MIRA INFORM REPORT
|
Report No. : |
313281 |
|
Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUNSKOOL (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
826, Anna Road, Tarapore Towers, 6th Floor, Chennai – 600002,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.06.1986 |
|
|
|
|
Com. Reg. No.: |
18-013091 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8.250 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209TN1986PLC013091 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEF03950C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0422G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Children Toys, Games and Puzzles made of Moulded
Plastics. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
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|
|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
LOCATIONS
|
Registered Office : |
826, Anna Road, Tarapore Towers, 6th Floor, Chennai – 600002,
Tamilnadu, India |
|
Tel. No.: |
91-44-30262626 |
|
Fax No.: |
91-44-30262627 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factories : |
Located at: · Goa · Ranipet |
|
Location : |
Owned |
|
|
|
|
Regional Offices : |
At India in 4 Metro-cities. |
|
|
|
|
Stores : |
Located at: · Amritsar · Cochin · Coimbatore · Ghaziabad ·
Indore |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Arun Mammen |
|
Designation : |
Director |
|
Address : |
11, Boat Club Road, 3rd Avenue, R.A. Puram, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
12.11.1964 |
|
Qualification : |
MBA |
|
Date of Appointment : |
18.12.1987 |
|
DIN No.: |
00018558 |
|
|
|
|
Name : |
Jacob Mathew |
|
Designation : |
Director |
|
Address : |
Kandathil, Old Seminary Road, Chungam, Kottayam - 686001, Kerala, India |
|
Date of Birth/Age : |
21.10.1951 |
|
Qualification : |
BA |
|
Date of Appointment : |
11.06.1986 |
|
DIN No.: |
00090387 |
|
|
|
|
Name : |
Ambika Mammen |
|
Designation : |
Director |
|
Address : |
“Deerhurst” No.17, Gilchrist Avenue, Harrington Road, Chetpet, Chennai - 600031, Tamilnadu, India |
|
Date of Birth/Age : |
04.12.1954 |
|
Qualification : |
B. Com (Hon.) |
|
Date of Appointment : |
28.03.2002 |
|
DIN No.: |
00287074 |
|
|
|
|
Name : |
Meera Mammen |
|
Designation : |
Director |
|
Address : |
No.6 (Old No.3A) Riverside Road, Kotturpuram, Chennai - 600085, Tamilnadu, India |
|
Date of Birth/Age : |
06.09.1955 |
|
Qualification : |
MA |
|
Date of Appointment : |
28.06.1990 |
|
DIN No.: |
00287110 |
|
|
|
|
Name : |
Cibi Mammen |
|
Designation : |
Director |
|
Address : |
11, Boat Club Road, 3rd Avenue, R.A. Puram, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
05.06.1971 |
|
Qualification : |
BDS |
|
Date of Appointment : |
28.03.2002 |
|
DIN No.: |
00287146 |
|
|
|
|
Name : |
Nigel Hutton |
|
Designation : |
Director |
|
Address : |
14, Woodham Waye, Woking, Surrey GU215SW, United Kingdom |
|
Date of Birth/Age : |
28.11.1952 |
|
Qualification : |
BL |
|
Date of Appointment : |
29.06.1995 |
|
DIN No.: |
02197608 |
KEY EXECUTIVES
|
Name : |
Baby K John |
|
Designation : |
Secretary |
|
Address : |
Plot No. 112A, Ramnagar, 3rd Main Road, Peravallur, Chennai - 600082, Tamilnadu, India |
|
Date of Appointment : |
01.10.2009 |
|
PAN No.: |
ABRPB2089A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
K.S. Joseph |
|
1 |
|
George Thomas |
|
1 |
|
K. John Baby |
|
1 |
|
MRF Limited, India |
|
148500 |
|
Koshy Zachariah |
|
1 |
|
Arun Mammen |
|
1 |
|
Ravi Mammen |
|
1 |
|
Jossy M. Joseph |
|
1 |
|
Peninsular Investments Private Limited, India |
|
346500 |
|
Hasbro International Inc., USA |
|
330000 |
|
|
|
|
|
Total |
|
825007 |
AS ON 29.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
40.00 |
|
Bodies
corporate |
60.00 |
|
|
|
|
Total |
100.00 |
%20LIMITED%20-%20313281%2019-Mar-2015_files/image013.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Children Toys, Games and Puzzles made of Moulded
Plastics. |
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Products/ Services : |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Children Toys, Games and Puzzles |
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|
Countries : |
· UK · Germany · Netherlands · Mexico · Belgium · France |
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Imports : |
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Products : |
· Playskool · Tomy · Leap Frog · Nerf · Baby Alive · Furby · B-Daman · Hornby · Lamaze · Chuggington Die-Cast · New Toys Bright · Siku |
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|
Countries : |
· USA · Europe |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
· Citibank N.A No. 2, Clubhouse Road, Chennai - 600002, Tamilnadu, India · HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West],
Mumbai - 400013, Maharashtra, India |
||||||||||||||||||||||
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||||||||||||||||||||||
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Facilities : |
Credit Limit = Rs. 55.000 Millions [September 2008] [From Citibank N.A] Credit Limit = Rs. 45.000 Millions [June 2012] [From HDFC Bank Limited]
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S. G. Keshavamurthy and Company Chartered Accountants |
|
Address : |
No 66, Vanivilas Road, Basavanagudi, Bangalore – 560004,
Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFS8607F |
|
|
|
|
Related Party : |
· MRF Limited, India Activity: Manufacturer of
Automobile Tyres and Tubes. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
825,007 |
Equity Shares |
Rs. 10/- each |
Rs. 8.250 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8.250 |
8.250 |
8.250 |
|
(b) Reserves & Surplus |
559.877 |
445.416 |
342.529 |
|
(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) |
568.127 |
453.666 |
350.779 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
6.171 |
5.805 |
6.292 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
6.171 |
5.805 |
6.292 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
8.741 |
0.000 |
8.315 |
|
(b)
Trade payables |
68.235 |
97.911 |
73.875 |
|
(c)
Other current liabilities |
20.326 |
18.175 |
20.285 |
|
(d)
Short-term provisions |
7.412 |
7.363 |
7.980 |
|
Total
Current Liabilities (4) |
104.714 |
123.449 |
110.455 |
|
|
|
|
|
|
TOTAL |
679.012 |
582.920 |
467.526 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
91.461 |
66.084 |
61.353 |
|
(ii)
Intangible Assets |
0.909 |
0.986 |
0.584 |
|
(iii)
Capital work-in-progress |
1.457 |
3.528 |
0.975 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
2.005 |
1.967 |
2.591 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
95.832 |
72.565 |
65.503 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
6.500 |
4.000 |
0.000 |
|
(b)
Inventories |
330.035 |
248.677 |
230.319 |
|
(c)
Trade receivables |
124.153 |
126.740 |
125.374 |
|
(d)
Cash and cash equivalents |
74.789 |
111.188 |
34.030 |
|
(e)
Short-term loans and advances |
47.039 |
18.151 |
12.175 |
|
(f)
Other current assets |
0.664 |
1.599 |
0.125 |
|
Total
Current Assets |
583.180 |
510.355 |
402.023 |
|
|
|
|
|
|
TOTAL |
679.012 |
582.920 |
467.526 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1221.823 |
1006.402 |
1001.591 |
|
|
|
Other Income |
9.061 |
8.687 |
5.451 |
|
|
|
TOTAL (A) |
1230.884 |
1015.089 |
1007.042 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
195.380 |
177.683 |
159.055 |
|
|
|
Purchases of Stock-in-Trade |
473.858 |
316.608 |
341.488 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(73.224) |
(19.305) |
(28.566) |
|
|
|
Employees benefits expense |
118.367 |
97.650 |
97.908 |
|
|
|
Other expenses |
335.068 |
279.725 |
269.240 |
|
|
|
TOTAL (B) |
1049.449 |
852.361 |
839.125 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
181.435 |
162.728 |
167.917 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.098 |
0.719 |
1.398 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
179.337 |
162.009 |
166.519 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.662 |
7.574 |
7.894 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
170.675 |
154.435 |
158.625 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
56.214 |
51.548 |
50.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
114.461 |
102.887 |
108.586 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
61.448 |
41.326 |
51.793 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2.149 |
0.000 |
0.000 |
|
|
|
Raw Materials |
4.225 |
2.682 |
1.355 |
|
|
|
Traded Goods |
391.464 |
259.319 |
295.651 |
|
|
TOTAL IMPORTS |
397.838 |
262.001 |
297.006 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
138.74 |
124.71 |
131.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
9.37 |
10.22 |
10.84 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.85 |
16.17 |
16.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.19 |
26.65 |
34.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.34 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02 |
0.00 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.57 |
4.13 |
3.64 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
8.250 |
8.250 |
8.250 |
|
Reserves & Surplus |
342.529 |
445.416 |
559.877 |
|
Net
worth |
350.779 |
453.666 |
568.127 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
8.315 |
0.000 |
8.741 |
|
Total
borrowings |
8.315 |
0.000 |
8.741 |
|
Debt/Equity ratio |
0.024 |
0.000 |
0.015 |
%20LIMITED%20-%20313281%2019-Mar-2015_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1001.591 |
1006.402 |
1221.823 |
|
|
|
0.480 |
21.405 |
%20LIMITED%20-%20313281%2019-Mar-2015_files/image017.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1001.591 |
1006.402 |
1221.823 |
|
Profit |
108.586 |
102.887 |
114.461 |
|
|
10.84% |
10.22% |
9.37% |
%20LIMITED%20-%20313281%2019-Mar-2015_files/image019.gif)
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10360412 |
30/04/2012 |
45,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B41543760 |
|
2 |
10119526 |
11/07/2008 |
25,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A44417004 |
|
3 |
90287838 |
10/11/2003 |
15,000,000.00 |
HDFC BANK LIMITED |
MARIAM CENTER, 751 B ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
- |
|
4 |
90290377 |
01/02/2005 * |
15,000,000.00 |
HDFC BANK LIMITED |
MARIAM CENTRE, 751; ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
- |
|
5 |
90289038 |
26/08/2008 * |
55,000,000.00 |
CITIBANK N.A |
NO 2 CLUBHOUSE
ROAD, ANNA SALAI, CHENNAI, TAMIL N |
A45084290 |
|
6 |
90290081 |
05/07/2000 * |
3,300,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, CHENNAI, TAMIL NADU - 600001, INDIA |
- |
|
7 |
90290066 |
18/02/1994 |
2,746,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, NO.232; N.S.C. BOSE ROAD, MADRAS, TAMIL NADU - 600001, INDIA |
- |
|
8 |
90287264 |
23/09/1993 * |
18,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, CHENNAI, TAMIL NADU, INDIA |
- |
|
9 |
90290040 |
05/07/2000 * |
18,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, CHENNAI, TAMIL NADU - 600001, INDIA |
- |
|
10 |
90290034 |
06/08/1991 |
2,700,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BOMBAY MUTUAL BUILDING, MADRAS, TAMIL NADU - 600001, INDIA |
- |
|
11 |
90288784 |
24/02/1989 * |
15,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BOMBAY MUTUAL BUILDING, MADRAS, TAMIL NADU - 600001, INDIA |
- |
* Date of charge modification
OPERATIONS
During the year under consideration, Sales and Other Income were Rs.
1230.800 Millions against Rs.1015.100 Millions in the previous year recording a
growth of 21%. Profit before interest and depreciation was at Rs. 181.400
Millions as against Rs.162.700 Millions of previous year .After providing for
interest, depreciation and taxation, the profit available was Rs. 114.500
Millions as against Rs. 102.900 Millions in the previous year.
PROSPECTS FOR THE
CURRENT YEAR
The Company plans to introduce a large number of domestically
manufactured new products in the domestic market to keep the market share
growing. With the opening of Funskool brand store in Coimbatore in March 2014,
your company entered into retail business. Two more brand stores at Indore and
Cochin were opened subsequently. Some more brand store's are expected to be
opened during the current financial year. These stores are expected to generate
better brand awareness and bring increased sales. The Directors expect good
growth in export business. The Company continues to be an important supplier to
major toy retailers Mothercare, Vivid Imagination, Abeege Corp, etc.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a. Guarantees given by Banks |
0.082 |
0.539 |
|
b. Letter of Credits issued by Banks |
9.423 |
13.706 |
|
|
|
|
|
Total |
9.505 |
14.245 |
FIXED ASSETS:
· Buildings
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
·
Other equipments
· Computer software
PRESS RELEASE
FUNSKOOL GOES IN
SEARCH OF LARGER SHELF SPACE
Launches
exclusive retail stores to showcase international licensed and own brands
Chennai
August 19, 2013
Funskool, the Indian toy company, has a new strategy in
place. While many of us would remember its board-games and action-figures
jostling for space in toy stores, it appears the company is unhappy about the
lack of real estate accorded to its many brands, most of which have been
licensed from global toy makers.
A young entrepreneur, K M Mammen Mappillai, had
once opened a small toy balloon manufacturing unit in 1946 in a shed in Madras
(now Chennai). That is how Madras Rubber Factory, now known as MRF, was
founded. Moving up the ladder from toy balloons, it has become one of India's
major tyre manufacturers with a turnover of over Rs 100000.000 Millions. But
the outfit's connection with toys manufacturing was
not severed.
In 1987, MRF, along with Hasbro, the US-based
leader in children and family leisure-time products, started a new
joint-venture and named it Funskool India. MRF holds a 60 per cent stake in
it. Funskool now manufactures and distributes toys, licensed from some of the
leading global brands. Funskool's licensed partners, such as the Danish Lego,
Japanese Takara Tomy, German Ravensburger and the US-based Hasbro, comprise a
branded mid-premium market. Its competition includes Mattel and FisherPrice.
The overall toy market in India is around $400 million (Rs 25250.000 Millions).
Funskool and its partner brands lead in the mid
to premium end of the toy market. These segments are also less susceptible to
the influx of China-made toys that had rung the death toll for indigenous toy
makers a while back. They also have brand-conscious buyers.
While small toy stores cater to the mass market,
Funskool is eager to increase the footprint and visibility of its many brands
in large formats. As a result, it has begun to open its own retail stores, as
supermarkets search out private labels for better margins. Funskool boasts of a
wide presence with as many as 16 warehouses to serve 4,000 retail outlets.
Funskool opened its first retail store in
Chennai, for one of its major partners 'Lego', the building-blocks brand. To
shore up its retail offering, it is even adding its own brands.
Arun Mammen, MRF's managing director and
chairman of Funskool, says this will be the company's first venture in retail
and based on the lessons in the next three months, it will look at launching
Funskool stores in other areas. Unlike the standalone Lego store in Chennai,
the new stores will also showcase its other international brands. Mammen
mentions Delhi, Mumbai and Bangalore as being part of the next phase of
expansion. It is already working with the premium toy-store, Hamley's in
Mumbai, to open a Lego corner as well.
"What made us enter the retail foray was
the limited space alloted by the stores for toys. With the space limitations,
it is impossible to showcase all the width and range of our offerings,"
explains R Jeswant, vice-president (sales & marketing), Funskool.
Funskool also came up with its very own brands
-Giggles (around two years back) and Handy Crafts last month. Mammen says
future Funskool stores, which would extend to Tier-II and -III cities
eventually, will build a range around these brands too. "Since the toy
industry grew much faster in the last few years both in India and abroad, we
spent the last one year or so in developing our own brands," says Jeswant.
Its first brand, Giggles, was launched to take on the
flood of imported toys from countries such as China, Korea, Malaysia, the UK
and the US.
Its Handy Crafts includes educational puzzles 'Play
and Learn'. There are also plans to launch more brands. Jeswant says, "Our
own brands will run parallel to Funskool's distribution of international
brands."
Funskool will manufacture its brands at its two
factories in Goa and Tamil Nadu that will see more utilisation with the
company's exports plans. As 20 per cent higher labour costs in China make the
country's manufacturing expensive, John Baby, CEO of Funskool says,
"Manufacturing in India can be cost-effective. If we build our brands and
showcase our products we can find buyers. There are clear signs that buyers are
now looking at India seriously".
Funskool started exporting its own brands to the
UK and tied up with ABGEE Corporation for distribution arrangement. Next up are
African countries and distribution in Colombo, Bhutan, Nepal and Maldives. At
present exports contribute around 8 per cent to Funskool's turnover. Lego
contributed to 15 per cent of its Rs 1000.000 Millions revenue last year.
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 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. 62.42 |
|
|
1 |
Rs. 92.99 |
|
Euro |
1 |
Rs. 67.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.