MIRA INFORM REPORT

 

 

Report Date :

23.10.2013

 

IDENTIFICATION DETAILS

 

Name :

PARFOIS SA

 

 

Registered Office :

Rua de Sistelo, 755, Lugar Santegãos Rio Tinto

 

 

Country :

Portugal

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

05.05.1976

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Retail sale of leather goods and travel goods in specialized stores

 

 

No. of Employees :

189

 

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

PARFOIS SA

V.A.T. Number / NIF

500590753

Denomination

Parfois

Address

Rua de Sistelo, 755, Lugar Santegãos

Locality

Rio Tinto

Postal Code

4435-452-RIO TINTO-GONDOMAR

Municipality

GONDOMAR

District

PORTO

Telephone

220900800

Fax

220900801, 220900802

E-Mail

mail@parfois.com

Web Site

www.parfois.com

 

 

C.A.E.(Rev 3)

47722- Retail sale of leather goods and travel goods in specialized stores

 

 

Summary

 

 

Legal Form

Joint Stock Company

Constitution

05-05-1976

V.A.T. Number / NIF

500590753

Employees

189

Capital

53.955,00

Sales in : 31-12-2012

63.695.008,13

Shareholders Funds in: 31-12-2012

20.968.173,17

Credit Risk Level

Low Credit Risk

Payments

Good

Actual Condition

In activity

 

 

Financial Highlights

 

 

 

31-12-2010

 

31-12-2011

 

31-12-2012

Net Sales

42.392.391,12

49.926.526,92

63.695.008,13

Net Income For the Year

1.642.501,91

2.333.155,58

5.559.126,00

Shareholders Funds

13.071.686,51

15.401.752,49

20.968.173,17

Stocks

8.115.755,13

5.739.379,36

9.140.540,70

LIABILITY

22.771.595,96

23.694.939,06

29.593.771,38

ASSETS

35.843.282,47

39.096.691,55

50.561.944,55

 

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

MARIA MANUELA DE MEDEIROS PEREIRA SOARES

Shareholder and Unique Administrator

 

Fiscal Board

DELOITTE & TOUCHE-AUDITORES E CONSULTORES LDA

Unique Fiscal

PAULO ALEXANDRE ROCHA SILVA GASPAR

Fiscal Board Substitute

 

 

Legal Structure

 

 

Registed on the Register Record Office of Gondomar with the Register Number 500590753 previous number 22043 in 21-07-1976

Constitution celebrated in 05-05-1976 published on Diário da República number 138 of 05-05-1976

To oblige the company it is necessary 1 signatures

 

Changes to Society

 

In 12-09-2013 on Portal MJ of 13-09-2013 denomination change Error! Hyperlink reference not valid.

de Barata & Ramilo SA para Parfois SA

In 27-12-2010 on Portal MJ of 29-12-2010 social change

In 03-11-2008 on Portal MJ of 07-11-2008 board of director's change

In 06-10-2008 on Portal MJ of 06-10-2008 social change

In 07-11-2005 on Diário da República number 222 of 18-11-2005 Merge project aproval

 

 

Capital

 

 

The Capital is 53.955,00 , divided in 10000 shares , with a nominal value of 5,00

 

 

with the following shareholders

 

MARIA MANUELA DE MEDEIROS PEREIRA SOARES

47.500,00

88,036%

JOAO PAULO MEDEIROS PEREIRA SOARES

2.500,00

4,633%

 

 

Activities

 

 

Line of Business

Percentage

Comércio de vestuário e acessórios de moda

100%

 

 

Type of Clients

Public

 

 

Sales Conditions

Cash

 

 

Sales Area

 

 

 

Country

100%

 

 

Imports from

CHINA, REPUBLICA POPULAR,FRANÇA,ITALIA

 

 

Exports to

CHIPRE,ESPANHA,MALTA,ARABIA SAUDITA

 

 

 

Trade Marks

 

Parfois

 

 

Denominations

 

 

Parfois

 

 

Banks and Financial Institutions

 

 

BANCO BPI, SA

Porto - Júlio Dinis

MILLENNIUM BCP

Porto - Empresas II

 

 

Incidents

 

 

Legal Actions

 

 

Date

Process

Author

Type

Amount

Judicial District

Court

Situation

06-02-2013

67/13.1TTPTM

Diana Soraia Sousa Duarte

Acção de Processo Comum

731,77

Portimão - Tribunal do Trabalho

 

 

20-05-2011

2109/11.6T2OVR

Spectrolux Iluminação,S.A.

Executiva Comum

2.960,42

Comarca do Baixo Vouga-Juízos de Ovar

 

Resolvida

12-11-2010

3902/10.2TBGDM

Empevic- Engenharia e Construção, Lda

Sumária

6.183,47

Gondomar - Tribunal Judicial

1

Contestada

30-03-2010

1201/10.9TBVLG

J. Lisdecor Unipessoal, Lda

Ordinária

35.582,46

Valongo - Tribunal Judicial

1

Resolvida

24-03-2009

40120/09.4YIPRT

Dim Portugal - Import. Comercializaçao Lda

Especial Cump.Obrig. Pecuniarias DL 269/98

12.403,25

Vila Nova de Gaia

1

Resolvida

 

 

 

Employees

 

 

Total                                 189

 

 

Insurance

 

 

Axa Companhia de Seguros SA

 

 

 

 

Head Office and Installations

 

 

Had installations Rua Duque de Palmela, 15, Porto, 4000-373, PORTO

Had head office Rua de Godim, 1 - Armazém 6, Porto, 4300-239, PORTO

Had installations Rua Eugénio de Castro, 271/273, Porto, 4100-225, PORTO

Had head office Rua Gonçalo Sampaio, 350, Loja 116, 1.º Piso, Shopping Center, Porto, 4150, PORTO

Head office and installations Rua de Sistelo, 755, Lugar de Santegãos, Rio Tinto, 4435-452, RIO TINTO-GONDOMAR, Tel:220900800, Fax:220900801

Had head office Rua do Monte do Bonfim, 120, Porto, 4300-350, PORTO

 

 

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

3.977.372,25

4.160.708,06

3.757.356,44

(4,41)

Intangible assets

107.666,49

101.211,06

140.360,86

6,38

Financial participations - patrimonial equity method

474.129,74

441.587,74

520.000,00

7,37

Financial participations - other methods

73.080,00

58.900,00

58.900,00

24,07

Other financial assets

1.660.000,00

150.000,00

 

1.006,67

Deferred tax assets

33.157,54

 

 

 

Total

6.325.406,02

4.912.406,86

4.476.617,30

28,76

 

 

 

 

 

Current assets

 

 

Inventories

9.140.540,70

5.739.379,36

8.115.755,13

59,26

Costumers

16.097.087,76

11.876.218,32

6.398.499,45

35,54

State and other public entities

2.897.015,89

1.100.856,22

1.107.849,03

163,16

Shareholders/partners

3.817.980,00

4.321.768,00

2.558.268,00

(11,66)

Other accounts receivable

629.529,06

740.225,29

1.147.159,00

(14,95)

Deferrals

1.757.829,36

2.518.230,59

2.365.581,43

(30,20)

Financial assets held for trading

5.349.550,58

4.987.490,07

6.579.480,67

7,26

Cashier and bank deposits

4.547.005,18

2.900.116,84

3.094.072,46

56,79

Total

44.236.538,53

34.184.284,69

31.366.665,17

29,41

TOTAL ASSET

50.561.944,55

39.096.691,55

35.843.282,47

29,33

 

 

 

 

 

SHAREHOLDERS FUNDS AND LIABILITIES

 

 

 

 

 

 

 

SHAREHOLDERS FUNDS

 

 

Capital

53.955,00

53.955,00

53.955,00

 

Other shareholders funds instruments

1.659.495,11

1.659.495,11

1.659.495,11

 

Legal reserves

53.776,43

53.776,43

53.776,43

 

Other reserves

7.794.074,85

5.460.919,27

3.818.417,36

42,72

Net retained

6.120.840,88

6.120.840,88

6.120.839,38

 

Adjustments on financial assets

(289.308,00)

(289.308,00)

(289.308,00)

 

Other shareholders funds changes

16.212,90

8.918,22

12.009,32

81,80

Total

15.409.047,17

13.068.596,91

11.429.184,60

17,91

Net income for the period

5.559.126,00

2.333.155,58

1.642.501,91

138,27

TOTAL OF SHAREHOLDERS FUNDS

20.968.173,17

15.401.752,49

13.071.686,51

36,14

 

 

 

 

 

LIABILITY

 

 

 

 

 

 

 

Non-current liiabilities

 

 

Financing obtained

8.226.331,02

8.190.826,15

7.607.733,00

0,43

Total

8.226.331,02

8.190.826,15

7.607.733,00

0,43

 

 

 

 

 

Current liabilities

 

 

Suppliers

9.244.077,50

7.512.101,44

6.522.895,55

23,06

Advances from costumers

78.324,37

91.465,92

85.000,00

(14,37)

State and other public entities

1.422.323,55

450.698,90

540.594,37

215,58

Financing obtained

4.878.866,00

3.178.762,54

3.222.566,32

53,48

Other payable accounts

5.735.102,78

4.252.424,59

4.774.118,37

34,87

Financial liabilities held for trading

8.746,16

18.659,52

18.688,35

(53,13)

Total

21.367.440,36

15.504.112,91

15.163.862,96

37,82

TOTAL LIABILITIES

29.593.771,38

23.694.939,06

22.771.595,96

24,89

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES

50.561.944,55

39.096.691,55

35.843.282,47

29,33

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

INCOME AND EXPENSES

 

 

Sales and services

63.695.008,13

49.926.526,92

42.392.391,12

27,58

Gains/losses allocated subsidiaries, associates and joint ventures

32.542,00

(76.412,26)

(67.315,00)

(142,59)

Cost of goods sold and materials consumed

29.482.851,48

23.038.417,42

18.931.842,79

27,97

Suppliers and external services

21.139.810,90

17.766.015,79

15.264.003,06

18,99

Personnel costs

7.237.890,37

5.421.289,93

3.957.790,66

33,51

Impairment of inventories (losses/revearsals)

(94.522,00)

 

(483.993,33)

 

Impairment of receivables (losses/revearsals)

192.712,02

 

(533,07)

 

Increases/decreases in fair value

143.268,46

(134.698,23)

24.032,71

(206,36)

Other income and gains

5.649.672,55

3.226.959,46

2.223.508,49

75,08

Other expenses and losses

2.009.800,57

1.832.934,52

3.116.252,54

9,65

Result before depreciation, financing costs and taxes

9.551.947,80

4.883.718,23

3.787.254,67

95,59

Expenses/reversals of depreciation and amortization

1.523.149,75

1.380.602,64

1.119.087,37

10,32

Impairment of investments depreciable/amortizable (losses/reversals)

125.122,81

 

 

 

Operating result (before financing costs and taxes)

7.903.675,24

3.503.115,59

2.668.167,30

125,62

Interest and similar income obtained

 

 

45.772,76

 

interest and similar expenses incurred

662.709,76

377.972,99

137.734,28

75,33

Net before taxes

7.240.965,48

3.125.142,60

2.576.205,78

131,70

Income tax of the period

1.681.839,48

791.987,02

933.703,87

112,36

Net profit for the period

5.559.126,00

2.333.155,58

1.642.501,91

138,27

 

RATIOS SNC

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

 

 

 

 

TURNOVER RATIOS

 

Shareholder's Funds Profitability

0,265

0,151

0,126

 

Assets Profitability

0,156

0,09

0,074

 

Sales Net Profitability

0,087

0,047

0,039

 

 

 

 

 

 

EFFICIENCY RATIOS

 

 

Medium Term Receivable

92,243

86,824

55,091

 

Asset Rotation

1,26

1,277

1,183

 

 

 

 

 

 

PRODUCTIVITY RATIOS

 

 

Productivity

4,727

4,96

5,928

 

 

 

 

 

 

SHORT TERM RATIOS

 

 

General Liquidity

2,07

2,205

2,069

 

Reduced Liquidity

1,642

1,835

1,533

 

Immediate Liquidity

0,213

0,187

0,204

 

 

 

 

 

 

MEDIUM LONG TERM RATIOS

 

 

Financial Autonomy

0,415

0,394

0,365

 

Solvability

0,709

0,65

0,574

 

Borrowed Capital Structure

0,722

0,654

0,666

 

General Debt

0,625

0,738

0,829

 

Medium Long Term Debt

0,392

0,532

0,582

 

Debt Structure

0,722

0,654

0,666

 

Capital Structure

2,549

1,88

1,718

 

 

 

 

 

 

Operational and Financial Risk

 

 

Operational Leverage Level

4,329

7,675

8,793

 

Financial Leverage Level

1,092

1,121

1,036

 

Combined Leverage Level

4,727

8,604

9,11

 

 

T
 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.78

UK Pound

1

Rs.99.66

Euro

1

Rs.84.49

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.