|
Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BIOKARPET S.A. |
|
|
|
|
Formerly Known
as: |
BIOKARPET CARPET
MANUFACTURES S.A. |
|
|
|
|
Registered Office : |
Larissas - Athinon National Rd (5th Km),
P.O. Box 1129 , 41110 Larissa |
|
|
|
|
Country : |
Greece |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.04.1970 |
|
|
|
|
Com. Reg. No.: |
010237 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
· Manufacturer of carpets and rugs · Manufacturer of textile goods · Manufacturer of carpets, flokati rugs, moquettes and blankets · importer and trader of white linen, wallpaper, household furniture, upholstery fabrics, curtain rods, braids, carpets, moquettes and wooden floorings |
|
|
|
|
No. of Employees : |
98 |
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 : |
Slow |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Greece |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Greece ECONOMIC OVERVIEW
Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. The economy contracted by 2.3% in 2009, 3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to about 8% in 2012. Deteriorating public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in late 2009, and has led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, overhauling the health-care and pension systems, and reforming the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the general public. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund and Euro-Zone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal however, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.
Source : CIA
NAME: BIOKARPET S.A.
TRADING
STYLE: 'BIOKARPET SA'
ADDRESS: LARISSAS - ATHINON NATIONAL RD (5TH KM), P.O. BOX 1129 , 41110
LARISSA, GREECE
TELEPHONE: 302410688688 / 302410688621
TELEFAX: 30 2410688630
E-MAIL
ADDRESS: info@biokarpet.gr
WEB ADDRESS: www.biokarpet.gr
STARTED: 14.04.1970
YEAR INC: 1970
LEGAL FORM: Societe anonyme registered on Apr 14, 1970 for a period ending Dec
31,2040.
REG NO: 010237
Government Gazette Number: 00356 / 1970
Chamber of Commerce Number: 415242
Tax Registration Number: 094028950
Subject acquired the business of CHRYSSOSTOMIDIS S.A., a Societe anonyme which started in 1999 with effect from Jan 11, 2010.
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
hand tufted 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: 11,12,199
The below mentioned
financial figures are in Euro
SALES: 9,836,368
PROFIT: -5,021,171
NET WORTH: 48,006,204
NOM CAPITAL: 25,185,825
ISS 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.
|
|
Fiscal |
Fiscal |
Fiscal |
|
|
Dec 31,2010 |
Dec 31,2011 |
Dec 31,2012 |
|
Turnover |
11,635,307 |
11,084,477 |
9,836,368 |
|
Pre-Tax Profit |
-2,485,010 |
-5,595,913 |
-5,021,173 |
|
Net Worth |
57,999,248 |
52,574,948 |
48,006,203 |
|
Fixed Assets |
18,455,893 |
19,003,134 |
18,767,017 |
|
Total Assets |
78,787,012 |
75,566,167 |
68,540,622 |
|
Current Assets |
37,731,933 |
32,227,919 |
27,013,190 |
|
Current Liabilities |
19,791,877 |
3,622,506 |
3,101,633 |
|
Working Capital |
17,940,056 |
28,605,413 |
23,911,557 |
|
Long Term Debt |
995,887 |
19,368,713 |
17,432,785 |
|
Financial Assets |
22,572,551 |
24,311,473 |
22,754,908 |
|
Intangibles |
26,635 |
23,642 |
5,507 |
|
Employees |
94 |
112 |
98 |
Net Worth and
Total Assets are tangible figures shown after the deduction of intangible assets.
RATIOS
|
|
|
Dec 31,2010 |
Dec 31,2011 |
Dec 31,2012 |
|
Current Ratio (X) |
|
1.91 |
8.9 |
8.71 |
|
Solvency Ratio (%) |
|
35.84 |
43.73 |
42.77 |
|
Fixed Assets/Net Worth |
(%) |
31.82 |
36.15 |
39.09 |
|
Current Liabs/Net Worth |
(%) |
34.12 |
6.89 |
6.46 |
|
Asset Turnover (%) |
|
14.77 |
14.67 |
14.35 |
|
Sales / Net Working Cap |
(X) |
0.65 |
0.39 |
0.41 |
|
Assets / Sales (%) |
|
677.14 |
681.73 |
696.81 |
|
Profit Margin (%) |
|
-21.36 |
-50.48 |
-51.05 |
|
S/holders Return (%) |
|
-4.29 |
-10.64 |
-10.46 |
|
Return On Assets (%) |
|
-3.15 |
-7.41 |
-7.33 |
|
Sales / Employees |
|
123,779.86 |
98,968.54 |
100,371.10 |
|
Profit / Employees |
|
-26,436.28 |
-49,963.51 |
-51,236.46 |
Abstract from
individual fiscal balance sheet as at Dec 31, 2012
|
LIABILITIES |
|
ASSETS |
|
|
Capital |
25,185,825 |
Land/Buildings |
22,633,431 |
|
Retained Profits |
-11,948,820 |
Plant/Machinery |
2,114,434 |
|
Misc Reserves |
34,769,199 |
Depreciation |
5,980,848 |
|
Net Worth |
48,006,204 |
Total Fixed Ass |
18,767,017 |
|
Misc Provisions |
491,465 |
Shares in Group |
20,878,083 |
|
Misc Def Liabs |
16,941,320 |
Misc Fin'cl Ass |
1,876,825 |
|
|
|
Total Fin'cl Ass |
22,754,908 |
|
|
|
Misc Intangible |
5,507 |
|
|
|
Total Intangible |
5,507 |
|
CURRENT LIABILITIES: |
|
CURRENT ASSETS: |
|
|
Trade Creditors |
1,338,062 |
Stock |
15,557,090 |
|
Short term Loans |
965,000 |
Trade Debtors |
8,410,670 |
|
Proposed Dividends |
8,531 |
Misc Debtors |
338,242 |
|
Misc Current Liabs |
790,041 |
Cash |
2,610,589 |
|
|
|
Market Securities |
96,600 |
|
TOTAL CURRENT |
3,101,634 |
TOTAL CURRENT |
27,013,191 |
|
TOTAL LIABS & NW |
68,540,623 |
TOTAL ASSETS |
68,540,623 |
Profit & Loss
Account from Jan 1, 2012 to Dec 31, 2012
|
Net Sales |
9,836,368 |
|
Cost of Goods Sold |
9,117,571 |
|
Gross Profit |
718,797 |
|
Misc Operating Charges |
5,105,726 |
|
Misc Operating Income |
42,748 |
|
Net Operating Income |
-4,344,181 |
|
Interest Payable |
656,665 |
|
Misc Financial Expenses |
20,325 |
|
Total Financial Expenses |
676,990 |
|
Profit Before Taxes |
-5,021,171 |
|
Income Tax |
-452,427 |
|
Profit After Tax |
-4,568,744 |
|
Net Loss |
4,568,744 |
|
Earnings per Share |
0 |
|
Previous Year |
0 |
SIC: 2273
2299
ACTIVITY: MANUFACTURES
CARPETS AND RUGS
Local Activity Code: 1393
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
REGISTERED
OFFICE: LARISSAS - ATHINON NATIONAL RD (5TH KM), P.O. BOX 1129 , 41110
LARISSA, GREECE
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. Franchising. Production of electricity (photovoltaic systems). Real Estate lessors.
Exports 20% 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 90% from
Australia, Bangladesh, China, India, New Zealand,Pakistan, Spain, Turkey, U K,
U S A
Normal importing
terms are cash against documents
Subject reportedly
acts as agents for:
KA Int'l, Spain
EMPLOYEES: 84
The
group employs 376.
The number of
employees varies according to needs.
The number of
employees peaks to 84.
Alpha Bank A.E., Larissa (Kyprou) Branch
Address: 78
Kyprou, Larissa, 41222, Greece.
Telephone: 30
2410259000
National Bank of Greece S.A., Larissa Branch
Address: Al.
Papanastassiou & Kyprou, Larissa 41110, Greece.
Telephone: 30
2410596369
Bank of Piraeus S.A., Larissa (Panagouli)
Branch
Address: 11-13
Panagouli, Larissa 41223, Greece.
Telephone: 30
2410556020
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.
John Asterios
Kantonias Chairman
George Antonios
Kantonias Vice-chairman
John Asterios
Kantonias Chief
executive
Basil Athanassios
Tsiaras Chief
executive
George Antonios
Kantonias Chief
executive
Athanassios Basil
Tsiaras Chief
executive
Basil Prodromos
Panigyritzoglou Member
Antonios
Mavromatis Member
George Basil
Papageorgiou Member
John
Hatziefthymiou Member
Basil Konstantinos
Floros Member
MITICA LIMITED
holds 3.23% of the voting capital.
John Kantonias
holds 25.28% of the voting capital.
George Kantonias
holds 20.56% of the voting capital.
Basil Tsiaras
holds 8.05% of the voting capital.
Athanassios
Tsiaras holds 6.46% 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.
SUBSIDIARIES
NIKOLAIDIS, A.,
S.A. Societe Anonyme, Eleftherio, Greece
This subsidiary is
dormant.
Year started: 1997.
Subject owns 100%
of the capital.
PERSIKA S.A.
Societe Anonyme, Larissa, Greece
This subsidiary is
dormant.
Year started: 1997.
Subject owns 100%
of the capital.
EXALCO S.A.
Societe Anonyme, Larissa, Greece
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
This subsidiary is
dormant.
Year started: 1990.
Subject owns 83%
of the capital.
ALBIO DATA S.A.
Societe Anonyme, Larissa, Greece
Year started: 1990.
Subject owns 80%
of the capital.
AFFILIATES
The following are
related through principal(s) and/or financial interest(s):
KANTONIAS, J., GREEN ENERGY, SOLE
SHAREHOLDER CO. LTD Sole Shareholder
Legal Form: Limited
Liability Company,
Location: Larissa,
Greece
Year started: 2011.
This concern is
related through common shareholders.
K & K AKINITA LTD
Legal Form: Limited Liability
Company,
Location: Larissa, Greece
This is a dormant
concern.
Year started: 2008.
This concern is
related through common shareholders.
K & K ENERGY LTD
Legal Form: Limited Liability
Company,
Location: Larissa, Greece
Year started: 2007.
This concern is
related through common shareholders.
HOME CARPET S.A.
Legal Form: Societe Anonyme,
Location: Larissa,
Greece
Year started: 2000.
This concern is
related through common shareholders.
ECOLOGY SYSTEMS LTD
Legal Form: Limited Liability
Company
Location: Larissa, Greece
This is a dormant
concern.
Year started: 2010.
This concern is
related through common shareholders.
ECOLOGY SYSTEMS LTD
Legal Form: Limited Liability
Company
Location: Larissa, Greece
Year started: 2010.
This concern is
related through common shareholders.
STEVIA HELLAS LTD
Legal Form: Limited Liability
Company,
Location: Larissa, Greece
Year started: 2012.
This concern is
related through common shareholders.
BIOJAPAN LTD
Foreign
Participants
Location: Japan, Japan
Year started: 1990.
Subject has a
41.66% share interest.
EXALCO BULGARIA AD
Foreign
Participants
Location: Bulgaria, Bulgaria
Subject has a 8.0%
share interest.
Subject has 19
branches/divisions
Branch 1: 88
Iera Odos, 10447, Athens, Greece. These are owned premises. Size: 2400 square
meters.
Branch 2: 202 Athinon Ave,
12134, Peristeri, Greece.
Branch 3: 81 Ifigeneias,
14233, Nea Ionia, Greece.
Branch 4: 570B Vouliagmenis
Ave, 16452, Argyroupoli, Greece.
Branch 5: 570 Messogeion
Ave, 15343, Agia Paraskevi, Greece.
Branch 6: Vouliagmenis Ave,
10100, Athens, Greece.
Branch 7: 17 Gr. Lampraki,
18533, Piraeus, Greece.
Branch 8: 4 Artemidos,
14562, Kifissia, Greece.
Branch 9: Thessalonikis - N.
Moudanion Rd (9th km), 'Cosmos' shopping cent, 55500, Pylaia, Greece. These are
owned premises.
Branch 10: 68 Ethn.
Antistasseos, 55133, Kalamaria, Greece.
Branch 11: Kordelio, 54000,
Thessaloniki, Greece. These are owned premises. Size:704 square metres.
Branch 12: Perifereiaki Odos
Thessalonikis & 23rd Iouliou, P.O. Box 56300, 56301,Eleftherio, Greece.
These are owned premises.
Branch 13: 16 El. Venizelou,
54631, Thessaloniki, Greece.
Branch 14: Lygaria, 55535,
Pylaia, Greece. These are owned premises. Size: 3384 square meters.
Branch 15: 13 Gertsiou,
50100, Kozani, Greece.
Branch 16: Larissas -
Thessalonikis National Rd (6th km), 41335, Larissa, Greece. These are owned
premises. Size: 15780 square meters.
Branch 17: Grekia, 41500,
Larissa, Greece. These are owned premises. Size: 10595 square meters.
Branch 18: Larissas - Athinon
National Rd (3rd km), 41110, Larissa, Greece. These are owned premises. Size:
1660 square meters.
Branch 19: 63073, Galatista,
Greece. These are owned premises. Size: 4169 square meters.
Operates from owned factory, covering approximately 32,667 square meters
at heading address.
The site covers approximately 63,309 square meters.
Informants report
that subject's payments are prompt.
Local informants
stated that:
Subject is an industrial unit that is activated in the sector (Textile Products) being also the main company of the BIOKARPET Group. 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 having presence in Bulgaria, Romania and Japan. In addition since 16/12/2011, the company expanded its activity to produce electric power through photovoltaics installations which are located at its headoffice of total power 500 KW. Also its subsidiary EXALCO S.A. is also engaged in the production of electric power through photovoltaic parks in its installations.Company quoted at A.S.E. 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.
Please note that the information provided in the report was obtained from
official and available sources.
Further information was not available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
UK Pound |
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.