MIRA
INFORM REPORT
|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
IRMAOS VILA NOVA SA |
|
|
|
|
Registered Office : |
Avenida das Industrias, 511, Lugar de Sam, Apartado 7079 |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.06.1987 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sale of
clothing and accessories |
|
|
|
|
No. of Employees : |
Not Available |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Portugal |
B1 |
B1 |
|
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 following two decades, successive governments
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 grew by more than the EU average for much of the 1990s, but the rate of
growth slowed in 2001-08. The economy contracted 2.5% in 2009, before growing
1.4% in 2010, but GDP fell again in 2011 and 2012, as the government began
implementing spending cuts and tax increases 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. Portugal also has been increasingly
overshadowed by lower-cost producers in Central Europe and Asia as a
destination for foreign direct investment, in part because its rigid labor
market hindered greater productivity and growth. However, the government of
Pedro PASSOS COELHO has enacted several measures to introduce more flexibility
into the labor market, and, this, along with steps to reduce high levels of
public debt, could make Portugal more attractive to foreign investors. 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.
The budget deficit worsened in 2012 as a sharp reduction in domestic
consumption took a bigger bite out of value-added tax revenues while rising
unemployment benefits increased expenditures more than anticipated. Poor growth
prospects over the next year have reinforced investors' concerns about the
government's ability to achieve its budget deficit targets and regain full
access to bond market financing when the EU-IMF financing program expires in
2013
|
Source : CIA |
Identification
|
|
|
Name |
IRMAOS VILA NOVA SA |
|
IIC Number |
206427 |
|
V.A.T. Number / NIF |
501997784 |
|
Denomination |
Salsa |
|
Address |
Avenida das Industrias, 511, Lugar de Sam,
Apartado 7079 |
|
Locality |
Ribeirao |
|
Postal Code |
4760-725-RIBEIRAO |
|
Municipality |
VILA NOVA DE FAMALICAO |
|
District |
BRAGA |
|
Telephone |
252450100 |
|
Fax |
252492646 |
|
E-Mail |
salsa@salsa.pt |
|
Web Site |
www.salsa.pt |
|
|
|
|
C.A.E.(Rev 3) |
46421- Wholesale of clothing and
accessories |
Summary
|
Legal Form |
Joint Stock Company |
|
Constitution |
01-06-1987 |
|
V.A.T. Number / NIF |
501997784 |
|
Capital |
4.250.000,00 |
|
Sales in : 31-12-2011 |
69.683.565,96 |
|
Shareholders Funds in: 31-12-2011 |
13.099.730,04 |
|
Payments |
Good |
|
Actual Condition |
In activity |
Financial Highlights
|
|
31-12-2009 |
|
31-12-2010 |
|
31-12-2011 |
|
Net Sales |
64.887.842,86 |
|
71.588.573,53 |
|
69.683.565,96 |
|
Net Income For the Year |
8.747.728,85 |
|
6.873.676,93 |
|
8.419.608,86 |
|
Shareholders Funds |
15.717.443,62 |
|
13.844.035,38 |
|
13.099.730,04 |
|
Stocks |
14.411.969,81 |
|
15.239.376,85 |
|
17.735.188,37 |
|
LIABILITY |
16.682.853,50 |
|
22.105.255,39 |
|
25.083.628,36 |
|
ASSETS |
32.400.297,12 |
|
35.949.290,77 |
|
38.183.358,40 |
Business Concept
|
Consulted sources say that the subject has
been respecting its payments and commercial commitments, so credit
connections with this company are recommended. |
Governing Bodies
|
|
|
|
Board of
Director's |
|
|
FILIPE FERNANDO VILA NOVA AZEVEDO COSTA |
Board of Director's President |
|
CELSO MANUEL CAMILO MARTINS POCAS |
Administrator |
|
|
|
|
Fiscal Board |
|
|
ARMINDO COSTA,SERRA CRUZ,MARTINS E
ASSOCIADOS-SROC |
Unique Fiscal |
|
MANUEL JOSE RODRIGUES DA CUNHA PEREIRA |
Fiscal Board Substitute |
Legal Structure
|
Registed on the Register Record Office of Vila Nova de Famalicao with
the Register Number 501997784 previous number 2104 in 01-06-1988 |
|
Constitution celebrated in 01-06-1987 published on Diário da República
number 146 of 02-07-1988 |
|
To oblige the company it is necessary 2 signature |
Changes to Society
|
In 04-09-2012 on Portal MJ of 07-09-2012 board of director's change |
|
|
In 17-07-2012 on Portal MJ of 28-08-2012 board of director's change |
|
|
In 09-03-2012 on Portal MJ of 08-05-2012 social change |
|
|
In 28-12-2010 on Portal MJ of 03-01-2011 merge |
|
|
In 28-12-2010 on Portal MJ of 03-01-2011 increase of capital Clique para ver detalhes
|
Capital
|
The Capital is 4.250.000,00 , divided in
850000 shares , with a nominal value of 5,00 |
Activities
|
Line of Business |
Percentage |
|
Fabrico e comércio de vestuário e
acessórios (Manufacture
and sale of clothing and accessories) |
100% |
|
Type of Clients |
Private Companies/Public |
|
|
|
Sales Conditions |
Cash/credit |
|
|
Trade Marks
|
Salsa |
|
Denominations |
|
Salsa |
Banks and Financial Institutions
|
BANCO SANTANDER TOTTA SA |
Centro Empresas Guimarães |
|
CAIXA GERAL DE DEPOSITOS, SA |
Vila Nova de Famalicao |
|
BANCO BPI, SA |
Trofa |
|
BANCO ESPIRITO SANTO, SA |
Trofa |
|
CAIXA DE CREDITO AGRICOLA MUTUO |
Vila Nova de Famalicao |
Incidents
|
Legal Actions |
|
Date |
Process |
Author |
Type |
Amount |
Judicial District |
Court |
Situation |
|
|
228783/11.2YIPRT |
|
Especial Cump.Obrig. Pecuniarias DL 269/98 |
15.375,00 |
Vila Nova de Famalicão-Juízos Compet.
Cível de V.N.Famalicão |
5 |
Resolvida |
|
|
3093/10.9TJVNF |
|
Sumária |
21.002,91 |
Vila Nova de Famalicão-Juízos Compet.
Cível de V.N.Famalicão |
3 |
Resolvida |
|
|
36162/08.5YIPRT |
|
Acção Declarativa ao abrigo do DL 108/2006 |
1.757,10 |
Porto |
1 |
|
03-11-2011
Peres & Partners - Inovação, Marketing
e Design, Lda.Insurance
|
Companhia de Seguros Açoreana SA |
|
Império Bonança Companhia de Seguros SA |
|
Tranquilidade Seguros SA |
|
Crédito Agrícola Seguros SA |
Head Office and Installations
|
Head office, warehouse and factory owned
Avenidas das Indústrias, 511, Lugar de Sam, Apartado 7079 , Ribeirao,
4760-725, RIBEIRAO-VILA NOVA DE FAMALICAO, Tel:252450200, Fax:252492646 |
Special Information
|
Event |
General Description |
|
Scission |
A 17 de Dezembro de 2007cisão/fusão
mediante destaque dos activos e passivos associados à actividade de confecção
e acabamentos (lavagem e tingimento), aquisição de mercadorias e gestão da
produção de calças e blusões de ganga da marca Salsa da titular na firma
Irmãos Vila Nova II-Indústria de Confecções SA, incluindo ainda os contratos
de trabalho afectos àquela actividade e ainde mediante destaque dos activos e
passivos associados à actividade de gestão de lojas próprias em Portugal
(comercialização dos artigose difusão do conceito Salsa), compreendendo os
respectivos contratos de arrendamento e diversos equipamentos afectos àquela
área, para os fundir na sociedade SLS-Salsa-Comércio e Difusão de Vestuário
SA., incluindo ainda os contratos de trabalho afectos àquela actividade. |
|
Merge |
A 28 de Dezembro de 2010, fusão mediante a
transferência global do património da firma IRMÃOS VILA NOVA II-INDÚSTRIA DE
CONFECÇÕES SA na titular. |
|
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 |
980.976,90 |
828.317,66 |
839.860,02 |
18,43 |
|
Intangible assets |
80.685,09 |
114.733,18 |
207.239,74 |
(29,68) |
|
Deferred tax assets |
87.857,34 |
63.081,94 |
84.109,26 |
39,27 |
|
Total |
1.149.519,33 |
1.006.132,78 |
1.131.209,02 |
14,25 |
|
|
|
|
|
|
|
Current assets |
|
|
||
|
Inventories |
17.735.188,37 |
15.239.376,85 |
14.411.969,81 |
16,38 |
|
Costumers |
13.340.958,17 |
11.754.252,12 |
10.966.973,21 |
13,50 |
|
State and other public entities |
249.625,00 |
188.789,98 |
971.880,57 |
32,22 |
|
Shareholders/partners |
2.337.641,04 |
2.396.829,92 |
|
(2,47) |
|
Other accounts receivable |
437.957,49 |
753.326,07 |
529.364,03 |
(41,86) |
|
Deferrals |
386.709,89 |
419.668,58 |
517.440,14 |
(7,85) |
|
Cashier and bank deposits |
2.545.759,11 |
4.190.914,47 |
3.871.460,34 |
(39,26) |
|
Total |
37.033.839,07 |
34.943.157,99 |
31.269.088,10 |
5,98 |
|
TOTAL ASSET |
38.183.358,40 |
35.949.290,77 |
32.400.297,12 |
6,21 |
|
|
|
|
|
|
|
SHAREHOLDERS
FUNDS AND LIABILITIES |
|
|
||
|
|
|
|
|
|
|
SHAREHOLDERS
FUNDS |
|
|
||
|
Capital |
4.250.000,00 |
4.250.000,00 |
4.250.000,00 |
|
|
Legal reserves |
1.150.000,00 |
1.150.000,00 |
1.150.000,00 |
|
|
Other reserves |
925.853,77 |
925.853,77 |
925.853,77 |
|
|
Net retained |
1.316.051,78 |
600.166,27 |
586.383,46 |
119,28 |
|
Other shareholders funds changes |
38.215,63 |
44.338,41 |
57.477,54 |
(13,81) |
|
Total |
7.680.121,18 |
6.970.358,45 |
6.969.714,77 |
10,18 |
|
Net income for the period |
8.419.608,86 |
6.873.676,93 |
8.747.728,85 |
22,49 |
|
Antecipated dividends |
(3.000.000,00) |
|
|
|
|
TOTAL OF SHAREHOLDERS FUNDS |
13.099.730,04 |
13.844.035,38 |
15.717.443,62 |
(5,38) |
|
|
|
|
|
|
|
LIABILITY |
|
|
||
|
|
|
|
|
|
|
Non-current
liiabilities |
|
|
||
|
Provisions |
|
107.299,00 |
107.299,00 |
|
|
Financing obtained |
4.468.463,76 |
5.599.167,62 |
|
(20,19) |
|
Diferred taxes liabilities |
9.553,91 |
|
|
|
|
Total |
4.478.017,67 |
5.706.466,62 |
107.299,00 |
(21,53) |
|
|
|
|
|
|
|
Current
liabilities |
|
|
||
|
Suppliers |
14.423.885,07 |
11.148.245,89 |
10.435.999,08 |
29,38 |
|
Advances from costumers |
|
|
704,67 |
|
|
State and other public entities |
2.557.072,23 |
2.420.106,72 |
2.539.050,76 |
5,66 |
|
Financing obtained |
1.826.574,91 |
1.053.069,88 |
1.907.324,42 |
73,45 |
|
Other payable accounts |
1.798.078,48 |
1.777.366,28 |
1.597.475,57 |
1,17 |
|
Deferrals |
|
|
95.000,00 |
|
|
Total |
20.605.610,69 |
16.398.788,77 |
16.575.554,50 |
25,65 |
|
TOTAL LIABILITIES |
25.083.628,36 |
22.105.255,39 |
16.682.853,50 |
13,47 |
|
TOTAL SHAREHOLDERS FUNDS AND LIABILITIES |
38.183.358,40 |
35.949.290,77 |
32.400.297,12 |
6,21 |
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
||
|
|
|
|
|
|
|
INCOME AND
EXPENSES |
|
|
||
|
Sales and services |
69.683.565,96 |
71.588.573,53 |
64.887.842,86 |
(2,66) |
|
Operating government grants |
12.957,36 |
15.655,01 |
11.044,36 |
(17,23) |
|
Variation in production inventories |
385.464,97 |
633.151,86 |
322.539,53 |
(39,12) |
|
Work for the entity itself |
|
2.537,12 |
210.470,72 |
|
|
Cost of goods sold and materials consumed |
35.590.675,98 |
38.207.197,02 |
33.254.138,78 |
(6,85) |
|
Suppliers and external services |
14.475.342,39 |
16.404.358,58 |
13.025.617,55 |
(11,76) |
|
Personnel costs |
7.601.659,93 |
7.400.594,97 |
6.991.416,72 |
2,72 |
|
Impairment of inventories
(losses/revearsals) |
652.355,90 |
167.438,73 |
(874.583,01) |
289,61 |
|
Impairment of receivables
(losses/revearsals) |
31.648,25 |
575.950,97 |
833.467,87 |
(94,51) |
|
Provisions (increases/reductions) |
(24.151,42) |
|
107.299,00 |
|
|
Other income and gains |
214.686,95 |
356.078,54 |
301.404,81 |
(39,71) |
|
Other expenses and losses |
794.714,36 |
770.319,41 |
1.234.414,24 |
3,17 |
|
Result before depreciation, financing
costs and taxes |
11.174.429,85 |
9.070.136,38 |
11.161.531,13 |
23,20 |
|
Expenses/reversals of depreciation and
amortization |
445.186,85 |
444.580,19 |
451.267,30 |
0,14 |
|
Operating result (before financing costs
and taxes) |
10.729.243,00 |
8.625.556,19 |
10.710.263,83 |
24,39 |
|
Interest and similar income obtained |
172.010,69 |
123.435,89 |
104.796,25 |
39,35 |
|
interest and similar expenses incurred |
274.362,69 |
310.808,91 |
238.378,12 |
(11,73) |
|
Net before taxes |
10.626.891,00 |
8.438.183,17 |
10.576.681,96 |
25,94 |
|
Income tax of the period |
2.207.282,14 |
1.564.506,24 |
1.828.953,11 |
41,08 |
|
Net profit for the period |
8.419.608,86 |
6.873.676,93 |
8.747.728,85 |
22,49 |
|
RATIOS SNC |
|
Closing Date |
31-12-2011 |
31-12-2010 |
31-12-2009 |
|
|
|
|
|||
|
TURNOVER RATIOS |
|
|||
|
Shareholder's Funds Profitability |
0,643 |
0,497 |
0,557 |
|
|
Assets Profitability |
0,281 |
0,24 |
0,331 |
|
|
Sales Net Profitability |
0,121 |
0,096 |
0,135 |
|
|
|
|
|
|
|
|
EFFICIENCY
RATIOS |
|
|
||
|
Medium Term Receivable |
69,879 |
59,93 |
61,69 |
|
|
Asset Rotation |
1,825 |
1,991 |
2,003 |
|
|
|
|
|
|
|
|
PRODUCTIVITY
RATIOS |
|
|
||
|
Productivity |
4,485 |
4,511 |
4,525 |
|
|
|
|
|
|
|
|
SHORT TERM
RATIOS |
|
|
||
|
General Liquidity |
1,797 |
2,131 |
1,886 |
|
|
Reduced Liquidity |
0,937 |
1,202 |
1,017 |
|
|
Immediate Liquidity |
0,124 |
0,256 |
0,234 |
|
|
|
|
|
|
|
|
MEDIUM LONG TERM
RATIOS |
|
|
||
|
Financial Autonomy |
0,343 |
0,385 |
0,485 |
|
|
Solvability |
0,522 |
0,626 |
0,942 |
|
|
Borrowed Capital Structure |
0,821 |
0,742 |
0,994 |
|
|
General Debt |
0,481 |
0,481 |
0,121 |
|
|
Medium Long Term Debt |
0,341 |
0,404 |
|
|
|
Debt Structure |
0,821 |
0,742 |
0,994 |
|
|
Capital Structure |
2,925 |
2,426 |
146,483 |
|
|
|
|
|
|
|
|
Operational and
Financial Risk |
|
|
||
|
Operational Leverage Level |
3,178 |
3,87 |
2,954 |
|
|
Financial Leverage Level |
1,01 |
1,022 |
1,013 |
|
|
Combined Leverage Level |
3,21 |
3,955 |
2,992 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
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.