MIRA
INFORM REPORT
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Report Date : |
27.09.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. SEPATU BATA
Tbk |
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Registered Office : |
Jalan Taman Makam Pahlawan Kalibata No.1, |
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Country : |
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Date of Incorporation : |
26 November 1931 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Shoes and Sandal Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 5,600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. SEPATU BATA Tbk
Address
Head Office &
Factory 1
Jalan Taman Makam Pahlawan Kalibata No.1
Phones - (021) 7992008
(Hunting)
Fax - (021) 7995679
E-mail - bata@jakarta.bata.com
Website - http : //www.bata.com
Building Area - 10,000 sq.
meters
Office Space - 8,000 sq.
meters
Region -
Status - Owned
Factory II:
Jalan Rungkut Industri III/81-83
Phones - (031) 8439470
(Hunting)
Fax - (031)
8416499
Building Area - 20,000 sq.
meters
Office Space - 15,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory III:
Jalan K.L. Yos Sudarso No. 2-E
Phones - (061) 651987,
650637
Fax - (061)
650021
Building Area - 15,000 sq.
meters
Office Space - 12,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation
a. 26 November 1931 as N.V. BATA
b. 27 January 1982 as P.T. SEPATU BATA
c. June 1997 as P.T. SEPATU BATA Tbk
Legal Form
P.T. TBK
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-1.217.HT.01.04.TH.1998
Dated 26 February
1998
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
- No. 109/I/PMDN/1981
Dated 24 September 1981
- No. 28/III/PMA/1987
Dated 2 February 1987
- No. 139/II/PMA/1993
Dated 30 November 1993
- No. 575/III/PMA/1999
Dated 17 May 1999
- No. 906/III/PMA/1999
Dated 15 July 1999
The Department of Industry
No. 129/T/INDUSTRI/1990
Dated 1 May 1990
Related Companies
a. P.T. DANAREKSA (Underwriter and Stock Brokerage Services)
b. LAGFIN (NEDHERLAND) B.V., of the
c. LLOYDS BANKS PLS of the
d. NORTHERN INV CORP., of the
e. Etc.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
20,000,000,000.-
Issued Capital : Rp.
13,000,000,000.-
Paid up Capital : Rp.
13,000,000,000.-
Shareholders/Owners :
a. LAGFIN
(NEDHERLAND) B.V. of the
b. LLOYDS BANK PLS
of the
c. NORTHERN INV
CORP., of the
d. P.T. DANAREKSA
of
e. Publics -
Rp. 1,871,500,000.-
BUSINESS ACTIVITIES
Lines of Business:
Shoes and Sandal Manufacturing
Production Capacity
a. Shoes -
16,000,000 pairs p.a.
b. Sandal/Slipper - 4,000,000
pairs p.a.
Total Investment
a. Equity Capital - Rp. 20.0 billion
b. Loan Capital - Rp. 80.0 billion
c. Total
Investment -
Rp. 100.0 billion
Started Operation
1939
Brand Name
BATA
Technical
Assistance
LAGFIN (NEDHERLAND) B.V. of the
Number of Employee
2,300 persons
Marketing Area
Domestic - 80%
Export -
20%
Main Customer
Supermarket, Dept.
Store, Distributor, Traditional market, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. HARDAYA
ANEKA SHOES INDUSTRY
b. P.T. FORTA
LARESE
c. P.T. TEGUH
MURNI PERDANA
d. P.T. YOSUWN
e. Etc.,
Business Trend
Fluctuating
BANKER, AUDITOR
& LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Pasar Pagi
b. ABN-AMRO BANK NV.
Jalan Jend. Sudirman Kav.
52-53
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
:
2005 – Rp. 434.9
billion
2006 – Rp. 428.6
billion
2007 – Rp. 199.6
billion (as per 30 June 2007)
Net Profit (Loss)
:
2005 – Rp. 25.1 billion
2006 – Rp. 20.2 billion
2007 – Rp. 3.9 billion (as per 30 June 2007)
Total Assets (as per 30 June 2007) :
a. Current Assets - Rp. 185.2 billion
b. Non Current
Assets - Rp. 86.3
billion
c. Total Assets - Rp. 271.5 billion
Total Liabilities (as per 30 June 2007) :
a. Current
Liabilities -
Rp. 63.9 billion
b. Non Current
Liabilities - Rp. 17.5
billion
c.
Stockholders’ Equity -
Rp. 190.1 billion
d. Total
Liabilities -
Rp. 271.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Fernando Garcia Restrepo
Directors - a. Mr. Arturo Manuel Blanco
b. Mr. Luis Carlos Vasquez Salazar
c. Mrs. Anita Riau Napitupulu Gunawan
d. Mr. Ibnu Baskoro
Board of Commissioners :
President Commissioner - Mr. Alberto Erico
Commissioners -
a. Mr. Michael Graham Voisey Middleton
b. Mr. Rino Rizzo
c. Mrs. Sri Hartati Urip Semeon
d. Mr. Marwoto Hadi Soesastro
Signatories :
President Director (Mr. Fernando Garcia
Restrepo) or one of the Directors (Mr. Arturo Manuel Blanco, Mr. Luis Carlos
Vasquez Salazar, Mrs. Anita Riau Napitupulu Gunawan or Mr. Ibnu Baskoro) which
must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 5,600,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named N.V. NEDERLANDSCH INDISCHE SCHOENDHANDEL MAATSCHAPPIJ
BATA, the company was established as a foreign investment (PMA) undertaking in
1931. The founding shareholder of the
company is LAGFIN (NEDERLAND) B.V. (100%). The company’s articles of
association have been revised a couple of times. In 1960 the company’s name was
first changed to P.T. Perusahaan SEPATU BATA, and in 1982 again changed to P.T.
SEPATU BATA. In March 1982 the company
went public, selling 15% of its shares to community. Then, in June 1997 the
company’s name was again altered to P.T. SEPATU BATA Tbk (P.T. SBT), with its
authorized capital having been increased to Rp. 20,000,000,000.- and its issued
and paid up capital of Rp. 13,000,000,000.-. . The
deed of amendment was made by Mr. Sutjipto, SH, a public notary in
P.T. SBT has been operation since 1931 in shoes and sandals
manufacturing, managing three plants units, one at Jalan Taman Makam Pahlawan,
Kalibata (South Jakarta), at Jalan Rungkut Industri III/81-83, Surabaya, East
Java and the other unit at K.L. Yos Sudarso No. 2-E, Medan, North Sumatera. The
above plant has absorbed an investment of Rp. 100.0 billion come from owned
capital of Rp. 20.0 billion and the rest from loans. The company’s three plants
produce various types of shoes like leather shoes, shoes made of cloth, sport
shoes, casual shoes and sandals. The above plant produce shoes of 16.0 million
pairs and sandals/slipper of 4.0 million pairs respectively per annum. The bulk
of the company’s raw material is supplied from local sources with a small
portion being imported. About 80% of its production is marketed in the country
with some 20% being exported to
In general, we observed that before the economic crisis
striking Indonesia, the existing shoe
manufacturing companies in Indonesia already encountered many problems like an
over investment and low knowledge skill in the industry which caused many shoes
manufacturing companies to stop operation before the economic crisis striking
Indonesia. Besides that, Indonesian shoes producers also got strong competition
from
Realization and Export Value of Shoes, Sandals and Shoes Component
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Year |
Value (US$ ) |
Growth (%) |
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2000 2001 2002 2003 2004 2005 |
1,672,110,41 1,505,580,76 1,148,052,59 1,182,185,62 1,325,550,00 1,50,000,000 |
- 4,39% 9,96% 23,75% 2,97% 12,13% |
According to the financial statement of P.T. SBT in 2005
amounted to Rp. 434.9 billion with a net profit of Rp. 25.1 billion, declined to
Rp. 428.6 billion with a net profit of Rp. 20.2 billion in 2006. As per 30 June
2007 the sales turnover amounted to Rp. 199.6 billion with a net profit of Rp.
3.9 billion. It is projected that total
sales turnover of the company will increase at least 8% in 2008. We observe
that P.T. SBT is supported by financially strong behind it. So far, we did not
hear that the company having been black listed by the Central Bank (Bank
The management of P.T. SBT is led by Mr. Fernando Garcia
Restrepo (49) a professional manager of the
P.T. SEPATU BATA Tbk is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)