MIRA
INFORM REPORT
|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BATA INDIA LIMITED |
|
|
|
|
Registered
Office : |
6A, S N Banerjee Road, Kolkata – 700013, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
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 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and
Trading of Footwear and Accessories. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of Bata (BN) BV, Amsterdam – a BSO Group
Company. It is an established company having fine track. The company possesses a favourable financial profile marked by strong
networth and liquidity position emanating from its adequate cash balance,
healthy cash accruals and debt free status. Management has reported a continued growth momentum in its revenue and
profitability margins during FY 2013. The ratings also take into consideration the intensely competitive
nature of the Indian Footwear Industry which can lead to possible erosion in
Bata’s Market share and vulnerability of its profitability to fluctuation in
view material prices. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of established position in the domestic market characterized
by its dominant position, its strong brand and wide distribution reach, the
subject can be considered 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA+ [Bank Lines] |
|
Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ [Commercial Paper] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
March 2014 |
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 has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
|
ENTITY |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTIONS/DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
BATA INDIA
LIMITED |
EPFO |
EXEMPTED AND
UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND,
PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND PENAL DAMAGES OF
RS.56.834 MILLIONS |
AMONG OTHER
ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE |
-- |
|
BATA INDIA
LIMITED |
NSDL |
LONG PENDING
DEMAT REQUESTS AND NOT RESPONDING/SERVICES STOPPED BY THE REGISTRAR |
PUT UP ON NSDL
WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN
THE LIST DATED 15/04/2011 |
|
BATA INDIA
LIMITED |
NSDL |
HIGH PENDING
DEMAT REQUESTS |
PUT UP ON NSDL
WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN
THE LIST DATED 15/04/2011 |
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 : |
|
|
Website : |
|
|
|
|
|
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 31.12.2013
|
Name : |
Mr. Uday Khanna |
|
Designation : |
Chairman and Independent Director |
|
Date of Birth/Age : |
64 Years |
|
Qualification : |
Chartered Accountant- B Com, FCA |
|
|
|
|
Name : |
Mr. Rajeev Gopalakrishnan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
49 years |
|
Qualification : |
B.E (Mechanical |
|
Experience : |
23 Years |
|
Date of Appointment : |
01.01.2011 |
|
|
|
|
Name : |
Mr. Ranjit Mathur |
|
Designation : |
Director Finance |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
B.Com, C.A. |
|
Experience : |
22 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 : |
53 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 |
|
|
|
|
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 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
|
|
|
|
34032757 |
52.96 |
|
|
34032757 |
52.96 |
|
Total shareholding of Promoter and Promoter
Group (A) |
34032757 |
52.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5551106 |
8.64 |
|
|
10131 |
0.02 |
|
|
764131 |
1.19 |
|
|
12928525 |
20.12 |
|
|
19253893 |
29.96 |
|
|
|
|
|
|
2609618 |
4.06 |
|
|
|
|
|
|
7465678 |
11.62 |
|
|
896824 |
1.40 |
|
|
5000 |
0.01 |
|
|
5000 |
0.01 |
|
|
10977120 |
17.08 |
|
Total Public shareholding (B) |
30231013 |
47.04 |
|
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 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
64263770 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Trading of Footwear and Accessories. |
||||||||
|
|
|
||||||||
|
Products : |
|
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 : |
Not Available |
|
|
|
|
Bankers : |
·
State Bank of India ·
HDFC Bank Limited |
|
|
|
|
Facilities : |
-- |
|
|
|
|
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 : |
·
Bata Properties Limited ·
Coastal Commercial and Exim Limited (a step down subsidiary) |
|
|
|
|
Fellow Subsidiaries : |
·
Bata Shoe (Singapore) Pte. Limited ·
Global Footwear Services Pte Limited ·
Bata Malaysia SDN. BHD. ·
Bata Shoe Co. (Kenya) Limited ·
Euro Footwear Holdings S.A.R.L. ·
Bata Shoe Co. Of Ceylon Limited ·
Empresas Commercials S.A. ·
Bata Shoe Co. (Bangladesh) Limited ·
International Footwear Investment B.V. ·
Bata Shoe of Thailand Public Company Limited ·
Bata Brands S.A.R.L. ·
Futura Footwear Limited ·
Bata Brands S.A. |
CAPITAL STRUCTURE
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
64285000 |
Equity Shares |
Rs.10/- each
|
Rs.642.850
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
64263770 |
Equity Shares |
Rs.10/- each
|
Rs.642.640
Millions |
NOTES:
*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.
RECONCILIATION
OF THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING YEAR
EQUITY SHARES:
|
PARTICULAR |
AS ON
31.12.2013 |
|
|
|
NO. OF
SHARES |
RS. IN
MILLIONS |
|
At the beginning of the year |
64263770 |
642.64 |
|
Outstanding at the end of the year |
64263770 |
642.64 |
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.6.50 (Previous year: Rs.6.00). 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.
SHARES HELD
BY HOLDING COMPANY:
Out of equity shares issued by the Company, shares held by its holding
company are as below:
|
PARTICULAR |
AS ON 31.12.2013 |
|
Bata (BN) B.V., Amsterdam, The Netherlands,
the holding company |
|
|
34032757 Equity Shares |
340.330 Millions |
DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:
|
PARTICULAR |
AS ON
31.12.2013 |
|
|
|
NO. OF
SHARES |
% HOLDING
IN THE CLASS |
|
Equity shares of Rs.10 each fully paid |
|
|
|
Bata (BN) B.V., Amsterdam, The Netherlands, the holding company |
34032757 |
52.96% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
642.640 |
642.640 |
642.640 |
|
(b) Reserves &
Surplus |
7767.370 |
6360.660 |
5100.420 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
8410.010 |
7003.300 |
5743.060 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
409.550 |
|
(d) long-term provisions |
0.000 |
0.000 |
216.240 |
|
(e) Trade payables |
792.750 |
561.100 |
0.000 |
|
Total Non-current
Liabilities (3) |
792.750 |
561.100 |
625.790 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2861.340 |
2185.890 |
1936.210 |
|
(c) Other current
liabilities |
876.630 |
759.040 |
436.600 |
|
(d) Short-term provisions |
886.770 |
794.990 |
500.300 |
|
Total Current Liabilities
(4) |
4624.740 |
3739.920 |
2873.110 |
|
|
|
|
|
|
TOTAL |
13827.500 |
11304.320 |
9241.960 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2454.440 |
2406.720 |
2184.570 |
|
(ii) Intangible Assets |
7.910 |
6.770 |
5.420 |
|
(iii) Capital work-in-progress |
237.070 |
181.170 |
80.670 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
48.510 |
48.510 |
48.510 |
|
(c) Deferred tax assets
(net) |
680.790 |
443.590 |
342.150 |
|
(d) Long-term Loan and Advances |
1183.570 |
995.380 |
845.200 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4612.290 |
4082.140 |
3506.520 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5826.940 |
4620.930 |
3913.220 |
|
(c) Trade receivables |
509.200 |
449.470 |
313.940 |
|
(d) Cash and cash
equivalents |
2557.250 |
1871.010 |
1229.460 |
|
(e) Short-term loans and
advances |
226.430 |
212.430 |
238.010 |
|
(f) Other current assets |
95.390 |
68.340 |
40.810 |
|
Total Current Assets |
9215.210 |
7222.180 |
5735.440 |
|
|
|
|
|
|
TOTAL |
13827.500 |
11304.320 |
9241.960 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Income |
20651.740 |
18424.530 |
15425.350 |
|
|
Other Income |
313.480 |
299.520 |
1309.140 |
|
|
TOTAL (A) |
20965.220 |
18724.050 |
16734.490 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3345.860 |
2952.190 |
2551.710 |
|
|
Purchases of Stock-in-Trade |
7328.660 |
6323.010 |
5590.910 |
|
|
Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
(1186.050) |
(594.770) |
(877.160) |
|
|
Employees benefits expense |
2133.120 |
1959.330 |
1858.540 |
|
|
Other expenses |
5811.660 |
5040.580 |
3996.750 |
|
|
Exceptional items |
100.770 |
0.000 |
0.000 |
|
|
TOTAL (B) |
17534.020 |
15680.340 |
13120.750 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
3431.200 |
3043.710 |
3613.740 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
12.990 |
10.320 |
8.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION
AND AMORTISATION (C-D) (E) |
3418.210 |
3033.390 |
3605.040 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
591.970 |
513.750 |
411.010 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
2826.240 |
2519.640 |
3194.030 |
|
|
|
|
|
|
|
Less |
TAX (H) |
918.810 |
803.610 |
935.640 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
1907.430 |
1716.030 |
2258.390 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD (K) |
4669.030 |
3572.730 |
1987.319 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
190.740 |
171.600 |
225.839 |
|
|
Proposed Final Equity Dividend |
417.710 |
385.580 |
385.583 |
|
|
Tax on Proposed Equity Dividend |
73.970 |
62.550 |
61.558 |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE B/S |
5894.040 |
4669.030 |
3572.729 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
147.070 |
149.820 |
169.340 |
|
|
TOTAL EARNINGS |
147.070 |
149.820 |
169.340 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
37.490 |
43.390 |
39.750 |
|
|
Stores and Spare Parts |
3.580 |
1.280 |
1.850 |
|
|
Finished Goods |
1104.820 |
984.820 |
1127.930 |
|
|
Capital Goods |
272.330 |
50.270 |
45.180 |
|
|
TOTAL IMPORTS |
1418.220 |
1079.760 |
1214.710 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
29.68 |
26.70 |
35.14 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.03.2014 |
|
Net Sales |
|
|
4954.400 |
|
Total Expenditure |
|
|
4296.200 |
|
PBIDT (Excl OI) |
|
|
658.200 |
|
Other Income |
|
|
73.400 |
|
Operating Profit |
|
|
731.600 |
|
Interest |
|
|
02.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
728.900 |
|
Depreciation |
|
|
136.500 |
|
Profit Before Tax |
|
|
592.400 |
|
Tax |
|
|
198.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
394.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Net Profit |
|
|
394.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
9.10
|
9.16 |
13.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.69
|
13.67 |
20.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.97
|
23.70 |
36.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.35 |
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
1.93 |
20.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
642.640 |
642.640 |
642.640 |
|
Reserves & Surplus |
5100.420 |
6360.660 |
7767.370 |
|
Net worth |
5743.060 |
7003.300 |
8410.010 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
15425.350 |
18424.530 |
20651.740 |
|
|
|
19.443 |
12.088 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
15425.350 |
18424.530 |
20651.740 |
|
Profit |
3613.740 |
1716.030 |
1907.430 |
|
|
23.43% |
9.31% |
9.24% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10216724 |
27/09/2012 * |
3,000,000,000.00 |
HOUSING DEVELOPMENT
FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION,
H T PAREKH MA |
B62128582 |
|
2 |
80013801 |
12/07/2011 * |
560,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH,11TH/12TH
FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI - 110001, INDIA |
B16793754 |
* Date of charge modification
|
CASE DETAILS: CALCUTTA HIGH COURT CASE STATUS INFORMATION SYSTEM
|
||||||||||||||||||||||||||||||||||
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:
For the first time in its
history, the Company's Turnover crossed the coveted mark of Rs. 20,000 Million.
During the year 2013, the Company achieved a total turnover of Rs.20984.100 Millions
as compared to the Turnover of Rs.18717.500 Millions in the year 2012 -
reflecting a growth of approx. 12.1%. The Company recorded a Net Profit of
Rs.1907.400 Millions for the year 2013, which was 11.2% higher than the Net
Profit of Rs.1716.000 Millions for the year 2012.
The Company has witnessed
constant growth over the past few years, which endorses its strong
understanding of the consumer needs and lifestyle. The Company has been
relentlessly working on improving its product offerings through constant
research and development. The footwear collection has vastly improved over the
years and many contemporary and fashionable designs of footwear have been
launched. The new designs have helped the Company to constantly increase its
customer base while meeting the changing lifestyle needs of the loyal
customers.
During the year, the
manufacturing facilities of the Company have also been upgraded with
introduction of improved quality, better technology and materials for producing
footwear with a more trendy look and comfort to meet the ever-changing market
requirements. In order to meet its demand for footwear, the Company has also
tied up with various manufacturers to produce shoes as per its own designs and
quality standards. Modernization of factories is an on-going process in the
Company and the same shall continue in the future.
In its strategic pursuit,
the Company continues to open approx. 100 new retail stores every year across
India and shut down or relocate unviable stores. Most of the new stores are of
large format having space of more than 3,000 sq. ft. and delicately designed to
display each category of footwear and accessories. These large format stores
provide an excellent ambience and delightful shopping experience to the
customers. During the year, the Company opened 95 new stores, including the
largest footwear store in India at Viviana Mall, Mumbai, covering an area of
approx. 28,000 sq. ft. The Company is accelerating its growth focusing on tier
II and tier III cities where the potential for growth is significant.
The improved performance of
the Company over the past few years is a testimony to the fact that the Company
is moving in the right direction and has adopted the right model of growing its
business. The Indian market offers great opportunities and challenges as well.
As the Indian consumers become more and more demanding in their choices,
preferences and tastes, the Company will also gear up to seize these
opportunities and face the challenges with appropriate strategies. Key Priorities
of the Company for the year 2014 shall be to expand its presence in existing
markets as well as in tier II and tier III cities in India. Footwear offerings
shall continue to focus on the latest fashion and trend at affordable prices to
attract and serve the younger generation of customers.
AWARDS AND RECOGNITION:
The Directors are pleased
to inform that the Company continues to maintain its leadership position in the
organized footwear industry in India. The Company has been the recipient of several
awards and recognitions. During the year, the Company received the following
Awards and Recognitions:
(i) Brand Equity - The Most Trusted Brand of 2013:
'BATA' has bagged the No. 1
position in the FOOTWEAR category - This is the second consecutive year that
the Company bagged the No.1 spot. The brand BATA was catapulted in ranking from
27th position in 2012 to 16th position in 2013 - an improvement of
11 positions in overall ranking amongst the top 100 brands in India.
(ii) Images Shoes and Accessories Award- 2013:
Bata India has been awarded
Images Most Admired National Footwear Retail Chain of the Year.
(iii) India's Most Attractive Brand 2013:
Bata India has been ranked
at the 11th position by DNA Newspaper on the basis of a survey conducted by
research firm TRA amongst the top Brands in India.
MANAGEMENTDISCUSSION AND
ANALYSISREPORT:
INDUSTRY STRUCTURE AND
DEVELOPMENT:
Indian footwear industry continues
to be the second-largest footwear producer in the World - next only to China.
The Indian Footwear Market is divided into organized and unorganized segments.
The organized segment caters only 1/3rd of the footwear industry while the
other 2/3rd is shared by small un-organized local players across the Country.
The footwear market is dominated by men's segment which accounts for more than
50 per cent of total consumption, followed by 30 per cent in ladies segment and
15 per cent in kids segment. India produces more of men’s shoes while other
countries in the world produce more footwear for ladies. The organized sector
is represented by major national and international players like Bata, Relaxo,
Liberty, Adidas, Reebok, etc. while the un-organized sector comprises of small
cottage industry based manufacturers.
The size of domestic
footwear industry in India is approx. USD 35 Billion. According to an ASSOCHAM
study, the
Industry is considered to
possess a significant potential with overall market anticipated to grow at a
CAGR of approx. 15% during 2012-2014. The Indian footwear market is driven by
growing fashion consciousness and increasing disposable income of the urban
middle-class consumers. More and more women are now becoming financially
independent, which give them more purchasing power. To exploit the potential of
the Footwear industry in India, a number of premium footwear brands are
foraying into India's tier-II and tier-III cities to increase their customer
base. Indian Footwear Industry is expected to grow by 15% year-on-year in next
ten years and increase in middle class population in these non-metro cities
will be a major contributor to the volume growth of footwear business. Being
the largest producer of footwear in the World, China continues to be the
biggest exporter of footwear globally. Import of footwear from China has seen a
rapid growth during the past 5-6 years in all the three categories - men, women
and children. Indian Footwear retailers have also preferred to import Chinese
footwear, because of their lower cost and supply in abundance. Presently,
India's footwear import from China is more than 60% of the total import and
during the last five years such import from China has grown by more than 130%.
India has seen a rise in overall export of footwear during the past few years.
However, rate of increase in export has been much lower as compared to the rate
of increase in import from China and other countries in the World. The maximum
exports of Indian Footwear are made to USA and UK which collectively accounts
for approx. 30% of the total export of footwear by India.
SEGMENT WISE OR PRODUCT
WISE PERFORMANCE:
The Company operates in two
segments - Footwear & Accessories and Surplus Property Development. The
Company has chosen Footwear
& Accessories as its primary segment.
OUTLOOK:
India has overcome various
challenges in the economy and is considered to be one of the fastest growing
ones amongst many developing countries. As far as estimates are concerned India
by the end of this decade would be the 3rd largest economy after China and USA
based on consumption level and increase in income besides other factors.
The Company shall continue
its focus to expand the retail outlets and improve the merchandise with newer
and better designs to provide the Indian consumers the best in footwear.
Achieving continuous growth in the performance of all business areas, shall be
the key focused area going forward. In order to achieve volume growth, the
Company has introduced FOOTIN concept of business, which offers fashionable
& trendy designed footwear at an affordable price. The FOOTIN stores are
different in ambience and display of footwear as compared to other BATA Stores.
The Company will improve its presence in e-Commerce business and also strengthen
its Accessories business by offering a wide product range.
Indian Footwear Industry
has the potential to grow and is capable to add value to the Indian Economy.
Support from the Regulatory Authorities by creating a level playing field for
all players and establishing more institutes to impart training on design,
quality control and technology shall be required from the Industry. The Company
will seize the opportunities and face the challenges prevailing in the Industry
and is confident to remain the market leader in the organized footwear retail
Industry.
DISCUSSION ON FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
The Company has been
maintaining its profitable growth for the eighth year in a row and believes
that this is sustainable, barring unforeseen circumstances.
As mentioned in the Annual
Reports of earlier years, since April-2010, Bank borrowing of the Company is
Nil and the entire capital expenditure is being funded through internal
accruals.
The Board of Directors have
recommended a dividend @ Rs.6.50 per share (i.e., 65%) on equity shares for the
year ended December 31, 2013, subject to approval of the shareholders at the
ensuing Annual General Meeting. If approved and declared, this will be the
highest rate of dividend in the history of the Company.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT
OF:
a) Claims against Company not acknowledged as debts includes
Rs. In
Millions
|
PARTICULAR |
31.12.2013 |
31.12.2012 |
|
Excise
and Customs Cases |
148.400 |
158.740 |
|
Sales
Tax Cases |
21.800 |
34.200 |
|
Others* |
211.500 |
279.680 |
|
Income
Tax Cases** |
291.870 |
0.000 |
* Others
include individually small cases pertaining to rent, labour etc.
** During 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
millions on the Company. The Company during the previous year had received
favourable judgement from the ITAT Kolkata. However Income Tax Department had
filed an appeal with the High Court against the said order. During the year,
the Company has received an order of Commissioner of Income Tax under section
263 of the Income Tax Act, 1961 directing the Assessing Officer for
re-computation of consideration adopted by Company for computation of long term
capital gain for A.Y. 2007-08 on transfer of development rights of Batanagar
land to River Bank Holding Private Limited (erstwhile JV company). The amount
of tax liability is not mentioned in the order. The Company has filed an appeal
to Income Tax Appellate Tribunal against the said order. The Company on the
basis of consultant's advice believes that it has a good case and hence no
provision there against is considered necessary. As per the agreement,
liability of income tax on such transfer, if any, will be borne by the
erstwhile JV Company.
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.
b) Future
obligations imposed by the Govt. of West Bengal in respect of property project
are Rs.28.530 millions (Previous year: Rs. 42.130 millions).
c) The
erstwhile JV company will fulfil 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. Company has taken bank
guarantee from RDPL of Rs. 240.000 millions (Previous year: Rs 240.000
millions).
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Computer Software
PRESS RELEASE:
BATA TO INVEST RS 1000.000 MILLIONS IN RETAIL
JUNE 05, 2013
KOLKATA:
Bata India has said that it plans to invest Rs 1000.000 Millions in the
current year to ramp up retail footprint and also refurbish its three
manufacturing facilities.
"Bata India plans to add 100 retail outlets in the current
financial year and the company expects to achieve a sales growth of 20 per cent
during 2013," Bata India chairman Uday Khanna said on Tuesday.
Bata India was also planning to set-up standalone concept stores for
ladies footwear over the next two years.
"We would look to have standalone ladies footwear concept stores in
the next 18 to 24 months," group managing director Rajeev Gopalakrishnan
said in Kolkata.
The footwear stores will be under the 'Bata' brand, according to him.
Ladies footwear brands, which include the likes of Marie Claire and
Sundrops, contribute around 25 per cent to the company's top-line.
Mr Khanna without giving further details said the company had initiated
steps to merge its two subsidiaries - Bata Properties Ltd and Coastal
Commercial and Exim Ltd - with itself.
On the queries by the shareholders for bonus and stock split, Mr Khanna
said, "On issue of bonus shares we will come back to you. On share split
we will come back in due course. Those are two areas still pending before the
board."
While, both Mr Khanna and Mr Gopalakrishnan later clarified to reporters
after the shareholding meeting that there was nothing on the agenda currently
for a stock split or a bonus. If at all that would take place at an
"appropriate time".
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 records 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.59.47 |
|
UK Pound |
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
YES |
|
TOTAL |
|
70 |
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.