MIRA
INFORM REPORT
|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
COFEMEL-SOCIEDADE DE VESTUARIO SA |
|
|
|
|
Registered Office : |
Rua Mabor, 104-Apartado 7002-Lousado, Ribeirao, Postal code 4760-Ribeirao, |
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|
Country : |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.10.1982 |
|
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|
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. |
|
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|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
With financials |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
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 |
|
|
268/13.2YHLSB |
|
Ordinária |
30.000,01 |
Lisboa - Tribunal da Propriedade Industrial |
|
|
|
|
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 |
30-08-2013
G-Star Raw C.V.
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.62.38 |
|
UK Pound |
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
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 |
|
-- |
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.