MIRA INFORM REPORT

 

 

Report Date :

06.11.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

SDV-SOCIEDADE DE DISTRIBUICAO DE VESTUARIO SA

 

 

Registered Office :

Rua Nossa Senhora Da Mão Poderosa, 267-Apartado 34, Formiga 4445-522-Ermesinde, Valongo, PORTO

 

 

Country :

Portugal

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

18.02.2003

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade and distribution of apparel, clothing and other textile products

 

 

No. of Employees :

50 employees

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Portugal

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

portugal - ECONOMIC OVERVIEW

 

Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the past two decades, successive governments have privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country qualified for the Economic and Monetary Union (EMU) in 1998 and began circulating the euro on 1 January 2002 along with 11 other EU members. The economy had grown by more than the EU average for much of the 1990s, but fell back in 2001-08, and contracted 2.5% in 2009, before growing 1.3% in 2010. But GDP fell again in 2011, as the government implemented austerity measures, including a 5% public salary cut, a 2% increase in the value-added tax, and an extraordinary tax on yearend bonuses to comply with conditions of an EU-IMF financial rescue package agreed to in May 2011. GDP per capita stands at roughly two-thirds of the EU-27 average. A rigid labor market has been an obstacle to greater productivity and growth. Portugal also has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a destination for foreign direct investment. Portugal's low competitiveness, low growth prospects, and high levels of public debt have made it vulnerable to bond market turbulence. The government reduced the budget deficit from 10.1% of GDP in 2009 to 4.5% in 2011, an achievement made possible only by the extraordinary revenues obtained from the one-time transfer of bank pension funds to the social security system. Investors, however, continue to express concern about the government's ability to achieve future budget deficit targets and obtain foreign financing to cover its sovereign debt obligations when the EU-IMF financing program expires in 2013. Without the option for stimulus measures, the government is focusing instead on boosting exports and implementing labor market and other structural reforms to try to raise GDP growth and increase Portugal's competitiveness - which, over time, may help mitigate investor concerns.

           

 

Source : CIA

 

Identification

 

 

Name

SDV-SOCIEDADE DE DISTRIBUICAO DE VESTUARIO SA

V.A.T. Number / NIF

506484670

Address

Rua Nossa Senhora da Mão Poderosa, 267-Apartado 34

Locality

FORMIGA

Postal Code

4445-522-ERMESINDE

Municipality

VALONGO

District

PORTO

Telephone

229774200

Fax

229774201

E-Mail

geral@sdv.com.pt

Web Site

www.sdv.com.pt

 

 

C.A.E.(Rev 3)

47711- Retail sale of clothing for adults in specialized

 

 

Summary

 

 

Legal Form

Joint Stock Company

Constitution

18-02-2003

V.A.T. Number / NIF

506484670

Employees

50

Capital

500.000,00

Sales in : 31-12-2011

81.329.747,01

Shareholders Funds in: 31-12-2011

11.177.142,69

Payments

Good

Actual Condition

In activity

 

 

Financial Highlights

 

 

 

31-12-2009

 

31-12-2010

 

31-12-2011

Net Sales

57.216.883,48

61.010.468,43

81.329.747,01

Net Income For the Year

2.347.442,31

2.926.080,04

3.447.420,08

Shareholders Funds

4.803.642,57

7.729.722,61

11.177.142,69

Stocks

9.493.887,85

10.606.162,96

11.190.057,19

LIABILITY

20.416.844,80

15.987.456,55

19.287.122,15

ASSETS

25.220.487,37

23.717.179,16

30.464.264,84

 

 

Governing Bodies

 

 

 

Board of Director's

JOEL NUNES FARIA

Administrator

MARIA LISETE DA CONCEICAO RIBEIRO CARDOSO

Administrator

CARLA ISABEL RIBEIRO DIAS CARDOSO

Board of Director's President

ANTONIO VASCO GASCAO NUNES PEREIRA NINA

Administrator

 

Fiscal Board

ANTONIO FRANCISCO BARBOSA DOS SANTOS

Unique Fiscal

LEONOR CONDE

Fiscal Board Substitute

 

 

Legal Structure

 

 

Registered on the Register Record Office of Valongo with the Register Number 506484670 previous number 55824 in 12-05-2003

Constitution celebrated in 18-02-2003 published on Diário da República number 117 of 21-05-2003

To oblige the company it is necessary 2 signature

 

Changes to Society

 

In 31-03-2011 on Portal MJ of 05-01-2012 board of director's change

In 31-10-2010 on Portal MJ of 21-09-2010 board of director's change

In 22-12-2008 on Portal MJ of 22-12-2008 board of director's change

In 07-03-2007 on Portal MJ of 07-03-2007 board of director's change

In 12-05-2003 on Diário da República number 182 of 08-08-2003 head office change

 

 

Capital

 

 

The Capital is 500.000,00 , divided in 500000 shares , with a nominal value of 1,00

 

 

Activities

 

 

Line of Business

Percentage

Comércio e distribuição de vestuário, confecções e outros produtos texteis

(Trade and distribution of apparel, clothing and other textile products)

100%

 

Type of Clients

Retailers/Wholesalers

 

 

Sales Conditions

Contract

 

 

Sales Area

 

 

 

Country

100%

 

 

Imports from

FRANÇA,ITALIA

 

 

 

Trade Marks

 

Code

 

 

Banks and Financial Institutions

 

 

MILLENNIUM BCP

Centro de Empresas - Porto

BANCO ESPIRITO SANTO, SA

Centro de Empresas - Porto

CAIXA GERAL DE DEPOSITOS, SA

Vila Nova de Gaia

BANCO POPULAR PORTUGAL SA

Porto

 

 

Incidents

 

 

There are no of incidents on our database

 

 

Employees

 

 

Total                                 50

 

 

Insurance

 

 

Companhia de Seguros Fidelidade Mundial

 

Head Office and Installations

 

 

Head office and office Rua Nossa Senhora da Mão Poderosa, 267-Apartado 34, FORMIGA, 4445-522, ERMESINDE, Tel:229774200, Fax:229774201

Had head office Rua de João de Deus - Edificio Vila Bessa III - Bloco A/B, 8º Esq, RAMALDE, 4100-000, PORTO

 

Special Information

 

 

Event

General Description

Principal Clients

A titular trabalha em exclusivo para o grupo Jerónimo Martins, sendo responsável por toda a distribuição dos artigos texteis, a nível nacional, nos hipermercados Feira Nova, Pingo Doce, New Code, Recheio e Biedronka.

 

 

Financial Demonstration SNC

 

Balance Sheet SNC

CoinEURO

 

Date31-12-2011

 

 

Closing Date

31-12-2011

31-12-2010

31-12-2009

Variação (%)

 

 

 

ASSET

 

 

 

 

 

Non-current assets

 

Tangible fixed assets

1.471.477,00

928.749,88

512.762,90

58,44

Intangible assets

37.020,00

19.275,00

16.345,00

92,06

Financial participations - patrimonial equity method

 

30.022,00

160.891,69

 

Shareholders/partners

5.102.184,27

5.097.184,27

3.219.367,23

0,10

Other financial assets

79.717,44

69.717,44

10.000,00

14,34

Deferred tax assets

250.433,45

226.772,43

1.341.036,45

10,43

Total

6.940.832,16

6.371.721,02

5.260.403,27

8,93

 

 

 

 

 

Current assets

 

 

Inventories

11.190.057,19

10.606.162,96

9.493.887,85

5,51

Costumers

8.525.516,25

4.461.702,57

6.957.623,40

91,08

Shareholders/partners

 

 

1.675.734,81

 

Other accounts receivable

229.693,02

450.850,27

325.999,26

(49,05)

Deferrals

506.226,45

428.600,46

326.937,49

18,11

Cashier and bank deposits

3.071.939,77

1.398.141,88

1.179.901,29

119,72

Total

23.523.432,68

17.345.458,14

19.960.084,10

35,62

TOTAL ASSET

30.464.264,84

23.717.179,16

25.220.487,37

28,45

 

 

 

 

 

SHAREHOLDERS FUNDS AND LIABILITIES

 

 

 

 

 

 

 

SHAREHOLDERS FUNDS

 

 

Capital

500.000,00

500.000,00

500.000,00

 

Legal reserves

139.390,24

139.390,24

139.390,24

 

Other reserves

6.974.149,24

4.078.091,20

1.730.648,89

71,02

Adjustments on financial assets

116.183,13

86.161,13

86.161,13

34,84

Total

7.729.722,61

4.803.642,57

2.456.200,26

60,91

Net income for the period

3.447.420,08

2.926.080,04

2.347.442,31

17,82

TOTAL OF SHAREHOLDERS FUNDS

11.177.142,69

7.729.722,61

4.803.642,57

44,60

 

 

 

 

 

LIABILITY

 

 

 

 

 

 

 

Non-current liiabilities

 

 

Provisions

663.781,87

561.995,00

4.766.764,91

18,11

Financing obtained

2.762.474,21

1.113.635,97

1.000.000,00

148,06

Total

3.426.256,08

1.675.630,97

5.766.764,91

104,48

 

 

 

 

 

Current liabilities

 

 

Suppliers

6.957.613,53

8.280.865,69

8.078.472,62

(15,98)

State and other public entities

3.047.225,16

1.041.187,02

1.733.615,51

192,67

Shareholders/partners

 

 

97.991,94

 

Financing obtained

3.996.958,65

4.422.650,27

4.225.000,00

(9,63)

Other payable accounts

1.514.611,61

567.122,60

514.999,82

167,07

Deferrals

344.457,12

 

 

 

Total

15.860.866,07

14.311.825,58

14.650.079,89

10,82

TOTAL LIABILITIES

19.287.122,15

15.987.456,55

20.416.844,80

20,64

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES

30.464.264,84

23.717.179,16

25.220.487,37

28,45

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

INCOME AND EXPENSES

 

 

Sales and services

81.329.747,01

61.010.468,43

57.216.883,48

33,30

Gains/losses allocated subsidiaries, associates and joint ventures

(30.022,00)

(40.869,69)

(15.644,44)

(26,54)

Cost of goods sold and materials consumed

59.454.740,37

47.459.405,61

44.565.913,45

25,27

Suppliers and external services

11.237.542,21

5.709.535,14

4.693.138,77

96,82

Personnel costs

2.649.961,53

2.865.780,01

2.651.137,22

(7,53)

Impairment of inventories (losses/revearsals)

654.726,57

101.313,56

(306.175,36)

546,24

Provisions (increases/reductions)

101.786,87

(62.586,68)

91.148,96

(262,63)

Other income and gains

2.372.678,84

3.045.867,29

1.933.907,72

(22,10)

Other expenses and losses

3.890.172,03

3.388.604,80

4.613.020,38

14,80

Result before depreciation, financing costs and taxes

5.683.474,27

4.553.413,59

2.826.963,34

24,82

Expenses/reversals of depreciation and amortization

287.131,85

198.084,45

138.296,22

44,95

Impairment of investments depreciable/amortizable (losses/reversals)

 

0,24

 

 

Operating result (before financing costs and taxes)

5.396.342,42

4.355.328,90

2.688.667,12

23,90

interest and similar expenses incurred

572.164,26

275.876,58

227.677,38

107,40

Net before taxes

4.824.178,16

4.079.452,32

2.460.989,74

18,26

Income tax of the period

1.376.758,08

1.153.372,28

113.547,43

19,37

Net profit for the period

3.447.420,08

2.926.080,04

2.347.442,31

17,82

 

 

RATIOS SNC

 

 

Closing Date

31-12-2011

31-12-2010

31-12-2009

 

 

 

 

TURNOVER RATIOS

 

Shareholder's Funds Profitability

0,308

0,379

0,489

 

Assets Profitability

0,177

0,184

0,107

 

Sales Net Profitability

0,042

0,048

0,041

 

 

 

 

 

 

EFFICIENCY RATIOS

 

 

Medium Term Receivable

38,261

26,692

44,384

 

Asset Rotation

2,67

2,572

2,269

 

 

 

 

 

 

PRODUCTIVITY RATIOS

 

 

Productivity

8,255

4,729

4,772

 

 

 

 

 

 

SHORT TERM RATIOS

 

 

General Liquidity

1,483

1,212

1,362

 

Reduced Liquidity

0,778

0,471

0,714

 

Immediate Liquidity

0,194

0,098

0,081

 

 

 

 

 

 

MEDIUM LONG TERM RATIOS

 

 

Financial Autonomy

0,367

0,326

0,19

 

Solvability

0,58

0,483

0,235

 

Borrowed Capital Structure

0,822

0,895

0,718

 

General Debt

0,605

0,716

1,088

 

Medium Long Term Debt

0,247

0,144

0,208

 

Debt Structure

0,822

0,895

0,718

 

Capital Structure

3,262

4,613

0,833

 

 

 

 

 

 

Operational and Financial Risk

 

 

Operational Leverage Level

4,054

3,111

4,705

 

Financial Leverage Level

1,119

1,068

1,093

 

Combined Leverage Level

4,536

3,323

5,143

 

 

 

Financial Elements

 

 

 

31-12-2009

 

Intangible Assets

16.345,00

 

Tangible Assets

512.763,00

 

Investments

170.892,00

 

Stocks

9.493.888,00

 

Medium and Long Term Receivable

1.675.735,00

 

Short Term Receivable

10.355.061,00

 

Banks and Cash

1.179.902,00

 

Accruals and Deferrals

1.815.903,00

 

Total Assets

25.220.489,00

 

Shareholder's Funds

4.803.643,00

 

Provisions

4.766.765,00

 

Medium and Long Term Payable

1.000.000,00

 

Short Term Payable

14.225.362,00

 

Accruals and Deferrals

424.718,00

 

Total Liabilities and Shareholder's Funds

25.220.488,00

 

Cost of Goods and Consumable Materials

44.565.913,00

 

Outside Supplies and Services

4.586.253,00

 

Personnel Costs

2.651.137,00

 

Sales

57.216.883,00

 

 

 

Comparatives POC

 

 

 

 

31-12-2008

31-12-2009

Net Sales

 

62.647.820,00

57.216.883,00

Net Income For the Year

 

1.210.123,00

2.347.442,00

Current Assets

 

23.388.170,00

22.844.754,00

Short Term Payables

 

 

14.225.362,00

Cash Flow

 

 

8.619.392,00

Total Assets

 

26.238.324,00

25.220.489,00

Total Liabilities

 

23.782.124,00

20.416.845,00

Shareholders Funds

 

2.456.200,00

4.803.643,00

Personnel Costs

 

2.621.697,00

2.651.137,00

 

Ratios POC

 

 

 

31-12-2007

31-12-2008

31-12-2009

FINANCIAL SITUATION

 

 

 

General Liquidity

 

 

1,61

Immediate Liquidity

 

 

0,94

Financial Autonomy

 

0,09

0,19

Solvency

 

0,10

0,24

RENTABILITY

 

 

 

Sales Rentability

 

1,93 %

4,10 %

Sales Rate Increase

 

 

(8,67) %

EFFICIÊNCY

 

 

 

Assets Turnover

 

2,39

2,27

 

 

Balance Sheet and Income Statement

 

Balance Sheet

CoinEURO

 

Date31-12-2009

 

 

 

Gross Assets

Depreciations / Provisions

Net Assets

 

Intangible Assets

 

Subtotal

58.981,00

42.636,00

16.345,00

 

Tangible Assets

 

Subtotal

1.211.441,00

698.678,00

512.763,00

 

Financial Investments

 

Subtotal

733.392,00

562.500,00

170.892,00

 

Stocks

 

Subtotal

11.199.930,00

1.706.042,00

9.493.888,00

 

Medium and Long Term Receivable

 

Subtotal

1.675.735,00

 

1.675.735,00

 

Short Term Receivable

 

Subtotal

10.355.061,00

 

10.355.061,00

 

Bank Deposits and Cash

 

Cash

5.599,00

 

5.599,00

Bank Deposites

1.174.303,00

 

1.174.303,00

Subtotal

1.179.902,00

 

1.179.902,00

 

Accruals and Deferrals

 

Accrued Income

147.929,00

 

147.929,00

Deferred Cost

1.667.974,00

 

1.667.974,00

Subtotal

1.815.903,00

 

1.815.903,00

 

 

 

Total Assets

28.230.345,00

3.009.856,00

25.220.489,00

 

Shareholders Funds and Liabilities

Shareholders Funds

 

Capital

500.000,00

 

Treasury Stock:

 

 

Capital Adjustments

86.161,00

 

Reserves :

 

 

Free

1.870.039,00

 

Net Income For the Year

2.347.442,00

 

Total

4.803.643,00

 

 

Provisions

 

Subtotal

4.766.765,00

 

 

Short Term Payable

 

Bank Loans

4.225.000,00

 

Supliers Fixed Asset

24.090,00

 

State and Other Public Bodies

1.733.616,00

 

Other Creditors

66.192,00

 

Trade Creditors

8.078.473,00

 

Group Companies

97.992,00

 

Subtotal

14.225.362,00

 

 

Medium and Long Term Payable

 

Bank Loans

1.000.000,00

 

Subtotal

1.000.000,00

 

 

Accruals and Deferrals

 

Accrued Charges

424.718,00

 

Subtotal

424.718,00

 

 

TOTAL LIABILITIES

20.416.845,00

 

TOTAL LIABILITIES AND SHAREHOLDERS FUNDS

25.220.488,00

 

 

Income Statement

Costs and Losses

 

Cost of Materials Consumed and Goods Sold:

 

 

Subtotal

44.565.913,00

 

Outside Supplies and Services

4.586.253,00

 

Personnel Costs

 

 

Subtotal

2.651.137,00

 

Depreciation

138.296,00

 

Provisions

684.120,00

 

Subtotal

822.416,00

 

Other Operating Costs

44.865,00

 

Int. and Similar Costs:

 

 

Subtotal

4.447.963,00

 

Ext. Costs and Losses

470.400,00

 

Taxation Over Income

113.547,00

 

Net Income For the Year

2.347.442,00

 

 

Income and Profits

 

Sales of :

 

 

Products

57.200.607,00

 

Services Provided

16.276,00

 

Subtotal

57.216.883,00

 

Other Operating Income and Gains

899.146,00

 

Subtotal

899.146,00

 

Trading Securities Income

 

 

Int. and Similar Costs

 

 

Other

1.877.559,00

 

Extra Income and Gains

56.349,00

 

Net Income For the Year

2.347.442,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.08

UK Pound

1

Rs.86.69

Euro

1

Rs.69.37

 

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%)

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.