MIRA
INFORM REPORT
|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
BATA INDIA LIMITED |
|
|
|
|
Registered
Office : |
6A, S N Banerjee Road, Kolkata – 700013, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
23.12.1931 |
|
|
|
|
Com. Reg. No.: |
21-007261 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 642.640
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L19201WB1931PLC007261 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB06216A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB1043Q |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturing and
Trading of Footwear and Accessories. |
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|
|
|
No. of Employees
: |
5162 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 28000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established and a reputed company having a fine
track record. Financial position of appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper Programme : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
6A, S N Banerjee Road, Kolkata – 700013, West Bengal, India |
|
Tel. No.: |
91-33-39829412/ 425/ 426 |
|
Fax No.: |
91-33-22895748/ 5859 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
Bata House, 418/02, M G Road, Sector – 17, Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-4120100/ 3990300 |
|
Fax No.: |
91-124-4120116 |
|
E-Mail : |
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|
Factory : |
Located at: 1) Batanagar, 24 Parganas (S), West Bengal, India 2) Bataganj, Patna, Bihar, India 3) Faridabad New Industrial Town, Faridabad, Haryana, India 4) Peenya Industrial Area, Bangalore, Karnataka, India 5) Batashatak, Sipcot Industrial Complex, Phase I, Hosur, Tamilnadu, India 6) Mokamehghat, Hathidah, Bihar, India |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Uday Khanna |
|
Designation : |
Chairman and Independent Director |
|
Date of Birth/Age : |
63 years |
|
Qualification : |
Chartered Accountant- B Com, FCA |
|
|
|
|
Name : |
Mr. Rajeev Gopalakrishnan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
48 years |
|
Qualification : |
B.E (Mechanical |
|
Experience : |
22 years |
|
Date of Appointment : |
01.01.2011 |
|
|
|
|
Name : |
Mr. Ranjit Mathur |
|
Designation : |
Director Finance |
|
Date of Birth/Age : |
44 years |
|
Qualification : |
B.Com, C.A. |
|
Experience : |
21 years |
|
Date of Appointment : |
01.01.2012 |
|
|
|
|
Name : |
Mr. Jack G. N. Clemons |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Jorge Carbajal |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Atul Singh |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
52 years |
|
Qualification : |
MBA from the Texas Christian University, USA. |
|
|
|
|
Name : |
Mr. Akshay Chudasama |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Maloy Kumar Gupta |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Ferraris F |
|
Designation : |
Vice President |
|
Date of Birth/Age : |
64 years |
|
Qualification : |
Diploma |
|
Experience : |
31 years |
|
Date of Appointment : |
18.03.2002 |
|
|
|
|
Name : |
Tonolli E |
|
Designation : |
Senior Vice President |
|
Date of Birth/Age : |
65 years |
|
Qualification : |
Commercial School |
|
Experience : |
43 years |
|
Date of Appointment : |
01.06.2003 |
|
|
|
|
Audit Committee : |
v
Mr. Atul Singh [Chairman] v
Mr. Uday Khanna [Member] v
Mr. Jack G. N. Clemons [Member] v
Mr. Jorge Carbajal [Member] v Mr. Akshay
Chudasama [Member] |
|
|
|
|
Nomination, Governance and Compensation Committee : |
v
Mr. Uday Khanna [Chairman] v
Mr. Jack G. N. Clemons [Member] v
Mr. Jorge Carbajal [Member] v
Mr. Atul Singh [Member] v Mr. Akshay
Chudasama [Member] |
|
|
|
|
Shareholder / Investor Grievance Committee : |
v
Mr. Uday Khanna [Chairman] v
Mr. Rajeev Gopalakrishnan [Member] v Mr. Ranjit Mathur
[Member] |
|
|
|
|
Executive Committee : |
v Mr. Rajeev
Gopalakrishnan v Mr. Ranjit
Mathur v Mr. Enrico
Tonolli v Ms. Sook Fong v Mr. Sanjay Kanth v Mr. Amitava
Nandy v Mr. Inderpreet
Singh v Mr. Kumar
Sambhav |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholder |
No.
of Shares |
% of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
33424100 |
52.01 |
|
|
33424100 |
52.01 |
|
Total shareholding of Promoter and Promoter Group (A) |
33424100 |
52.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5830815 |
9.07 |
|
|
15114 |
0.02 |
|
|
1563600 |
2.43 |
|
|
12303892 |
19.15 |
|
|
19713421 |
30.68 |
|
|
|
|
|
|
2217464 |
3.45 |
|
|
|
|
|
|
7899064 |
12.29 |
|
|
1004721 |
1.56 |
|
|
5000 |
0.01 |
|
|
5000 |
0.01 |
|
|
11126249 |
17.31 |
|
Total Public shareholding (B) |
30839670 |
47.99 |
|
Total (A)+(B) |
64263770 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
64263770 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Trading of Footwear and Accessories. |
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|
||||||||
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Products/ Services : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
v Bata v Ambassador v Hush Puppies v Scholl v BubbSlegummers v Marie Claire v North Star v Power v Weinbrenner v Naturalizer v Footin |
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity in '000s |
Actual Production in '000s |
|
Rubber and Canvas Footwear |
Pairs |
NA |
42,500 |
6,645 |
|
Leather and Other Footwear |
Pairs |
NA |
20,256 |
13,564 |
|
Finished Leather from Hides |
Pieces |
NA |
1,596 |
110* |
* Represent the production of intermediate goods which are captively used for manufacture of finished Goods.
GENERAL INFORMATION
|
No. of Employees : |
5162 (Approximately) |
|
|
|
|
Bankers : |
v State Bank of India v HDFC Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered
Accountants |
|
Address : |
Golf View Corporate, Tower-B, Sector - 42, Sector Road,
Gurgaon – 122002, Haryana, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Mani and Company Cost Accountants |
|
Address : |
“Ashoka”, 111, Southern Avenue, Kolkata – 700029, West Bengal, India |
|
|
|
|
Holding Company : |
BATA (BN) B.V. The Netherlands, Amsterdam |
|
|
|
|
Subsidiaries : |
v Bata Properties Limited, v Coastal
Commercial and Exim Limited (a step down subsidiary) |
|
|
|
|
Fellow Subsidiaries with whom transactions have taken place during
the year: |
v Bata Italy, Compar S.P.A. v Sabre Footwear (Pty) Limited v Bata Shoe (Singapore) Pte. Limited v Compass Limited v Global Footwear Services Pte. Limited v Bata Shoe Co. (Bangladesh) Limited v Bata Marketing Sdn, Bhd. v Bata Shoe Company of Ceylon Limited v P.T. Sepatu Bata Tbk v Bata Industrial Europa v Euro Footwear Holdings S.a.r.l. v Bata Shoe of Thailand Public Company Limited v Bata Brands S.a.r.l. v Footwear
Distributors B.V. |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 700.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64,285,000 |
Equity Shares * |
Rs. 10/- each |
Rs. 642.850
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64,263,770 |
Equity Shares |
Rs. 10/- each |
Rs. 642.640
Millions |
|
|
|
|
|
*Shares held in
abeyance
21,230 (Previous year:
21,230) equity shares of Rs. 10 each were held in abeyance on account of
pending adjudication of the shareholders' right to receive those shares /
inability of depository to establish ownership rights.
a. Reconciliation of the shares outstanding at the beginning and at the
end of the reporting year
|
Equity shares |
31.12.2012 |
|
|
|
No. of Shares |
Rs. in millions |
|
At the beginning of the year |
64,263,770 |
642.640 |
|
Outstanding at the end of the year |
64,263,770 |
642.640 |
b. Terms/rights
attached to equity shares
The Company has
only one class of equity shares having a par value of Rs.10 per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year,
the amount of per share dividend recognized as distributions to equity
shareholders was Rs.6 (Previous year: Rs.6).
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c. Shares held by holding company
|
Out of equity
shares issued by the Company, shares held by its holding company are as
below: |
31.12.2012 |
|
|
Rs. in millions |
|
Bata (BN) B.V., Amsterdam,
The Netherlands, the holding company |
|
|
33,424,100
(Previous year: 33,424,100) equity shares of Rs.10/- each fully paid |
334.240 |
d. Details of shareholders holding more than 5% shares in the Company
|
|
31.12.2012 |
|
|
Equity shares of
Rs.10 each fully paid |
No. of Shares |
% Holding in the
class |
|
Bata (BN) B.V.,
Amsterdam, The Netherlands, the holding company |
33,424,100 |
52.01% |
|
FID FUNDS (Mauritius) Limited |
2,951,518 |
4.59% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
642.640 |
642.640 |
|
(b) Reserves & Surplus |
|
6360.660 |
5100.420 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7003.300 |
5743.060 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
561.100 |
409.550 |
|
(d) long-term
provisions |
|
0.000 |
216.240 |
|
Total Non-current
Liabilities (3) |
|
561.100 |
625.790 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
2379.690 |
1936.210 |
|
(c)
Other current liabilities |
|
565.240 |
436.600 |
|
(d) Short-term
provisions |
|
794.990 |
500.300 |
|
Total Current
Liabilities (4) |
|
3739.920 |
2873.110 |
|
|
|
|
|
|
TOTAL |
|
11304.320 |
9241.960 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2406.720 |
2184.570 |
|
(ii)
Intangible Assets |
|
6.770 |
5.420 |
|
(iii)
Capital work-in-progress |
|
181.170 |
80.670 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
48.510 |
48.510 |
|
(c) Deferred tax assets (net) |
|
443.590 |
342.150 |
|
(d) Long-term Loan and Advances |
|
995.380 |
845.200 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
4082.140 |
3506.520 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
4620.930 |
3913.220 |
|
(c) Trade
receivables |
|
449.470 |
313.940 |
|
(d) Cash
and cash equivalents |
|
1871.010 |
1229.460 |
|
(e)
Short-term loans and advances |
|
212.430 |
238.010 |
|
(f)
Other current assets |
|
68.340 |
40.810 |
|
Total
Current Assets |
|
7222.180 |
5735.440 |
|
|
|
|
|
|
TOTAL |
|
11304.320 |
9241.960 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
642.638 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3339.728 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3982.366 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
137.743 |
|
|
TOTAL BORROWING |
|
|
137.743 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4120.109 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1531.174 |
|
|
Capital work-in-progress |
|
|
3.220 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
172.483 |
|
|
DEFERRED TAX ASSETS |
|
|
311.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2993.633 |
|
|
Sundry Debtors |
|
|
302.024 |
|
|
Cash & Bank Balances |
|
|
1355.720 |
|
|
Other Current Assets |
|
|
15.429 |
|
|
Loans & Advances |
|
|
1426.275 |
|
Total
Current Assets |
|
|
6093.081 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2153.858 |
|
|
Other Current Liabilities |
|
|
977.565 |
|
|
Provisions |
|
|
859.426 |
|
Total
Current Liabilities |
|
|
3990.849 |
|
|
Net Current Assets |
|
|
2102.232 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4120.109 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
18424.530 |
15425.350 |
12581.943 |
|
|
|
Other Income |
299.520 |
1309.140 |
152.529 |
|
|
|
TOTAL (A) |
18724.050 |
16734.490 |
12734.472 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material
and components consumed |
2952.190 |
2551.710 |
|
|
|
|
Purchase of traded
goods |
6323.010 |
5590.910 |
|
|
|
|
(Increase)/ decrease in
inventories of finished goods, work-in-progress and traded goods |
(594.770) |
(877.160) |
|
|
|
|
Employee benefits expense |
1959.330 |
1858.540 |
|
|
|
|
Other expenses |
5040.580 |
3996.750 |
|
|
|
|
TOTAL (B) |
15680.340 |
13120.750 |
10903.011 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3043.710 |
3613.740 |
1831.461 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.320 |
8.700 |
76.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3033.390 |
3605.040 |
1755.076 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
513.750 |
411.010 |
325.104 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2519.640 |
3194.030 |
1429.972 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
803.610 |
935.640 |
476.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1716.030 |
2258.390 |
953.520 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
3572.729 |
1987.319 |
1428.155 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
385.580 |
385.583 |
257.055 |
|
|
|
Tax on Dividend [includes Rs.0.993 Million (Previous Year Rs. 0.745 Million) written back for Previous Year] |
62.550 |
61.558 |
41.949 |
|
|
|
Transfer to General Reserve |
171.600 |
225.839 |
95.352 |
|
|
BALANCE CARRIED
TO THE B/S |
4669.029 |
3572.729 |
1987.319 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income - Exports (F.O.B. value) |
149.820 |
169.340 |
117.672 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
43.390 |
39.750 |
43.782 |
|
|
|
Stores and Spare Parts |
1.280 |
1.850 |
1.859 |
|
|
|
Capital Goods |
50.270 |
45.180 |
29.918 |
|
|
|
Finished Goods |
984.820 |
1127.930 |
670.742 |
|
|
TOTAL IMPORTS |
1079.760 |
1214.710 |
746.301 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.70 |
35.14 |
14.84 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2013 |
30.06.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
4538.700 |
5724.600 |
|
Total Expenditure |
|
3910.100 |
4764.100 |
|
PBIDT (Excl OI) |
|
628.700 |
960.500 |
|
Other Income |
|
69.400 |
77.500 |
|
Operating Profit |
|
698.100 |
1038.000 |
|
Interest |
|
2.400 |
2.400 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
695.700 |
1035.600 |
|
Depreciation |
|
130.600 |
140.700 |
|
Profit Before Tax |
|
565.000 |
894.900 |
|
Tax |
|
180.400 |
275.500 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
384.600 |
619.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
384.600 |
619.400 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
9.16
|
13.50 |
7.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.68
|
20.71 |
11.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.70
|
36.42 |
18.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.56 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.00 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
LITIGATION
DETAILS:
CALCUTTA
HIGH COURT
CASE
STATUS INFORMATION STATUS
Case Status : P
|
Status of CIVIL
SUITS (CS) 212 of 2012 EIH LIMITED Vs.
BATA INDIA LIMITED Pet’s Adv. :
VICTOR & MOSES Res’s Adv. : Court No. :
8 Last Listed On :
Wednesday, April 03, 2013 Category : MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE
PROFITS
Case Updated On : Monday, June 03, 2013 |
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Profile
|
Client Industry |
Retailer and
Manufacturer of Leather and Allied Products. |
|
Client's
discipline |
Footwear and
Leather Products. |
General
|
The growth of
the client's industry is best described as: |
Growing |
|
Brief description
of the services and/or goods the client provides to the marketplace: |
Retailers and
leading Manufacturer of Footwear in India. |
|
What is the
legal structure of the client? |
Standalone
entity without subsidiary |
|
What type of
company is the client? |
Public Company |
Credit Rating
|
Client's debt
tracked by a credit rating agency? |
Yes |
|
Name of credit
rating agency: |
Other [ICRA] |
|
Credit rating
class provided by credit rating agency: |
Investment Grade |
|
Client credit
rating: |
AA+ / A1+ |
|
Report on credit
worthiness of client purchased from: |
Not Obtained |
Client Financials
|
Does the client
have a credit facility? |
No |
|
Do you have
financial information on this client? |
Yes |
|
Credit facility
type: |
Unknown |
|
Amount of credit
facility: |
No |
|
Currency of
financial statements/data: |
INR Millions |
|
Annualized
revenues: |
Rs.18424.530
Millions |
|
Annualized COGS: |
Rs. 2952.190
Millions |
|
Annualized
EBITDA: |
Rs. 3043.710
Millions |
|
Annualized net
income: |
Rs. 1716.030
Millions |
|
Cash balance: |
Rs. 31.510
Millions |
|
Marketable
Securities balance: |
-- |
|
Accounts
Receivable balance: |
Rs. 449.470
Millions |
|
Current Assets
balance: |
Rs. 7222.180
Millions |
|
Total assets
balance: |
Rs. 11304.320
Millions |
|
Current
Liabilities balance: |
Rs. 3739.920
Millions |
|
Long-Term Debt
balance: |
Rs.0.000
Millions |
|
Equity balance: |
Rs. 7003.300
Millions |
|
Net cash
provided by operating activities: |
Rs. 1845.510
Millions |
|
Date of client's
financial data populated: |
31.12.2012 |
|
Financial
information provided above audited? |
Yes |
CORPORATE
INFORMATION
Subject is a public company domiciled in India and incorporated under the
provisions of The Indian Companies Act, 1913. Its shares are listed on Stock
exchanges in India. Bata India Limited is primarily engaged in the business of
manufacturing and trading of footwear and accessories through its retail and
wholesale network.
OPERATIONS
During the year 2012 the Company achieved a total turnover of Rs.
18717.540 million as compared to Rs. 15650.780 million in 2011, reflecting a
growth of approx. 19.6% on year-on-year.
During the year, the Company continues to record good growth in the
performance of all its business areas. Large scale expansion of retail stores,
renovation of existing stores, improvement in customer service, introduction of
new value oriented products, training of employees, consolidation of
manufacturing processes and focus to improve non-retail sales division, all
together has yet again enabled the Company to achieve new milestones.
The Company always endeavours to provide good quality footwear at affordable
pricing to its customers. Use of modern technology in its factories and
consistent improvement in its manufacturing and procuring process, enabled the
Company to offer new range of trendy and fashionable footwear at a reasonable
price. The Company's retail stores provide a great ambience and delightful
shopping experience to the customers through specially designed shoe display
systems, ultra-modern style, trained and friendly sales personnel and a range
of attractive accessories. During the year 2012, the Company has improved its
footwear collections under its existing brands to suit the requirements of its
customers in all categories. The Company has also introduced many new brands of
footwear, e.g., Sundrops – a new premium range of stylish comfortable footwear
for women, ‘Angry Birds’ - a new collection of merchandise offering school
shoes, casual shoes and accessories for children and teenagers, etc.
In addition to recording a well deserved growth in its BATA HOME
delivery services during the year 2012, the Company has improved its online
shopping experience by making 'cash on delivery' and 'multiple order services'
for the customers. The Company has also made tie-up arrangements with various
e-commerce sites, e.g., Jabong, Snapdeal, India Times, Rediff, Junglee, etc.,
to attract potential customers online.
The Company continues to enjoy the highest market share in organized
footwear industry in India. In order to maintain its leadership position and
stay ahead of growing competition, the Company will continue to innovate and
move in the right direction and shall take all available measures to improve
its business performance in the years to come.
AWARDS AND RECOGNITION
The Company has received the following Awards and Recognition, which has
made them all proud:
1.
The Most Admired Footwear Brand (Retail) - Brand
equity recognized Bata as one of the 'Top most trusted brands' in November
2012.
2.
Most Admired Large Format Multi Brand Footwear
Retailer of the year - National Chain Bata - Bata India was awarded the 'Most
Admired Large Format Multi Brand Footwear Retailer of the Year - National
Chain' by the Images Shoes and Accessories forum held at Mumbai in March 2012.
3.
Customer and Brands loyalty awards in the footwear
sector - Bata India was awarded the 'Customer and Brand Loyalty Award in the
Footwear Sector ' from AIMIA at the 5th Loyalty Summit, held in Mumbai in
February 2012.
4.
Most Trusted Brand at the 18th position - The Brand
Trust Report recognized Bata India as the most trusted brand at the 18th
position. This ranking is post survey of 16,000 brands out of which only 300
top brands were felicitated by the trust advisory.
As a good corporate citizen in India, the Company discharges its
Corporate Social Responsibilities (CSR) with due importance and considers CSR
as a continuous process. The Company is committed to preserved the nature,
protect the environment, contribute to the economic development, ensure
improvement in the quality of life of its employees and their families as well
as the local communities where it operates and also development of the society
at a large, specially for the under-privileged and differently-abled people.
The following CSR activities have been undertaken by the Company during
the year 2012:
v The Company has organized
Polio Immunization Campaign, routine vaccination awareness camp and
polio vaccination in slums near Bataganj factory, Patna.
v The Company is
associated with Blood Donation Camp organized by Pan India on Bata Children
Program day to help children suffering from Thalassemia.
v The Company has
celebrated World Environment Day with tree plantations in Retail West office.
Team also received a certificate of appreciation from United Nations
Environment Program (UNEP).
v The Company has
celebrated World Literacy Day with street children by involving them into
different educational fun games and donated shoes to them in Gurgaon.
v The Company has
organized Eye Check-up Camp for the children of Govt. Middle School, Ramjeechak
at Bataganj, Patna and the children of Bata Nursery School at Batanagar with an
eye safety awareness session.
v Orphan and blind
girl children were sensitized to raise awareness about girl child rights on the
occasion of First International Day of the girl child and were given shoes in
Kolkata and Patna.
v The Company
saluted the spirit of bravery of young hearts by honouring the bravery award
recipients who won the National Bravery Award presented by the Hon'ble Prime
Minster of India on the eve of 64th Republic Day on January 26, 2013. These
children were given shoes, socks and bags.
v Under Bata
Children's Program (BCP) India Initiative, this year Bata India Limited donated
250 pairs of Black School Shoes to all the differently-abled boys and girls in
the age group of 7-23 years in deaf and dumb school in Gurgaon.
RETAIL
The Company has continued its strategy of expanding its retail
operations and has opened 189 new stores in 2012 across metros, tier 1 and tier
2 cities. The process of opening large format stores and renovating the
existing stores to foster contemporary appeal has also continued with the
majority of the stores above 3000 sq. ft. The company has renovated more than
50 retail stores and closed / relocated more than 60 retail stores. The
strategy adopted by the Company has resulted in higher sales and improved
profitability leading to improved financial results achieved by the Company in
the year 2012. The Company has also continued expansion of its Hush Puppies
brand with the opening of 15 exclusive new stores and 12 shop-in-shops stores
across the country. The Company continues to improve the strategic positioning
of its retail stores to cater the needs of the customers and stay ahead of
competition.
All the new retail stores of the Company are made as per Bata's global
format, designed by experienced designers and architects, using the latest
retail techniques and the best quality of furniture to enhance stores layout
and provide an attractive product display. These new stores deliver an
enjoyable shopping experience to its customers in an aesthetically designed
ambience with attentive, friendly and trained staff.
Customer Service continued to remain the main focus during the year
2012. Many new initiatives, e.g., Home Delivery service; E-Commerce enabled
website and a dedicated call centre for customer queries and suggestions, etc.,
have been introduced to enhance customer satisfaction. Extensive training of
store staff, customer response, research management systems and customer
relationship management are some of the measures adopted by the Company for
improved Customer Services.
In order to achieve volume growth the Company has opened 10 new FOOTIN
stores across India during the year 2012, with a new range of footwear for both
men and women focusing on fashionable and trendy styles at an affordable price.
These stores are unique in terms of display and ambience and different from
other footwear retail stores in India. Most of the existing brands of footwear
sold by the Company viz., Comfit, Ambassador, Mocassino, Scholl, Power, North
Star, etc., have recorded a healthy growth during the year 2012. Introduction
of new range of Marie Claire shoes helped the Company gain market share in the
ladies footwear segment. Bubblegummer continues to remain the most favourite
brands amongst the children for its comfort and attractive designs. New Brands
launched in the year 2012 e.g., Sundrops, Angry Birds, etc, have generated good
response in the market.
The Company shall continue to expand its retail operations across the
Country in the future. Opening of large format stores at strategic locations,
making available the footwear and accessories as per customers' choice in these
retail stores and continuous improvement in the customer services, shall be the
main focus area to enhance the Company's market share in the organized retail
footwear industry.
NON RETAIL
The Company's Industrial division has grown steadily year after year and
has created a niche in the safety footwear market in the country. The Division
is working with a vision to be the No.1 in the country in Industrial footwear
segment. Strong initiatives have been taken in the year 2012 in the direction
of creating technically superior merchandize suited to the market needs. The
Division also covered newer segments by launch of new categories of products
for various industrial applications and needs of industries, e.g.,
construction, steel, power, etc. A first time launch of product with PU-Rubber
sole has been planned in the first quarter of the year 2013. This is
revolutionary advancement over current products used by the smelter and
chemical industry. A strong back-up support system has been put in place to
provide personalized service to industrial buyers.
The Company's Institutional business has expanded its customer base in different
segments and is now introducing specialized collections with special features
for specific needs of various institutions. With its new business expansion
plan and increased focus on each specific segment, e.g., education, defence,
hospitality, security agencies and service sector, the division is positioning
itself as a footwear solution provider.
Defence segment has also been the key focus area for the division and a
large order has been received from Indian Air force.
FINANCE
The Earning per Share (EPS) of the Company has increased by 20.8% (from
Rs. 22.110 in 2011 to Rs. 26.700 in 2012) without considering the gains from
Surplus Property Development in previous year. As mentioned in the Annual
Report of the previous years, since April 2010, the Company is debt-free and
the entire capital expenditure has been funded through internal sources. The
Company continues to focus on cash generation to record positive cash flow
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT
The Indian footwear industry comprises of the organized sector and the
unorganized sector. The organized sector accounts for nearly 25% of the
industry with handful of players controlling majority of the market share. The
Indian footwear industry is the second largest footwear producers in the world
next only to China. India is also the third largest footwear market in the
world. In the recent past Indian footwear industry has seen a phenomenal growth
and at present the market is estimated at USD 4 billion. The compounded annual
growth rate (CAGR) of around 14% estimated during the period 2012-14 may lead
this industry to cross USD 7 billion mark by 2015. Presently, Global footwear
market size is estimated to be approximately USD 180 billion with a CAGR of 5%.
Even though the per capita shoe consumption in India has gone up to 2.5 shoes
per year in 2012, it is nearly half of the average per capita shoe consumption
in other developing countries.
The footwear sector has matured from the level of manual footwear
manufacturing methods to automated footwear manufacturing systems. A
considerable number of manufacturing units in India are equipped with in-house
design studios incorporating state-of-the-art CAD systems having 3D Shoe Design
packages. Many Indian footwear factories have also been accredited with ISO
9000, ISO 14000 and SA 8000 Certifications. Leading players in the market have
also developed facilities for physical and chemical testing in their
laboratories having tie-ups with leading international agencies.
Indian footwear sectors' strength originates from its command on
reliable supply of resources in the form of raw hides and skins, quality
finished leather, large installed capacities of production, relatively low cost
labour and ever improving technological support. While leather shoes and uppers
are produced in medium to large scale units, the sandals and chappals are
produced in the household and cottage sector. Traditionally, India produces
more of gents' footwear contrary to the fact that the world's major production
is in ladies footwear. For chappals and sandals use of non-leather materials is
prevalent in the domestic market.
The major drivers for growth of the Indian footwear industry are:
increasing disposable income and growing number of middle-class households,
ever growing fashion consciousness, increasing number of working women,
penetration in tier-2 and tier-3 cities, online availability and Government's
initiatives boosting the industry. The market is de-licensed which further
creates expansion opportunities for both organized and unorganized sectors. The
unorganized players presently have the major shares in ladies and kids segment
controlling almost 2/3rd of the market. Considering these facts many Indian players
have now lined up their plan of action to increasing their market share in the
ladies and kids segment by introducing trendy and comfortable shoe lines at
affordable prices.
OUTLOOK
The future growth of the footwear industry in India will continue to be
market driven with technology and quality of the footwear improving year after
year.
The Indian footwear industry is gearing up to leverage its strength
towards maximizing benefits. However, with the entry of established foreign
players in Indian market and ever changing fashion trends, especially for the
youngsters, the Company will require constant improvement in the range of
products being manufactured or sourced and also to provide value for money to
the customers. The comfort of buying online by the new generation will also
impose a challenge on the Company for increasing its presence through
e-commerce sites. The Company has already established tie-up arrangements with
leading e-commerce sites such as, e-bay, jabong, flipkart, junglee, etc. and is
expecting exponential growth in its revenue and profit through these online
sales. The Company's BATA HOME Delivery services coupled with exclusive
Customer Care Centre in Gurgaon has led to an improved performance for the year
2012. Strengthening of all these aspects of business operations will surely
help the Company to register better performance in the future. Since 2010 the
Company continues to be a debt-free Company and meets its capital expenditure
requirements through internal resources only.
The change in Foreign Direct Investment (FDI) policies for single brand
retailing allowing 100% FDI and multi-brand retailing allowing 51% FDI will
provide opportunities for new players to enter into the Indian market. The
Company is aware of these developments and has taken necessary steps to move
towards the right direction in order to retain its market leadership position
in the years to come.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
[Rs.
in Millions]
|
SI. No. |
Particular |
Quarter 2 ended 30th June 2013 |
Preceding 3 months ended 31st March 2013 |
6 months ended 30th June 2013 |
||
|
|
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from operations |
|
|
|
||
|
|
a Net Sales/Income from Operations |
5721.330 |
4536.360 |
10257.690 |
||
|
|
b Other Operating Income |
3.300 |
2.380 |
5.680 |
||
|
|
Total income from operations (net) |
5724.630 |
4538.740 |
10263.370 |
||
|
2 |
Expenses |
|
|
|
||
|
|
a Cost of materials consumed |
794.420 |
740.550 |
1534.970 |
||
|
|
b Purchases of stock-in-trade |
1741.440 |
1799.880 |
3541.320 |
||
|
|
c Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
216.890 |
(457.380) |
(240.490) |
||
|
|
d Employee benefits expense |
540.460 |
516.480 |
1056.940 |
||
|
|
e Depreciation and amortization expense |
140.710 |
130.620 |
271.330 |
||
|
|
f Rent |
621.810 |
607.740 |
1229.550 |
||
|
|
g Other Expenses |
849.110 |
702.800 |
1551.910 |
||
|
|
Total Expenses |
4904.840 |
4040.690 |
8945.530 |
||
|
3 |
Profit from Operations before Other income,
finance costs and tax (1-2) |
819.790 |
498.050 |
1317.840 |
||
|
4 |
Other Income |
77.530 |
69.390 |
146.920 |
||
|
5 |
Profit from ordinary activities before
finance costs and tax (3+4) |
897.320 |
567.440 |
1464.760 |
||
|
6 |
Finance costs |
2.400 |
2.400 |
4.800 |
||
|
7 |
Profit from ordinary activities before tax
(5-6) |
894.920 |
565.040 |
1459.960 |
||
|
8 |
Tax Expense |
275.520 |
180.430 |
455.950 |
||
|
9 |
Net Profit for the Period (7-8) |
619.400 |
384.610 |
1004.010 |
||
|
10 |
Paid up Equity Share Capital (Rs 10/- per
share) |
642.640 |
642.640 |
642.640 |
||
|
11 |
Reserves excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
||
|
12 |
Earnings per share (of Rs. 10 each) (not
annualized): Basic & Diluted (Rs.) |
9.64 |
5.98 |
15.62 |
||
|
|
|
|
|
|
||
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
||
|
1. |
Public
shareholding |
|
|
|
||
|
|
Number of
Shares |
30.840 |
30.840 |
30.840 |
||
|
|
Percentage of Shareholding |
48% |
48% |
48% |
||
|
2. |
Promoters and
promoter group shareholding |
|
|
|
||
|
|
a)
Pledged/Encumbered |
|
|
|
||
|
|
- Number of Shares |
Nil |
Nil |
Nil |
||
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
||
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
||
|
|
|
|
|
|
||
|
|
Non - encumbered |
|
|
|
||
|
|
- Number of
Shares |
33.420 |
33.420 |
33.420 |
||
|
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100% |
100% |
100% |
||
|
|
- Percentage
of Shares (as a % of the
total share capital of the company) |
52% |
52% |
52% |
||
|
|
Particulars |
3 months ended 30th June, 2013 |
|
|||
|
B |
Investor
complaints (Nos.) |
|
|
|||
|
|
Pending at the beginning of the quarter |
1 |
|
|||
|
|
Received during the quarter |
1 |
|
|||
|
|
Disposed of during the quarter |
1 |
|
|||
|
|
Remaining unresolved at the end of the quarter |
1 |
|
|||
SEGMENTWISE REVENUE, RESULT AND CAPITAL
EMPLOYED
[Rs.
in Millions]
|
SI. No. |
Particulars |
Quarter 2 ended 30th June 2013 |
Preceding 3 months ended 31st March 2013 |
6 months ended 30th June 2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
SEGMENT REVENUE Net Sale/ Income from each
Segment (Including Other operating Income and Other Income) a. Footwear
& Accessories b. Surplus
Property Development TOTAL REVENUE |
5755.820 -- 5755.820 |
4570.100 -- 4570.100 |
10325.920 -- 10325.920 |
|
2 |
SEGMENT RESULT Profit before Tax & Interest from each
Segment a. Footwear
& Accessories b. Surplus
Property Development TOTAL Less : I Interest
Expense II Interest
Income Ill
Un-allocable Expenditure Total Profit Before Tax |
853.280 -- 853.280 2.400 (46.340) 2.300 894.920 |
531.510 -- 531.510 2.400 (38.030) 2.100 565.040 |
1384.790 -- 1384.790 4.800 (84.370) 4.400 1459.960 |
|
3 |
CAPITAL EMPLOYED Segment Assets - Segment Liabilities a. Footwear
& Accessories b. Surplus Property Development c. Unallocated |
7836.210 (216.240) 380.580 8000.550 |
7442.410 (216.240) 159.400 7385.570 |
7836.210 (216.240) 380.580 8000.550 |
Notes:
1. The above results were reviewed by the Audit Committee and approved by the
Board of Directors at their meeting held on 25th July, 2013. Limited Review of
these results, as required under clause 41 of the Listing Agreement, has been
completed by the Auditors Figures of the previous year/ quarter have been
regrouped, wherever considered necessary.
2. Net Sales of Rs. 10257.690 Millions for the first half of the year
ended 30th June, 2013 has increased by 12.9% over the corresponding period last
year. Net Profit for the first half of the year ended 30th June, 2013 of Rs.
1004.010 Millions has increased by 13.3% over the corresponding period last
year.
3. The Company operates in two segments - i) Footwear & Accessories
ii) Surplus Property Development.
4. The Statement of Assets and Liabilities is given below-
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
[Rs. in Millions]
|
SI. No. |
Particulars |
30th June 2013 |
|
|
|
Unaudited |
|
A. |
EQUITY AND LIABILITIES Shareholders' Funds: - Share
Capital - Reserves
and Surplus Non-current liabilities - Trade
payables - Long-term provisions Current liabilities - Trade
payables - Other
current
liabilities - Short-term
provisions |
642.640 7357.910 8000.550 640.170 -- 640.170 2850.590 603.830 468.850 3923.270 |
|
|
TOTAL |
12563.990 |
|
B. |
ASSETS Non-current assets - Fixed
assets
Tangible assets
Intangible assets
Capital work-in-progress - Non-current
investments - Deferred tax assets (net) - Long-term loans and advances Current assets - Inventories - Trade
receivables - Cash
and cash equivalents * - Short-term
loans and advances - Other
current assets |
2339.540 5.940 217.680 48.510 532.140 1159.480 4303.290 4876.430 595.390 2540.840 171.940 76.100 8260.700 |
|
|
TOTAL |
12563.990 |
* Cash and cash equivalents represents cash
and bank balances.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 |
31.12.2011 |
|
|
(Rs. in Millions) |
|
|
Claims against Company not acknowledged as debts includes |
|
|
|
Excise and Customs Cases |
158.740 |
154.400 |
|
Sales Tax Cases |
34.200 |
34.200 |
|
Others* |
279.680 |
226.600 |
|
Income Tax Cases** |
0.000 |
230.550 |
|
Total |
472.620 |
645.750 |
* Others include individually small cases pertaining to rent, labour
etc.
** During the earlier years, the Assessing Officer had revised the
computation of Capital Gains on “Transfer of Development Rights to RHPL” in the
year 2007 by treating it as Short Term instead of the Long Term and thus raised
a demand of Rs. 230.55 million on the Company. The Company during the previous
year had received favourable order from the CIT (Appeal). However, Income Tax
Department had filed an appeal with the Appellate Tribunal (ITAT) against the
said order. The Company during the current year has received favourable order
from the ITAT Kolkata.
On the basis of current status of individual cases and as per legal advice
obtained by the Company wherever applicable, the Company is confident that no
provision is required in respect of these cases at this point in time.
Future obligations imposed by the Govt of West Bengal in respect of
property project are Rs.42.130 million (Previous year: Rs. 58.860 million).
The erstwhile JV company will fulfill the obligation of development of
88 acres (Previous Year: 88 acres) of land for social and economic purposes as
per conditions imposed on the Company by Government of West Bengal. The
transaction value is not ascertainable at this point of time.
FIXED ASSETS:
v Land
v Buildings
v Plant and
equipment
v Furniture and
fixtures
v Vehicles
v Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.69 |
|
UK Pound |
1 |
Rs. 100.80 |
|
Euro |
1 |
Rs. 86.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.