|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
JMA-FELPOS SA |
|
|
|
|
Registered Office : |
Rua Manuel de Sousa Oliveira, n.º 691, Sao Martinho Do
Campo |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.12.2003 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Industria de textêis para o lar (Industry textiles for the home) |
|
|
|
|
No. of Employees : |
789 |
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 : |
Usually correct |
|
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 |
|
Name |
JMA-FELPOS SA |
|
IIC Number |
549682 |
|
V.A.T. Number / NIF |
505236621 |
|
Address |
Rua Manuel de Sousa Oliveira,
n.º 691 |
|
Locality |
Sao Martinho Do Campo |
|
Postal Code |
4795-476-SAO MARTINHO CAMPO |
|
Municipality |
SANTO TIRSO |
|
District |
PORTO |
|
Telephone |
252840790 |
|
Fax |
252840479 |
|
E-Mail |
|
|
Web Site |
|
|
|
|
|
C.A.E.(Rev 3) |
13203- Weaving of wire-type
silk and other textiles |
|
Legal Form |
Joint Stock Company |
|
Constitution |
27-12-2003 |
|
V.A.T. Number / NIF |
505236621 |
|
Employees |
789 |
|
Capital |
30.315.000,00 |
|
Sales in : 31-12-2011 |
25.618.307,54 |
|
Shareholders Funds in:
31-12-2011 |
22.066.329,81 |
|
Actual Condition |
In activity |
|
|
31-12-2009 |
|
31-12-2010 |
|
31-12-2011 |
|
Net Sales |
24.739.603,52 |
|
27.993.737,14 |
|
25.618.307,54 |
|
Net Income For the Year |
(4.632.176,49) |
|
(1.859.418,18) |
|
(5.983.829,22) |
|
Shareholders Funds |
14.142.971,63 |
|
12.283.553,45 |
|
22.066.329,81 |
|
Stocks |
6.203.063,26 |
|
7.055.282,11 |
|
7.222.817,92 |
|
LIABILITY |
70.515.917,82 |
|
74.043.862,85 |
|
51.541.000,37 |
|
ASSETS |
84.658.889,45 |
|
86.327.416,30 |
|
73.607.330,18 |
Consulted sources say that the subject has been respecting its payments and commercial commitments, so credit connections with this company are recommended.
|
|
|
|
|
Board of Director's |
|
|
|
ARTUR PORFIRIO SILVEIRA DE
ALMEIDA SOUTINHO |
Board of Director's President |
||
|
NUNO MIGUEL MARTINS DA FONSECA
PEREIRA |
Administrator |
||
|
RICARDO JORGE FERREIRA LEMOS |
Administrator |
||
|
SALVADOR DE SOTTO-MAYOR
CORREIA DE BARROS |
Administrator |
||
|
ALFREDO JOSE DE ARAUJO ALMEIDA |
Administrator |
||
|
|
|||
|
Fiscal Board |
|||
|
JOSE PEREIRA ALVES |
Fiscal Board Substitute |
||
|
PRICEWATERHOUSECOOPERS & ASSOCIADOS-SOCIEDADE
DE REVISORES OFICIAIS DE CONTAS LDA |
Unique Fiscal |
||
|
|
|
|
|
Registed on the Register
Record Office of Santo Tirso with the Register Number 505236621 previous
number 5829 in 10-01-2003 |
|
Constitution celebrated in
27-12-2003 published on Diário da República number 6 of 08-01-2004 |
|
To oblige the company it is
necessary 2 signature |
|
Changes to Society |
|
In 03-12-2012 on Portal MJ of
31-01-2013 board of director's change |
|
In 20-05-2011 on Portal MJ of
11-07-2011 board of director's change |
|
In 31-05-2008 on Portal MJ of
31-05-2008 social change |
|
In 29-02-2008 on Portal MJ of
31-03-2008 board of director's change |
|
In 30-03-2006 on Portal MJ of
19-07-2006 board of director's change |
|
The Capital is 30.315.000,00 ,
divided in 30315000 shares , with a nominal value of 1,00 |
|
|
with the following
shareholders |
|
JMA-SOCIEDADE GESTORA DE
PARTICIPACOES SOCIAIS SA |
|
|
|
JMA-TEXTEIS-SGPS SA |
|
|
|
|
|
|
IIC Number |
131695 |
|
NAME |
JMA-SOCIEDADE GESTORA DE
PARTICIPACOES SOCIAIS SA |
|
Funtion |
Shareholder |
|
Address |
Rua Manuel Sousa Oliveira, n.º
691 - Apartado 7 |
|
Locality |
Sao Martinho Do Campo |
|
Telephone |
252840790 |
|
Fax |
252841639 |
|
E-Mail |
|
|
C.A.E. |
64202-Actividades das
sociedades gestoras de participações sociais não financeiras |
|
|
|
|
IIC Number |
569535 |
|
NAME |
JMA-TEXTEIS-SGPS SA |
|
Funtion |
Shareholder |
|
Address |
Rua Manuel de Sousa Oliveira,
n.º 691 |
|
Locality |
Sao Martinho Do Campo |
|
Telephone |
252840790 |
|
Fax |
252841639 |
|
E-Mail |
jma@jma.pt |
|
C.A.E. |
64202-Actividades das sociedades
gestoras de participações sociais não financeiras |
|
Line of Business |
Percentage |
|
Industria de textêis para o
lar |
100% |
|
Type of Clients |
Private Companies |
|
|
|
Sales Conditions |
Cash/credit |
|
|
|
Sales Area |
|
|
|
|
Country |
50% |
Foreign |
50% |
|
Exports |
50% |
to |
ALEMANHA,ARABIA
SAUDITA,AUSTRALIA,AUSTRIA,BELGICA,CANADA,CHILE,CROÁCIA,DINAMARCA,ESPANHA,ESTADOS
UNIDOS DA AMERICA,FRANÇA,GRECIA,HOLANDA,INDIA,ITALIA,JAPÃO,REINO UNIDO,SUECIA,SUIÇA,FEDERAÇÃO
RUSSA |
|
Trade Marks |
|
JMA |
|
Elias |
|
Playwater |
|
Cookaware |
|
BANCO BILBAO VIZCAYA
ARGENTARIA (PORTUGAL), SA |
Porto |
|
BANCO BPI, SA |
Boavista - Porto |
|
BANIF - BANCO INTERNACIONAL DO
FUNCHAL, SA |
Guimarães - Largo Toural |
|
MILLENNIUM BCP |
Corporate - Porto |
|
Legal Actions |
|
Date |
Process |
Author |
Type |
Amount |
Judicial District |
Court |
Situation |
|
12-10-2010 |
4249/10.0TBSTS |
The
Royal Bank Of Scotland Nv - Sucursal Em Portugal |
Executiva Comum |
2.503.914,82 |
Santo Tirso - Tribunal
Judicial |
|
|
|
Total |
789 |
|
|
|
|
|
|
|
Assicurazione Generalli SPA |
|
Head office, warehouse and
factory Rua Manuel de Sousa Oliveira, n.º 691, Sao Martinho Do Campo, 4795-476,
SAO MARTINHO CAMPO, Tel:252840790, Fax:252840479 |
|
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 |
8.864.095,35 |
18.231.609,02 |
19.615.325,05 |
(51,38) |
|
Intangible assets |
52.595,24 |
78.744,35 |
110.722,58 |
(33,21) |
|
Financial participations -
other methods |
|
75.000,00 |
75.000,00 |
|
|
Other financial assets |
|
39.172.658,98 |
39.294.209,90 |
|
|
Deferred tax assets |
1.178.364,97 |
1.359.443,07 |
1.359.443,07 |
(13,32) |
|
Total |
10.095.055,56 |
58.917.455,42 |
60.454.700,60 |
(82,87) |
|
|
|
|
|
|
|
Current assets |
|
|
||
|
Inventories |
7.222.817,92 |
7.055.282,11 |
6.203.063,26 |
2,37 |
|
Costumers |
14.435.452,32 |
16.398.276,15 |
13.737.043,29 |
(11,97) |
|
Advances to suppliers |
|
35.200,00 |
35.200,00 |
|
|
State and other public
entities |
529.942,89 |
500.372,52 |
783.279,88 |
5,91 |
|
Other accounts receivable |
40.943.086,60 |
1.747.723,97 |
1.088.743,04 |
2.242,65 |
|
Deferrals |
79.509,30 |
605.208,73 |
743.849,99 |
(86,86) |
|
Cashier and bank deposits |
301.465,59 |
1.067.897,40 |
1.613.009,39 |
(71,77) |
|
Total |
63.512.274,62 |
27.409.960,88 |
24.204.188,85 |
131,71 |
|
TOTAL ASSET |
73.607.330,18 |
86.327.416,30 |
84.658.889,45 |
(14,73) |
|
|
|
|
|
|
|
SHAREHOLDERS FUNDS AND
LIABILITIES |
|
|
||
|
|
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
||
|
Capital |
30.315.000,00 |
30.315.000,00 |
30.315.000,00 |
|
|
Other shareholders funds
instruments |
18.144.734,14 |
|
|
|
|
Legal reserves |
48.684,36 |
48.684,36 |
48.684,36 |
|
|
Other reserves |
426.357,51 |
426.357,51 |
426.357,51 |
|
|
Net retained |
(21.290.847,98) |
(16.647.070,24) |
(12.014.893,75) |
27,90 |
|
Revaluation surplus |
406.231,00 |
|
|
|
|
Total |
28.050.159,03 |
14.142.971,63 |
18.775.148,12 |
98,33 |
|
Net income for the period |
(5.983.829,22) |
(1.859.418,18) |
(4.632.176,49) |
221,81 |
|
TOTAL OF SHAREHOLDERS FUNDS |
22.066.329,81 |
12.283.553,45 |
14.142.971,63 |
79,64 |
|
|
|
|
|
|
|
LIABILITY |
|
|
||
|
|
|
|
|
|
|
Non-current liiabilities |
|
|
||
|
Financing obtained |
30.875.678,58 |
48.427.666,98 |
46.300.832,27 |
(36,24) |
|
Diferred taxes liabilities |
104.021,00 |
|
|
|
|
Other payable accounts |
|
8.559.286,86 |
8.039.237,25 |
|
|
Total |
30.979.699,58 |
56.986.953,84 |
54.340.069,52 |
(45,64) |
|
|
|
|
|
|
|
Current liabilities |
|
|
||
|
Suppliers |
5.957.329,94 |
7.395.220,64 |
6.361.047,11 |
(19,44) |
|
State and other public
entities |
255.792,40 |
236.753,95 |
248.351,92 |
8,04 |
|
Financing obtained |
4.530.669,80 |
7.976.526,75 |
8.157.905,05 |
(43,20) |
|
Other payable accounts |
9.776.988,90 |
1.420.643,67 |
1.390.424,78 |
588,21 |
|
Deferrals |
40.519,75 |
27.764,00 |
18.119,44 |
45,94 |
|
Total |
20.561.300,79 |
17.056.909,01 |
16.175.848,30 |
20,55 |
|
TOTAL LIABILITIES |
51.541.000,37 |
74.043.862,85 |
70.515.917,82 |
(30,39) |
|
TOTAL SHAREHOLDERS FUNDS AND
LIABILITIES |
73.607.330,18 |
86.327.416,30 |
84.658.889,45 |
(14,73) |
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
||
|
|
|
|
|
|
|
INCOME AND EXPENSES |
|
|
||
|
Sales and services |
25.618.307,54 |
27.993.737,14 |
24.739.603,52 |
(8,49) |
|
Operating government grants |
108.162,17 |
34.432,80 |
124.710,95 |
214,13 |
|
Gains/losses allocated subsidiaries,
associates and joint ventures |
|
(50.000,00) |
|
|
|
Variation in production
inventories |
(520.599,76) |
14.109,56 |
(1.137.010,51) |
(3.789,70) |
|
Cost of goods sold and
materials consumed |
15.141.184,77 |
15.686.116,03 |
12.905.630,88 |
(3,47) |
|
Suppliers and external
services |
5.619.490,56 |
6.540.942,28 |
6.211.482,93 |
(14,09) |
|
Personnel costs |
5.165.338,10 |
5.412.374,15 |
5.856.013,58 |
(4,56) |
|
Impairment of inventories
(losses/revearsals) |
224.033,05 |
|
|
|
|
Impairment of receivables
(losses/revearsals) |
1.070.779,91 |
129.347,28 |
|
727,83 |
|
Provisions
(increases/reductions) |
|
7.783,62 |
|
|
|
Other income and gains |
487.324,89 |
1.161.480,99 |
176.436,25 |
(58,04) |
|
Other expenses and losses |
2.222.152,42 |
519.444,04 |
605.080,74 |
327,79 |
|
Result before depreciation,
financing costs and taxes |
(3.749.783,97) |
857.753,09 |
(1.674.467,92) |
(537,16) |
|
Expenses/reversals of
depreciation and amortization |
902.658,44 |
1.453.972,22 |
1.670.872,68 |
(37,92) |
|
Operating result (before
financing costs and taxes) |
(4.652.442,41) |
(596.219,13) |
(3.345.340,60) |
680,32 |
|
Interest and similar income
obtained |
8.260,20 |
|
438.795,43 |
|
|
interest and similar expenses
incurred |
1.338.908,21 |
1.261.351,01 |
1.723.937,46 |
6,15 |
|
Net before taxes |
(5.983.090,42) |
(1.857.570,14) |
(4.630.482,63) |
222,09 |
|
Income tax of the period |
738,80 |
1.848,04 |
1.693,86 |
(60,02) |
|
Net profit for the period |
(5.983.829,22) |
(1.859.418,18) |
(4.632.176,49) |
221,81 |
|
Closing Date |
31-12-2011 |
31-12-2010 |
31-12-2009 |
|
|
|
|
|||
|
TURNOVER RATIOS |
|
|||
|
Shareholder's Funds
Profitability |
(0,271) |
(0,151) |
(0,328) |
|
|
Assets Profitability |
(0,063) |
(0,007) |
(0,04) |
|
|
Sales Net Profitability |
(0,234) |
(0,066) |
(0,187) |
|
|
|
|
|
|
|
|
EFFICIENCY RATIOS |
|
|
||
|
Medium Term Receivable |
205,671 |
213,811 |
202,672 |
|
|
Asset Rotation |
0,348 |
0,324 |
0,292 |
|
|
|
|
|
|
|
|
PRODUCTIVITY RATIOS |
|
|
||
|
Productivity |
2,028 |
2,274 |
2,021 |
|
|
|
|
|
|
|
|
SHORT TERM RATIOS |
|
|
||
|
General Liquidity |
3,089 |
1,607 |
1,496 |
|
|
Reduced Liquidity |
2,738 |
1,193 |
1,113 |
|
|
Immediate Liquidity |
0,015 |
0,063 |
0,1 |
|
|
|
|
|
|
|
|
MEDIUM LONG TERM RATIOS |
|
|
||
|
Financial Autonomy |
0,3 |
0,142 |
0,167 |
|
|
Solvability |
0,428 |
0,166 |
0,201 |
|
|
Borrowed Capital Structure |
0,399 |
0,23 |
0,229 |
|
|
General Debt |
1,605 |
4,592 |
3,851 |
|
|
Medium Long Term Debt |
1,399 |
3,942 |
3,274 |
|
|
Debt Structure |
0,399 |
0,23 |
0,229 |
|
|
Capital Structure |
0,712 |
0,216 |
0,26 |
|
|
|
|
|
|
|
|
Operational and Financial Risk
|
|
|
||
|
Operational Leverage Level |
(2,252) |
(20,643) |
(3,537) |
|
|
Financial Leverage Level |
0,778 |
0,321 |
0,722 |
|
|
Combined Leverage Level |
(1,752) |
(6,626) |
(2,554) |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.69.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.