Goblin India Limited

Started in 1989, Ahmedabad based Goblin India Ltd is engaged in the business of designing, marketing and sale of business, travel & casual luggage and travel accessories. The company is also involved in other distribution and trading business of batteries & torches, household items, office electronics, and other commodities to the corporate. Goblin brand is known for travelling gears and corporate gifting. It sells the products through different channels such as wholesale, retail, e-commerce, and corporate gifting. In India, it has 129 direct dealers, 4 distributors and 245 dealers. Goblin also has a subsidiary in France with 250+ dealers. The company has two retail outlets in Ahmedabad and one store in Paris. Goblin also sells the products through Amazon, Flipkart and other e-commerce platforms. The companies such as Cipla Limited, Torrent Pharmaceuticals, Corona Remedies, Intas Pharmaceuticals, Sun Pharmaceuticals, Micro Labs Limited, Indian Institute of Management (Ahmedabad) and Nirma Limited are the clients of Goblin for corporate gifting. Goblin depends on third-party companies which are located in India and China for the product manufacturing. As on May 31, 2019 Company has 34 employees on the payroll. As per the financial performance, Goblin has posted turnover/net profits of Rs. 52.44 cr. / Rs. 0.63 cr. (FY17), Rs. 60.94 cr. / Rs. 3.09 cr. and Rs. 68.49 cr. / Rs. 3.45 cr. (FY19). Company has trade receivables around 15.61 Cr which is around 23%.    For last three fiscals, Gensol has posted an average EPS of Rs. 42.16 and an average RoNW of 50.40%. The issue is priced at a P/BV of [ . ] on the basis of its NAV of Rs. [ . ] as on [ . ]. If we take FY19 earnings and attribute it on fully diluted equity post issue, then asking P/E is around 16.61, which is fully priced in current market scenario. Comparison with peer companies is shown in above table. On BRLM's front, for Fast Track Finsec Private Limited this is the 2nd IPO in last three fiscals and last IPO opened below issue price and currently trading below issue price. ( As on 26.09.19 ) Company has shown good results and consistent growth, RoNW 43.23% and issue looks fully priced. As local tourism business is growing and with that travelling gears business will also grow. There is only one company listed under BRLM, So we give NEUTRAL rating to this SME IPO.

• 1 Mr. Manojkumar Choukhany
• 2 Mrs. Sonam Choukhany