Business Information Report

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1 Business Information Report This report has been compiled for D&B users by Bonitetna hiša I, d.o.o., Ljubljana, Zrinjskega 4, Slovenija, Telephone: , Fax: , imojstri@idoo.si, All rights reserved. This report is provided for your internal business use only and may not be reproduced or re-distributed in any manner whether mechanical or electronic without the permission of D&B. Whilst D&B attempts to ensure that the information provided is accurate and complete by reason of the immense quantity of detailed matter dealt with in compiling the information and the fact that some of the data are supplied from sources not controlled by D&B which cannot always be verified, including information provided direct from the subject of enquiry as well as the possibility of negligence and mistake, D&B does not guarantee the correctness or the effective delivery of the information and will not be held responsible for any errors therein or omissions therefrom. Reference I, d.o.o, Ljubljana :21:48 Identification BREDA D.O.O. Trading style: A Dummy Demo Report Cesta Dveh Telebanov 62 SI Piran Slovenia Telephone: , Telefax: info@breda.si Web Address: DUNS: REG NO: VAT number: SI Parent Details: Investbanka Piranka Piranska bb SI - PIRAN Slovenia DUNS: D&B RATING: 3A2 FORMER RATING: 3A1 CONDITION: Good TREND: Even AVG CREDIT: 962,000 EUR D&B PAYMENT SCORE: 76 AVG PAYMENTS: 4 days beyond terms Any amounts hereafter are in local currency unless otherwise stated. Summary STARTED 1960 YEAR INC 1991 LEGAL FORM Private Limited Liability Company REG NO EMPLOYS 70 SIC 2851 ACTIVITY (SIC) Paints and allied products SKD 20.3 ACTIVITY (SKD 2008) Manufacture of paints, varnishes and similar coatings, printing ink and mastics SALES 46,855,00 PROFIT 825,00 NET WORTH 12,281,00 NOM CAPITAL 1,208,54 Principals Miran Tiran, Managing Director Bogi Nemanič, Financial Director Jožko Umnik, Technical Director Metka Zvitorepec, Sales director

2 Risk appraisal D&B RATING: 3A2 Financial strength: 3A Condition (1-4): 2 TREND: Even Basel rating: B Payment delays increase probability: 7.18 High Medium Low Payments D&B Payment Score 76 On average, this business pays its bills 4 days beyond terms. Each of the following lines represents a separate invoice. invoice date amount invoiced payment September Slow up to 30 days September Slow up to 15 days September ,000 Slow up to 15 days September ,000 Slow up to 30 days September ,000 Slow up to 15 days September ,000 Prompt August Slow up to 30 days August Prompt August Prompt August ,000 Prompt August ,000 Prompt July Prompt July Prompt July ,000 Prompt July Prompt June Prompt June Prompt May Prompt May Slow up to 15 days May Prompt April ,000 Slow up to 15 days April ,000 Slow up to 15 days April Prompt April Prompt April Prompt March ,000 Prompt March ,000 Prompt March Slow up to 15 days March Prompt March ,000 Prompt March ,000 Slow up to 15 days February Slow up to 15 days February Prompt February Prompt February Prompt February Prompt Payment experiences reflect how bills are met in relation to the terms granted. In some instances payment beyond terms can be the result of disputes over merchandise, skipped invoices etc. Each experience shown represents a separate account reported by a supplier. Updated payment experiences replace those previously reported. Amounts may be rounded to nearest figure in prescribed ranges. Principals Antecedents Miran Tiran, Managing Director Born: February 5, 1951, PIRAN, Slovenia Education: Bachelor of Mechanics

3 Speaks: English, Slovenian Bogi Nemanič, Financial Director Born: July 7, 1953, IZOLA, Slovenia Education: Bachelor of Economics Speaks: German, Slovenian Jožko Umnik, Technical Director Born: April 22, 1944, MARIBOR, Slovenia Education: Engineering Diploma Speaks: English, Slovenian Metka Zvitorepec, Sales director Born: February 11, 1948, LJUBLJANA, Slovenia Education: Bachelor of Economics Speaks: English, Italian, Slovenian Background Business started 1960 under the name Tovarna Barvitih Izdelkov. Registered: April 1, 1991 as Private Limited Liability Company. Legal Form Private Limited Liability Company registered April 1, Registration number: VAT number: SI Capital Nominal capital: 1,208,541, Date of last capitalisation: February 1, 2009 Employees / Zaposleni holds 22.23% interest. Sklad Zaklad holds 16.22% interest. Zvonko Kapitalsky holds 5.00% interest. Parent Company The company is a subsidiary of Investbanka Piranka, DUNS , SI - PIRAN, Slovenia, which holds 56.55% interest. Subsidiaries Tople Barve d.o.o., PTUJ, Slovenia Subject owns % of the capital Sole Verde, Napoli, Italy Subject owns 99.00% of the capital Breda Kreda France, Armagnac, France Subject owns 61.00% of the capital Branches/Divisions BREDA D.O.O., SKOPJE, Former Yugoslav Republic of Macedonia. These are office owned. BREDA D.O.O., ZAGREB, Croatia. These are office owned. BREDA D.O.O., SARAJEVO, Bosnia-Herzegovina. These are office owned. BREDA D.O.O. (predstavništvo / representative office), BEOGRAD, Serbia and Montenegro. These are office rented. Operations Activity: Standard Industrial Classification (SIC-USA): 2851 Paints and allied products Annual production is 1,500,000 litre. Local activity classification (SKD 2008): 20.3 Manufacture of paints, varnishes and similar coatings, printing ink and mastics. Annual production is 1,500,000litre. Reportedly subject sells: companies; government bodies; Number of accounts: 128. Territory 28% national. Subject exports 72% products to: Austria, Germany, Italy, United Kingdom, Czech Republic. Subject imports 42% products from: Germany, Italy. Employs: 70 employees, including 70 full time. Subject has 7 vehicles including: 3 owned van 2 owned truck 1 owned car 1 rented car Subject operates from:

4 owned: factory, office, warehouse covering approximately 5,867 m2. owned: land plot covering approximately 9,500 m2.

5 Finances Fiscal year ends: December 31, 2006 December 31, 2007 December 31, 2008 Turnover 37,578 46,396 46,855 Pre-tax Profit 1,403 1, Net Worth 11,756 12,192 12,281 Fixed Assets 10,874 11,748 11,094 Total Assets 28,572 32,104 33,005 Current Assets 17,440 20,093 21,636 Current Liabs 13,105 15,235 16,674 Working Capital 4,335 4,858 4,962 Long and Short Term Debt 16,754 19,899 20,624 Financial Assets Intangibles Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets. Turnover Pre-tax profit Total assets and current assets

6 RATIOS December 31, 2006 December 31, 2007 December 31, 2008 Current Ratio (x) Solvency Ratio (%) Fixed Assets / Net Worth (%) Current Liabs / Net Worth (%) Asset Turnover (%) Sales / Net Working Cap (x) Assets / Sales Profit Margin (%) Shareholders Return Returns on Assets Sales / Employees (in '000s) Profit / Employees (in '000s) Shareholders Return Return on Assets Profit Margin Current Ratio Debt / Total Assets Current Liabs / Net Worth Balance sheet on December 31, LIABILITIES Capital 13,088 Capital stock 1,059 Reserves 4,607 Net profit or loss carried over 6,657 Reevaluation adjustment of capital 134 Retained profit or loss 631 Long term provisions 791 Long term operating liabilities 36 Long term financing liabilities 3,123 Short term operating liabilities 7,735 Short term financing liabilities 8,939 Accruals and deferred income 100 ASSETS Fixed assets 12,176 Intangible long term assets 807 Tangible fixed assets 11,094 Long term financial investments 197 Long term operating receivables 78 Current assets 21,636 Stocks 6,449 Short term operating receivables 13,931 Short term financial investments 907 Cash 296 Deferred expenses and accrued incomes 53

7 Total liabilities 33,812 Total assets 33,812 Profit and Loss Account from January 1, 2008 to December 31, Net Sales 46,855 Cost of goods, materials and services 38,475 Gross Profit 8,380 Labour costs 4,809 Deprec. of intan.lt assetsand tan. fix.assets 1,723 Current assets written off 489 Other operating expenses 158 Other operating income 240 Operating profit or loss 1,441 Income from stakes in other companies 32 Interest income and other income from financing 63 Interest expenses and other financing expenses 677 Profit or loss from regular operations 859 Extraordinary incomes 20 Extraordinary expenses 54 Total profit or loss 825 Income tax 194 Net profit 631 Cash flow statement from January 1, 2008 to December 31, Opening balance of cash and cash equivalents 92 Net profit 631 Depreciation of intan. long term assets and tan. fixed assets 1,723 Difference in stock (390) Difference in long term operating receivables 2 Difference in short term operating receivables 1,737 Difference in accured income 16 Difference in short and long term operating liabilities (1,441) Difference in accruals and deferred income 87 Core operating flow (365) Change in intangible fixed assets (5) Change in tangible fixed assets (654) Change in long term financing investment 10 Change in short term financing investment (24) Net flow from investments 673 Difference in long term financing liabilities (632) Difference in short term financing liabilities 2,891 Difference in capital 758 Difference in long term provisions (93) Net flow from financing activities 2,924 Closing balance of cash and cash equivalent 296 Total cash flow 3,232 The above figures have been abstracted from audited accounts. Auditors: I-Revizija d.o.o., Ljubljana. March 16, 2010: Miran Tiran Managing Director confirmed this report. Share structure was provided by official sources on March 15, Subject stated income in 2009 was approximately 46,900,000 and that subject is planning to increase its income in 2010 by 5 %. On January 15, 2007 it was reported in Finance: Subject plans to invest 250,000,000 SIT in modernization of its machinery this year. On February 12, 2008 it was reported in Finance: Subject plans to expand in year 2008 their operating on new markets in South Europe. On April 15, 2008 it was reported in Delo: It has been reported that subject plans to establish new subsidiary in Beograd, Serbia&Montenegro. This is part of subjects expansion plans in Eastern Europe. On June 11, 2008 it was reported in Finance: Subject announced decreased in production. On October 5, 2008 it was reported in Finance: Subject signed an agreement on joint loan of 42 mio with a group of foreign banks. On December 15, 2008 it was reported in Dnevnik: Subject's managing director Miran Tiran stated that subject made 45 employees redundant due to financial crises. On January 12, 2009 it was reported in Dnevnik: Subject appointed Metka Zvitorepec as new sales director on Januar 8, On February 17, 2009 it was reported in STA-Slovenska tiskovna agencija / Slovenian Press Agency: Subject is planning to bulid new factory in Koper until On April 8, 2009 it was reported in Dnevnik: Subject made redundant 10 contract employees due to current economic condition. On June 17, 2009 it was reported in Finance: Subject`s orders for 2009 decreased by 5 %. On November 9, 2009 it was reported in Dnevnik: Subject decrease wages by 10 %. Currency Exchange rate to US Dollar: 1 USD = 0.72 EUR on December 31, 2008 Exchange rate to US Dollar: 1 USD = 0.68 EUR on December 31, 2007 Exchange rate to US Dollar: 1 USD = 0.76 EUR on December 31, 2006

8 Conclusions Reporter's opinion: Granting of credit is considered to be a fair trade risk. On average, this business pays its bills 4 days beyond terms. D&B rating of 3A2 indicates: Financial strength of USD million (based on net worth capital) and an overall condition which is Good (low risk). Bonitetna hiša I, d.o.o., Ljubljana, Ulica Janeza Pavla II 8 (prej: Zrinjskega 4) phone , fax imojstri@idoo.si Copyright 2000 The Dun & Bradstreet Corporation.