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MIRA INFORM REPORT
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Report No. : |
501369 |
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Report Date : |
31.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BATA INDIA LIMITED (w.e.f. 1973) |
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Formerly Known
As : |
BATA SHOE COMPANY PRIVATE LIMITED |
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Registered
Office : |
27B, Camac Street, 1st Floor, Kolkata – 700016, West Bengal |
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Tel. No.: |
91-33-9802021/ 22895796 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
23.12.1931 |
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Com. Reg. No.: |
21-007261 |
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Capital
Investment / Paid-up Capital : |
INR 642.640 Million |
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CIN No.: [Company Identification
No.] |
L19201WB1931PLC007261 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax Registration
No.] |
19AABCB1043Q1ZJ |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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
: |
The company is primarily engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network. [Registered Activity] |
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No. of Employees
: |
4668 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 37865000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Bata (BN) B.V”, Netherland. It is the largest retailer and leading manufacturer of footwear in India and is a part of the Bata Shoe Organization. As per financial record of 2017, the company has achieved 3.27% growth in its revenue as compared to previous year revenue and has maintained decent profitability margin of 6.36% during the year under review. The strong financial profile of the company is reflected by its healthy solvency indicators due to zero debt balance sheet profile along with healthy net worth base and satisfactory liquidity position. The rating takes into consideration long established position in the domestic market characterized by its dominant position, its strong brand and wide distribution reach. The company has its share price trading at around INR 730 against the Face Value (FV) of INR 05 on BSE as on 30th, 2018. Rating also takes into account of strong financial and managerial support that the company receives from its holding entity backed by its well experiences management team. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 6740.080 million and has reported profit margin of 10.11%. However, these rating strengths are partially offset by unfavourable gap between trade payables and trade receivables Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for normal 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Non Fund Based = AA+ |
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Rating Explanation |
High degree of safety and very low credit
risk |
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Date |
11.04.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 31.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (Tel. No.: 91-124-3990116 / 3990100)
Tel. No.: 91-33-9802021/
22895796 (Not working)
LOCATIONS
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Registered Office / Shares
Department 1 : |
27B, Camac Street, 1st Floor, Kolkata – 700016, West Bengal, India |
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Tel. No.: |
91-33-22895859 |
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Fax No.: |
91-33-22895748 |
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E-Mail : |
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Website : |
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Corporate Office : |
Bata House, 418/02, M G Road, Sector – 17, Gurugram – 122002, Haryana, India |
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Tel. No.: |
91-124-4120100/ 3990300 |
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Fax No.: |
91-124-4120116/118 |
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E-Mail : |
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Factory 1 : |
Plot No. 73 and 74, Sipcot Industrial Complex, Hosur-635126,
Tamilnadu, India |
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Factory 2 : |
Batanagar, 24 Parganas South, West Bengal, India |
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Factory 3 : |
Bataganj, Patna, Bihar, India |
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Factory 4 : |
Faridabad New Industrial Town, Faridabad, Haryana, India |
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Factory 5 : |
Peenya Industrial Area, Bangalore, Karnataka, India |
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Factory 6 : |
Batashatak, Sipcot Industrial Complex, Phase I, Hosur, Tamilnadu, India |
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Factory 7 : |
Mokamehghat, Hathidah, Bihar, India |
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Shares Department 2
: |
Faridabad, New Industrial Town, Faridabad-700016, Haryana, India |
DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Uday Chander Khanna |
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Designation : |
Chairman and Independent Director |
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Address : |
Centrum Towers, Flat 182, Centrum Co-Operative Society Limited, Barkat Ali Road, Wadala, Mumbai-400037, Maharashtra, India |
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Date of Appointment : |
30.03.2006 |
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DIN No.: |
00079129 |
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Name : |
Mr. Rajeev Gopalakrishnan |
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Designation : |
Managing Director |
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Address : |
A1 - 1101, The World Spa East, Sector 30-41, Gurugram-122001, Haryana, India |
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Date of Birth/Age : |
52 Years |
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Qualification : |
B. Tech – Mechanical Engineering |
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Experience : |
27 Years |
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Date of Appointment : |
28.06.2011 |
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DIN No.: |
03438046 |
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Name : |
Mr. Ram Kumar Gupta |
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Designation : |
Director Finance |
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Address : |
31-B/108, Sanchar Lok, IP Extension, Delhi-110092, India |
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Date of Birth/Age : |
58 Years |
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Qualification : |
B.Com, A.C.A. |
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Experience : |
38 Years |
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Date of Appointment : |
19.08.2015 |
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DIN No.: |
01125065 |
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Name : |
Mr. Ravindra Dhariwal |
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Designation : |
Independent Director |
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Address : |
Aashray Farm, Opposite N.V. Farm, Sub P.O., SP School, Bhatti Mines, Asola Village, New Delhi-110030, India |
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Date of Appointment : |
27.05.2015 |
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DIN No.: |
00003922 |
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Name : |
Mr. Akshaykumar Narendrasinhji Chudasama |
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Designation : |
Independent Director |
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Address : |
Shanti Cottage No.2, Narayan Dabholkar Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
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Date of Appointment : |
28.04.2011 |
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DIN No.: |
00010630 |
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Name : |
Ms. Anjali Bansal |
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Designation : |
Independent Director |
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Address : |
3202, A-Wing, Vivarea, Sane Guruji Marg Jacob Circle, Mahalaxmi, Mumbai- 400011, Maharashtra, India |
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Date of Appointment : |
21.05.2014 |
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DIN No.: |
00207746 |
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Name : |
Mr. Shaibal Sinha |
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Designation : |
Non-Executive Director |
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Address : |
PNA 054, The Pinnacle DLF City, Phase – V, Gurugram-122009, Haryana, India |
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Date of Appointment : |
27.05.2015 |
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DIN No.: |
00082504 |
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Name : |
Mr. Christopher Macdonald Kirk |
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Designation : |
Non-Executive Director |
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Address : |
Ch. Petite Oche 3 1291 Commugny NA CH |
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Date of Appointment : |
10.02.2016 |
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DIN No.: |
07425236 |
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Name : |
Mr. Sandeep Kataria |
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Designation : |
Additional Director |
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Address : |
B-702, Palm Springs, Golf Course Road, Sector-54,Gurugram-122009, Haryana, India |
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Date of Appointment : |
14.11.2017 |
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DIN No.: |
05183714 |
KEY EXECUTIVES
|
Name : |
Mr. Ram Kumar Gupta |
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Designation : |
Chief Financial Officer (KMP) |
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Address : |
31-B/108, Sanchar Lok, IP Extension, Delhi-110092, India |
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Date of Appointment : |
19.08.2015 |
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PAN No.: |
AAHPG1906G |
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Name : |
Mr. Arunito Ganguly |
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Designation : |
Company Secretary |
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Address : |
1/D, Sitakanta Banerjee Lane P.O.- Hatkhola , P.S. – Shyampukur, Kolkata- 700005, West Bengal, India |
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Date of Appointment : |
15.12.2017 |
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PAN No.: |
AFSPG2216F |
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Name : |
Mr. Maloy Kumar Gupta |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
S. M. Gupta and Company |
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Designation : |
Company Secretaries |
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Address : |
P - 15, Bentinck Street, Kolkata – 700001, West Bengal, India |
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Audit Committee : |
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Nomination and
Remuneration Committee : |
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Stakeholders
Relationship Committee : |
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Risk Management
Committee : |
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Management
Committee : |
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Corporate Social
Responsibility Committee : |
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Executive Committee
: |
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SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
68065514 |
52.96 |
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(B) Public |
60462026 |
47.04 |
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Grand Total |
128527540 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
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A2) Foreign |
0.00 |
||
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Any Other (specify) |
68065514 |
52.96 |
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BATA (BN) B V |
68065514 |
52.96 |
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Sub Total A2 |
68065514 |
52.96 |
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A=A1+A2 |
68065514 |
52.96 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
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Mutual Funds/ |
20803529 |
16.19 |
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Franklin Templeton Mutual Fund A/C Mutual Fund |
3872614 |
3.01 |
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Kotak Mahindra A/C Mutual Fund |
3722869 |
2.90 |
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Aditya Birla Sun Life Trustee Private Limited A/C Mutual Fund |
3338010 |
2.60 |
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Kotak Funds - India Midcap Fund |
2182958 |
1.70 |
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Idfc Premier Equity Fund |
1561455 |
1.21 |
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Tata A/C Mutual Fund |
1523000 |
1.18 |
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Icici Prudential A/C Mutual Fund |
1484755 |
1.16 |
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Foreign Portfolio Investors |
9212542 |
7.17 |
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FIL Investments (Mauritius) Limited |
2133610 |
1.66 |
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Financial Institutions/ Banks |
442502 |
0.34 |
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Insurance Companies |
9848928 |
7.66 |
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Life Insurance Corporation of India |
5987026 |
4.66 |
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Kotak Mahindra Life Insurance Company Ltd. |
1375652 |
1.07 |
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Sub Total B1 |
40307501 |
31.36 |
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B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200 Million |
15274080 |
11.88 |
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Individual share capital in excess of INR 0.200 Million |
983477 |
0.77 |
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Any Other (specify) |
3896968 |
3.03 |
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Bodies Corporate |
3656864 |
2.85 |
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Director or Director's Relatives |
10156 |
0.01 |
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Investor Education and Protection Fund Authority Ministry of Corporate Affairs |
229948 |
0.18 |
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Sub Total B3 |
20154525 |
15.68 |
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B=B1+B2+B3 |
60462026 |
47.04 |
BUSINESS DETAILS
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Line of Business : |
The company is primarily engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network. [Registered Activity] |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
4668 (Approximately) |
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Bankers : |
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Auditor : |
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Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
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Address : |
Golf View Corporate Tower – B Sector - 42, Sector Road, Gurugram – 122002, Haryana, India |
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Chief Internal Auditor
: |
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Name : |
Vinod Kumar Mangla Chartered Accountant |
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Secretarial Auditor : |
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Name : |
P. Sarawagi and Associates Company Secretaries |
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Address : |
Narayani Building, Room No. 107, 1st Floor 27, Brabourne Road, Kolkata – 700001, West Bengal, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
Company : |
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Holding Company : |
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Subsidiaries
Companies : |
CIN No.: U70101WB1987PLC042839
CIN No.: U51311WB1991PLC053364
CIN No.: U51909WB2014PLC204637 |
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Other Related
Parties : |
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Enterprises in
which director is interested : |
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Fellow Subsidiaries
with whom transactions have taken place during the year and previous period : |
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CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000000 |
Equity Shares |
INR 5/- each |
INR 700.000 Million |
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
128570000 |
Equity Shares |
INR 5/- each |
INR 642.850 Million |
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Subscribed &
fully Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
128527540 |
Equity Shares |
INR 5/- each |
INR 642.640 Million |
|
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|
*Shares held
in abeyance
42460 equity shares of INR 5 each (March 31, 2016: 42460 equity shares of INR 5 each, April 1, 2015: 21230 equity shares of INR 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.
** Sub division of
Equity Shares
Pursuant to shareholders' approval dated 5th August 2015, the company had sub-divided face value of equity shares of INR 10/- each into two equity shares of INR 5/- each. Accordingly, the basic and diluted earnings per share and the number of shares disclosed in Note 29 have been computed for the current year and re-computed for the previous period based on the revised no. of shares and face value of INR 5/- per equity shares.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
INR in Million |
|
Shares outstanding at the beginning of the year |
128527540 |
642.640 |
|
Shares issued during the year |
|
-- |
|
Shares outstanding at the end of the year |
128527540 |
642.640 |
Terms/Rights attached
to equity shares
The Company has only one class of equity shares having a par value of INR 5 per share (previous year INR 5 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.
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 if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shares held by
holding company
|
Particular |
INR in Million |
|
Out of Equity Shares issued by the Company, shares held by its holding Company is as follows : |
|
|
Bata (BN) B.V., Amsterdam, The Netherlands, the holding Company, 68065514 equity shares of INR 5/- each |
340.330 |
|
Total |
340.330 |
Details of shareholders
holdings more than 5% shares in Company:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity shares of
INR 5 each fully paid |
|
|
|
Bata (BN) B.V., Amsterdam, The Netherlands, the holding Company |
68065514 |
52.96% |
|
Total |
68065514 |
52.96% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
642.640 |
642.640 |
642.640 |
|
(b) Reserves &
Surplus |
12610.170 |
11187.600 |
9578.810 |
|
(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) |
13252.810 |
11830.240 |
10221.450 |
|
|
|
|
|
|
(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) Trade payable |
1039.710 |
1028.710 |
977.600 |
|
(d) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(e) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
1039.710 |
1028.710 |
977.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
4072.150 |
3248.570 |
3567.400 |
|
(c) Other current
liabilities |
817.840 |
742.650 |
850.440 |
|
(d) Short-term provisions |
43.460 |
614.050 |
757.450 |
|
Total Current Liabilities
(4) |
4933.450 |
4605.270 |
5175.290 |
|
|
|
|
|
|
TOTAL |
19225.970 |
17464.220 |
16374.340 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2645.750 |
3015.160 |
3057.440 |
|
(ii) Intangible Assets |
13.770 |
5.960 |
9.420 |
|
(iii) Capital
work-in-progress |
242.290 |
134.340 |
165.800 |
|
(iv) Intangible assets
under development |
56.060 |
56.060 |
315.910 |
|
(b) Non-current
Investments |
49.510 |
49.510 |
49.510 |
|
(c) Deferred tax assets
(net) |
1004.330 |
1019.230 |
876.150 |
|
(d) Long-term Loan and Advances |
980.940 |
1783.370 |
1762.860 |
|
(e) Other Non-current
assets |
737.570 |
0.000 |
0.000 |
|
Total Non-Current Assets |
5730.220 |
6063.630 |
6237.090 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7054.390 |
6788.950 |
7046.980 |
|
(c) Trade receivables |
671.480 |
696.390 |
584.190 |
|
(d) Cash and cash
equivalents |
5209.120 |
3405.050 |
2099.680 |
|
(e) Short-term loans and
advances |
32.440 |
408.620 |
319.390 |
|
(f) Other current assets |
528.320 |
101.580 |
87.010 |
|
Total Current Assets |
13495.750 |
11400.590 |
10137.250 |
|
|
|
|
|
|
TOTAL |
19225.970 |
17464.220 |
16374.340 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
24972.410 |
24180.540 |
26939.950 |
|
|
Other Income |
466.460 |
300.840 |
432.330 |
|
|
TOTAL |
25438.870 |
24481.380 |
27372.280 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Material and
Components consumed |
2914.180 |
3027.910 |
4283.720 |
|
|
Purchases of
Stock-in-Trade |
8878.150 |
8396.160 |
9200.290 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(263.530) |
136.080 |
(1105.800) |
|
|
Employees benefits
expense |
2726.950 |
2626.930 |
3119.290 |
|
|
Excise duty on sale of
goods |
300.800 |
0.000 |
0.000 |
|
|
Exceptional items |
216.690 |
(747.070) |
(315.250) |
|
|
Other expenses |
7639.490 |
7287.460 |
8093.450 |
|
|
TOTAL |
22412.730 |
20727.470 |
23275.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3026.140 |
3753.910 |
4096.580 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
40.340 |
17.230 |
792.340 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
2985.800 |
3736.680 |
3304.240 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
650.050 |
752.480 |
17.560 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2335.750 |
2984.200 |
3286.680 |
|
|
|
|
|
|
|
Less |
TAX |
748.270 |
796.720 |
974.960 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1587.480 |
2187.480 |
2311.720 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
201.840 |
139.730 |
276.640 |
|
|
TOTAL EARNINGS |
201.840 |
139.730 |
276.640 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
39.530 |
49.900 |
|
|
Stores & Spares |
NA |
1.980 |
2.350 |
|
|
Capital Goods |
NA |
41.630 |
74.770 |
|
|
Finished Goods |
NA |
1215.170 |
1733.340 |
|
|
TOTAL IMPORTS |
NA |
1298.310 |
1860.360 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
12.35 |
17.02 |
17.99 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
3220.700 |
3117.230 |
2619.970 |
|
Net cash flow from operating activities |
2568.650 |
2043.640 |
1185.400 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
7431.050 |
5868.970 |
6740.030 |
|
Total Expenditure |
6475.570 |
5224.370 |
5625.230 |
|
PBIDT (Excluding Other Income) |
955.480 |
644.600 |
1114.800 |
|
Other Income |
115.830 |
148.230 |
107.300 |
|
Operating Profit |
1071.310 |
792.830 |
1222.100 |
|
Interest |
8.930 |
7.710 |
4.950 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1062.380 |
785.120 |
1217.150 |
|
Depreciation |
137.420 |
144.030 |
154.210 |
|
Profit Before Tax |
924.960 |
641.090 |
1062.940 |
|
Tax |
320.640 |
212.160 |
381.210 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
604.320 |
428.930 |
681.730 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
604.320 |
428.930 |
681.730 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
9.81 |
10.51 |
7.91 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
37.19 |
34.72 |
46.12 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
126.04 |
103.79 |
96.57 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.43 |
0.55 |
0.58 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.02 |
1.17 |
1.15 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.26 |
0.26 |
0.32 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.37 |
0.39 |
0.51 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.22 |
0.27 |
0.35 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
75.02 |
217.87 |
5.17 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
6.36 |
9.05 |
8.58 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.26 |
12.53 |
14.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.98 |
18.49 |
22.62 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.74 |
2.48 |
1.96 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.31 |
1.00 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.69 |
0.68 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.74 |
2.48 |
1.96 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 05.00/- |
|
Market Value |
INR 730.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
642.640 |
642.640 |
642.640 |
|
Reserves & Surplus |
9578.810 |
11187.600 |
12610.170 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
10221.450 |
11830.240 |
13252.810 |
|
|
|
|
|
|
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
26939.950 |
24180.540 |
24972.410 |
|
|
|
(10.243) |
3.275 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
26939.950 |
24180.540 |
24972.410 |
|
Profit |
2311.720 |
2187.480 |
1587.480 |
|
|
8.58% |
9.05% |
6.36% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
642.640 |
642.640 |
|
(b) Reserves &
Surplus |
|
12600.590 |
11175.980 |
|
(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) |
|
13243.230 |
11818.620 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Trade payable |
|
1039.710 |
1028.710 |
|
(d) Other long term
liabilities |
|
0.000 |
0.000 |
|
(e) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
1039.710 |
1028.710 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
4084.470 |
3286.280 |
|
(c) Other current
liabilities |
|
820.510 |
743.270 |
|
(d) Short-term provisions |
|
43.460 |
614.050 |
|
Total Current Liabilities
(4) |
|
4948.440 |
4643.600 |
|
|
|
|
|
|
TOTAL |
|
19231.380 |
17490.930 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2665.640 |
3034.890 |
|
(ii) Intangible Assets |
|
13.880 |
6.120 |
|
(iii) Capital
work-in-progress |
|
242.290 |
134.340 |
|
(iv) Intangible assets
under development |
|
56.060 |
56.060 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
1004.340 |
5.000 |
|
(d) Long-term Loan and Advances |
|
876.830 |
1019.230 |
|
(e) Other Non-current
assets |
|
753.230 |
1723.450 |
|
Total Non-Current Assets |
|
5612.270 |
5979.090 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
7137.970 |
6853.530 |
|
(c) Trade receivables |
|
694.080 |
709.960 |
|
(d) Cash and cash
equivalents |
|
5220.370 |
3424.690 |
|
(e) Short-term loans and advances |
|
32.370 |
408.230 |
|
(f) Other current assets |
|
534.320 |
115.430 |
|
Total Current Assets |
|
13619.110 |
11511.840 |
|
|
|
|
|
|
TOTAL |
|
19231.380 |
17490.930 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
25043.360 |
24253.690 |
|
|
Other Income |
|
460.200 |
299.770 |
|
|
TOTAL |
|
25503.560 |
24553.460 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
2914.180 |
3027.910 |
|
|
Purchases of
Stock-in-Trade |
|
8948.920 |
8529.780 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(282.530) |
71.480 |
|
|
Employees benefits
expense |
|
2731.880 |
2632.610 |
|
|
Excise duty on sale of
goods |
|
300.800 |
0.000 |
|
|
Exceptional items |
|
216.690 |
(747.070) |
|
|
Other expenses |
|
7644.280 |
7285.620 |
|
|
TOTAL |
|
22474.220 |
20800.330 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
3029.340 |
3753.130 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
40.340 |
17.230 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
2989.000 |
3735.900 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
650.360 |
752.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
2338.640 |
2983.200 |
|
|
|
|
|
|
|
Less |
TAX |
|
749.130 |
797.760 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
1589.510 |
2185.440 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
12.37 |
17.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from 6A, S N Banerjee Road, Kolkata – 700013, West Bengal, India to the present address w.e.f. 01.01.2015.
CORPORATE INFORMATION
The company is primarily engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network. The financial statements are authorised for issue in accordance with a resolution passed in the board meeting held on May 15, 2017.
The company is a public company domiciled in India. Its shares are listed on three stock exchanges in India. The registered office of the company is located at 27B, Camac Street, 1st floor, Kolkata - 700016.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
(A) INDUSTRY
STRUCTURE AND DEVELOPMENTS
The global footwear industry has been experiencing a rapid expansion and witnessing a significant growth, primarily due to increased demand for trendy yet comfortable footwear among all age groups and innovative footwear products worldwide. Due to advancements in manufacturing processes, technology innovation and integration, modern, trendy, and comfortable shoes are being continuously developed at reasonable prices in order to keep pace with the growing demand for these products in emerging countries in the World. Rapid urbanization, demographic changes including ever increasing middle class population with the disposable income, changing lifestyles, health awareness, etc., are now leading to men and women wearing a variety of footwear in their daily lives. Footwear manufacturers have been compelled to use technology to produce stylish footwear with innovative designs in order to meet such ever increasing demand.
The Global Footwear Market, by geography, is divided into four regions: North America, Europe, Asia Pacific and Rest of the World. In terms of volume, Asia Pacific is the largest contributor to the market, accounting for a market share of approximately 40% and has been growing at a steady pace since past few years and is expected to continue the growth path at the same pace in the years to come. Presently, in terms of revenue, Global Footwear Market is valued at approx. USD 220 Billion and in expected to exceed USD 260 Billion by 2023, growing at 2.5% CAGR. In terms of volume, Global Footwear Market is approx. 16 Billion pairs. India is the second largest producer of footwear in the world, next to China and has an ever-growing domestic market. Annually, India produces about 2.5 Billion pairs and it is estimated that production of footwear will exceed 4 Billion pairs by 2020. The per capita consumption of footwear in India is set to grow rapidly from its existing level of 1.7 pairs per annum. The global average per capita consumption of footwear is 3 pairs per annum, whereas the same for developed countries in the World is more than 5 pairs per annum.
(B) OPPORTUNITIES AND
THREATS
The Company is aware of the changes in the external business environment. The ever growing competition from both domestic and foreign players in the industry will continue to remain aggressive. The Indian footwear market is witnessing a steady popularity among teenagers and youths. They are using online platforms, inter alia, for purchase of footwear which is slowly occupying a significant share of total sales volume. The brick and mortar Retail Industry shall witness intensifying competition from the e-commerce offerings. The Company shall continue to adopt innovative strategies and take all necessary steps to maintain its leadership position in the organized footwear market. Increasing demand for sports shoes and branded footwear among all age groups and increasing health awareness among the individuals will generate higher demand for athletic footwear among individuals. At the same time, a steady rise in number of working women and their growing fashion consciousness shall continue to drive higher demand of footwear in the future.
(C) SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
The Company operates in Footwear & Accessories Segment only and performances of major business categories and key brands of the Company during the financial year ended March 31, 2017 are highlighted below:
RETAIL BUSINESS
The Company has adopted a dual strategy of driving same store growth while adding new retail stores in Malls and High Street locations. During the twelve month period ended March 31, 2017, the Company opened 100 new retail stores and 23 Franchised stores across India. These spacious new stores are located in untapped and developing markets of the Country and are based on global design, making them look enticing with contemporary display of the products. The Company plans to add around 100 new retail stores and 50 new Franchisee stores in the current year to increase its presence in the Malls, High Street Markets and in the Tier-2 and Tier-3 cities across India. In addition, the Company shall continue to make investment on renovating 50 existing stores hence creating a delightful shopping experience for the customers by improving store layouts and creating an emphasis on key products within the retail stores. The Company plans to focus on building the Bata Brand and attract more footfalls in the retail stores through breathtaking windows, in-stores activities and amplify various new launch of products and collections.
DIGITAL MULTI-CHANNEL
BUSINESS
The Company’s online business has registered a good growth during the year under review. The Company sold more than 6.3 lacs pairs of footwear through online channels and achieved a turnover of Rs.692 Million. The Company’s e-commerce presence has penetrated in more than 750 cities and towns across India.
During the year under review, the Company’s e-commerce Division mainly focused on increasing its customer database by reaching out to new set of target audience and also establishing successful association with many reputed Companies and banks, e.g., HDFC Bank, Standard Chartered Bank, State Bank of India, Deutsche Bank, Samsung, SpiceJet Airlines, etc. Such alliances helped the Company increase its brand awareness and customer database. The Company’s products continued to be sold through its partners’ websites including Amazon, Myntra, Jabong, Flipkart, etc. The Company has launched a ‘Click and Collect’ service for its Stores in Delhi NCR Region. The customers can now shop the entire range of products available online with the click of a button and have their preferred footwear or accessories delivered to the local Bata retail store of their choice. The Company has launched online exclusive product lines for both Spring-Summer Season and Autumn-Winter Season generating a good response from the customers. The website of the Company has been made more user-friendly with facilities like easy navigation, simplistic designs, effortless checkout process and effective product shoots. The Company has also launched Bata Mobile Application with interactive user-interface which has also been well accepted in the market. The Company has strengthened its e-commerce team and had recently launched Bata Blog, which acts as a style inspiration for the young audience and also provides frequent online customer surveys and customer feedback for improved services. Going forward, the Company shall expand its Digital Multi-Channel Business through various measures including placement of online kiosks in major retail stores, tie-up with payment banks and also increasing the presence of its product offerings through partners’ websites.
HUSH PUPPIES
The year 2016-17 saw various new initiatives for Hush Puppies - the Company’s international brand known for
comfort, quality and style. Launching of new ‘Signature Collection’ across its exclusive stores, marking a new tradition of contemporary and fashionable shoes for the new younger generation, etc. were the major highlights for the brand. Apart from this, an increased focus on ladies footwear as a premium comfort category has been visible in the new and refreshing lines of ‘The Body Shoe’ for women and the new successful sporty casual collection. In addition to being available through the retail stores, wholesale network and e-commerce channel of the Company, the brand has now expanded its presence through 75 exclusive stores and 56 shop- in-shops in premium departmental stores. During the year under review, Hush Puppies continues to strongly re-position itself as an International Premium Lifestyle Casual Footwear brand. The Company shall continue to focus on offering new and unique products under this brand, with increased focus on comfort, contemporary fashion and style making ‘Hush Puppies’ the most desired lifestyle footwear brand in India.
CHILDREN’S FOOTWEAR
In order to cater to the children’s ever changing footwear demand, the Company has been introducing many new
designs and innovative footwear. Through Bubblegummers brand of footwear, the Company has always been striving to make quality shoes with uncompromising comfort and features that safeguard their little feet. Bubblegummers is retailed through all Bata stores across the Country and has been the first point of contact to start their consumers' journey to establish long term association with Bata. With 18% of the Country's population below the age of 10 years, potential to grow in the children category of footwear is huge which makes this category as one of the key focus areas for the Company.
The Company has established an association with The Walt Disney Company India Private Limited and working with a set of designers from Disney, to create a complete collection covering all types of footwear ranging from casual shoes, canvas shoes and ballerinas to everyday-wear sandals and chappals. The Company has been exploring the possibilities to create exclusive ‘Disney Corners’ in some of its key retail stores across major cities in India to highlight the collection and add value to the children category of footwear range.
(D) OUTLOOK
With changing lifestyles and increasing affluence, domestic demand for footwear is projected to grow at a faster rate than the Country has ever seen. India has a good potential for the footwear industry in view of its young population, rapid change in lifestyle, increase in disposable income of middle-class people and continuous growth in number of working women. Customers’ preference for branded products will provide a better opportunity to the players in organized footwear markets in India. The Company is taking appropriate steps to tap these opportunities in order to improve its market share and retain its leadership position in the organized footwear segment of the industry.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B62128582 |
10216724 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
28/04/2010 |
27/09/2012 |
- |
3000000000.0 |
Ramon House 169, Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India |
|
2 |
G52683935 |
80013801 |
State Bank of India |
18/11/2002 |
23/08/2017 |
- |
290000000.0 |
Commercial Branch, Palm Court, 6th Floor, Maharana Pratap Chowk, Gurugram-122001, Haryana, India |
|
3 |
A29796109 |
80035440 |
STATE BANK OF INDIA |
15/03/2006 |
- |
26/12/2007 |
110000000.0 |
Corporate Accounts Group Branch, Reliance House, 24 J L Nehru Road, Kolkata-700071, West Bengal, India |
|
4 |
A24395568 |
80035438 |
CENTURION BANK OF PUNJAB LTD |
20/12/2005 |
- |
01/10/2007 |
50000000.0 |
M-39, Connaught Circus, New Delhi-110001, India |
|
5 |
A22183412 |
80035364 |
STATE BANK OF INDIA |
23/03/2004 |
06/12/2004 |
23/08/2007 |
677000000.0 |
Corporate Accounts Group Branch, Reliance House, 24 J L Nehru Road, Kolkata-700071, West Bengal, India |
|
6 |
A21405287 |
80035441 |
STATE BANK FO INDIA |
06/12/2004 |
- |
23/08/2007 |
300000000.0 |
Corporate Accounts Group Branch, Reliance House, 24 J L Nehru Road, Kolkata-700071, West Bengal, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
Excise, Customs and Service tax cases |
148.400 |
148.400 |
|
Sales Tax Cases |
21.800 |
21.800 |
|
Others* |
273.850 |
355.120 |
|
Income Tax Cases** |
132.920 |
424.110 |
|
Total |
576.970 |
949.430 |
*Others include individually small cases pertaining to rent, labour etc.
** During the Financial Year 2012-13, the Company had 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 was not mentioned in the order. The Company had filed an appeal to Income Tax Appellate Tribunal against the said order.
During the financial year 2015-16, the Company had 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 cost of construction 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 Ltd (erstwhile JV Company).
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, as per the relevant provisions of the Companies Act, 2013 in respect of these cases.
b) In August 2014, M/s Crocs Limited filed a suit on Bata India limited for trademark infringement. The Lower court passed an ex-parte injunction order which was later transferred to Hon’ble Delhi High Court on account of jurisdictional issue. The management based upon the legal opinion believes that the Company has a strong case on merits and believes that no adjustment is required in the financial statements in this regard.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ENDED 31ST DECEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
6740.030 |
5868.970 |
20040.050 |
|
Other Operating Income |
107.300 |
148.230 |
371.360 |
|
Total
Income from Operations |
6847.330 |
6017.200 |
20411.410 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed and components consumed |
676.450 |
615.670 |
2106.130 |
|
Purchase of traded goods |
2027.730 |
2497.470 |
7201.780 |
|
Changes in inventories of finished goods and
work-in-progress |
323.470 |
(479.030) |
(138.390) |
|
Excise duty on sales of goods |
0.000 |
0.000 |
70.470 |
|
Employee benefits expense |
694.040 |
710.280 |
2144.930 |
|
Finance costs |
4.950 |
7.710 |
21.590 |
|
Depreciation and Amortization expenses |
154.210 |
144.030 |
435.660 |
|
Rent |
896.530 |
881.160 |
2726.110 |
|
Other Expenditure |
1007.010 |
998.820 |
3214.160 |
|
Total
Expenses |
5784.390 |
5376.110 |
17782.440 |
|
Profit / (Loss) before Tax |
1062.940 |
641.090 |
2628.970 |
|
Tax Expense |
381.210 |
212.160 |
914.010 |
|
Profit
/ (Loss) after Tax |
681.730 |
428.930 |
1714.960 |
|
Other
comprehensive income |
|
|
|
|
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods : |
|
|
|
|
Re-measurement (losses)/gains on defined benefit plans |
35.000 |
(219.750) |
(190.140) |
|
Income tax refund |
(12.110) |
76.050 |
65.800 |
|
Other
comprehensive income, net of tax |
22.890 |
(143.700) |
(124.340) |
|
Total
comprehensive income, net of tax |
704.620 |
285.230 |
1590.620 |
|
Earnings
per Share (EPS) - INR |
5.30 |
3.34 |
13.34 |
NOTE:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at the Board Meeting held on 9th February 2018. The Statutory Auditors of the Company have carried out Limited Review of the results for the quarter and nine months ended 31st December 2017. The figures related to quarter and nine months ended 31st December 2016 and year ended 31st March 2017 have been reviewed/audited by the erstwhile Statutory Auditors.
2. The government of India has implemented Goods and Services Tax (GST) from
July, 2017 subsuming excise duty, service tax and various other indirect taxes.
As per Ind-AS, the revenue for the quarter ended 30th September 2017 & 31st
December 2017 is reported net of GST. Accordingly, the numbers for the quarter
ended 30th September 2017 and quarter and nine months ended 31st December 2017
are lower and not comparable with the previous periods presented in the
results.
3. Exceptional items of INR 216.690 million for the quarter & nine months
ended 31st December 2016 and Year ended 31st March 2017 comprised of one time
expense on account of Voluntary Retirement Scheme [VRS] at one of the
manufacturing facility.
4. The Company operates in a single segment, i.e., Footwear and Accessories.
5. Figures of the previous period/ quarter have been regrouped, wherever
considered necessary.
FIXED ASSETS:
Tangible Asset:
- Freehold Land
- Building
- Lease Hold Improvements
- Plant and equipment
- Furniture and Fixture
- Computer
- Office Equipments
PRESS RELEASE /
WEBSITE DETAILS
SEBI ASKS BATA TO
PROBE SUSPECTED FINANCIAL DATA LEAK ON WHATSAPP
Date: March 13, 2018
Sebi has asked to complete the inquiry within 3 months and to report within 7 days from the completion
Sebi has asked Bata India Ltd (Bata) to probe suspected financial data leak on WhatsApp. Sebi had initiated a preliminary examination in this matter. The examination showed that the actual results of Q3FY16 of Bata were announced at Stock Exchanges on February 10, 2016 at 3.20pm. The results were matching with the WhatsApp message containing information like Sales, EBITDA, etc, which were in circulation since 12:28pm on February 10, 2016.
In its response, Bata had submitted that it has received confirmation from its employees as well as auditors that they did not discuss the financial results of the quarter. Thus, Sebi has directed Bata to conduct an internal inquiry into the leakage of its financial results and take appropriate action against those responsible for the same. Sebi has asked to complete the inquiry within 3 months and to report within 7 days from the completion.
Bata India Ltd ended at INR 715.35 up by INR 7.25 or 1.02% from its previous closing of INR 708.10 on the BSE. The stock traded below its 100 DMA.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.04 |
|
UK Pound |
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.