+---------------------------------------------------------------------------+ | NAME: TOURMARKETING O O D | +---------------------------------------------------------------------------+ DUNS: 68-151-0437 +----------------------------------------+ | D&B RATING: F2 | | CONDITION: GOOD | | TREND: UP | | AVG CREDIT (USD): 4,751 | | PAYMENTS: NO COMPLAINTS | +----------------------------------------+ TRADING STYLE: 'TOURMARKETING' ADDRESS: FLOOR 3; OFFICE 4 2 AKAD. BORIS STEFANOV STREET SOFIA, 1700 BULGARIA TELEPHONE: 3592 4224040 3592 4214040 359 888508199 TELEFAX: 3592 4224141 E-MAIL ADDRESS: hotelier@hotelier.bg; cruise@cruise.bg; ivanov@hotelier.bg WEB ADDRESS: www.hotelier.bg; www.cruise.bg ANY AMOUNTS HEREAFTER ARE IN BULGARIAN LEVS UNLESS OTHERWISE STATED +---------+ | SUMMARY | +---------+ STARTED: 2000 SALES: 299,000 YEAR INC: 2001 PROFIT: 56,000 LEGAL FORM: LIMITED LIABLITY COMPANY NET WORTH: 62,000 REG NO: 14798/2000 NOM CAPITAL: 5,000 GOVT GAZ NO:130465700 PAID CAPITAL ALL EMPLOYS: 3 SIC: 4724 4725 8742 ACTIVITY: 47240000 +------------+ | PRINCIPALS | +------------+ Iliyan Tzvetkov Ivanov, manager Anastasia Yankova Panayotova, deputy manager +---------+ | BANKERS | +---------+ Raiffeisenbank (Bulgaria) EAD, Studentski Grad branch., 1 University Park Street, Sofia 1700, Bulgaria. Telephone: 3592 8190432 +-------------------+ | PAYMENTS REPORTED | +-------------------+ No complaints concerning subject's payments have been reported. +---------------------------+ | PUBLIC RECORD INFORMATION | +---------------------------+ No protested bills have been reported. +-------------+ | HISTORY | +-------------+ PRINCIPALS ANTECEDENTS NAME: Iliyan Tzvetkov Ivanov Born: Jan 28, 1972 in Bulgaria Nationality: Bulgarian Has a Degree University. NAME: Anastasia Yankova Panayotova Born: Mar 16, 1974 in Bulgaria Nationality: Bulgarian Has a Degree University. BACKGROUND Business started Nov 3, 2000. LEGAL FORM Limited liablity company Druzhestvo s Ogranichena Otgovornost registered on Jan 29, 2001 in Sofia. Registration Number: 14798/2000 Government Gazette Number: 130465700 Tax Registration Number: BG130465700 CAPITAL Nominal capital: 5,000 Bulgarian Levs. Paid-up capital: All. Nominal capital is divided into: 500 ordinary shares of 10 each and fully paid-up. Iliyan Tzvetkov Ivanov holds 50.00% of the voting capital. Anastasia Yankova Panayotova holds 50.00% of the voting capital. +------------+ | OPERATIONS | +------------+ In Bulgaria subject is considered to be a small concern in this field. Subject does not import. EMPLOYS: 3. Operates from owned office, covering approximately 40 square metres at heading address. REGISTERED OFFICE: Ap. 44, Block 371 Mladost III Complex Sofia. +----------+ | FINANCES | +----------+ Fiscal Fiscal Fiscal Dec 31, 2005 Dec 31, 2006 Dec 31, 2007 '000s '000s '000s Turnover 50 89 299 Pre-Tax Profit 4 7 50 Net Worth 1 12 62 Fixed Assets 4 5 4 Total Assets 19 29 82 Current Assets 15 24 78 Current Liabilities 18 17 20 Working Capital -3 7 58 Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets. +--------+ | RATIOS | +--------+ Dec 31, 2005 Dec 31, 2006 Dec 31, 2007 Current Ratio (X) 0.83 1.41 3.90 Solvency Ratio (%) 1,900.00 241.66 132.25 Fixed Assets/Net Worth (%) 400.00 41.66 6.45 Current Liabs/Net Worth (%) 1,800.00 141.66 32.25 Asset Turnover (%) 263.15 306.89 364.63 Sales / Net Working Cap (X) -16.66 12.71 5.15 Assets / Sales (%) 38.00 32.58 27.42 Profit Margin (%) 8.00 7.86 16.72 S/holders Return (%) 400.00 58.33 80.64 Return On Assets (%) 21.05 24.13 60.97 * The ratios are in thousands. Abstract from individual fiscal balance sheet as at Dec 31, 2007 LIABILITIES ASSETS '000s '000s Capital 5 Machines/Tools 1 Retained Profits 7 Misc Fixed Ass 3 Profit For Year 50 Total Fixed Ass 4 Net Worth 62 CURRENT LIABILITIES: CURRENT ASSETS: Accurals 8 Trade Debtors 20 Taxation 6 Cash 57 Misc Current Liabs 6 Tax recoverable 1 TOTAL CURRENT 20 TOTAL CURRENT 78 TOTAL LIABS & NW 82 TOTAL ASSETS 82 Profit & Loss Account from Jan 1, 2007 to Dec 31, 2007 '000s Net Sales 299 Cost of Goods Sold 11 Gross Profit 288 Services 218 Payroll 10 Depreciation/Amortisation 3 Misc Operating Charges 1 Net Operating Income 56 Profit Before Taxes 56 Income Tax 6 Profit After Tax 50 Net Profit 50 According to the balance sheet as of Dec 31, 2007. The above figures have been abstracted from accounts prepared by subject's accountant: Pavel Karailiev The below mentioned financial figures are in Bulgarian Levs Subject to the foregoing, the financial statements give a true and fair view of the company's affairs. Financial statement obtained from subject on Aug 13, 2008. On Aug 13, 2008 Iliyan Ivanov, manager, submitted the following official figures (Figures in 000's): Sales for the 12 month period ending Dec 31, 2007 were 299. Net profit of 56. Sales for the 12 month period ending Dec 31, 2006 were 89. Net profit of 7. Sales for the 12 month period ending Dec 31, 2005 were 50. Net profit of 4. Sales for the 12 month period ending Dec 31, 2004 were 33. Net profit of 6. On Aug 13, 2008 Iliyan Ivanov, manager, confirmed general details in this report. The balance sheet figures and trading results should be noted. As E However informants express a favourable opinion of subject. The Dun & Bradstreet Rating of F2 indicates: A Financial Strength of USD 35,000 - 60,000 (based on Net Worth) and an Overall Condition which is Good (low risk). CONFIDENTIAL....THIS INFORMATION IS PROVIDED BY D&B EUROPE LTD SUBJECT TO THE TERMS AND CONDITIONS OF YOUR SUBSCRIPTION CONTRACT AND IS NOT TO BE DISCLOSED. ------------------------------------------------------------------------------ COPYRIGHT 2007 DUN & BRADSTREET. THIS REPORT MAY NOT BE REPRODUCED IN WHOLE OR IN PART IN ANY FORM OR MANNER WHATSOEVER. ------------------------------------------------------------------------------ This report is forwarded to the Subscriber in strict confidence for the use by the Subscriber as one factor to consider in connection with credit and other business decisions. This report contains information compiled from information which Dun & Bradstreet does not control and which has not been verified unless otherwise indicated in this report. 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