KURLON Enterprise Limited Unlisted Shares

(i) Kurl-on Limited(KL) is the holding company, which promoted a subsidiary company in the name and style of Kurl-on Enterprise Ltd(KEL). As on 31.03.2019, the Kurl-On Limited holds 85.06% shares in Kurl-On Enterprise.

(ii) In the year 2011, consequent upon the Business Transfer Agreement between Kurl-on Limited and Kurl-On Enterprise, the business of Rubberized Coir, Latex Foam, Polyurethane Foam, Pillows, Spring Mattresses, Furniture, Furnishing, sofa, and entire home comforts and related products were transferred to the subsidiary company( KEL) effective 1st April 2014.

(iii) Headquartered in Bengaluru, KEL is now the operating company. Both the companies are closely held, an unlisted public Ltd.

(iv) Kurl-On Enterprise has one wholly-owned subsidiary i.e. Kurl-on Retail. Kurlon Retail Limited was incorporated under the name and style of Kurlon Mattress Private Limited on 31.08.2012. The Company commenced its commercial operation during 2012. The name of the Company was changed to Kurlon Retail Pvt Ltd on 01.02.2018 and subsequently to Kurlon Retail Ltd wef 16.05.2018. The main object of the company is to carry on the business of buying, selling, importing, exporting, transporting storing, promoting, marketing supplying, trading and dealing in all type of goods including mattresses, pillow, sofa, and furniture on retail as well as whole sell basis in India or elsewhere.

KURLON Enterprise Limited Unlisted Shares Details:

Total Available Shares:	500
Face Value:	₹ 5 Per Equity Share
ISIN:	INE679A01013
Lot Size:	50 Shares
Current Unlisted Share Price:	₹ 905 Per Equity Share
Retail Discount:	Bulk Deal (1%)

Financials of KURLON Enterprise Limited Unlisted Shares:

Kurl-On Enterprise (Standalone) Fig. in Cr
Year	Revenue	EBITDA	PAT	Share Capital	FV	No. of Shares	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	1123.67	150.34	84.15	18.191	5	3.64	23.13

The Kurl-On Enterprise has issued bonus shares of 85,95,013 to Kurl-On Limited in FY18-19. Due to which the paid-up capital increased to 18.191 Cr in FY18-19.

Kurl-on Retail (Standalone)- Fig. in Lakh
Year	Revenue	EBITDA	PAT	Share Capital	FV	Shares	EPS
2018	607	12	0.96	1	10	0.1	9.6
2019	2011	-693	-759	760	10	76.00	-9.99

Consolidated( Fig. in Cr )
Year	Revenue	EBITDA	PAT	Share Capital	FV	No. of Shares	EPS
2018	1120.62	150.07	84.15	13.88	5	2.77	30.38
2019	1124.21	142.12	74.01	18.19	5	3.64	20.34

Comparison With Peers:

Name of the Company	Revenue(Cr)	PAT(Cr)	EPS	P/E	ROE
Sheela Foam	2170	133	27	45	18.20%
Kurl-On Enterprise	1124	74	20.34	44	19.40%

Note: 1. All Figures of FY18-19 are taken for comparison. 2. The P/E of Sheela Foam is calculated by considering a closing price of 08.09.2019. Annual Report 2018-19 Research Report by UnlistedZone