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×

kurlon enterprise Limited

640.00
-3.03 %
Scrip Name
Kurlon Enterprise
ISIN No.
INE387W01025
PAN No.
AAECK5045N
Face Value
5
No. of Outstanding Shares
36,382,393
Market Capitalization
2,328.47 Crore

KURLON ENTERPRISE LIMITED UNLISTED SHARE

About Kurlon Enterprise Limited


Kurlon Enterprise Limited was established in 2011. It is a subsidiary company of Kurlon Limited. Kurlon Limited is the innovator of coir mattresses in India and it offers a wide range of comfort solutions for retail as well as institutional clients.


When Kurlon Enterprise was created, A business agreement between Kurlon Enterprise Limited and Kurlon Limited was being done. According to the agreement, the business rubberized coir, latex foam, polyurethane foam, pillows, spring mattresses, furniture, furnishing, and related products were transferred to Kurlon Enterprise Limited with effect from 1st April 2014.


Kurlon Enterprise Limited is now the operating company. It is headquartered in Bengaluru. The company is now manufacturing mattresses in 126 different configurations. Kurlon Enterprise Limited boasts its network of more than 10,000 dealers, 72 branches, and stock points across India. The company also has 12 manufacturing facilities across Karnataka, Orissa, Madhya Pradesh, Uttaranchal, and Gujarat. Every minute, about 5 homes in India buy a Kurlon Mattress.


In FY 2019-2020, Kurlon Enterprise Limited added some new products to their portfolio which include Wedding Series Mattresses, Sleepace sleep tracker, and a wide range of pillows. The company has also recently completed the merger with Spring Air Bedding Company (India) Limited, through which the company has added some international brands to its portfolio.

 

INCORPORATION DETAILS


CIN

U36101MH2011PLC222657

Registration Date

13 October 2011

Category / Sub-Category of the Company

Company Limited by Shares

Address of the Registered office and contact details

#1002/1006, The Avenue, International Airport Road, Opp. Hotel Leela, Andheri(East), Mumbai-400059

Name, Address and Contact details of Registrar and Transfer Agent, if any

Purva Sharegistry (India) Private Limited

Ms. Purva Shah 9, Shiv Shakti Ind. Estt. J.R. Boricha Marg,

Lower Parel(E), Mumbai-400011

+91-022-2301-6761/2518

support@purvashare.com

 

PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES

Name of the Company

Holding/Subsidiary/Associate

% of shares held

Kurlon Limited

Holding Company

85.06

Kurlon Retail Limited

Wholly owned Subsidiary

100

Sevalal Solar (P) Limited

Subsidiary

69

Sirar Solar Energies (P) Limited

Subsidiary

69

Sirar Dhotre Solar (P) Limited

Subsidiary

69


BOARD OF DIRECTORS

Mr. T. Sudhakar Pai (Managing Director)

Mrs. Jaya S. Pai (Director)

Dr. Nitin G. Khot (Independent Director)

Mr. S. Ananthnarayanan (Independent Director)

Mr. Vishal Tulsyan (Nominee Director)

Mr. Ritesh Shroff (Chief Financial Officer)

Mr. Monu Kumar (Company Secretary)

 

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services

NIC Code of the product/service

% to total turnover of the Company

Mattresses/Pillows/Foam/Sofa & furniture

31005

97.18%


KURLON ENTERPRISE LIMITED UNLISTED SHARE DETAILS

Total Available Shares:

3,63,82,393

Face Value:

Rs. 5 Per Equity Share

ISIN:

INE387W01025

PAN No. 

AAECK5045N

Lot Size:

100

Last Traded Price:

Rs. 700

Market Cap:

Rs. 2546.77 Crore

 

SHAREHOLDING PATTERN

As on 31-03-2020

S. No.

Shareholders’ Name

No. of Shares

% of total Shares of the company

1

Mrs Jaya S Pai

347

0.00

2

Mr. T Sudhakar Pai

347

0.00

3

Kurlon Limited

3,09,46,755

85.06

4

Public Shareholding

54,34,944

14.94

 

Total

3,63,82,393

100.00

INDUSTRY OUTLOOK

India's overall mattress market has grown at a CAGR of above 11% over the last five years. The rise in income levels, health consciousness, and growth in the real estate and hospitality sectors are major factors that accelerated the growth of the Indian mattress market. A visible shift has been observed in the consumer’s perspective, where the main focus now is on the comfort and functionality of the product.


Several new trends are expected in the mattress industry during the coming years. The demand for customized and luxury mattresses is expected to increase significantly. Mattresses are no longer considered as mere consumer durables, they are an indicator of the quality of life.


Demand in both residential and institutional sectors is expected to grow in India. Among various sizes available, king-size mattresses are the most preferred ones, and comfort and durability are the most important factors for dominance in the market.


The Online segment is now a key focus for mattresses manufacturing companies. With COVID 19 pandemic, this segment has attained great significance and its potential has multiplied. With Work From Home expected to be the new normal and more people spending greater time at home, it is expected that the demand for the products used at home would go up especially in the Mattress and furniture space.


The unorganized sector has a major share in the Indian mattress market. This sector includes a street-side shop and the local ginner. However, the organized sector is now growing, with the increasing demand for good-quality mattresses among Indian consumers.


Growing residential units are creating a demand for mattresses all over the country. Additionally, every new hotel requires hundreds of beds and mattresses, and this particular industry appears to be thriving, owing to growth in the construction, real estate, and tourism, and hospitality sectors.

 

 

 

 

KEY FINANCIALS OF KURLON ENTERPRISE LIMITED (In Rs. Lakhs)

Particulars

2020

2019

2018

2017

Revenue from operations

98,763.14

1,05,191.40

1,10,817.97

97,679.59

EBITDA

12,790.30

12,793.80

13,760.34

10,294.77

EBITDA margin

12.95%

12.16%

12.42%

10.54%

Finance Cost

941.37

598.33

409.56

376.07

Depreciation

3,330.45

1,896.45

1,438.96

1,211.10

Other Income

793.38

1,196.23

1,244.69

437.2

Profit before Tax

9,311.87

11,495.24

13,156.51

9,144.80

Tax

1,787.34

4,890.30

4,741.16

3,065.77

Profit After Tax (PAT)

7,524.53

6,604.94

8,415.35

6,079.03

PAT margin

7.56%

6.21%

7.51%

6.20%

EPS

20.78

18.5

30.23

27.04


BALANCE SHEET OF KURLON ENTERPRISE LIMITED (In Rs. Lakhs)

Particulars

2020

2019

ASSETS



NON CURRENT ASSETS



Tangible Assets

28,523.15

20,664.74

Intangible Assets

2,646.66

2,742.67

Financial assets

1,483.66

1,152.63

Trade receivables

0

1.5

Tax Assets

1,113.58

438.87

Other non-current assets

1,511.85

2,800.81

TOTAL NON CURRENT ASSETS

35,278.90

27,801.22

CURRENT ASSETS



Inventories

12,289.92

11,729.24

Financial assets

11,511.78

3,783.68

Trade receivables

6,705.36

11,961.18

Cash and Cash equivalents

1,430.82

3,065.88

Other current assets

7,465.01

7,480.70

TOTAL CURRENT ASSETS

39,402.89

38,020.68

EQUITY AND LIABILITIES



EQUITY



Equity share capital

1,819.12

1,819.12

Other Equity

44,775.40

38,634.85

Non controlling interest

13.86

0.00

TOTAL EQUITY

46,608.38

40,453.97

LIABILITIES



NON-CURRENT LIABILITIES



Financial liabilities

10,335.55

6,093.63

Provisions

409.42

409.42

Tax liabilities

1,619.79

2,252.10

TOTAL NON CURRENT LIABILITIES

12,364.76

8,755.15

CURRENT LIABILITIES



Financial liabilities

3,120.50

2,287.50

Trade payables

11,948.34

12,911.27

Provisions

413.8

409.42

Tax liabilities

0

0

Other current liabilities

226.01

1004.59

TOTAL CURRENT LIABILITIES

15,708.65

16,612.78

TOTAL EQUITY AND LIABILITIES

74,681.79

65,821.90


DIVIDEND AND RETAINED EARNINGS

Particulars

2020

2019

2018

2017

Dividend (In Rs.)

3.5

3

2.5

2.5

Retained Earnings (Consolidated) (In Rs. Lakhs)

28,563.17

22,044.18

16,149.21

9,264.84


KEY FINANCIALS OF SUBSIDIARIES OF KURLON ENTERPRISE LIMITED (In Rs. Lakhs)


Particulars

Kurlon Retail Limited

Sirar Solar Energies (P) Limited

Sirar Dhotre Solar (P) Limited

Sevalal Solar (P) Limited

Total Assets

6427.72

305.37

301.16

40.3

Share Capital

763.33

1

1

1

Reserves and surplus

-587.2

22.36

21.67

-2.31

Income from Operations

4016.92

53.42

49.69

0

Profit After Tax

-654.88

14.97

10.41

-1.81


PERFORMANCE OF THE COMPANY

Revenue from Operations, on a consolidated basis, decreased by 6.11% from Rs. 1,05,191.40 lakhs in FY 2019 to Rs. 98,763.14 lakhs in FY 2020. The decrease in revenue from operations is due to the impact of COVID-19during February/March 2020 and the subsequent lockdown during the last week of March 2020.


Despite low revenues, EBITDA has been stable for the company at Rs. 12,790.30 lakhs in FY 2020, as compared to Rs. 12,793.80 in FY 2019. Moreover, EBITDA margins have also been stable at 12.95% in FY 2020.


Consolidated Profit after Tax (PAT) increased by 13.9% in FY 2020 to Rs. 7,524.53 lakhs from Rs. 6,604.94 lakhs in FY 2019. That means PAT margins have improved by around 1.35% in FY 2020. Therefore despite less sales in FY 2020, the company has given an EPS of Rs. 20.78 to its shareholders, 12% increased from Rs. 18.5 in FY 2019.


The Current Ratio of the company for FY 2020 is 2.5. This means that the company has enough liquidity to pay all the current liabilities in the case of liquidation of the company. Therefore, it can be concluded that the company does not have any liquidity issues.


Kurlon Enterprise Limited has consistently and progressively given dividends to its shareholders. The company gave a dividend of Rs. 3.5 per equity share, in FY 2020, as against Rs. 3 per equity share in FY 2019.



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