MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	MOTO MARKET S.A.
Registered Office :	A-38, 39, 40, Building Block 18 57022 Sindos Industrial Area Thessaloniki
Country :	Greece
Financials (as on) :	31.12.2010
Date of Incorporation :	20.12.2006
Com. Reg. No.:	062005
Legal Form :	Societe Anonyme
Line of Business :	Engaged as Motorcycle Dealers
No. of Employees :	24

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Greece	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

MOTO MARKET S.A.

Identification

Address: A-38, 39, 40, Building Block 18
57022 Sindos Industrial Area Thessaloniki
GREECE

Telephone: 30 2310795615

Telefax: 30 2310795725

E-mail Address: info@motomarket.gr

Web Address: www.motomarket.gr

Summary

Started: 2006

Year Inc: 2006

Legal Form: Societe anonyme

Reg No: 062005

Govt Gaz No: 13743 / 2006

Employs: 24

SIC: 5571

Activity: Engaged as motorcycle dealers

CURRENCY

All monetary amounts quoted in this report are shown in Euro(s) unless otherwise stated.

Principals

Name: Stamatis The. Dimitriadis

Position: Chairman

Shareholder

Name: Theodoros-Arist Sta. Dimitriadis

Position: Member

Shareholder

Name: Stamatis The. Dimitriadis

Position: Chief executive

Shareholder

Name: Theopempti Sta. Dimitriadi - Boussiou

Position: Vice-chairman

Shareholder

Bankers

Bank Name: Alpha Bank A.E.

Address: VI.PE. Thessaloniki Branch, VI.PE Thessaloniki, 57022, Sindos Industrial Area, GREECE, GREECE

Telephone: 30 2310796634

Bank Name: EFG EUROBANK ERGASIAS S.A.

Address: Porto Center Branch, 90 26th Oktovriou, 54627, Thessaloniki, GREECE, GREECE

Telephone: 30 2310556525

Bank Name: Bank of Piraeus S.A.

Address: Sindos Branch, Industrial Area of Sindos, 57400, Sindos, GREECE, GREECE

Telephone: 30 2310570270

Secured Charges

No secured charges are registered.

TRADE PAYMENTS

Informants report that subject's payments are prompt.

PUBLIC RECORD INFORMATION

Protested Bills

No protested bills have been reported.

History

Background

Business started in Dec 20, 2006 as a Societe anonyme.

Subject moved from 5 Dialetti, Thessaloniki Thessaloniki, GREECE on Jul 01, 2000.

Legal Form

Societe anonyme registered on Dec 20, 2006.

Registration No : 062005

Government Gazette No : 13743 / 2006

Tax Registration No : 093548526

References

Established following a change of the legal status of a firm originally founded in 1987. SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:According to the Gov.Gaz.13743/06 subject was established following the change in the legal status of the firm STAMATIS DIMITRIADIS & CO. O.E. which was established in 2000 and pre-existed as limited liability partnership since 1987.

Capital

Nominal capital: 1,100,000 Euro

Issued capital: 1,100,000 Euro

 Issued/paid-up capital was last increased on Sep 29, 2008.

Linkage

Ownership

Name: Stamatis Dimitriadis

Ownership: Holds 60% of the voting capital.

Name: Theopempti Dimitriadi - Boussiou

Ownership: Holds 35% of the voting capital.

Name: Theodoros-Arist Dimitriadis

Ownership: Holds 5% of the voting capital.

Affiliates

The following are related through principal(s) and/or financial interest(s):

Name: BOUSSIOS, JOHN, & CO O.E. General Partnership

Location: Athens, Greece

Details: This subsidiary is dormant.
This concern is related through common principal(s) and/or shareholder(s).
Year started: 2002.

Name: BOUSSIOU, TH., & CO. O.E. General Partnership

Location: Aristi, Greece

Details: This concern is related through common principal(s) and/or shareholder(s).
Year started: 2003.

Branches / Divisions

Subject has 3 branches/divisions.

Location: 43-45 Kallirois, 11743, Athens, Greece.

Details: These are rented office premises. Size: 120 square metres.

Location: 22-24 Komninon, 17672, Kallithea, Greece.

Details: These are owned office premises. Size: 60 square metres.

Location: 89 K. Karamanli, 54644, Thessaloniki, Greece.

Details: These are rented office premises.

Operations

Line of Business

Engaged as motorcycle dealers (5571)

Manufactures leather goods (3199)

Representations, exclusive imports and trade of accessories for cyclists and motorcycles, motorcycle spare parts and lubricants. Mfg (in third party facilities) of motorcycle accessories

Imports and Exports

Territory: 5% International

Exports: 5% to Bulgaria, Cyprus, Former Yugoslav Rep of Macedonia, Italy, Romania

Normal export terms: Cash Against Documents

Imports: 91% from Belgium, China, Germany, Italy, Netherlands, Pakistan, Portugal, Spain, Switzerland, Taiwan, England

Normal import terms: Open Account

Agencies and Brands

Subject reportedly acts as agent for Uvex, Orina G.m.b.H., Caberg S.r.l., Moto Market S.r.l., Spidi Sport S.r.l., Gaerne, H.D.S. S.r.l., Motorex
Subject produces the following brand(s): Moto Market, Nordcap, Pilot

Employees

Employs: 24 as at Oct 13, 2010 including 0 part-time staff.
The number of employees varies according to needs.
The number of employees peaks to 24.

Location

Operates from owned warehouse, covering approximately 3,000 square metres at heading address.
The site covers approximately 3,000 square metres.
Registered office: At heading address.

Financial Information

	Fiscal Dec 31, 2008 (Euro)	Fiscal Dec 31, 2009 (Euro)	Fiscal Dec 31, 2010 (Euro)
Turnover	5,857,799	4,873,490	4,200,869
Pre-tax Profit	367,762	127,960	125,370
Net Worth	1,666,746	1,290,938	1,292,206
Fixed Assets	937,038	923,887	871,839
Total Assets	4,671,963	3,971,991	3,733,606
Current Assets	3,678,534	3,007,699	2,779,936
Current Liabilities	2,169,112	1,644,633	1,606,587
Working Capital	1,509,422	1,363,066	1,173,349
Long Term Debt	836,104	1,036,420	834,812
Financial Assets			24,128
Intangibles	56,390	40,404	57,703
Employees		28	24
Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets.

	Fiscal Dec 31, 2005 (Euro)	Fiscal Dec 31, 2006 (Euro)	Fiscal Dec 31, 2007 (Euro)
Turnover	5,071,189	5,133,861	5,712,653
Pre-tax Profit	364,876	390,892	445,532
Net Worth	1,784,526	2,042,941	1,792,063
Fixed Assets	529,847	505,750	694,738
Total Assets	3,262,516	3,949,850	4,179,866
Current Assets	2,686,341	3,413,865	3,399,267
Current Liabilities	1,390,865	1,837,133	2,098,808
Working Capital	1,295,476	1,576,732	1,300,459
Long Term Debt	87,125	69,776	288,995
Intangibles	46,327	30,234	85,860
Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets.

Ratios

-	Dec 31, 2008	Dec 31, 2009	Dec 31, 2010
Current Ratio	1.70	1.83	1.73
Solvency Ratio (%)	280.30	307.68	288.93
Fixed Assets / Net Worth (%)	56.22	71.57	67.47
Current Liabs / Net Worth (%)	130.14	127.40	124.33
Asset Turnover (%)	125.38	122.70	112.52
Sales / Net Working Capital	3.88	3.58	3.58
Assets / Sales (%)	79.76	81.50	88.88
Profit Margin (%)	6.28	2.63	2.98
Shareholders Return (%)	22.06	9.91	9.70
Return on Assets (%)	7.87	3.22	3.36
Sales / Employees *		174,053.21	175,036.21
Profit / Employees *		4,570.00	5,223.75
* The ratios are in single units.

-	Dec 31, 2005	Dec 31, 2006	Dec 31, 2007
Current Ratio	1.93	1.86	1.62
Solvency Ratio (%)	182.82	193.34	233.24
Fixed Assets / Net Worth (%)	29.69	24.76	38.77
Current Liabs / Net Worth (%)	77.94	89.93	117.12
Asset Turnover (%)	155.44	129.98	136.67
Sales / Net Working Capital	3.91	3.26	4.39
Assets / Sales (%)	64.33	76.94	73.17
Profit Margin (%)	7.20	7.61	7.80
Shareholders Return (%)	20.45	19.13	24.86
Return on Assets (%)	11.18	9.90	10.66
* The ratios are in single units.

Balance Sheet

Abstract from individual fiscal balance sheet.

Assets	As at Dec 31, 2008 (Euro)	As at Dec 31, 2009 (Euro)	As at Dec 31, 2010 (Euro)
Land/Buildings	1,716,603	1,786,835	1,801,900
Depreciation	779,565	862,948	930,061
Total Fixed Assets	937,038	923,887	871,839
-
Misc Fin'cl Assets			24,128
Total Fin'cl Assets			24,128
-
Misc Intangible Assets	56,390	40,404	57,703
Total Intangible Assets	56,390	40,404	57,703
-
CURRENT ASSETS
Stock	1,714,125	1,433,415	1,342,213
Trade Debtors	1,517,964	1,342,707	1,328,253
Cash	446,446	231,578	109,469
-
TOTAL CURRENT	3,678,535	3,007,700	2,779,935
-
TOTAL ASSETS	4,671,963	3,971,991	3,733,605
-
Liabilities	As at Dec 31, 2008 (Euro)	As at Dec 31, 2009 (Euro)	As at Dec 31, 2010 (Euro)
Capital	1,100,000	1,100,000	1,100,000
Retained Profits	378,114
Misc Reserves	188,632	190,938	192,206
Net Worth	1,666,746	1,290,938	1,292,206
-
Misc Provisions	86,084	103,023	118,042
Misc Def Liabilities	750,020	933,397	716,770
-
CURRENT LIABILITIES
Trade Creditors	1,256,497	1,048,071	852,319
Short Term Loans	692,419	441,426	631,579
Proposed Dividends	50,000	43,807	24,095
Misc Current Liabilities	170,197	111,329	98,594
-
TOTAL CURRENT	2,169,113	1,644,633	1,606,587
-
TOTAL LIABS & NET WORTH	4,671,963	3,971,991	3,733,605

Assets	As at Dec 31, 2005 (Euro)	As at Dec 31, 2006 (Euro)	As at Dec 31, 2007 (Euro)
Land/Buildings	1,107,933	1,133,420	1,351,549
Depreciation	578,086	627,670	656,811
Total Fixed Assets	529,847	505,750	694,738
-
-
Misc Intangible Assets	46,327	30,234	85,860
Total Intangible Assets	46,327	30,234	85,860
-
CURRENT ASSETS
Stock	1,236,071	1,247,527	1,493,144
Trade Debtors	1,144,770	2,122,563	1,709,829
Cash	305,500	43,776	196,295
-
TOTAL CURRENT	2,686,341	3,413,866	3,399,268
-
TOTAL ASSETS	3,262,515	3,949,850	4,179,866
-
Liabilities	As at Dec 31, 2005 (Euro)	As at Dec 31, 2006 (Euro)	As at Dec 31, 2007 (Euro)
Capital	1,000,000	1,000,000	1,000,000
Retained Profits	724,120	969,614	702,029
Misc Reserves	60,406	73,327	90,034
Net Worth	1,784,526	2,042,941	1,792,063
-
Misc Provisions	20,625	41,276	63,995
Misc Def Liabilities	66,500	28,500	225,000
-
CURRENT LIABILITIES
Trade Creditors	612,980	972,612	1,186,469
Short Term Loans	720,500	638,070	718,555
Misc Current Liabilities	57,384	226,451	193,784
-
TOTAL CURRENT	1,390,864	1,837,133	2,098,808
-
TOTAL LIABS & NET WORTH	3,262,515	3,949,850	4,179,866

Profit & Loss

-	Jan 01, 2008 to Dec 31, 2008 (Euro)	Jan 01, 2009 to Dec 31, 2009 (Euro)	Jan 01, 2010 to Dec 31, 2010 (Euro)
Net Sales	5,857,799	4,873,490	4,200,869
Cost of Goods Sold	3,766,500	3,167,832	2,752,913
-
Gross Profit	2,091,299	1,705,658	1,447,956
Misc Operating Charges	1,628,370	1,498,587	1,227,913
Misc Operating Income			5,494
-
Net Operating Income	462,929	207,071	225,537
Misc Financial Income	13,356	22,048	731
Total Financial Income	13,356	22,048	731
-
Interest Payable	86,011	81,514	58,803
Misc Financial Expenses	22,512	19,647	42,095
Total Financial Expenses	108,523	101,161	100,898
-
Profit Before Taxes	367,762	127,958	125,370
Income Tax	91,941	31,990	30,089
-
Profit After Tax	275,821	95,968	95,281
-
Net Profit	275,821	95,968	95,281

-	Jan 01, 2005 to Dec 31, 2005 (Euro)	Jan 01, 2006 to Dec 31, 2006 (Euro)	Jan 01, 2007 to Dec 31, 2007 (Euro)
Net Sales	5,071,189	5,133,861	5,712,653
Cost of Goods Sold	3,429,047	3,454,211	3,786,655
-
Gross Profit	1,642,142	1,679,650	1,925,998
Misc Operating Charges	1,227,426	1,226,026	1,396,655
-
Net Operating Income	414,716	453,624	529,343
Misc Financial Income			5,000
Total Financial Income			5,000
-
Interest Payable	49,840	50,152	68,771
Misc Financial Expenses		12,579	20,041
Total Financial Expenses	49,840	62,731	88,812
-
Profit Before Taxes	364,876	390,893	445,531
Income Tax	43,785	113,359	111,383
-
Profit After Tax	321,091	277,534	334,148
-
Net Profit	321,091	277,534	334,148

Statement of Retained Earnings

-	Jan 01, 2009 to Dec 31, 2009 (Euro)	Jan 01, 2010 to Dec 31, 2010 (Euro)
Dividends	43,807	24,095
Retained Earnings at End	-43,807	-24,095
-

Notes on Financials

According to the balance sheet as of Dec 31, 2010.

Financial statement obtained from subject on Jul 06, 2011.

On Jan 23, 2012 subject confirmed general details in this report.

General Comments

On Jan 23, 2012 local informants stated that:

Subject is considered to be a family run mainly trading entity, generated by conversion of the pre-existent since 1987 general partnership DIMITRIADIS, STAMATIS, & CO. O.E. 'MOTOMARKET'.SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:According to the Gov.Gaz.13743/06 subject was established following the change in the legal status of the firm STAMATIS DIMITRIADIS & CO. O.E. which was established in 2000 and pre-existed as limited liability partnership since 1987.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.97
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.