Kurl-on Limited Unlisted Shares

Kurl-on has been energizing India since 1962, from being a humble homegrown Company, today Kurl-on is the largest selling Mattress maker & the only industry players who have a direct presence across over 150 Cities servicing large network of over 7500 retailers. Kurl-on is evolving @ fast pace, from being Mattress Makers to Largest Mattress retailer in India with growing direct retail presence ultimately fabricating large Omni channel Network.

How the Idea Came across to Mr. T Ramesh U Pai, the Founder of KURL-ON?

Kurl-on’s adventure is a fine exercise in business. Amid a visit to Germany,Mr.T Ramesh U Pai found that top of the line engine auto seats utilized rubber treated coconut-coir fiber made from Sri Lankan base material. He realized that India was one of the biggest makers of coconut on the planet thus he appropriately expected, there was another business to be spearheaded. Accused of this idea, he returned home to begin his voyage of finding how best he could exploit the coir husk India created. He found that coconut coir was being utilized just by the cabin business to fabricate retted texture. From here his thought came to fruition and turned into the ancestor to Kurl-on – Karnataka Consumer Products Limited – was framed in 1962.

Historical Events of the Company

1. 1962 – Company Formed by T Ramesh U Pai and Introduced Coir Husk in the Indian Market. Images of Coir Husk for better understanding.

2. 1965 – First Rubberized Coir Mattress launched in India.
3. 1969 – Kurl-ON Bagged its first Railway Project.
4. 1972 – Mass Manufacturing of Car Seats for M&M, Hindustan Motors and Introduced First Moulded Pillow In India.
5. 1988 – Initiated In-House Production of Polyurethane Foam. Images of Coir Husk for better understanding

6. 1995 – Campaign “Stand ON, SIT ON, SLEEP ON: “KURL ON”.
7. 2000 – Became ISO-9000 Certified Company.
8. 2002 – Entered the Retail Industry with “KURLON NEST”.
9. 2004 – Established 9 Strategically Located manufacturing facility.
10. 2006 – Started Manufacturing Spring Mattresses at B’lore Plant.
11. 2010 – Started its First Exclusive Franchise Outlet “KURLON MATTRESS XPRESS”.
12. 2016- Upgraded its product with cutting edge “KURLOPEDIC TECHNOLOGY”

Whom do they Sell?

Offers a wide range of comfort solutions for Retail Consumers and a wide range of institutional clients such as Hotels, Hospitals, and Hostels who prefer high performance, high quality branded mattresses with flame retardant, anti-bacterial fabrics. The company is the sole manufacturer of hospital approved mattress. KL markets its products under the flagship brand “Kurl-On”, with approximately 35% of market share with a sales of over 1.2 Million mattresses a year.

Products of the Company

1. Mattress
2. Pillows
3. SOFAS
4. Furniture
5. Furnishing

Industry Overview:

Nationally, the mattress industry is predominantly an unorganized market with many small regional players and just a handful of organized national mattress makers such as Kurl-On. The organized mattress market has been dominated by Kurl-on which is currently the number one brand in the mattress and the second-largest producer of PU foams in India.

The Indian mattress market is estimated at approximately 10,000 Crores, of which approximately 75% has been dominated by cotton mattresses, which is majorly a low-value unorganized market. Just about 20% of the total market for mattresses comprises the rubberized coir mattress segment, with the remaining market comprising high-end foam-based mattresses.

With the introduction of GST and more inclination of buyers towards the quality products will open big opportunities for Kurl-On in future to cap on.

The Demand Drivers:

(i) Over the centuries cotton mattresses were the most preferred sleeping product considered by people from across the globe, however germs and mites have a tendency to dwell in cotton mattresses, and hence the need for maintenance is quite high. Also, cotton mattresses have sagging tendencies and need to be replaced on a regular basis.

(ii) On the other hand, coir mattress does not face any such issues and has a longer shelf life than traditional cotton mattresses. All these along with a shift in consumer preference to Coir/ Foam mattresses would fuel the demand for Kurl-On in years to come. Urbanization and the population directly influence mattress consumption.

(iii) India is presently only about 31% urban and higher migration would result both in a reduction in area per household as well as a rise in the number of nuclear families, along with newer centers of residential and commercial development and Government programs such as the “100 Smart Cities by 2022” “Housing for All “Pradhan Mantri Gramin Awaas Yojana”, rate of urbanization and urban renewal is expected to rise significantly in the near future, thus fostering the growth of the mattress and furniture industry in the country.

The Way Forward:

(i) Kurl-on is the innovator of coir mattresses in India and offers a wide range of comfort solutions for retail consumers and a wide range of institutional clients. The company believes in a research-based approach to improve the product range and increase market share and penetration. The company plans to establish its presence in mid-range towns, keeping in mind the economics and logistic challenges of the smaller markets. The Company continues to target semi-urban markets with a focus to tap and convert customers from cotton to branded manufactured mattresses.

(ii) KEL plans to reposition the brand through advertising to target younger customers in urban areas. KEL is continuously enhancing its focus on institutional business from hotels, hostels and hospitals, strengthening the company’s presence on e-commerce platforms and availability of the products at all leading departmental stores, indulge in contract manufacturing for OEM brands to improve capacity utilization and economies of scale.

Kurl-on Limited Unlisted Shares Details:

Total Available Shares:	500
Face Value:	₹ 10 Per Equity Share
ISIN:	INE781F01032
Lot Size:	50 Shares
Current Unlisted Share Price:	₹ Best in Industry Per Equity Share

Promoters And Management:

Promoters of Kurl-on limited are: (i) Mr. T Sudhakar Pai (ii) Mrs. Jaya S Pa

Financials of Kurl-on Limited Unlisted Shares:

Kurl-On Limited (Standalone ) Fig. in Crores
Year	Revenue (Cr)	EBITDA Margins	PAT (Cr)	Share Capital (Cr)	FV	No. of Shares	EPS
2016	81.09	7.22%	8.47	14.88	10	1.488	5.69
2017	99.8	12.82%	5.85	14.88	10	1.488	3.93
2018	133	11.90%	6.33	14.88	10	1.488	4.25
2019	147	14.9%	14.59	14.88	10	1.488	9.80
2020	129	14.38%	9.66	14.88	10	1.488	6.56

Kurl-On Enterprise (Standalone) Fig. in Crores
Year	Revenue (Cr)	EBITDA (Cr)	PAT (Cr)	Share Capital (Cr)	FV	No. of Shares (cr)	EPS
2016	893.63	86.53	36.86	20.638	10	2.06	17.86
2017	1034.14	106.84	60.79	11.237	5	2.24	27.05
2018	1105.7	149.93	83.93	13.882	5	2.77	30.23
2019	1063.87	139.91	66.04	18.191	5	3.64	18.1
2020	995.56	135.85	75.58	18.191	5	3.64	20.30

Consolidated Fig. in Crores
Year	Revenue (Cr)	EBITDA Margins	PAT (Cr)	Share Capital(Cr)	FV	No. of Shares	EPS
2016	823	11.20%	42.18	14.88	10	1.488	28.35
2017	963	12.48%	55.88	14.88	10	1.488	37.55
2018	1108	14.50%	85.71	14.88	10	1.488	57.6
2019	1056	14.80%	75.96	14.88	10	1.488	51
2020	974	14.80%	75.65	14.88	10	1.488	51

Annual report 2019-20

Comparison With Peers:

Name of the Company	Revenue (Cr)	PAT (Cr)	EPS	P/E	ROCE
Sheela Foam	2121	193	34	39	27%
Kurl-On Enterprise	995	75	20	40	26%

Note: 1. All Figures of FY19-20 are taken for comparison. 2. The P/E of Sheela Foam is calculated by considering a closing price of 01.10.2020. 3. Price of Rs. 800 is taken to calculate P/E of Kurl-On Enterprise.

Company Address:

Kurl-on Limited N-301, North Block, Manipal Centre, Dickenson Road, Bangalore, Karnataka - 560042 Email id. customercare@kurlon.com website: www.kurlon.com

Frequently Asked Questions:

Please find below the procedure for buying Kurl-on Limited Unlisted Shares at UnlistedZone.

1. You confirm booking of Kurl-on Limited Unlisted Shares with us at a trading price.
2. You provide your client master report (ask the broker if not available) along with PAN Card and Cancelled Cheque in case you are not transferring funds from the bank account as mentioned in the CMR Copy. These are KYC documents required as per SEBI regulations.
3. We will provide the bank details.
4. You need to transfer funds in that account.
5. Payment has to be done in RTGS/NEFT/IMPS CHEQUE TRANSFER. No CASH DEPOSIT.
6. Payment has to be done from the same account in which shares are to be credited.
7. We will transfer the shares in 24 hours if funds are credited before 2 pm.

Important Note: Please note that the lock-in period for selling Kurl-on Limited Unlisted Shares is 6 months after listing. Hence you can’t sell Kurl-on Limited Unlisted Shares which you bought in Pre-IPO for 6 months after its listing. i.e. You can sell it only after 6 months calculated from the listing date. For any queries, please contact us at sales@unlistedzone.com

Please find below the procedure for selling Kurl-on Limited Unlisted Shares at UnlistedZone.

1. We will confirm our buying price of Kurl-on Limited Unlisted Shares.
2. We will give you our client master report and you will transfer the Kurl-on Limited Unlisted Shares to our demat account.
3. We will ask for bank details of yours once the Kurl-on Limited Unlisted Shares are received in our demat account..
4. We will transfer the funds in your bank account within 24 hrs of receiving the Kurl-on Limited Unlisted Shares.
5. Payment will be made in RTGS / NEFT / CHEQUE TRANSFER/IMPS. No CASH DEPOSIT.
6. Payment will be given in the same account which is linked to demat account or you need to provide the cancelled cheque shows your name to verify. As per SEBI regulations, the transfer of funds in the third party account is not legal and our policy refrain us from doing so.

Note: The price at which we are buying the share is fixed for 3 days. If you cant sell your stock within 3 days, then the price of that day will be applicable when we receive shares in our demat.

Lock-in period of Kurl-on Limited Unlisted Shares depends upon category of investors.

1. Venture Capital Funds or Alternate Investment Fund of Category -I or II, or Foreign Venture Capital Investor - lock-in Period of 6 months from the date of acquisition of Kurl-on Limited Unlisted Shares.
2. Other Investors (include Retail, HNIs or Body Corporate) lock-in Period of 6 months from the date of listing of IPO of Kurl-on Limited Unlisted Shares.

This new SEBI rule was introduced in the month of August-2021, wherein the SEBI has reduced the lock-in period previously from 1 year to 6 months to encourage more and more funds to be invested in startups which are going to public or IPO in near future. Reduction of lock-in is seen as big step and after that many PMS funds are advising their clients to invest in Pre-IPO shares to get the benefit of early stage investment.

DIS - Delivery Instruction Slip is the way through which an investor can sell or transfer the Kurl-on Limited Unlisted Shares from his/her demat account to any other demat account. There are two Types of DIS Slip.

1. Offline-DIS - This is an offline mode of transfer of shares wherein the investors needs to fill DIS form and give it to their broker for transferring the shares. Following are the fields which are required to be filled.
- a. ISIN number of Kurl-on Limited Unlisted Shares.
- b. Name of Kurl-on Limited Unlisted Shares
- c. Quantity of Kurl-on Limited Unlisted Shares
- d. Cosideration Amount
- e. Target DP ID and Client ID
- f. Annexure
2. Online DIS - Some of the broker these days gives facility of transferring the Kurl-on Limited Unlisted Shares via online DIS. So, please check with your broker whether such facility is available or not. For example: Angel Broking proivdes the facility of Online-DIS from its platform. As an investor he/she simply needs to add a beneficiary into it and send the Kurl-on Limited Unlisted Shares by filling the details similar to Ofline-DIS.

Read our article to understand more about this. https://unlistedzone.com/how-do-i-sell-my-unlisted-shares/

In the last 4-5 years, the unlisted share market has become quite big and as a result of that, the ticket size has reduced from usual 5-10 Lac to 35-50k in today's scenario. So, via our UnlistedZone platform, if somebody wants to buy Kurl-on Limited Unlisted Shares then minimum investment would be 35-50k.

Yes, buying and selling of unlisted shares in India is 100% legal.

If you sell your shares within 2 years, then you will have to pay Short-term Capital gain on unlisted shares. Short-Term Capital Gain is added in your Income. So, as per individual tax slab you need to pay capital gain tax.

If you sell your shares after 2 years, then you will have to pay Long-term Capital gain on unlisted shares LTCG is 20% with indexation benefits.

Taxes will remain the same irrespective of listing of shares, if bought in unlisted market. Actually, to be eligible for taxes as per listed market, one has to pay STT on buying and selling of shares. But, if you buy in unlisted and sell in listed market, one pay STT only on selling so, taxes of listed market will not be applicable

If you buy Kurl-on Limited Unlisted Shares from UnlistedZone then these shares can checked in two ways. However, before we tell you the process of checking of shares, it is intimated that as per SEBI regulations, the shares can be transferred in demat account only.

Check credit of Kurl-on Limited Unlisted Shares Instantly?

1.You can download the NSDL or CDSL application from google play-store and check. If you want to check whether your stock broker is registered with NSDL or CDSL then check the following procedure.
By carefully examining the number format of Demat Account we can easily identify whether the stock broker is registered with CDSL or NSDL.
Demat Account = DP ID + Client ID. (16 Characters )
"DP ID is the unique identification of the Broker. Every broker gets a unique number from CDSL or NSDL.By carefully examining the number format of Demat Account we can easily identify whether the stock broker is registered with CDSL or NSDL.
Client ID is the unique identification of the Client. Every client gets this unique number which represents his/her portfolio.
In CDSL, all these characters are numbers (1234567891234567) first 8 digits are DP ID and next 8 digits are Client Id whereas in NSDL the first two characters are letters which are in accordance with the country that you are from (IN12345678912345), then 6 unique digits for Broker and next 8 digits are client ID.
Example:
CDSL = 12345678(DP ID) and 91234567(Client ID).
NSDL = IN123456 (DP ID) and 78912345(Client ID).
Check in brokers application?
Credit of Kurl-on Limited Unlisted Shares can be checked in brokers application as well but it takes T+2 days to show the shares.

The Kurl-on Limited Unlisted Shares are credited in demat account same day of transferring funds in our company's bank account.

The price of Kurl-on Limited Unlisted Shares can be checked in two ways. First, you can join our telegram channel where on daily basis we share the latest prices of all the unlisted shares in the morning and secondly, you can register on UnlistedZone.live platform to see the historical graphs and prices of all the shares at one place.

If you see the thesis of investment in the unlisted shares then it is being done mainly to take the advantage of IPO market. And, if the IPO plans of company get delayed due to market conditions or any other reason then demand suddenly drops in the market. The unlisted market works mainly on demand and supply and if there is no IPO news then getting exit would be difficult.

"UnlistedZone is India's fastest and leading marketplace to buy and sell unlisted shares. In the last 3 years, we have already served more than 1 million users on the platform. The total transactions value done from the platform is already more than 100 Crores. The name of our Co-founders Mr. Umesh Paliwal and Dinesh Gupta publish regularly in leading newspapers like MoneyControl, Business-Standard, ET etc for their views on IPO and Unlisted market. In the last 3 years, UnlistedZone has made a good name for itself in the industry and gained a trust of their users. So, the new investors should not be worried about any kind of fraud that is mostly happens with unkown brokers in the market while doing investment with UnlistedZone."

We at UnlistedZone do the valuation based on 2 methods.

1. We check the last funding that is being done in the Kurl-on Limited Unlisted Shares to ascertain the benchmark valuation.
2. If there is no funding happened in the company, then we try to find a business similar to Kurl-on Limited Unlisted Shares in the listed space and do comparison method to ascertain the valuation.

As an investor in the unlisted space, we would always recommend that you must check all the risk parameter carefully before investing in the unlisted space.

We source shares either from the employees or initial investors looking to liquidate their Kurl-on Limited Unlisted Shares.

Pre-IPO shares means which are planning for an IPO in near future. So, all the shares which are traded on the platform are not Pre-IPO Shares. However, if the company's business is going good and then demand will always be there in the unlisted space, so even if the IPO does not come, the investors can easily liquidate their Kurl-on Limited Unlisted Shares in the unlisted market itself.

Rules and regulations of SEBI are applicable in the Unlisted space like lock-in period of 6 months, paying of Stamp Duty, and DP Charges for every transaction etc. However, to become an unlisted broker there is no such regulation by SEBI as of yet.

For tracking news and other information about Kurl-on Limited Unlisted Shares, one can visit our website wherein we post news and other information on daily basis and one can also join our telegram channel.

Discussion on Kurl-on Limited Unlisted Shares:

3 Comments

Market Wizard

1:04 PM, 19 April 2019

https://unlistedzone.com/kurl-on-acquired-spring-air-american-company-eyeing-rs-2200-crore-revenue-in-2-years/

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Market Wizard

6:47 AM, 6 January 2019

Motilal Oswal PE (MOPE) invested Rs 90 crore or $13.5 million in Kurlon valuing it at around Rs 1,000 crore in September 2015.

The company’s net revenues for the financial year ended March 31, 2016, stood at Rs 819.2 crore and the profit after tax stood at Rs 43.7 crore. Most funds value the company at Rs 3,000-4000 crore.

However, using the valuations of Sheela Foams as a benchmark, Kurlon promoter, the Pai family of Manipal, is expecting a far higher premium which industry insiders feel could well be a deal breaker.

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UZAdmin

11:56 AM, 28 October 2018

Kurlon Enterprise Ltd (KEL) was incorporated in 2011 as a wholly owned subsidiary of Kurl-On Ltd.

On 1st Apri, 2014 under the business transfer agreement between Kurl-On Ltd and Kurlon Enterprises Ltd division of mattress, foam and furniture and other similar products was transferred to KEL on a slump sale basis.

Thus currently KL stands as an operating company involved in manufacturing rubberized coir, foam and spring mattresses, foam products and home furnishings through its subsidiary i.e. KEL.

Kurl-On holds close to 83.93% of Shares in Kurlon Retail as on 31st March 2018.

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Kurl-on Limited Unlisted Shares

Kurl-on Limited Unlisted Shares Details:

Promoters And Management:

Financials of Kurl-on Limited Unlisted Shares:

Comparison With Peers:

Company Address:

Frequently Asked Questions:

Discussion on Kurl-on Limited Unlisted Shares:

3 Comments

Market Wizard

Market Wizard

UZAdmin

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