MIRA INFORM REPORT

 

 

Report Date :

06.11.2013

 

IDENTIFICATION DETAILS

 

Name :

FILASA-FIACAO ARMANDO DA SILVA ANTUNES SA

 

 

Registered Office :

Rua da Madalena, 1957 ( Antiga Quinta do Outeiro), Nespereira, 4835-511-Nespereira Gmr

 

 

Country :

Portugal

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.06.1986

 

 

Com. Reg. No.:

501681655

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Industry spinning of cotton yarn

 

 

No. of Employees :

130

 

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

FILASA-FIACAO ARMANDO DA SILVA ANTUNES SA

IIC Number

130863

V.A.T. Number / NIF

501681655

Address

Rua da Madalena, 1957 ( Antiga Quinta do Outeiro)

Locality

Nespereira

Postal Code

4835-511-NESPEREIRA GMR

Municipality

GUIMARAES

District

BRAGA

Telephone

253560690, 253560700

Fax

253565479, 253567000

E-Mail

filasa.geral@lasanet.pt

Web Site

www.filasa.pt

 

 

C.A.E.(Rev 3)

13101- Preparation and spinning fiber-type cotton

 

 

Summary

 

Legal Form

Joint Stock Company

Constitution

18-06-1986

V.A.T. Number / NIF

501681655

Employees

130

Capital

3.500.000,00

Sales in : 31-12-2012

30.786.688,56

Shareholders Funds in: 31-12-2012

10.264.169,78

Credit Risk Level

Reduced Credit Risk

Actual Condition

In activity

 

 

Financial Highlights

 

 

31-12-2010

 

31-12-2011

 

31-12-2012

Net Sales

36.269.942,58

35.971.228,92

30.786.688,56

Net Income For the Year

133.446,81

230.152,34

177.552,20

Shareholders Funds

9.856.465,24

10.086.617,58

10.264.169,78

Stocks

10.105.848,45

9.343.680,31

9.315.889,63

LIABILITY

27.981.257,04

19.658.543,08

23.202.568,55

ASSETS

37.837.722,28

29.745.160,66

33.466.738,33

 

 

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

BENTO JOSE PINTO ANTUNES

Administrator

MARIA DE FATIMA PINTO ANTUNES

Administrator

CAMILA VAZ PINTO

Administrator

ARMANDO DA SILVA ANTUNES

Board of Director's President

ISABEL PINTO ANTUNES

Administrator

 

Fiscal Board

ARMINDO COSTA,SERRA CRUZ,MARTINS E ASSOCIADOS-SROC

Unique Fiscal

DIANA ROSA MATOS FERNANDES DA COSTA

Fiscal Board Substitute

 

 

Gráficos de Análise Sectorial

 

Rating DinamIIC - Sector Comparison

Sales - Sector Comparison

Level Risk - Sectoral Analysis

 

 

Legal Structure

 

 

Registed on the Register Record Office of Guimaraes with the Register Number 501681655 previous number 2501 in 18-06-1986

Constitution celebrated in 18-06-1986 published on Diário da República number 68 of 22-03-1986

To oblige the company it is necessary 2 signature

 

Changes to Society

 

In 20-03-2008 on Portal MJ of 25-03-2008 board of director's change

In 27-03-2004 on Diário da República number 200 of 25-08-2004 board of director's change

on Diário da República number 231 of 08-10-1991 social change

on Diário da República number 121 of 25-05-1995 social change

 

 

Capital

 

 

The Capital is 3.500.000,00

 

 

 

Activities

 

 

Line of Business

Percentage

Indústria de fiação de fios de algodão (Industry spinning of cotton yarn)

100%

 

 

Type of Clients

Manufacturers/Wholesalers

 

 

Sales Conditions

Credit

 

 

Exports to

ALEMANHA,AUSTRIA,BELGICA,CHIPRE,DINAMARCA,ESLOVAQUIA,ESLOVENIA,ESPANHA,ESTÓNIA,FINLANDIA,FRANÇA,GRECIA,HOLANDA,HUNGRIA,IRLANDA,ITALIA,LETÓNIA,LITUÂNIA,LUXEMBURGO,MALTA,POLONIA,REINO UNIDO,REPÚBLICA CHECA,SUECIA

 

 

 

Trade Marks

 

Filasa

 

 

Banks and Financial Institutions

 

 

BANCO ESPIRITO SANTO, SA

Caldas de Vizela

BANCO BPI, SA

Vizela

 

 

Incidents

 

 

There are no of incidents on our database

 

 

Employees

 

 

Total

130

 

 

Head Office and Installations

 

 

Head office and installations Rua da Madalena, 1957 ( Antiga Quinta do Outeiro), Nespereira, 4835-511, NESPEREIRA GMR, Tel:253560690, Fax:253565479

 

 

Financial Demonstration SNC

 

Balance Sheet SNC

CoinEURO

 

Date31-12-2012

 

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

Variação (%)

 

 

 

ASSET

 

 

 

 

 

Non-current assets

 

Tangible fixed assets

2.300.727,13

2.467.842,49

3.255.186,60

(6,77)

Investment properties

348.577,62

382.365,23

416.152,84

(8,84)

Intangible assets

3.274,81

9.546,43

12.667,30

(65,70)

Financial participations - other methods

3.495.181,62

3.495.181,62

3.495.181,62

 

Total

6.147.761,18

6.354.935,77

7.179.188,36

(3,26)

 

 

 

 

 

Current assets

 

 

Inventories

9.315.889,63

9.343.680,31

10.105.848,45

(0,30)

Costumers

17.227.305,25

12.960.478,57

19.603.768,61

32,92

State and other public entities

149.048,96

329.343,61

281.708,91

(54,74)

Other accounts receivable

484.710,18

479.633,37

417.019,32

1,06

Deferrals

50.597,49

69.609,98

24.361,34

(27,31)

Financial assets held for trading

4.375,39

4.896,69

7.197,63

(10,65)

Cashier and bank deposits

87.050,25

202.582,36

218.629,66

(57,03)

Total

27.318.977,15

23.390.224,89

30.658.533,92

16,80

TOTAL ASSET

33.466.738,33

29.745.160,66

37.837.722,28

12,51

 

 

 

 

 

SHAREHOLDERS FUNDS AND LIABILITIES

 

 

 

 

 

 

 

SHAREHOLDERS FUNDS

 

 

Capital

3.500.000,00

3.500.000,00

3.500.000,00

 

Legal reserves

302.864,24

291.356,62

284.684,28

3,95

Other reserves

2.310.792,08

2.092.147,36

1.965.372,89

10,45

Revaluation surplus

3.972.961,26

3.972.961,26

3.972.961,26

 

Total

10.086.617,58

9.856.465,24

9.723.018,43

2,34

Net income for the period

177.552,20

230.152,34

133.446,81

(22,85)

TOTAL OF SHAREHOLDERS FUNDS

10.264.169,78

10.086.617,58

9.856.465,24

1,76

 

 

 

 

 

LIABILITY

 

 

 

 

 

 

 

Non-current liiabilities

 

 

Financing obtained

6.921.673,54

8.626.643,97

9.732.311,25

(19,76)

Total

6.921.673,54

8.626.643,97

9.732.311,25

(19,76)

 

 

 

 

 

Current liabilities

 

 

Suppliers

10.341.611,02

6.800.658,27

10.928.882,15

52,07

State and other public entities

420.405,98

259.436,30

352.463,81

62,05

Financing obtained

4.593.809,37

3.365.552,45

5.790.979,89

36,49

Other payable accounts

925.068,64

606.252,09

1.176.619,94

52,59

Total

16.280.895,01

11.031.899,11

18.248.945,79

47,58

TOTAL LIABILITIES

23.202.568,55

19.658.543,08

27.981.257,04

18,03

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES

33.466.738,33

29.745.160,66

37.837.722,28

12,51

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

INCOME AND EXPENSES

 

 

Sales and services

30.786.688,56

35.971.228,92

36.269.942,58

(14,41)

Operating government grants

3.646,42

 

 

 

Variation in production inventories

(72.115,82)

119.788,13

(170.965,42)

(160,20)

Cost of goods sold and materials consumed

23.072.758,47

28.132.300,41

28.752.843,37

(17,98)

Suppliers and external services

3.860.388,28

3.469.122,61

3.559.454,49

11,28

Personnel costs

1.977.176,30

1.947.387,61

1.967.538,73

1,53

Impairment of receivables (losses/revearsals)

(488.300,32)

87.905,84

121.233,91

(655,48)

Increases/decreases in fair value

(521,30)

(2.300,94)

(417,05)

(77,34)

Other income and gains

712.869,46

834.494,34

1.050.264,18

(14,57)

Other expenses and losses

1.392.786,84

1.252.381,91

1.212.160,24

11,21

Result before depreciation, financing costs and taxes

1.615.757,75

2.034.112,07

1.535.593,55

(20,57)

Expenses/reversals of depreciation and amortization

587.698,27

774.890,19

758.833,44

(24,16)

Operating result (before financing costs and taxes)

1.028.059,48

1.259.221,88

776.760,11

(18,36)

interest and similar expenses incurred

753.434,24

857.536,47

562.696,73

(12,14)

Net before taxes

274.625,24

401.685,41

214.063,38

(31,63)

Income tax of the period

97.073,04

171.533,07

80.616,57

(43,41)

Net profit for the period

177.552,20

230.152,34

133.446,81

(22,85)

 

RATIOS SNC

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

 

 

 

 

TURNOVER RATIOS

 

Shareholder's Funds Profitability

0,017

0,023

0,014

 

Assets Profitability

0,031

0,042

0,021

 

Sales Net Profitability

0,006

0,006

0,004

 

 

 

 

 

 

EFFICIENCY RATIOS

 

 

Medium Term Receivable

204,243

131,51

197,281

 

Asset Rotation

0,92

1,209

0,959

 

 

 

 

 

 

PRODUCTIVITY RATIOS

 

 

Productivity

3,901

4,025

3,821

 

 

 

 

 

 

SHORT TERM RATIOS

 

 

General Liquidity

1,678

2,12

1,68

 

Reduced Liquidity

1,106

1,273

1,126

 

Immediate Liquidity

0,005

0,018

0,012

 

 

 

 

 

 

MEDIUM LONG TERM RATIOS

 

 

Financial Autonomy

0,307

0,339

0,26

 

Solvability

0,442

0,513

0,352

 

Borrowed Capital Structure

0,702

0,561

0,652

 

General Debt

1,122

1,189

1,575

 

Medium Long Term Debt

0,674

0,855

0,987

 

Debt Structure

0,702

0,561

0,652

 

Capital Structure

1,483

1,169

1,013

 

 

 

 

 

 

Operational and Financial Risk

 

 

Operational Leverage Level

7,503

6,225

9,678

 

Financial Leverage Level

3,743

3,135

3,629

 

Combined Leverage Level

28,084

19,515

35,121

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.78

UK Pound

1

Rs.98.65

Euro

1

Rs.83.41

 

 

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%)

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.