MIRA INFORM REPORT

 

 

Report Date :           

01.12.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

BIOKARPET S.A.

 

 

Registered Office :

Larissas - Athinon National Rd (5th Km), P.O. Box 1129 41110 Larissa, Larissa

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.04.1970

 

 

Com. Reg. No.:

010237

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

 
Manufactures carpets and rugs

 

 

No. of Employees :

107 Persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 30th, 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

 

BIOKARPET S.A.
Icon no: 214245

 

 

IDENTIFICATION DETAILS

                        

NAME                           : BIOKARPET S.A.

TRADING STYLE           :  'BIOKARPET SA'                                           

 

ADDRESS:                   LARISSAS - ATHINON NATIONAL RD (5TH KM), P.O. BOX 1129   

                                    41110 LARISSA                                             

                                    LARISSA                                                  

                                    GREECE                                                   

TELEPHONE:                30  2410688688                                            

                                    30  2410688621                                           

TELEFAX:                     30  2410688630                                           

 

E-MAIL ADDRESS:        info@biokarpet.gr                                           

WEB ADDRESS:           www.biokarpet.gr                                             

 

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

SENIOR COMPANY PERSONNEL

 

John Ast. Kantonias
Chairman
Shareholder
 
Basil Pro. Panigyritzoglou
Member
 
Athanassios Bas. Tsiaras
Chief executive
Shareholder
 
John Ast. Kantonias
Chief executive
Shareholder

Basil Ath. Tsiaras
Chief executive
Shareholder
 
George Ant. Kantonias
Chief executive
Shareholder
 
Basil Kon. Floros
Member
 
George Bas. Papageorgiou
Member
 
George Ant. Kantonias
Vice-chairman
Shareholder
 
John Geo. Hatziefthymiou
Member
 
Antonios Nik. Mavromatis
Member

 

  

WORKFORCE

 

EMPLOYS: 107 as at Sep 16, 2011 including 0 part-time staff. The group employs 514.

 

The number of employees varies according to needs.

 

The number of employees peaks to 107.

 

 

PAYMENTS

 

Informants report that subject's payments are prompt

 

secured charges:

Subject has registered secured charges which include the below:
A charge for an amount of 22,320,000 Euro was registered on 1, 2000. The charge is secured against Number Of Items: 2, The total number amounts to 2 and their tota.

 

 

BANKERS

 

Alpha Bank A.E., Larissa (Kyprou) Branch branch., 78 Kyprou, Larissa 41222, Greece.
Telephone: 30 2410259000
 
Alpha Bank A.E., Larissa (Kyprou) Branch branch., 78 Kyprou, Larissa 41222, Greece.
Telephone: 30 2410259000.
 
Alpha Bank A.E., Larissa (Kyprou) Branch branch., 78 Kyprou, Larissa 41222, Greece.
Telephone: 30 2410259000
 
 

FINANCIALS

 

                                       Fiscal           Fiscal          Fiscal

                                  Dec 31,2008      Dec 31,2009     Dec 31,2010

Turnover                           18,865,302       15,460,087      11,635,307

Pre-Tax Profit                      1,354,150          156,334      -2,485,010

Net Worth                          62,954,814       60,535,065      57,999,248

Fixed Assets                       19,221,522       16,188,659      18,455,893

Total Assets                       89,722,512       84,778,933      78,787,012

Current Assets                     44,869,214       43,113,448      37,731,933

Current Liabilities                16,367,407       16,578,460      19,791,877

Working Capital                    28,501,807       26,534,988      17,940,056

Long Term Debt                     10,400,292        7,665,409         995,887

Financial Assets                   25,577,215       25,444,838      22,572,551

Intangibles                            54,561           31,987          26,635

Employees                                 121               94             112

 

Net Worth and Total Assets are tangible figures shown after the deduction of

intangible assets.

 

                                  Dec 31,2008      Dec 31,2009     Dec 31,2010
Current Ratio (X)                        2.74             2.60            1.91
Solvency Ratio (%)                     142.52           140.05          135.84
Fixed Assets/Net Worth (%)              30.53            26.74           31.82
Current Liabs/Net Worth (%)             26.00            27.39           34.12
Asset Turnover (%)                      21.03            18.24           14.77
Sales / Net Working Cap (X)              0.66             0.58            0.65
Assets / Sales (%)                     475.60           548.37          677.14
Profit Margin (%)                        7.18             1.01          -21.36
S/holders Return (%)                     2.15             0.26           -4.28
Return On Assets (%)                     1.51             0.18           -3.15
Sales / Employees                  155,911.59       164,469.01      103,886.67
Profit / Employees                  11,191.32         1,663.13      -22,187.59
 

     Abstract from individual fiscal balance sheet as at Dec 31, 2010 
 
             LIABILITIES                             ASSETS                        
Capital                     25,185,825   Land/Buildings              22,287,189
Retained Profits            -1,955,776   Plant/Machinery              1,672,320
Misc Reserves               34,769,199   Depreciation                 5,503,616
Net Worth                   57,999,248   Total Fixed Ass             18,455,893
 
Misc Provisions                980,587   Shares in Group             21,374,843
Misc Def Liabs                  15,300   Misc Fin'cl Ass              1,197,708
                                         Total Fin'cl Ass            22,572,551
 
                                         Misc Intangible                 26,635
                                         Total Intangible                26,635
 
     CURRENT LIABILITIES:                         CURRENT ASSETS:               
Trade Creditors              1,965,429   Stock                       18,484,570
Short term Loans            16,633,959   Trade Debtors               18,251,076
Proposed Dividends              26,005   Misc Debtors                   481,943
Misc Current Liabs           1,166,484   Cash                           304,344
                                         Market Securities              210,000
 
TOTAL CURRENT               19,791,877   TOTAL CURRENT               37,731,933
 
TOTAL LIABS & NW            78,787,012   TOTAL ASSETS                78,787,012
 

Profit & Loss Account from Jan 1, 2010 to Dec 31, 2010               

 

             Net Sales                            11,635,307

             Cost of Goods Sold                    8,527,651

 

             Gross Profit                          3,107,656

             Misc Operating Charges                5,933,141

             Misc Operating Income                 1,048,265

 

             Net Operating Income                 -1,777,220

 

             Interest Payable                        707,791

             Total Financial Expenses                707,791

 

             Profit Before Taxes                  -2,485,011

             Income Tax                               50,807

 

             Profit After Tax                     -2,535,818

 

             Net Loss                              2,535,818

 

             Earnings per Share                           -0

             Previous Year                                 0

    


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

    

The below mentioned financial figures are in Euro

Subject to the foregoing, the financial statements give a true and fair view of the company's affairs.

Financial statement obtained from subject on Apr 12, 2011

 

 

LEGAL STATUS

 

BACKGROUND: Business started Apr 14, 1970.
Subject acquired the business of BIOK S.A., a Societe anonyme which started in 1984 with effect from Jun 19, 1996.
 

LEGAL FORM: 

Societe anonyme registered on Apr 14, 1970 for a period ending Dec 31, 2040.
Registration Number: 010237
Government Gazette Number: 00356 / 1970
Chamber of Commerce Number: 415242
Tax Registration Number:  094028950
 
Subject was established following the change in the legal status of the firm KANTONIAS JOHN & CO O.E., founded in 1955 as a continuation of sole proprietorship KANTONIAS JOHN, pre-existed since 1950. In 1994, subject's title was changed from BIOKARPET CARPET MANUFACTURES S.A. to BIOKARPET S.A. (Gov. Gaz. No. 5012/94). In June 1996 (Gov. Gaz. No. 3555/96) subject absorbed the firm VIOK S.A. (in which participated by 100%), established in 1984, engaged in the manufacture of handtufted carpets. On 15/4/1998 (Gov. Gaz. No. 01927/1998) the company's name was changed. On 6/4/2000 (Gov. Gaz.
 
No. 02535/2000) the company's name was changed. On 20/4/2000 subject contributed a sector. On 26/4/2000 subject contributed a sector. 
 
On 23/12/2005 (Gov. Gaz. No. 13115/2005) the company's name was changed. On 23/12/2005 (Gov. Gaz. No. 13115/2005) subject absorbed the firm(s) BIOKARPET S.A. On 31/12/2009 (Gov. Gaz. No. 14951/2009) subject absorbed the firm(s) NIKOLAIDIS, A., S.A. On 31/12/2009 (Gov. Gaz. No. 14956/2009) subject absorbed the firm(s) VERGINA S.A. On 11/1/2010 (Gov. Gaz. No. 00125/2010) subject absorbed the firm(s) CHRYSSOSTOMIDIS S.A. SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:Prior to the change that was published in the Gov.Gaz.No.:2535/00 subject's name was ALBIO BIOKARPET SA. Gov.Gaz.No.: 2820/00 refers to the contribution of the metallurgical sector to the firm EXALCO SA. Gov.Gaz.No.: 2953/2000 refers to the contribution of the textile products sector to the firm BIOKARPET SA.Prior to the change that was published in the Gov.Gaz.No.:13115/05 subject's name was ALBIO HOLDINGS S.A., Listed in ASE as of: 11,12,1990.

 

 

CAPITAL DETAILS

 

Nominal capital: 25,185,825. Issued capital: 25,185,825.
Issued/paid-up capital was last increased on Jan 5, 2007.
 
Nominal capital is divided into:
23,986,500 shares of 1.05 each and fully paid-up.

 

 

SHAREHOLDERS

 

·         MITICA LIMITED holds 3.23% of the voting capital.

·         John Kantonias holds 26.60% of the voting capital.

·         George Kantonias holds 20.49% of the voting capital.

·         Basil Tsiaras holds 7.99% of the voting capital.

·         Athanassios Tsiaras holds 6.39% of the voting capital.

·         Glykeria Kantonia holds 6.25% of the voting capital.

·         Eleni Kantonia holds 4.59% of the voting capital.

·         Evangelia Kantonia holds 4.43% of the voting capital.

·         Paraskevi Kantonia holds 2.44% of the voting capital.

 

Please note that the rest of the shares equity is not available.

 

 

LINKED COMPANIES

 

 

SUBSIDIARIES

    

NIKOLAIDIS, A., S.A. Societe Anonyme, Eleftherio, Greece (Duns:

50-327-7661)

This subsidiary is dormant.

Year started: 1997.

Subject owns 100% of the capital.

 

PERSIKA S.A. Societe Anonyme, Larissa, Greece (Duns: 72-853-1026)

This subsidiary is dormant.

Year started: 1997.

Subject owns 100% of the capital.

 

BIOKARPET BULGARIA EOOD Foreign Participants, Sofia, Bulgaria, Bulgaria

Year started: 2004.

Subject owns 100% of the capital.

EXALCO S.A. Societe Anonyme, Larissa, Greece (Duns: 42-303-3281)

Year started: 1973.

Subject owns 98% of the capital.

 

BIOKARPET ROMANIA SRL Foreign Participants, Romania, Romania

Year started: 2004.

Subject owns 95% of the capital.

 

BIOPLAN S.A. Societe Anonyme, Larissa, Greece (Duns: 49-935-0226)

This subsidiary is dormant.

Year started: 1990.

Subject owns 83% of the capital.

 

ALBIO DATA S.A. Societe Anonyme, Larissa, Greece (Duns: 49-955-3894)

Year started: 1990.

Subject owns 80% of the capital.

 

AFFILIATES
The following are related through principal(s) and/or financial interest(s):
 
K & K ENERGY LTD Limited Liability Company, Larissa, Greece
Year started: 2007.
 
This concern is related through common shareholders.
K & K AKINITA LTD Limited Liability Company, Larissa, Greece
This is a dormant concern.
Year started: 2008.
 
This concern is related through common shareholders.
HOME CARPET S.A. Societe Anonyme, Larissa, Greece (Duns: 50-318-4644)
Year started: 2000. 
 
This concern is related through common shareholders.
ECOLOGY SYSTEMS LTD Limited Liability Company, Larissa, Greece
This is a dormant concern.
Year started: 2010. 
 
This concern is related through common shareholders.
ECOLOGY SYSTEMS LTD Limited Liability Company, Larissa, Greece
Year started: 2010. 
 
This concern is related through common shareholders.
BIOJAPAN LTD Foreign Participants, Tokyo, Japan, Japan
Year started: 1990.
Subject has a 41.66% share interest.

 

ACTIVITIES

 

Local Activity Code:                 1393
Local Activity Code Type:         STAKOD
Equivalent to:                          NACE 1
 
Manufactures carpets and rugs
Manufactures textile goods
Mfg of carpets, flokati rugs, moquettes and blankets. Exclusive imports
and trade of white linen, wallpaper, household furniture, upholstery
fabrics, curtain rods, braids, carpets, moquettes and wooden floorings.
Holding company
Exports 32% to Australia, Bulgaria, Canada, Cyprus, Czech Republic,
France, Germany, Japan, Poland, Romania, South Africa, Sweden, U K, U S A
Normal exporting terms are cash against documents
 
Imports 70% from Australia, Bangladesh, China, India, New Zealand,
Pakistan, Turkey, U K, U S A
Normal importing terms are cash against documents
 
Subject reportedly acts as agents for:
KA Int'l, Spain
 
Subject produces the following brand(s):

·         BIOKARPET HOME

·         CACHAREL

·         DISNEY

·         PIERRE CARDIN

·         SWEET YEARS

 

 

IMPORTS

 

Imports 70% from Australia, Bangladesh, China, India, New Zealand,
Pakistan, Turkey, U K, U S A, 
Normal importing terms are cash against documents

 

 

EXPORTS

 

Exports 32% to Australia, Bulgaria, Canada, Cyprus, Czech Republic, France, Germany, Japan, Poland, Romania, South Africa, Sweden, U K, U S A.
 Normal exporting terms are cash against documents

 

PREMISES / REAL ESTATE

 

Operates from owned factory, covering approximately 32,667 square metres at heading address.

 

The site covers approximately 63,309 square metres.

 

REGISTERED OFFICE: At heading address.

 

 

BRANCHES

 

Subject has 11 branches/divisions
 
88 Iera Odos, 10447, Athens, Greece. These are owned premises. Size: 2400 square metres.
 
Veroias - Naoussas Rd (9th km), P.O. Box 48, 59035, Kopanos, Greece.
 
Kordelio, 54000, Thessaloniki, Greece. These are owned premises. Size: 704 square metres.
 
Perifereiaki Odos Thessalonikis & 23rd Iouliou, P.O. Box 56300, 56301, Eleftherio, Greece.
 
Lygaria, 55535, Pylaia, Greece. These are owned premises. Size: 3384 square metres.
 
Thessalonikis - N. Moudanion Rd (9th km), 55500, Pylaia, Greece.
 
112 Tenedou, 65404, Kavala, Greece.
 
Larissas - Thessalonikis National Rd (6th km), 41335, Larissa, Greece. These are owned premises. Size: 15780 square metres.
 
Grekia, 41500, Larissa, Greece. These are owned premises. Size: 10595 square metres.
 
Larissas - Athinon National Rd (3rd km), 41110, Larissa, Greece. These are owned premises. Size: 1660 square metres.
 
63073, Galatista, Greece. These are owned premises. Size: 4169 square metres.

 

 

GENERAL COMMENTS 

 

On Nov 24, 2011 local informants stated that:

 

Subject during the period 2000 -2005 consisted the holding company of the ALBIO HOLDINGS Group of Companies while in the past was activated in the industrial sector. Since 22.12.2005 with the absorption of its affiliated firm BIOKARPET S.A. it is mainly engaged in manufacture of carpets, flokati rugs, moquettes and blankets, as well as exclusive imports and trade of white linen, household furniture, upholstery fabrics carpets, wooden flooring, etc. Subject's textile products are of good quality and are well accepted both in the Greek market and abroad. Furthermore, the company keeps its holding activities.SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:Prior to the change that

was published in the Gov.Gaz.No.:2535/00 subject's name was ALBIO BIOKARPET SA. Gov.Gaz.No.: 2820/00 refers to the contribution of the metallurgical sector to the firm EXALCO SA. Gov.Gaz.No.: 2953/2000 refers to the contribution of the textile products sector to the firm BIOKARPET SA.Prior to the change that was published in the Gov.Gaz.No.:13115/05 subject's name was ALBIO HOLDINGS S.A.

 

 

PRINCIPALS ANTECEDENTS

NAME: John Ast. Kantonias

Also a director of K & K ENERGY LTD, K & K AKINITA LTD, EXALCO S.A.,

BIOKARPET S.A..

Also a partner in K & K ENERGY LTD, K & K AKINITA LTD.

 

NAME: Athanassios Bas. Tsiaras

Also a director of HOME CARPET S.A., BIOKARPET S.A., EXALCO S.A..

 

NAME: John Ast. Kantonias

Also a director of K & K ENERGY LTD, K & K AKINITA LTD, EXALCO S.A.,

BIOKARPET S.A..

Also a partner in K & K ENERGY LTD, K & K AKINITA LTD.

 

NAME: Basil Ath. Tsiaras

Also a director of PERSIKA S.A., BIOKARPET S.A., EXALCO S.A..

 

NAME: George Ant. Kantonias

Also a director of BIOK S.A., ALBIO ENERGEIA S.A., PERSIKA S.A.,

BIOKARPET S.A., EXALCO S.A..

Also a partner in ECOLOGY SYSTEMS LTD, ECOLOGY SYSTEMS LTD.

Also associated with HOME CARPET S.A..

 

NAME: George Bas. Papageorgiou

Also a director of ALUDOM LTD, BIOPLAN S.A., NIKOLAIDIS, A., S.A.,

CHRYSSOSTOMIDIS S.A., VERGINA S.A, VERGINA S.A., PERSIKA S.A..

Also associated with BIOPLAN S.A..

 

NAME: George Ant. Kantonias

Also a director of BIOK S.A., ALBIO ENERGEIA S.A., PERSIKA S.A.,

BIOKARPET S.A., EXALCO S.A..

Also a partner in ECOLOGY SYSTEMS LTD, ECOLOGY SYSTEMS LTD.

Also associated with HOME CARPET S.A..

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.17

UK Pound

1

Rs.81.29

Euro

1

Rs.69.47

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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