MIRA INFORM REPORT
|
Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
COFEMEL-SOCIEDADE DE VESTUARIO SA |
|
|
|
|
Registered Office : |
Rua Mabor, 104-Apartado 7002-Lousado, Ribeirao, Postal code 4760-Ribeirao, Vila Nova De Famalicao, Braga |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.10.1982 |
|
|
|
|
Com. Reg. No.: |
501329684 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Distributor of male, female and children’s garments and is a leading
national fashion, and commenced its international expansion plan. |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
in0troduce 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 |
|
|
Activity |
Distributor of
male, female and children’s garments and is a leading national fashion, and
commenced its international expansion plan.
|
Summary
|
Legal Form |
Joint Stock Company |
|
Constitution |
14-10-1982 |
|
V.A.T. Number / NIF |
501329684 |
|
Capital |
500.000,00 |
|
Sales in : 31-12-2012 |
42.848.006,81 |
|
Shareholders Funds in: 31-12-2012 |
6.603.320,27 |
|
Payments |
Good |
|
Actual Condition |
In activity |
Financial
Highlights
|
31-12-2010 |
31-12-2011 |
31-12-2012 |
|||
|
Net Sales |
33.289.100,82 |
|
39.541.121,63 |
|
42.848.006,81 |
|
Net Income For the Year |
907.638,82 |
|
2.135.541,22 |
|
3.772.499,67 |
|
Shareholders Funds |
5.395.279,38 |
|
5.830.820,60 |
|
6.603.320,27 |
|
Stocks |
7.661.442,93 |
|
7.602.102,21 |
|
8.442.458,47 |
|
LIABILITY |
16.121.451,85 |
|
17.251.735,47 |
|
17.347.816,57 |
|
ASSETS |
21.516.731,23 |
|
23.082.556,07 |
|
23.951.136,84 |
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 |
|
PAULO ALEXANDRE PIMENTA ALVES |
Fiscal Board Substitute |
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 04-06-2013 on Portal MJ of 20-06-2013
board of director's change |
|
In 20-01-2011 on Portal MJ of 21-01-2011 rectification
|
|
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 |
Capital
|
The Capital is 500.000,00 |
Activities
Distributor of male, female and children’s garments and is a leading national fashion, and commenced its international expansion plan.
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 |
|
30-08-2013 |
268/13.2YHLSB |
G-Star Raw C.V. |
Ordinária |
30.000,01 |
Lisboa - Tribunal da Propriedade
Industrial |
||
|
11-04-2012 |
19914/12.9YIPRT |
Bates Red Cell Portugal Publicidade e
Marketing, S.A. |
Especial Cump.Obrig. Pecuniarias DL 269/98 |
19.323,07 |
Vila Nova de Famalicăo-Juízos Compet.
Cível de V.N.Famalicăo |
1 |
Resolvida |
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 |
|
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 Alameda Dr.Mariano Felgueiras
Guimarăeshopping, 1ş, loja 131, Creixomil, 4835-075, GUIMARAES, Tel:253536251 |
|
Shop Caminho Municipal 1011, Almada Forum,
loja 222, Almada , 2810-500, ALMADA , Tel:21259685 |
|
Shop Rua Senhor Perdőes, 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 Avenida Dr.Óscar Lopes Mar Shopping,
loja 1.066, Matosinhos, 4450-337, MATOSINHOS, Tel:229942862 |
|
Shop Avenida D.Manuel I, Centro Comercial
Dolce Vita Ovar, loja 13, Ovar, 3880-109, OVAR, Tel:256574008 |
|
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 Tómas Ribeiro, Quinta dos
Congregados, Braga Parque, loja 128, Braga, 4710-427, BRAGA, Tel:253258135,
Fax:253258135 |
|
Shop Rua dos Campeőes, Dolve Vita Antas,
loja 125, piso 1, Campanha, 4350-149, CAMPANHA-PORTO, Tel:225026429,
Fax:225026429 |
|
Shop Rua Coronel Bento Roma, loja 1,
Chaves, 5400-114, CHAVES, Tel:276334277, Fax:276334277 |
|
Shop Quinta Săo Gemil, Fórum Coimbra, loja
1.12, Coimbra, 3000, COIMBRA, Tel:239813094, Fax:239813094 |
|
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 dtş,
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 |
Financial
Demonstration SNC
|
Balance Sheet SNC |
||
|
CoinEURO |
Date31-12-2012 |
|
|
Closing Date |
31-12-2012 |
31-12-2011 |
31-12-2010 |
Variaçăo (%) |
||||
|
ASSET |
|
|||||||
|
||||||||
|
Non-current assets |
|
|||||||
|
Tangible fixed assets |
8.083.522,22 |
8.773.435,23 |
8.212.566,36 |
(7,86) |
||||
|
Financial participations - other methods |
30.000,00 |
25.000,00 |
17.500,00 |
20,00 |
||||
|
Deferred tax assets |
208.372,45 |
936.224,10 |
||||||
|
Total |
8.113.522,22 |
9.006.807,68 |
9.166.290,46 |
(9,92) |
||||
|
Current assets |
||||||||
|
Inventories |
8.442.458,47 |
7.602.102,21 |
7.661.442,93 |
11,05 |
||||
|
Costumers |
2.003.682,04 |
1.394.863,11 |
973.504,55 |
43,65 |
||||
|
Advances to suppliers |
364.925,77 |
|||||||
|
State and other public entities |
23.292,98 |
107.278,51 |
118.623,11 |
(78,29) |
||||
|
Shareholders/partners |
2.844.979,38 |
1.274.379,38 |
1.166.379,38 |
123,24 |
||||
|
Other accounts receivable |
125.760,54 |
1.686.878,88 |
384,30 |
(92,54) |
||||
|
Deferrals |
722.282,64 |
869.314,83 |
745.207,01 |
(16,91) |
||||
|
Cashier and bank deposits |
1.675.158,57 |
1.140.931,47 |
1.319.973,72 |
46,82 |
||||
|
Total |
15.837.614,62 |
14.075.748,39 |
12.350.440,77 |
12,52 |
||||
|
TOTAL ASSET |
23.951.136,84 |
23.082.556,07 |
21.516.731,23 |
3,76 |
||||
|
SHAREHOLDERS FUNDS AND LIABILITIES |
||||||||
|
SHAREHOLDERS FUNDS |
||||||||
|
Capital |
500.000,00 |
500.000,00 |
500.000,00 |
|||||
|
Other shareholders funds instruments |
3.217.738,33 |
6.217.738,33 |
7.917.738,33 |
(48,25) |
||||
|
Legal reserves |
100.000,33 |
89.549,33 |
89.549,33 |
11,67 |
||||
|
Other reserves |
1.343.200,74 |
1.343.200,74 |
1.343.200,74 |
|||||
|
Net retained |
(2.894.341,43) |
(5.019.431,65) |
(5.927.070,47) |
(42,34) |
||||
|
Revaluation surplus |
564.222,63 |
564.222,63 |
564.222,63 |
|||||
|
Total |
2.830.820,60 |
3.695.279,38 |
4.487.640,56 |
(23,39) |
||||
|
Net income for the period |
3.772.499,67 |
2.135.541,22 |
907.638,82 |
76,65 |
||||
|
TOTAL OF SHAREHOLDERS FUNDS |
6.603.320,27 |
5.830.820,60 |
5.395.279,38 |
13,25 |
||||
|
LIABILITY |
||||||||
|
Non-current liiabilities |
||||||||
|
Financing obtained |
4.912.719,02 |
4.216.508,47 |
6.149.697,25 |
16,51 |
||||
|
Total |
4.912.719,02 |
4.216.508,47 |
6.149.697,25 |
16,51 |
||||
|
Current liabilities |
||||||||
|
Suppliers |
6.081.675,33 |
5.472.803,27 |
5.897.821,87 |
11,13 |
||||
|
State and other public entities |
1.541.583,04 |
1.538.328,14 |
1.045.163,67 |
0,21 |
||||
|
Shareholders/partners |
67.578,20 |
67.578,20 |
111.000,00 |
|||||
|
Financing obtained |
2.821.408,85 |
2.675.797,00 |
1.559.157,93 |
5,44 |
||||
|
Other payable accounts |
1.856.997,47 |
3.204.731,73 |
1.272.488,47 |
(42,05) |
||||
|
Deferrals |
65.854,66 |
75.988,66 |
86.122,66 |
(13,34) |
||||
|
Total |
12.435.097,55 |
13.035.227,00 |
9.971.754,60 |
(4,60) |
||||
|
TOTAL LIABILITIES |
17.347.816,57 |
17.251.735,47 |
16.121.451,85 |
0,56 |
||||
|
TOTAL SHAREHOLDERS FUNDS AND LIABILITIES |
23.951.136,84 |
23.082.556,07 |
21.516.731,23 |
3,76 |
||||
|
INCOME STATEMENT |
||||||||
|
INCOME AND EXPENSES |
||||||||
|
Sales and services |
42.848.006,81 |
39.541.121,63 |
33.289.100,82 |
8,36 |
||||
|
Operating government grants |
48.310,82 |
929,78 |
5.095,94 |
|||||
|
Variation in production inventories |
115.957,42 |
(81.599,83) |
(552.449,87) |
(242,10) |
||||
|
Cost of goods sold and materials consumed |
18.220.160,77 |
17.252.759,12 |
13.776.012,56 |
5,61 |
||||
|
Suppliers and external services |
11.441.066,68 |
9.784.426,71 |
9.086.904,68 |
16,93 |
||||
|
Personnel costs |
7.820.172,84 |
7.624.694,96 |
6.915.732,16 |
2,56 |
||||
|
Impairment of inventories
(losses/revearsals) |
(94.690,75) |
238.917,39 |
(248.632,62) |
(139,63) |
||||
|
Impairment of receivables
(losses/revearsals) |
(3.806,25) |
(76.228,03) |
44.686,57 |
(95,01) |
||||
|
Other income and gains |
484.394,94 |
386.449,19 |
501.569,53 |
25,35 |
||||
|
Other expenses and losses |
312.815,65 |
212.501,53 |
615.161,00 |
47,21 |
||||
|
Result before depreciation, financing
costs and taxes |
5.800.951,05 |
4.809.829,09 |
3.048.356,13 |
20,61 |
||||
|
Expenses/reversals of depreciation and
amortization |
1.447.662,42 |
1.429.743,30 |
1.584.807,28 |
1,25 |
||||
|
Operating result (before financing costs
and taxes) |
4.353.288,63 |
3.380.085,79 |
1.463.548,85 |
28,79 |
||||
|
Interest and similar income obtained |
141.875,95 |
12.995,49 |
||||||
|
interest and similar expenses incurred |
351.335,64 |
437.721,63 |
224.070,35 |
(19,74) |
||||
|
Net before taxes |
4.143.828,94 |
2.942.364,16 |
1.252.473,99 |
40,83 |
||||
|
Income tax of the period |
371.329,27 |
806.822,94 |
344.835,17 |
(53,98) |
||||
|
Net profit for the period |
3.772.499,67 |
2.135.541,22 |
907.638,82 |
76,65 |
||||
RATIOS
SNC
|
Closing Date |
31-12-2012 |
31-12-2011 |
31-12-2010 |
||||||
|
TURNOVER RATIOS |
|
||||||||
|
Shareholder's Funds Profitability |
0,571 |
0,366 |
0,168 |
||||||
|
Assets Profitability |
0,182 |
0,146 |
0,068 |
||||||
|
Sales Net Profitability |
0,088 |
0,054 |
0,027 |
||||||
|
EFFICIENCY RATIOS |
|||||||||
|
Medium Term Receivable |
17,068 |
12,876 |
10,674 |
||||||
|
Asset Rotation |
1,789 |
1,713 |
1,547 |
||||||
|
PRODUCTIVITY RATIOS |
|||||||||
|
Productivity |
3,149 |
2,923 |
2,822 |
||||||
|
SHORT TERM RATIOS |
|||||||||
|
General Liquidity |
1,274 |
1,08 |
1,239 |
||||||
|
Reduced Liquidity |
0,595 |
0,497 |
0,47 |
||||||
|
Immediate Liquidity |
0,135 |
0,088 |
0,132 |
||||||
|
MEDIUM LONG TERM RATIOS |
|||||||||
|
Financial Autonomy |
0,276 |
0,253 |
0,251 |
||||||
|
Solvability |
0,381 |
0,338 |
0,335 |
||||||
|
Borrowed Capital Structure |
0,717 |
0,756 |
0,619 |
||||||
|
General Debt |
1,171 |
1,182 |
1,429 |
||||||
|
Medium Long Term Debt |
0,744 |
0,723 |
1,14 |
||||||
|
Debt Structure |
0,717 |
0,756 |
0,619 |
||||||
|
Capital Structure |
1,344 |
1,383 |
0,877 |
||||||
|
Operational and Financial Risk |
|||||||||
|
Operational Leverage Level |
5,657 |
6,594 |
13,333 |
||||||
|
Financial Leverage Level |
1,051 |
1,149 |
1,169 |
||||||
|
Combined Leverage Level |
5,946 |
7,577 |
15,586 |
||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
|
1 |
Rs.102.76 |
|
Euro |
1 |
Rs.84.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.