MIRA
INFORM REPORT
|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BATA SHOE OF
THAILAND PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
21st
Floor, Nation Tower, 1858/95-96, Bangna-Trad
Road, Bangna, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
01.08.2012 |
|
|
|
|
Date of Incorporation : |
13.12.1950 |
|
|
|
|
Com. Reg. No.: |
0107537001145 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Shoes. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Stopped Operation |
|
Payment Behaviour : |
--- |
|
Litigation : |
--- |
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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic crisis severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013
|
Source : CIA |
Company name
BATA
SHOE OF THAILAND
PUBLIC COMPANY LIMITED
SUMMARY
REGISTRATION / LIQUIDATION : 21st FLOOR,
NATION TOWER,
ADDRESS 1858/95-96, BANGNA-TRAD
ROAD, BANGNA,
BANGKOK 10260,
THAILAND
ESTABLISHED : 1950
REGISTRATION
NO. : 0107537001145 [Former
: BOR.MOR.JOR. 361]
TAX
ID NO. : 3101045901
CAPITAL
REGISTERED : BHT.
337,500,000
CAPITAL
PAID-UP : BHT.
326,105,520
SHAREHOLDER’S PROPORTION : THAI :
51%
DUTCH : 49%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
LINES
OF BUSINESS : SHOES
MANUFACTURER, DISTRIBUTOR
AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STOPPED
OPERATION
HISTORY
The subject was
initially formed on November
13, 1950 as
a private limited
company under the name “Bata Shoe
of Thailand Co., Ltd.”. Its business objective is to
manufacture and distribute
various types of
shoes to both
domestic and international
markets.
On March 10,
1976 the subject
was listed on
the Stock Exchange
of Thailand. On
April 19, 1994,
its status was
converted to a
public limited company
under the name
BATA SHOE OF
THAILAND PUBLIC COMPANY LIMITED.
However, its name
was removed from
the Stock Exchange
of Thailand on
March 31, 2010.
On August 1,
2012, the subject
declared to cease
the company’s operation completely
at the Commercial
Registration Department, but
has not yet completed the
liquidation process of
its accounts. However,
its business was
transferred to the
related company, named
“Bata [Thailand] Company
Limited”.
Its registration /
liquidation address was
located to 21st Floor,
Nation Tower, 1858/95-96
Bangna-Trad Rd., Bangna,
Bangkok 10260.
THE BOARD OF DIRECTORS
[before liquidation]
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Pongsak Sawatyanon |
Thai
|
49 |
|
Mr. Michael Graham Voisey
Middleton |
Canadian |
65 |
|
Mr. Prakit Pradipasen : Vice Chairman |
Thai |
71 |
|
Mr. Marcelo Pace :
Chairman |
Italian |
50 |
|
Mr. Taksapol Chiemwichitra |
Thai |
72 |
|
Mr. Kumar Nitesh |
Chilean |
- |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
REMARK
The subject has
stopped its operation
since August 1,
2012. Any business
engagement with the subject
should be ceased.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 100,000, divided into
2,000 shares of
Bht. 50 each
with fully paid.
The capital was
increased later as
followings:
Bht. 20
million in 1976
Bht. 80
million in July,
1984
Bht. 100
million in February,
1986
Bht. 125
million in May, 1989
Bht. 225
million in 2002
The latest registered
capital was increased
to Bht. 337,500,000
divided into 33,750,000
shares of Bht.
10 each with
the current capital
paid-up of Bht.
326,105,520.
MAIN SHAREHOLDERS
[as at April
25, 2012] at
Bht. 326,105,520 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
BT Holding Co.,
Ltd. Nationality: Thai Address : 1858/95-96
Bangna-Trad Road,
Bangna, Bangna, Bangkok |
16,422,789 |
50.36 |
|
Bafin [Netherlands] B.V. Nationality: Dutch Address : Rokin
55, 1012 KK
Amsterdam, The Netherlands |
15,180,186 |
46.55 |
|
Stichting Viburnum Nationality: Dutch Address : Everwijnstaat 1 4101CE
Culemborg, Netherlands |
800,000 |
2.45 |
|
Others |
207,577 |
0.64 |
Total Shareholders : 263
Share Structure [as
at April 25,
2012]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
261 |
16,630,366 |
51.00 |
|
Foreign - Dutch |
2 |
15,980,186 |
49.00 |
|
Total |
263 |
32,610,552 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Supachai Panyawathan No.
3930
BALANCE SHEET [BAHT]
The latest financial figures published
as at August
1, 2012, December
31, 2011 & 2010
were:
ASSETS
|
Current Assets |
Aug. 1,
2012 |
Dec. 31,
2011 |
Dec. 31, 2010 |
|
|
|
|
|
|
Cash and cash equivalents |
86,151,276 |
145,197,568 |
149,741,489 |
|
Trade accounts and other
receivable |
- |
56,764,351 |
71,505,170 |
|
Inventories |
- |
354,973,745 |
267,262,822 |
|
Other current assets
|
2,297,477 |
6,813,941 |
9,016,708 |
|
|
|
|
|
|
Total Current Assets
|
88,448,753 |
563,749,605 |
497,526,189 |
|
Real estate for investment |
- |
3,002,124 |
3,505,124 |
|
Property, plant and equipment |
- |
103,385,800 |
80,591,568 |
|
Leasehold rights |
- |
80,504,295 |
70,497,173 |
|
Other non-current assets |
|
|
|
|
Deposit for lease |
- |
83,433,609 |
73,157,075 |
|
Others |
- |
1,683,582 |
2,000 |
|
Total Assets |
88,448,753 |
835,759,015 |
725,279,129 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
Aug. 1,
2012 |
Dec. 31,
2011 |
Dec. 31, 2010 |
|
|
|
|
|
|
Trade accounts and
other payable |
25,239,804 |
247,552,603 |
204,271,553 |
|
Current portion of finance lease payable |
- |
3,039,810 |
2,532,406 |
|
Accrued income tax
|
34,142,847 |
30,455,211 |
29,655,415 |
|
Other Current Liabilities |
8,105,290 |
9,645,148 |
5,032,710 |
|
|
|
|
|
|
Total Current Liabilities |
67,487,941 |
290,692,772 |
241,492,084 |
|
Finance lease payable-net of current portion |
- |
1,233,888 |
4,273,698 |
|
Reserve for employee benefits |
- |
9,822,000 |
- |
|
Other non-current liabilities |
- |
7,057,334 |
5,923,842 |
|
Total Liabilities |
67,487,941 |
308,805,994 |
251,689,624 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share Capital |
|
|
|
|
Registered 33,750,000 ordinary
shares of Baht 10 each |
337,500,000 |
337,500,000 |
337,500,000 |
|
Issued and
fully paid |
|
|
|
|
32,610,552 ordinary
shares of Baht 10 each |
- |
326,105,520 |
326,105,520 |
|
Discount on ordinary shares |
- |
[25,276,380] |
[25,276,380] |
|
Retained Earning Appropriated for
legal reserve |
- |
33,750,000 |
9,000,000 |
|
Unappropriated [deficit] |
20,960,812 |
192,373,881 |
163,760,365 |
|
Total Shareholders' Equity |
20,960,812 |
526,953,021 |
473,589,505 |
|
Total Liabilities &
Shareholders' Equity |
88,448,753 |
835,759,015 |
725,279,129 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Jan. 1,
2012 -Aug. 1, 2012 |
Dec. 31,
2011 |
Dec. 31, 2010 |
|
|
|
|
|
|
Sales |
1,212,366,830 |
1,746,576,309 |
1,489,200,996 |
|
Others income |
|
|
|
|
Gain on business
transfer |
479,435,506 |
- |
- |
|
Rental income |
2,830,893 |
6,373,246 |
5,781,270 |
|
Others |
16,845,220 |
19,944,251 |
17,458,995 |
|
Total Revenues |
1,711,478,449 |
1,772,893,806 |
1,512,441,261 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
589,229,239 |
863,758,672 |
765,275,046 |
|
Selling expenses |
325,352,783 |
508,302,858 |
417,724,890 |
|
Administrative expenses |
143,362,014 |
177,947,024 |
163,319,426 |
|
Total Expenses |
1,057,944,036 |
1,550,008,554 |
1,346,319,362 |
|
|
|
|
|
|
Income before finance
expenses and corporate income tax |
653,534,413 |
222,885,252 |
166,121,899 |
|
Finance expenses |
[158,780] |
[454,679] |
[726,385] |
|
|
|
|
|
|
Income before corporate
income tax |
653,375,633 |
222,430,573 |
165,395,514 |
|
Corporate income tax |
[34,303,798] |
[71,235,401] |
[54,310,590] |
|
Net Profit / [Loss] |
619,071,835 |
151,195,172 |
111,084,924 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.31 |
1.94 |
2.06 |
|
QUICK RATIO |
TIMES |
1.28 |
0.69 |
0.92 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
16.96 |
18.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
13.74 |
2.10 |
2.06 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
150.00 |
127.47 |
|
INVENTORY TURNOVER |
TIMES |
- |
2.43 |
2.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
11.82 |
17.46 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
30.88 |
20.91 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
15.63 |
104.61 |
97.43 |
|
CASH CONVERSION CYCLE |
DAYS |
(15.63) |
57.21 |
47.50 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
48.49 |
49.27 |
51.19 |
|
SELLING & ADMINISTRATION |
% |
38.57 |
39.15 |
38.87 |
|
INTEREST |
% |
0.01 |
0.03 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
92.35 |
51.86 |
49.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
53.78 |
12.71 |
11.11 |
|
NET PROFIT MARGIN |
% |
50.94 |
8.63 |
7.43 |
|
RETURN ON EQUITY |
% |
2,953.47 |
28.69 |
23.46 |
|
RETURN ON ASSET |
% |
699.92 |
18.09 |
15.32 |
|
EARNING PER SHARE |
BAHT |
- |
4.64 |
3.41 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.37 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.22 |
0.59 |
0.53 |
|
TIME INTEREST EARNED |
TIMES |
4,115.97 |
490.20 |
228.70 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(30.68) |
17.26 |
|
|
OPERATING PROFIT |
% |
193.22 |
34.17 |
|
|
NET PROFIT |
% |
309.45 |
36.11 |
|
|
FIXED ASSETS |
% |
(100.00) |
28.28 |
|
|
TOTAL ASSETS |
% |
(89.42) |
15.23 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -30.68%. Turnover has decreased from THB
1,752,949,555.00 in 2011 to THB 1,215,197,723.00 in 2012. While net profit has
increased from THB 151,195,172.00 in 2011 to THB 619,071,835.00 in 2012. And
total assets has decreased from THB 835,759,015.00 in 2011 to THB 88,448,753.00
in 2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
92.35 |
Impressive |
Industrial
Average |
23.95 |
|
Net Profit Margin |
50.94 |
Impressive |
Industrial
Average |
(3.84) |
|
Return on Assets |
699.92 |
Impressive |
Industrial
Average |
(6.70) |
|
Return on Equity |
2,953.47 |
Impressive |
Industrial
Average |
(83.39) |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The
company’s figure is 92.35%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s
figure is 50.94%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
699.92%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity
is 2953.47%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.31 |
Impressive |
Industrial
Average |
0.79 |
|
Quick Ratio |
1.28 |
|
|
|
|
Cash Conversion Cycle |
(15.63) |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 1.31 times in 2012, decreased from 1.94 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.28 times in 2012,
increased from 0.69 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for -16 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Impressive |
Industrial
Average |
0.96 |
|
Debt to Equity Ratio |
3.22 |
Impressive |
Industrial
Average |
16.10 |
|
Times Interest Earned |
4,115.97 |
Impressive |
Industrial
Average |
0.03 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using
less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 4115.98 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.76 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
(1.28) |
|
Total Assets Turnover |
13.74 |
Impressive |
Industrial
Average |
1.71 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
4.43 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
1.22 |
|
Payables Conversion Period |
15.63 |
|
|
|
The company's Total Asset Turnover is calculated as 13.74 times and 2.1
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.