MIRA INFORM REPORT
|
Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
COFEMEL-SOCIEDADE DE VESTUARIO SA |
|
|
|
|
Registered Office : |
Rua Mabor, 104-Apartado 7002-Lousado, Ribeirao,
4760-Ribeirao, Vila Nova De Famalicao, Brag |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
14.10.1982 |
|
|
|
|
Com. Reg. No.: |
501329684 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of other outerwear in series |
|
|
|
|
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 |
COFEMEL-SOCIEDADE
DE VESTUARIO SA |
|
V.A.T. Number /
NIF |
501329684 |
|
Denomination |
Tiffosi |
|
Address |
Rua Mabor, 104-Apartado
7002-Lousado |
|
Locality |
Ribeirao |
|
Postal Code |
4760-RIBEIRAO |
|
Municipality |
VILA NOVA DE
FAMALICAO |
|
District |
BRAGA |
|
Telephone |
252490500 |
|
Fax |
252490509 |
|
E-Mail |
|
|
Web Site |
|
|
|
|
|
C.A.E.(Rev 3) |
14131-
Manufacture of other outerwear in series |
Summary
|
Legal Form |
Joint Stock
Company |
|
Constitution |
14-10-1982 |
|
V.A.T. Number / NIF
|
501329684 |
|
Capital |
500.000,00 |
|
Sales in :
31-12-2011 |
39.541.121,63 |
|
Shareholders
Funds in: 31-12-2011 |
5.830.820,60 |
Financial Highlights
|
Business Concept
Consulted
sources say that the subject has been respecting its payments and commercial commitments,
so credit connections with this company are recommended. |
All the amounts are express in Euros, otherwise you will be advised
Governing Bodies
|
Board of
Director's |
|
|
ANTONIO VILA
NOVA DE AZEVEDO COSTA |
Board of
Director's President |
|
ANTONIO MARTINS
CARNEIRO |
Administrator |
|
BEATRIZ VILA
NOVA AZEVEDO COSTA CARNEIRO |
Administrator |
|
FILIPE JOSE DE
ARAUJO PINTO CORREIA |
Administrator |
|
SERGIO PAULO
DIAS OLIVEIRA |
Administrator |
|
|
|
|
Fiscal Board |
|
|
MARQUES DA
CUNHA,ARLINDO DUARTE & ASSOCIADOS SROC |
Unique Fiscal |
|
SANTOS VAZ &
TRIGO DE MORAIS SROC |
|
Legal Structure
|
Registered on
the Register Record Office of Vila Nova de Famalicao with the Register Number
501329684 previous number 1426 in 03-12-1982 |
|
Constitution
celebrated in 14-10-1982 published on Diário da República number 257 of
06-11-1982 |
|
To oblige the
company it is necessary 2 signature |
|
Changes to
Society |
|
In 20-01-2011 on
Portal MJ of 21-01-2011 head office change |
|
In 03-08-2009 on
Portal MJ of 03-08-2009 board of director's change |
|
In 06-01-2009 on
Portal MJ of 06-01-2009 board of director's change |
|
In 24-09-2008 on
Portal MJ of 24-09-2008 board of director's change |
|
In 05-03-2008 on
Portal MJ of 05-03-2008 board of director's change |
Capital
|
The Capital is
500.000,00 |
|
Activities
|
Line of Business |
Percentage |
|
Comércio e
indústria de confecçơes |
100% |
Denominations
|
Tiffosi |
Banks and Financial Institutions
|
CAIXA GERAL DE
DEPOSITOS, SA |
Vila Nova de
Famalicăo |
|
BANCO BPI, SA |
Centro de
Empresas de Famalicăo |
|
BANCO SANTANDER
TOTTA SA |
Centro de
Empresas de Famalicăo |
Incidents
Legal Actions
|
Date |
Process |
Author |
Type |
Amount |
Judicial
District |
Court |
Situation |
|
|
19914/12.9YIPRT |
|
Especial
Cump.Obrig. Pecuniarias DL 269/98 |
19.323,07 |
Vila Nova de Famalicăo-Juízos
Compet. Cível de V.N.Famalicăo |
1 |
Resolvida |
|
|
55863/08.1YIPRT |
|
Especial
Cump.Obrig. Pecuniarias DL 269/98 |
6.765,47 |
Vila Nova
Famalicăo |
2 |
Resolvida |
11-04-2012
Bates Red Cell Portugal Publicidade e
Marketing, S.A.
Vehicles
|
Trade Mark |
Quantity |
License Number |
|
Mercedes |
1 |
27-16-JP |
|
Mercedes |
1 |
27-17-JP |
|
Mercedes |
1 |
SC-71-76 |
|
Volkswagen
"Golf" |
1 |
UA-35-80 |
|
Volkswagen |
1 |
26-67-CH |
|
Nissan
"Vanette" |
1 |
PQ-66-63 |
Insurance
Tranquilidade
Seguros SA
Head Office and Installations
|
Shop Forum de
Aveiro, loja 1.04/1.05, Aveiro, 3810-120, AVEIRO, Tel:234386198 |
|
Shop Rua Senhor
Perdơes, lote 82, loja 53, Ribeirao, 4760-727, RIBEIRAO, Tel:252411700 |
|
Shop Zona Industrial
Carvalhosa, lote 24, Lousado, 4760, LOUSADO, Tel:252417468 |
|
Shop Avenida
Cruzeiro Seixas, 5/7, loja 0019, Brandoa, 2650-504, AMADORA, Tel:219317003 |
|
Shop Praceta
Henrique Moreira, 244 Arrábida Shopping, loja 142, Vila Nova De Gaia, 4400-475,
VILA NOVA DE GAIA, Tel:223743602 |
|
Shop Entre
Estrada Nacional 9/68, Cascais Shopping, loja 114, Alcabideche, 2645-543,
ALCABIDECHE, Tel:214600745 |
|
Shop Rua Stara
Zagora, 1, Forum Barreiro, loja 1.52, Barreiro, 2830-364, BARREIRO,
Tel:211924796, Fax:211924796 |
|
Shop Rua Coronel
Bento Roma, loja 1, Chaves, 5400-114, CHAVES, Tel:276334277, Fax:276334277 |
|
Shop Rua General
Humberto Delgado, Dolce Vita Coimbra, loja 130, Coimbra, 3030-327, COIMBRA,
Tel:239715014, Fax:239715014 |
|
Shop Quinta do Pinheiro,
lote 14, r/c dtº, Serra Shopping, loja 178, Covilha, 6200, COVILHA,
Tel:275327056, Fax:275327056 |
|
Shop Rua dos
Condados, Urbanizaçăo do Patracol, Foz Plaza, loja 217, Figueira Da Foz,
3080, FIGUEIRA DA FOZ, Tel:233421816, Fax:233421816 |
|
Head office and
installations Rua da Mabor, 104-Apartado 7002-Lousado (anteriormente
chamava-se Rua das Fontainhas), Ribeirao, 4760, RIBEIRAO-VILA NOVA DE
FAMALICAO, Tel:252490500, Fax:252490509 |
|
Shop Caminho
Municipal 1011, Almada Forum, loja 222, Almada , 2810-500, ALMADA ,
Tel:21259685 |
|
Shop Avenida
Dr.Óscar Lopes Mar Shopping, loja 1.066, Matosinhos, 4450-337, MATOSINHOS,
Tel:229942862 |
|
Shop Quinta Săo
Gemil, Fórum Coimbra, loja 1.12, Coimbra, 3000, COIMBRA, Tel:239813094,
Fax:239813094 |
|
Shop Rua dos
Campeơes, Dolve Vita Antas, loja 125, piso 1, Campanha, 4350-149,
CAMPANHA-PORTO, Tel:225026429, Fax:225026429 |
|
Shop Rua Tómas
Ribeiro, Quinta dos Congregados, Braga Parque, loja 128, Braga, 4710-427,
BRAGA, Tel:253258135, Fax:253258135 |
|
Shop Avenida D.Manuel
I, Centro Comercial Dolce Vita Ovar, loja 13, Ovar, 3880-109, OVAR,
Tel:256574008 |
|
Shop Alameda
Dr.Mariano Felgueiras Guimarăeshopping, 1º, loja 131, Creixomil, 4835-075,
GUIMARAES, Tel:253536251 |
Financial Demonstration SNC
|
Balance Sheet SNC |
||
|
CoinEURO |
|
Date31-12-2011 |
|
|
||
|
Closing Date |
31-12-2011 |
31-12-2010 |
31-12-2009 |
Variaçăo (%) |
|
|
|
|||
|
ASSET |
|
|||
|
|
|
|
|
|
|
Non-current
assets |
|
|||
|
Tangible fixed
assets |
8.773.435,23 |
8.212.566,36 |
7.103.859,56 |
6,83 |
|
Financial
participations - other methods |
25.000,00 |
17.500,00 |
10.000,00 |
42,86 |
|
Deferred tax
assets |
208.372,45 |
936.224,10 |
1.245.219,32 |
(77,74) |
|
Total |
9.006.807,68 |
9.166.290,46 |
8.359.078,88 |
(1,74) |
|
|
|
|
|
|
|
Current assets |
|
|
||
|
Inventories |
7.602.102,21 |
7.661.442,93 |
7.876.354,97 |
(0,77) |
|
Costumers |
1.394.863,11 |
973.504,55 |
942.166,91 |
43,28 |
|
Advances to
suppliers |
|
364.925,77 |
|
|
|
State and other public
entities |
107.278,51 |
118.623,11 |
95.738,51 |
(9,56) |
|
Shareholders/partners
|
1.274.379,38 |
1.166.379,38 |
2.399.694,04 |
9,26 |
|
Other accounts
receivable |
1.686.878,88 |
384,30 |
57.015,00 |
438.848,45 |
|
Deferrals |
869.314,83 |
745.207,01 |
752.649,73 |
16,65 |
|
Cashier and bank
deposits |
1.140.931,47 |
1.319.973,72 |
571.490,80 |
(13,56) |
|
Total |
14.075.748,39 |
12.350.440,77 |
12.695.109,96 |
13,97 |
|
TOTAL ASSET |
23.082.556,07 |
21.516.731,23 |
21.054.188,84 |
7,28 |
|
|
|
|
|
|
|
SHAREHOLDERS
FUNDS AND LIABILITIES |
|
|
||
|
|
|
|
|
|
|
SHAREHOLDERS
FUNDS |
|
|
||
|
Capital |
500.000,00 |
500.000,00 |
500.000,00 |
|
|
Other
shareholders funds instruments |
6.217.738,33 |
7.917.738,33 |
10.097.738,33 |
(21,47) |
|
Legal reserves |
89.549,33 |
89.549,33 |
89.549,33 |
|
|
Other reserves |
1.343.200,74 |
1.343.200,74 |
1.343.200,74 |
|
|
Net retained |
(5.019.431,65) |
(5.927.070,47) |
(5.111.743,59) |
(15,31) |
|
Revaluation
surplus |
564.222,63 |
564.222,63 |
564.222,63 |
|
|
Total |
3.695.279,38 |
4.487.640,56 |
7.482.967,44 |
(17,66) |
|
Net income for
the period |
2.135.541,22 |
907.638,82 |
(815.326,88) |
135,29 |
|
TOTAL OF
SHAREHOLDERS FUNDS |
5.830.820,60 |
5.395.279,38 |
6.667.640,56 |
8,07 |
|
|
|
|
|
|
|
LIABILITY |
|
|
||
|
|
|
|
|
|
|
Non-current
liiabilities |
|
|
||
|
Financing
obtained |
4.216.508,47 |
6.149.697,25 |
3.991.776,96 |
(31,44) |
|
Total |
4.216.508,47 |
6.149.697,25 |
3.991.776,96 |
(31,44) |
|
|
|
|
|
|
|
Current liabilities
|
|
|
||
|
Suppliers |
5.472.803,27 |
5.897.821,87 |
4.159.012,89 |
(7,21) |
|
State and other
public entities |
1.538.328,14 |
1.045.163,67 |
841.691,73 |
47,19 |
|
Shareholders/partners
|
67.578,20 |
111.000,00 |
|
(39,12) |
|
Financing obtained
|
2.675.797,00 |
1.559.157,93 |
2.170.133,89 |
71,62 |
|
Other payable
accounts |
3.204.731,73 |
1.272.488,47 |
3.127.676,15 |
151,85 |
|
Deferrals |
75.988,66 |
86.122,66 |
96.256,66 |
(11,77) |
|
Total |
13.035.227,00 |
9.971.754,60 |
10.394.771,32 |
30,72 |
|
TOTAL
LIABILITIES |
17.251.735,47 |
16.121.451,85 |
14.386.548,28 |
7,01 |
|
TOTAL
SHAREHOLDERS FUNDS AND LIABILITIES |
23.082.556,07 |
21.516.731,23 |
21.054.188,84 |
7,28 |
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
||
|
|
|
|
|
|
|
INCOME AND
EXPENSES |
|
|
||
|
Sales and
services |
39.541.121,63 |
33.289.100,82 |
28.984.153,13 |
18,78 |
|
Operating
government grants |
929,78 |
|
|
|
|
Variation in
production inventories |
(81.599,83) |
(552.449,87) |
146.975,12 |
(85,23) |
|
Cost of goods
sold and materials consumed |
17.252.759,12 |
13.776.012,56 |
11.933.412,72 |
25,24 |
|
Suppliers and
external services |
9.784.426,71 |
9.086.904,68 |
9.051.809,47 |
7,68 |
|
Personnel costs |
7.624.694,96 |
6.915.732,16 |
5.871.980,46 |
10,25 |
|
Impairment of
inventories (losses/revearsals) |
238.917,39 |
(248.632,62) |
575.209,00 |
(196,09) |
|
Impairment of
receivables (losses/revearsals) |
(76.228,03) |
44.686,57 |
243.737,82 |
(270,58) |
|
Other income and
gains |
386.449,19 |
501.569,53 |
101.095,61 |
(22,95) |
|
Other expenses
and losses |
212.501,53 |
615.161,00 |
401.120,58 |
(65,46) |
|
Result before
depreciation, financing costs and taxes |
4.809.829,09 |
3.048.356,13 |
1.154.953,81 |
57,78 |
|
Expenses/reversals
of depreciation and amortization |
1.429.743,30 |
1.584.807,28 |
1.378.360,54 |
(9,78) |
|
Impairment of
investments depreciable/amortizable (losses/reversals) |
|
|
(450.476,49) |
|
|
Operating result
(before financing costs and taxes) |
3.380.085,79 |
1.463.548,85 |
227.069,76 |
130,95 |
|
Interest and
similar income obtained |
|
12.995,49 |
75.480,52 |
|
|
interest and
similar expenses incurred |
437.721,63 |
224.070,35 |
1.290.787,81 |
95,35 |
|
Net before taxes
|
2.942.364,16 |
1.252.473,99 |
(988.237,53) |
134,92 |
|
Income tax of
the period |
806.822,94 |
344.835,17 |
(172.910,65) |
133,97 |
|
Net profit for
the period |
2.135.541,22 |
907.638,82 |
(815.326,88) |
135,29 |
RATIOS SNC
|
Closing Date |
31-12-2011 |
31-12-2010 |
31-12-2009 |
|
|
|
|
|||
|
TURNOVER RATIOS |
|
|||
|
Shareholder's
Funds Profitability |
0,366 |
0,168 |
(0,122) |
|
|
Assets
Profitability |
0,146 |
0,068 |
0,011 |
|
|
Sales Net
Profitability |
0,054 |
0,027 |
(0,028) |
|
|
|
|
|
|
|
|
EFFICIENCY
RATIOS |
|
|
||
|
Medium Term
Receivable |
12,876 |
10,674 |
11,865 |
|
|
Asset Rotation |
1,713 |
1,547 |
1,377 |
|
|
|
|
|
|
|
|
PRODUCTIVITY
RATIOS |
|
|
||
|
Productivity |
2,923 |
2,822 |
2,904 |
|
|
|
|
|
|
|
|
SHORT TERM
RATIOS |
|
|
||
|
General
Liquidity |
1,08 |
1,239 |
1,221 |
|
|
Reduced
Liquidity |
0,497 |
0,47 |
0,464 |
|
|
Immediate
Liquidity |
0,088 |
0,132 |
0,055 |
|
|
|
|
|
|
|
|
MEDIUM LONG TERM
RATIOS |
|
|
||
|
Financial
Autonomy |
0,253 |
0,251 |
0,317 |
|
|
Solvability |
0,338 |
0,335 |
0,463 |
|
|
Borrowed Capital
Structure |
0,756 |
0,619 |
0,723 |
|
|
General Debt |
1,182 |
1,429 |
0,924 |
|
|
Medium Long Term
Debt |
0,723 |
1,14 |
0,599 |
|
|
Debt Structure |
0,756 |
0,619 |
0,723 |
|
|
Capital
Structure |
1,383 |
0,877 |
1,67 |
|
|
|
|
|
|
|
|
Operational and
Financial Risk |
|
|
||
|
Operational
Leverage Level |
6,594 |
13,333 |
75,09 |
|
|
Financial Leverage
Level |
1,149 |
1,169 |
(0,23) |
|
|
Combined
Leverage Level |
7,577 |
15,586 |
(17,271) |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
UK Pound |
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.11 |
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 |
|
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NB |
New Business |
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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.