Page 1 from 13 Company identification BLACK SEA SUPPLIERS SRL Telephone +40 241 697700 B-dul Aurel Vlaicu 191 Fax +40 241 697700 900498 Constanta Constanta E-mail office@blackseasuppliers.ro Romania WEB www.blackseasuppliers.ro Crefo No. 4049 Registration No. J13/2456/1996 Tax No. RO 8877045 Status Active Solvency index 285 S Solvency index between 221 320 means average rating. This class represents moderate risk in a business partnership. Business connections appear permissible, unsecured credits are still possible moderate credit risk. Solvency index is a very strong capable early-alarm indicator enabling a fast assessment of solvency of business partners. The higher the solvency index, the higher the risk of default of a client. The solvency index ranges from 100, a very good rating, to 600 where highly negative characteristics are present. Economic situation Maximum credit limit 100.000 (EUR) Business connection Business connections appear permissible (31) Payment behaviour Mostly within agreed terms, but partly also delayed (32) Basic information Legal form Private Limited Company Registration changes established on 10.10.1996 as Black Sea Suppliers Srl Private Limited Company
Page 2 from 13 Owners Capital / Address / Nationality From Share Gioxas Antonios (birth date 22/08/1967) MUNICIPIUL CONSTANTA, Greece Greek 07/10/1996 59,99996645 % Skantzikas Ioannis (birth date 19/01/1956) MUNICIPIUL CONSTANTA, Greece Greek Vassios Apostolos (birth date 10/11/1936) BUCURESTI SECTORUL 1, Romania Romanian 02/11/1998 35,00011199 % 02/11/1998 5,0000000 % Registered capital Currency Value 5.960.540 Management / Address / Status Since Position Gioxas Antonios (birth date 22/08/1967) MUNICIPIUL CONSTANTA Romania 07/10/1996 Administrator Skantzikas Ioannis (birth date 19/01/1956) MUNICIPIUL CONSTANTA Romania 03/09/1997 Administrator Company addresses information Working points Voluntari, Str.Sos. Afumati, Nr.106, Jud.Ilfov Târgu Mures, Str.Gheorghe Doja Nr. 76 Timisoara, Str.Calea Lugojului, Nr.29 Targoviste, Str.Aleea Manastirea Dealu, Nr.7 Suceava, Str.Humorului, Nr.94 Sibiu, Str.Abatorului Nr. 8 Satul Uricani, Comuna Miroslava, Jud.Iasi Resita, Str.Barzavitei, Nr.3
Page 3 from 13 Ploiesti, Str.Poligonului Nr. 3 Oradea, Str.Borsului, Nr.56 Galati, Str.Traian, Nr. 437c Focsani, Str.Calea Moldovei, Km183+100 Deva, Str.Santuhalm, Nr.31a Craiova, Str.Calea Severinului Nr.58 Cluj Napoca, Str.B-dul Muncii, Nr.18 Bucuresti, Str.B-dul. Iuliu Maniu, Nr.367-379 Brasov, Str.B-dul Grivitei, Nr.1t2 Baia Mare, Str.Depozitelor, Nr.3 Arad, Str.Poetului, Nr.1/c Subsidiaries Connections Through / Address Position Share Gioxas Antonios RO 15563347 BLUE BEACH SRL 30,00000000% RO 11765688 EUROPROIECT SRL administrator RO 15145336 INSTALATORUL SRL administrator RO 14413660 IOLKOS INVEST SRL administrator RO 11544962 METAL TRADE SRL administrator RO 21939935 ORO CONSTRUCT SRL administrator RO 21957362 ORO INVEST SRL administrator RO 14320633 ROMEXPRESS LINE SRL administrator Skantzikas Ioannis 60,00000000% 60,00000000% 50,00000000% 60,00000000% 50,00000000% 50,00000000% 60,00000000% RO 15563347 BLUE BEACH SRL 2,00000000% RO 11765688 EUROPROIECT SRL administrator RO 15145336 INSTALATORUL SRL administrator 40,00000000% 40,00000000%
Page 4 from 13 RO 14413660 IOLKOS INVEST SRL administrator RO 11544962 METAL TRADE SRL administrator RO 21939935 ORO CONSTRUCT SRL administrator RO 21957362 ORO INVEST SRL administrator RO 14320633 ROMEXPRESS LINE SRL administrator RO 18956081 ZOLMAR IUS SRL administrator 50,00000000% 40,00000000% 45,00000000% 50,00000000% 35,00000000% Vassios Apostolos RO 14320633 ROMEXPRESS LINE SRL 5,00000000% Business activities Main activity Nace Non-specialised wholesale trade 4690 Additional activities Nace Wholesale of hardware, plumbing heating equipment supplies 4674 Agents involved in the sale of timber building materials 4613 Legal office working spaces at the above mentioned address Economic data Turnover Employees Date Turnover Employees 31.12.2015 342.910.827 534 31.12.2014 298.822.919 521 31.12.2013 286.805.160 519 31.12.2012 293.583.317 506 31.12.2011 302.684.601 507 31.12.2010 276.687.928 503
Page 5 from 13 31.12.2009 295.696.569 577 31.12.2008 467.725.068 799 31.12.2007 418.014.686 700 31.12.2006 311.885.216 544 31.12.2003 172.105.326,8 304 31.12.2002 120.236.468,6 280 31.12.2001 89.310.170,8 207 31.12.2000 46.125.411,7 Properties According to the Balance Sheet of 31.12.2014 date the company holds real estates with a book value of 12.676.516,00, but we do not have any other details on the type location of these assets. Supplementary data Banks Financial Institution Alpha Bank Bancpost Sa Libra Internet Bank Marfin Bank (Romania) Piraeus Bank Romania Branch Constanta Constanta Constanta Constanta Constanta The subject is registered in the Electronic Archive for Secured Transactions, as having credits at: - Alpha Bank, Constanta - Bancpost Sa, Constanta - Libra Internet Bank, Constanta - Marfin Bank (Romania), Constanta - Piraeus Bank Romania, Constanta - TBI BANK EAD SOFIA - SUCURSALA BUCURESTI These credits are guaranteed with cash-flow fixed assets. If the company is asking for credits, for which the company has to present guarantees, these have to be first verified. Main indices Payment experience credit opinion Maximum credit limit 100.000 (EUR) Business connection Business connections appear permissible (31) Payment behaviour Mostly within agreed terms, but partly also delayed (32)
Page 6 from 13 Negative events According to the information registered at the Ministry of Finance, the company has no overdue debts to the State budget as of 31.03.2016. There are no records related to the subject at the Payment Incidents Bureau (CIP) in the period 25.03.2009-25.03.2016. There are no records related to the subject company in our debt collection department. There are no records related to the subject company at the Insolvency Proceedings Bulletin. The subject company is not registered with legal proceedings opened against it, according to Court Portal. Balances Assets Incorporation expenses r1 0 N/A N/A Development expenses r2 0 N/A N/A Concession rights, patents, licences, trademarks, similar rights assets other intangible fixed assets r3 175.366 104.506 N/A Goodwill r4 0 N/A N/A Down payments intangible fixed assets in progress r5 0 N/A N/A TOTAL INTANGIBLE FIXED ASSETS r6 175.366 104.506 N/A L buildings r7 10.496.428 10.130.861 N/A Technical installations machines r8 1.242.277 1.857.521 N/A Other installations, machinery furniture r9 533.780 663.464 N/A Down payments tangible fixed assets in progress r10 1.075.023 306.629 N/A TOTAL TANGIBLE FIXED ASSETS r11 13.347.508 12.958.475 N/A Shares in subsidiaries r12 0 N/A N/A Loans given to subsidiaries r13 6.871.118 7.896.431 N/A Participating interests r14 0 N/A N/A Loans given to associates r15 0 N/A N/A Other long term investments r16 0 N/A N/A Other loans r17 83.228 86.812 N/A TOTAL CAPITAL ASSETS r18 6.954.346 7.983.243 N/A NON CURRENT ASSETS - TOTAL r19 20.477.220 21.046.224 25.305.416 Raw materials consumables r20 1.032.890 1.401.410 N/A Work in progress r21 0 N/A N/A Finished goods r22 81.090.253 84.382.712 N/A Down payments on inventory purchases r23 8.836.438 6.406.664 N/A
Page 7 from 13 TOTAL INVENTORIES r24 90.959.581 92.190.786 94.615.219 Trade receivables r25 120.115.758 130.552.800 N/A Receivables from subsidiaries r26 0 N/A N/A Receivables from entities in respect of participating interests r27 0 N/A N/A Other receivables r28 2.513.460 2.590.084 N/A Unpaid subscribed capital r29 0 N/A N/A TOTAL RECEIVABLES r30 122.629.218 133.142.884 139.490.517 Shares in subsidiaries r31 0 N/A N/A Other short-term investments r32 0 N/A N/A TOTAL SHORT-TERM INVESTMENTS r33 0 N/A N/A PETTY CASH AND BANK ACCOUNTS r34 18.684.536 18.968.048 25.265.596 CURRENT ASSETS - TOTAL r35 232.273.335 244.301.718 259.371.332 PREPAID EXPENSES r36 939.235 1.005.814 1.386.970 TOTAL ASSETS r37 253.689.790 266.353.756 286.063.718 Liabilities Debenture loans r38 0 N/A N/A Amounts payable to credit entities r39 177.753.795 182.658.015 N/A Down payments received on orders in progress r40 837.861 2.706.056 N/A Commercial debts - suppliers r41 56.860.962 63.820.100 N/A Commercial bills due r42 0 N/A N/A Amounts payable to subsidiaries r43 0 N/A N/A Amounts payable to associates in respect of participating interests Other debts, including fiscal debts amounts payable to social security r44 0 N/A N/A r45 6.430.562 5.193.171 N/A TOTAL SHORT-TERM DEBTS r46 241.883.180 254.377.342 N/A NET CURRENT ASSETS/NET CURRENT DEBTS r47-8.670.610-9.069.810 N/A TOTAL ASSETS MINUS CURRENT DEBTS r48 11.806.610 11.976.414 N/A Debenture loans r49 0 N/A N/A Amounts payable to credit entities r50 0 N/A N/A Down payments received on orders in progress r51 0 N/A N/A Commercial debts - suppliers r52 0 N/A N/A Commercial bills due r53 0 N/A N/A Amounts payable to subsidiaries r54 0 N/A N/A Amounts payable to associates in respect of participating interests Other debts, including fiscal debts amounts payable to social security r55 0 N/A N/A r56 0 N/A N/A
Page 8 from 13 TOTAL -TERM DEBTS r57 0 N/A N/A Provisions for pensions other similar obligations r58 0 N/A N/A Provisions for taxes r59 0 N/A N/A Other provisions r60 0 N/A N/A TOTAL DEBTS r61 241.883.180 254.377.342 274.029.832 TOTAL PROVISIONS r62 0 0 0 Grants for investments r63 0 N/A N/A deferred income r64 0 N/A N/A TOTAL DEFERRED INCOME r65 0 0 0 Subscribed paid capital r66 5.960.540 5.960.540 N/A Subscribed unpaid capital r67 0 N/A N/A Assets liabilities (public sector companies) r68 0 N/A N/A TOTAL SHARE CAPITAL r69 5.960.540 5.960.540 5.960.540 CAPITAL PREMIUM r70 0 N/A N/A REVALUATION RESERVES r71 313.093 291.879 N/A Legal reserves r72 1.192.108 1.192.108 N/A Statutory or contractual reserves r73 0 N/A N/A Reserves representing the revaluation reserve surplus r74 42.488 63.702 N/A Other reserves r75 3.035 3.035 N/A TOTAL RESERVES r76 1.237.631 1.258.845 N/A Own shares r77 0 N/A N/A Earnings associated to own capital instruments r78 0 N/A N/A Losses associated to own capital instruments r79 0 N/A N/A Reported profit or loss (e) Balance account C r80 4.742.667 4.295.346 N/A Reported profit or loss (e) Balance account D r81 0 N/A N/A Profit or loss as per the financial year Balance account C Profit or loss as per the financial year Balance account D r82 0 169.804 N/A r83 447.321 0 N/A Profit distribution r84 0 N/A N/A SHAREHOLDERS EQUITY - TOTAL r85 11.806.610 11.976.414 12.033.886 Public patrimony r86 0 N/A N/A EQUITY - TOTAL r87 11.806.610 11.976.414 N/A TOTAL LIABILITIES r88 253.689.790 266.353.756 286.063.718 Profit Loss Account Net turnover r89 286.805.160 298.822.919 342.910.827 Own work sold r90 1.664.090 1.994.516 N/A
Page 9 from 13 Income from the sale of goods r91 285.882.381 297.830.323 N/A Income from interests made by leasing r92 0 N/A N/A Income from grants related to income corresponding to net turnover r93 0 N/A N/A -Balance account C r94 0 N/A N/A Balance account D r95 0 N/A N/A Production made by the entity for its own purposes capitalized r96 0 0 N/A Other operating income r97 177.736 1.262.945 N/A OPERATING INCOME - TOTAL r98 286.982.896 300.085.864 N/A Expenses on raw materials consumables r99 6.839.090 7.161.793 N/A Other expenses supplies materials r100 339.715 171.931 N/A Other outsourced expenses (electricity water) r101 963.492 924.660 N/A Expenses on goods r102 227.094.339 237.629.294 N/A Expenses on personnel, of which: r103 16.368.771 17.549.133 N/A Salaries benefits r104 13.023.573 14.117.405 N/A Insurance social security costs r105 3.345.198 3.431.728 N/A Adjustments of the value of tangible intangible fixed assets r106 1.431.281 1.296.630 N/A Expenses r107 1.431.281 1.296.630 N/A Income r108 0 0 N/A Adjustments of the value of current assets r109-40.473 1.754.916 N/A Expenses r110 404.764 2.079.189 N/A Income r111 445.237 324.273 N/A Other operating costs r112 23.968.735 25.841.219 N/A Expenses on third party services r113 21.626.647 23.618.887 N/A Expenses on other taxes, duties similar charges Expenses on compensations, donations assigned assets Expenses with refinancing interest rates of leasing entities r114 948.736 832.314 N/A r115 1.393.352 1.390.018 N/A r116 0 0 N/A Adjustments of provisions r117 0 0 N/A
Page 10 from 13 Expenses r118 0 0 N/A income r119 0 0 N/A OPERATING EXPENSES - TOTAL r120 274.320.328 289.414.616 N/A - Profit r121 12.662.568 10.671.248 N/A - Loss r122 0 0 N/A Income from participating interests, of which: r123 0 0 N/A income obtained from subsidiaries r124 0 0 N/A Income from other financial investments loans which are part of intangible fixed assets (acc. 763), of which: r125 0 0 N/A income obtained from subsidiaries r126 0 0 N/A Income from interest rates, of which: r127 304.426 241.453 N/A income obtained from subsidiaries r128 0 241.013 N/A Other financial income r129 10.274.592 6.276.800 N/A FINANCIAL INCOME - TOTAL r130 10.579.018 6.518.253 N/A Value adjustments in respect of capital assets investments as current assets r131 0 0 N/A Expenses r132 0 0 N/A income r133 0 0 N/A Interest expenses r134 11.097.977 10.479.765 N/A of which, expenses in respect of subsidiaries r135 0 0 N/A Other financial expenses r136 12.362.453 6.158.276 N/A FINANCIAL EXPENSES - TOTAL r137 23.460.430 16.638.041 N/A - Financial profit r138 0 0 N/A - Financial loss r139 12.881.412 10.119.788 N/A - Current profit r140 0 551.460 N/A - Current loss r141 218.844 0 N/A
Page 11 from 13 Extraordinary income r142 0 0 N/A Extraordinary expenses r143 0 0 N/A - Extraordinary profit r144 0 0 N/A - Extraordinary loss r145 0 0 N/A TOTAL INCOME r146 297.561.914 306.604.117 351.724.195 TOTAL EXPENSES r147 297.780.758 306.052.657 351.411.695 - Gross profit r148 0 551.460 312.500 - Gross loss r149 218.844 0 N/A Income tax r150 228.477 381.656 N/A Other taxes which are not recorded above r151 0 0 N/A - Net profit r152 0 169.804 N/A - Net loss r153 447.321 0 N/A Net result r154-447.321 169.804 57.471 Additional information Outsting payments-total, of which: - TOTAL r155 0 N/A N/A Accounts payable outsting- total, of which: - TOTAL r156 0 N/A N/A over 30 days - TOTAL r157 0 N/A N/A over 90 days - TOTAL r158 0 N/A N/A over 1 year - TOTAL r159 0 N/A N/A Outsting payments to social security- total, of which: - TOTAL contributions to social security payable by employers, employees other assimilated entities - TOTAL contributions to the social health insurance fund - TOTAL r160 0 N/A N/A r161 0 N/A N/A r162 0 N/A N/A
Page 12 from 13 contribution to the additional state pension system - TOTAL r163 0 N/A N/A contributions to the unemployment fund - TOTAL r164 0 N/A N/A other social liabilities - TOTAL r165 0 N/A N/A Payments due to special funds other funds - TOTAL r166 0 N/A N/A Payments due to other creditors - TOTAL r167 0 N/A N/A Taxes fees unpaid to the public budget on the date due - TOTAL Taxes fees unpaid to the local budget on the date due - TOTAL Bank credits which were not reimbursed on the date due - total, of which: - TOTAL r168 0 N/A N/A r169 0 N/A N/A r170 0 0 N/A back payments after 30 days - TOTAL r171 0 N/A N/A back payments after 90 days - TOTAL r172 0 N/A N/A back payments after 1 year - TOTAL r173 0 N/A N/A Past due interest - TOTAL r174 0 N/A N/A Average number of employees r175 519 521 534 Specific tangible fixed assets Ls r176 6.589.890 6.589.890 N/A Buildings r177 6.086.626 6.086.626 N/A Technical installations machines r178 35.638.769 34.931.671 N/A Amortization r179 N/A N/A N/A Financial Ratios Debt Ratio R1 0,95 0,96 0,96 Quick ratio R2 0,58 0,60 Current ratio R3 0,96 0,96 Solvency ratio R4 0,00
Page 13 from 13 Return on sales ( ROS ) R5 0,00 0,00 Return on assets ( ROA ) R6 0,00 0,00 Return on equity ( ROE ) R7 0,00 0,01 Operating margin, in (%) R8 0,04 0,04 Days supply in inventory R9 115,76 112,61 100,71 Days sales in receivables R10 156,06 162,63 148,47 Days purchase in payables R11 295,45 270,76 SALES TO TOTAL ASSETS R12 1,13 1,12 1,20 OPERATING RESULT /TOTAL ASSETS R13 0,05 0,04 CASH RATIO R14 0,08 0,07 Equity as % of total assets R15 4,65 4,50 4,21 Fixed assets as % of total assets R16 8,07 7,90 8,85 Receivables as % of current assets R17 52,80 54,50 53,78 Net working capital R18-9609845,00-10075624,00 Exchange rate USD 1, = 3,33 EUR 1, = 4,42 USD 1, = 3,35 EUR 1, = 4,44 USD 1, = 4,01 EUR 1, = 4,44 The credit rating index may vary farom 100 to 600 points as follows: 0 new company or no official or other information available 100-150 very good 151-220 good 221-320 average 321-399 strained 400-500 weak 501-600 insufficient