ICCO-SYSTEMS SRL Telephone Aeroportului 6 Fax Ghimbav Brasov Romania WEB

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1 Page 1 from 18 Company identification ICCO-SYSTEMS SRL Telephone Aeroportului 6 Fax Ghimbav Brasov systems@icco.ro Romania WEB Crefo No Registration No. J08/2686/1993 Tax No. RO Status Active Solvency index 330 S Solvency index between means strained rating. This class represents strained risk in a business partnership. Business connections are not denied, credits require securities. 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. Solvency index history

2 Page 2 from 18 Economic situation Maximum credit limit Credits require securities (42) Business connection Business connections are not denied (41) Payment behaviour So far no complaints,recently occasional reminders (33) Basic information Legal form Private Limited Company Registration changes established on as Icco- Systems Srl Private Limited Company Owners Capital / Address / Nationality From Share Costan Calin Filimon (birth date 15/04/1966) MUNICIPIUL BRASOV, Romania Romanian 06/08/ , % Dorofte Daniel Adrian (birth date 05/03/1963) MUNICIPIUL BRASOV, Romania Romanian Vasu Adrian Mihai (birth date 29/07/1962) MUNICIPIUL BRASOV, Romania Romanian Dorofte Cornel (birth date 19/04/1969) MUNICIPIUL BRASOV, Romania Romanian Ilea Adrian Ioan (birth date 02/12/1962) MUNICIPIUL CODLEA, Romania Romanian 07/07/ , % 07/07/ , % 06/08/ , % 07/07/ , % Registered capital Currency Value

3 Page 3 from 18 Management / Address / Status Since Position Costan Calin Filimon (birth date 15/04/1966) BRASOV Romania 06/08/1993 Administrator Dorofte Cornel (birth date 19/04/1969) MUNICIPIUL BRASOV Romania 06/08/1993 Administrator Company addresses information Working points Timisoara, Str.Turda, Nr.27 Bucuresti, Str.Parcului, Nr.83h Subsidiaries Connections Through / Address Position Share Costan Calin Filimon RO CLINICILE ICCO ORTOPEDIE SRL administrator 80, % RO CLINICILE ICCO SRL administrator 60, % RO CORNICO SERV SRL 0, % RO DAR PROIECT SRL administrator 50, % RO DOC TRADING SRL 35, % RO ICCO AG SRL administrator RO ICCO E.M.T.(ELECTIC MANUFACTURING TEHNOLOGY) SRL administrator RO ICCO ELECTICS SRL administrator 50, % 60, % 40, %

4 Page 4 from 18 RO ICCO INSTAL SRL 20, % RO ICCO MEDICAL SRL administrator RO ICCO PARC INDUSTRIAL SRL administrator 90, % RO ICCO REAL ESTATE SRL administrator 85, % RO ICCO SERVICES SRL administrator 98, % RO ICCO SOLAR ENERGY SRL 0, % RO ICCO STRUCTURES SRL 70, % RO INVEST4SEE PROPCO SEVEN SRL 35, % RO KAVIA SRL administrator 1, % RO MAXI TICKET SRL 20, % RO PARK VIEW SRL administrator 95, % RO RED DUST MOTORS SRL administrator 10, % RO SILVER MOTORS SRL 10, % RO TRANSFORMER ENERGY SUPPLY SRL administrator RO VLADENI FARM SRL administrator Dorofte Cornel 90, % RO ICCO-NET SRL administrator 10, % RO KSEC CONCEPT SRL 64, % RO TRUST & GO SRL 30, % Dorofte Daniel Adrian RO KSEC CONCEPT SRL 12, % Ilea Adrian Ioan RO ICCO-NET SRL 10, %

5 Page 5 from 18 Vasu Adrian Mihai RO ICCO-NET SRL 10, % Dorofte Cornel RO KSEC CONCEPT SRL administrator RO TERNER AUDIT SRL administrator 5, % Business activities Main activity Nace Electrical installation 4321 Legal office working spaces at the above mentioned address. Economic data Turnover Employees Date Turnover Employees , , , ,7 79 Properties None.

6 Page 6 from 18 Supplementary data Banks Financial Institution Banca Comerciala Feroviara SA OTP BANK Branch Brasov Brasov The subject is registered in the Electronic Archive for Secured Transactions, as having credits at: - Banca Comerciala Feroviara SA, Brasov - OTP BANK, Brasov These credits are guaranteed with cash-flow. Main indices Payment experience credit opinion Maximum credit limit Credits require securities (42) Business connection Business connections are not denied (41) Payment behaviour So far no complaints,recently occasional reminders (33) Negative events According to the information registered at the Ministry of Finance, the company has no overdue debts to the State budget as of There are no records related to the subject at the Payment Incidents Bureau (CIP) in the period 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 INTANGIBLE FIXED ASSETS r TANGIBLE FIXED ASSETS r CAPITAL ASSETS r FIXED ASSETS - TOTAL r

7 Page 7 from 18 INVENTORIES r RECEIVABLES r TERM INVESTMENTS r PETTY CASH AND BANK ACCOUNTS r CURRENT ASSETS - TOTAL r PREPAID EXPENSES r TOTAL ASSETS r Liabilities DAT.I: AMOUNTS THAT MUST BE PAID DURING A PERIOD OF MAX. ONE YEAR NET CURRENT ASSETS/NET CURRENT DEBTS r r TOTAL ASSETS MINUS CURRENT DEBTS r DAT.I: AMOUNTS THAT MUST BE PAID DURING A PERIOD EXCEEDING ONE YEAR r TOTAL DEBTS r PROVISIONS r DEFERRED INCOME, OF WHICH: r grants related to investments r deferred income r CAPITAL, of which: r subscribed paid up capital r unpaid subscribed capital r assets liabilities (public sector companies) r CAPITAL PREMIUM r REVALUATION RESERVES r RESERVES r Own shares r Earnings associated to own capital instruments r Losses associated to own capital instruments r PROFIT OR LOSS REPORTED Balance account C PROFIT OR LOSS REPORTED Balance account D PROFIT OR LOSS FINANCIAL YEAR Balance account C PROFIT OR LOSS FINANCIAL YEAR Balance account D r r r r Profit distribution r SHAREHOLDERS EQUITY - TOTAL r

8 Page 8 from 18 Public patrimony r EQUITY - TOTAL r TOTAL LIABILITIES r Profit Loss Account Net turnover r Own work sold r Income from the sale of goods r Income from interests made by leasing r Income from grants related to income corresponding to net turnover r Balance account C r Balance account D r Production made by the entity for its own purposes capitalized r Other operating income r TOTAL OPERATING INCOME - TOTAL r Expenses on raw materials consumables r Other expenses for supplies materials r Other outsourced expenses (electricity water) r Expenses on goods r Expenses on personnel, of which: r Salaries benefits r Insurance social security expenses r Adjustments of the value of tangible intangible fixed assets r Expenses r Income r Adjustments of the value of current assets r Expenses r Income r

9 Page 9 from 18 Other operating expenses r Expenses on third party services r Expenses on other taxes, duties similar charges Expenses on compensations, donations assigned assets Expenses with refinancing interest rates of leasing entities r r r Adjustments of provisions r Expenses r income r OPERATING EXPENSES - TOTAL r Profit r Loss r Income from participating interests, of which: r income obtained from subsidiaries r Income from other financial investments loans which are part of intangible fixed assets, of which: r N/A income obtained from subsidiaries r N/A Income from interest rates, of which: r income obtained from subsidiaries r Other financial income r FINANCIAL INCOME - TOTAL r Value adjustments in respect of capital assets investments as current assets r Expenses r income r Interest expenses r of which, expenses in respect of subsidiaries r

10 Page 10 from 18 Other financial expenses r FINANCIAL EXPENSES - TOTAL r Profit r Loss r Profit r N/A - Loss r N/A Extraordinary income r N/A Extraordinary expenses r N/A - Profit r N/A - Loss r N/A TOTAL INCOME r TOTAL EXPENSES r Profit r Loss r Income tax r Other taxes which are not recorded above r Net profit r Net loss r Net result r Additional information Outsting payments-total - TOTAL r Accounts payable outsting - total, of which: - TOTAL r

11 Page 11 from 18 over 30 days - TOTAL r over 90 days - TOTAL r over 1 year - TOTAL r 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 contribution to the additional state pension system - TOTAL contributions to the unemployment insurance fund - TOTAL r r r r r other social liabilities - TOTAL r Payments due to special funds other funds - TOTAL r Payments due to other creditors - TOTAL r 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 r r r back payments after 30 days - TOTAL r back payments after 90 days - TOTAL r back payments after 1 year - TOTAL r Past due interest - TOTAL r Average number of employees r Specific tangible fixed assets Ls r Buildings r

12 Page 12 from 18 Technical installations machines r Amortization r179 N/A N/A N/A Financial Ratios Debt Ratio R1 0,76 0,74 0,77 Quick ratio R2 1,05 1,00 0,99 Current ratio R3 1,21 1,21 1,17 Solvency ratio R4 0,14 0,16 0,18 Return on sales ( ROS ) R5 0,01 0,01 0,01 Return on assets ( ROA ) R6 0,01 0,01 0,02 Return on equity ( ROE ) R7 0,06 0,04 0,11 Operating margin, in (%) R8 0,02 0,01 0,03 Days supply in inventory R9 20,17 34,73 30,20 Days sales in receivables R10 133,78 155,07 161,15 Days purchase in payables R11 130,35 161,82 169,67 SALES TO TOTAL ASSETS R12 2,05 1,58 1,57 OPERATING RESULT /TOTAL ASSETS R13 0,03 0,02 0,04 CASH RATIO R14 0,03 0,04 0,04 Equity as % of total assets R15 23,70 23,70 21,66 Fixed assets as % of total assets R16 11,41 14,75 14,46 Receivables as % of current assets R17 84,98 79,06 81,44 Net working capital R18 441,65 441,65 427,05 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

13 Page 13 from 18 The credit rating index may vary farom 100 to 600 points as follows: 0 new company or no official or other information available very good good average strained weak insufficient

14 Page 14 from 18 Financial analysis Debt ratio Quick ratio r16 r11 The debt ratio calculates the proportion the total assets is financed from sources other than ones own, such as loans, suppliers or debts to the state (r9 r5) r12 Quick ratio measures the ability of a company to use its near cash or quick assets to extinguish or retire its current liabilities immediately. Current ratio ( CR ) Solvency ratio r9 r12 Reflecta capacitatea unei companii de a face fata tuturor scadentelor sale, atat pe termen scurt cat si pe termen mediu si lung. r15 r36 The solvency ratio measures the size of a company s after-tax income, excluding non-cash depreciation expenses, as compared to the firm s total debt obligations. It is the company s ability to meet long-term obligations.

15 Page 15 from 18 Return on sales (ROS) Return on assets (ROA) r152 r89 Return on sales (ROS) is net profit as a percentage of sales revenue. ROS is an indicator of profitability is often used to compare the profitability of companies industries of differing sizes. r152 r11 ROA measures efficiency of the business in using its assets to generate net income Return on equity (ROE) Operating margin, in % r152 r36 ROE is the ratio of net income of a business during a year to its s equity during that year. It is a measure of profitability of s investments. r121 r89 A financial measure of a company s performance that gives investors an idea of how long it takes a company to turn its inventory (including goods that are work in progress, if applicable) into sales.

16 Page 16 from 18 Days supply in inventory Days sales in receivables (r5 r89) 365 Approximate number of times the stock was run during the financial year. (r6 r89) 365 A financial indicator to measure how many days on average it takes to turn your accounts receivable balance into cash. Therefore it measures the efficiency of your collections policy department. Days purchase in payables Sales to Total Assets (r12 r89) 365 A financial indicator which shows how long a company is taking to pay its trade creditors. It is typically looked at either quarterly or yearly (90 or 365 days). r89 r11 Sales to total assets (S/TA) ratio shows how much sales are generated per one of assets, or how effectively the company uses its assets.

17 Page 17 from 18 Operating result / Total assets Cash ratio r121 r11 Measures efficiency of the business in using its assets to generate net income. r8 r12 The ratio of a company s total cash cash equivalents to its current liabilities. The cash ratio is most commonly used as a measure of company liquidity. It can therefore determine if, how quickly, the company can repay its short-term debt. Equity as % of total assets Fixed assets as % of total assets (r36 r11) 100 The equity ratio is a financial ratio indicating the relative proportion of equity used to finance a company s assets. (r4 r11) 100 The percentage of fixed assets of total assets. Fixed assets are also known as tangible assets or property, plant, equipment, is a term used in accounting for assets property that cannot easily be converted into cash.

18 Page 18 from 18 Receivables as % of current assets Net working capital (r6 r9) 100 The percentage of receivables of current assets. Receivables may refer to the amount due from individuals companies. Receivables are claims that are expected to be collected in cash. r9 r12 The formula for net working capital is used to determine the availability of a company s liquid assets by subtracting its current liabilities.