3.9%

Profitability Ratios 2008 2007 2006

Inventory's growth in real terms 3,462,979.9 6,258,212.6

Operating profit/loss growth in real terms -764,892.7 222,412.0

Net profit's growth in real terms -669,281.1 177,929.6

Sales growth % 31.4 30.4

Evolution of the Company Elements from Financial Statements 2008/2007 2007/2006

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Sales Revenue Return on Sales - ROSSales revenue is the total amount of money that the company has earned from the sale of all its goods and services during a given time period. In general, the sales revenue represents what a company has earned performing its normal operations.

ROS is a widely used ratio that detects efficiency. This measure is helpful to management, providing insight into how much net profit is being produced per dollar of sales. ROS is also known as a company's net profit margin.

Total Assets Growth Return On Equity - ROEIn business and accounting, assets are everything of value that is owned by a person or company. Total Asset Growth in perspective is indicative of the company's future potential to add value.

The amount of net income returned as a percentage of shareholders’ equity. ROE reveals how much profit a company generates with the money shareholders have invested in the company.

Leverage (Total Liabilities to Equity ratio) Current Ratio

The leverage ratio indicates what relative portions of equity and debt the company uses to finance its assets. It also depends on the industry in which the company operates.

The ratio is mainly used to give an idea of the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations.

CHARTS

of 17

FINANCIAL ANALYSIS

Milestones of the analysis: • the economy of Bulgaria (incl. GDP review, budget deficit, investment activity, domestic consumption, currency board stability, etc);• specific data for the sector• history of the sector and market volumes in the last years; • barriers to entry; • the largest sector players with their specifics and the position of the subject amongst them (market shares).

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SECTOR STUDY

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