|
|
|
MIRA INFORM REPORT
|
Report No. : |
505930 |
|
Report Date : |
26.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
KURLON ENTERPRISE LIMITED |
|
|
|
|
Registered
Office : |
#1002/1006, The Avenue, International Airport Road, Opposite Hotel
Leela, Andheri (East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-28265686 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
03.10.2011 |
|
|
|
|
Com. Reg. No.: |
11-222657 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 112.391 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36101MH2011PLC222657 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
|
|
|
|
TIN / CST No.: |
27830996603 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAECK5045N1Z6 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECK5045N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company engaged in the business of manufacture,
purchase and sale of coir, foam and related products. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 6700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Kurlon Limited and was incorporated on 3rd October 2011. In March 2014, Kurlon Limited entered into a business transfer agreement with the subject company, effective from April 01, 2014 to transfer the former’s business division of mattress, foam, furniture and other products (which includes assets, liabilities, contacts and licenses) as a going concern on a slump sale basis to subject company. The core operations of the mattress foam and furniture business are now carried out in the subject company, with all production in Kurlon Limited (Through the Gwalior plant) being sold to the subject company on a cost plus model. As per the financial of 2017, the company has earned a favourable growth of 16.14% in its revenue as compared to the previous year’s revenue and has gained an average net profit margin of 6.22%. The sound financial position of the company is marked by healthy net worth base along with negligible debt balance sheet profile and comfortable liquidity parameter. Rating continue to draw comfort from the company’s brand strength and leading position in the Indian mattress market and its wide spread distribution network across the country. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. However, rating strength is partially offset by highly competitive nature of the industry with presence of other large players and unorganized sector marked by profit margins are exposed to fluctuations in the input prices, which are mostly linked to crude oil prices and any increase in input costs going forward could impact the profit margins as the company may not be able to pass on the cost increase given the price sensitive customer base. Business is active. Payment seems to be regular. In view of aforesaid, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term loans= A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
03.10.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Loans= A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
03.10.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 26.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
#1002/1006, The Avenue, International Airport Road, Opposite Hotel
Leela, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-28265686/ 40313154 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website: |
|
|
Location: |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Corporate Office: |
N-301, III Floor, North Block, Front Wing, Manipal Centre, 47, Diciken
Road, Bangalore – 560042, Karnataka, India |
|
Tel. No.: |
91-80-40313131/25587132/ 23470444/45/70 |
|
Fax No.: |
91-80-25587189 |
|
|
|
|
Factory : |
Total 9
Factories ·
1, Jhagadia Industrial Area, G.I.D.C., Taluka- Jhagadia,
District- Bharuch – 393110, Gujarat, India ·
Dataspet Factory
(PUF DIVISION): # 22 and 23, 13-A, KIADB Industrial Area, Dabaspet,
Nelamangala Taluk, Bangalore – 562123, Karnataka, India ·
Subject also have 4 Factories in Karnataka ·
1 Factory in Uttarakhand ·
1 Factory in Orissa ·
1 Factory in Madhya Pradesh ·
1 Factory in Gujarat |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Tonse Sudhakar Pai |
|
Designation : |
Managing Director |
|
Address : |
No. 5, Chitrakala, Ananthannagar, Manipal, Udupi – 576119, Karnataka,
India |
|
Date of Birth/Age : |
26.04.1953 |
|
Date of Appointment : |
26.03.2014 |
|
Qualification: |
Post Graduate |
|
DIN No.: |
00043298 |
|
|
|
|
Name : |
Mrs. Jaya S Pai |
|
Designation : |
Director |
|
Address : |
No. 5, Chitrakala, Ananthannagar, Manipal, Udupi – 576119, Karnataka,
India |
|
Date of Birth/Age : |
23.08.1958 |
|
Date of Appointment : |
24.09.2013 |
|
Qualification: |
Graduate |
|
DIN No.: |
00030515 |
|
|
|
|
Name : |
Mr. Nitin Gajanan Rao Khot |
|
Designation : |
Director |
|
Address : |
BC – 27, Fort, Belgaum – 590016, Karnataka, India |
|
Date of Birth/Age : |
10.09.1948 |
|
Date of Appointment : |
24.09.2013 |
|
Qualification: |
Post Graduate |
|
DIN No.: |
00030613 |
|
|
|
|
Name : |
S. Anathannarayan |
|
Designation : |
Director |
|
Address : |
B-1, Casa Lavelle – 5, 12/8, Lavelle Road, Bangalore – 560001,
Karnataka, India |
|
Date of Birth/Age : |
22.06.1935 |
|
Date of Appointment : |
03.10.2011 |
|
Qualification: |
Post Graduate |
|
DIN No.: |
00025505 |
|
|
|
|
Name : |
Mr. Amit Choudhary |
|
Designation : |
Nominee Director |
|
Address : |
171/1C, Kalpataru Estate, Jogeshwari Vikroli Link Road, Andheri (East), Mumbai-400093, Maharashtra, India |
|
Date of Appointment : |
04.11.2016 |
|
DIN No.: |
07415690 |
|
|
|
|
Name : |
Mr. Jamsheed Minoo Panday |
|
Designation : |
Alternate Director |
|
Address : |
P-26, Cushraw Baug, Ground Floor, S. B. Road, Colaba, Mumbai-400001, Maharashtra, India |
|
Date of Appointment : |
21.02.2018 |
|
DIN No.: |
00232768 |
KEY EXECUTIVES
|
Name : |
Mr. Shambhu Kumar Bhotika |
|
Designation : |
Chief Financial Officer |
|
Address : |
101, Tirumala Apartments, 1/1, Sri Krishna Avenue, Himagiri,
Meadows, Gottegere, Bannerghatta Road, Bangalore -560083, Karnataka, India |
|
Date of Appointment : |
21.02.2018 |
|
PAN No.: |
ADSPB9457H |
|
|
|
|
Name : |
Mr. Monu kumar |
|
Designation : |
Company Secretary |
|
Address : |
4, Near Shiv Mandir, Sahahabad Mohmmadpur, Village Delhi -110061,
India |
|
Date of Appointment : |
04.08.2016 |
|
PAN No.: |
BMYPK6724N |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Jaya S. Pai |
200 |
|
T. C. Kotian |
200 |
|
P. P. Muralidharan |
200 |
|
Tonse Sudhakar Pai |
200 |
|
Nitin G Khot |
200 |
|
Jamsheed M Pandey |
200 |
|
Kurlon Limited, India |
18501650 |
|
IL and FS Trust Company Limited, India [Trustees equity of Business Excellence Fund II] |
1324174 |
|
India Business Excellence Fund-IIA |
2354086 |
|
Dinesh Kudva |
78066 |
|
Tara Kudva |
35666 |
|
Radhika Shenoy |
8334 |
|
Chandrika Prabhu |
3734 |
|
Narendra Kudva |
113676 |
|
Ashok Chadha |
13340 |
|
Vinuja Kudva |
40000 |
|
Arjun Kudva |
4334 |
|
|
|
|
Total |
22478260 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2017
|
Category |
Percentage |
|
Public/Other than promoters
[Individual/Hindu Undivided Family (Indian)] |
1.33 |
|
Public/Other than promoters [Body corporate] |
82.31 |
|
Public/Other than promoters [Others (Private Equity Fund)] |
16.36 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in the business of manufacture,
purchase and sale of coir, foam and related products. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Center, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
· Kurlon Limited, India |
CAPITAL STRUCTURE
AFTER 27.09.2017
Authorised Capital : INR
190.000 Million
Issued, Subscribed & Paid-up Capital : INR 138.937 Million
AS ON 27.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38000000 |
Equity Shares |
INR 5/- each |
INR 190.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22478260 |
Equity Shares |
INR 5/- each |
INR 112.391 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
112.391 |
112.391 |
94.000 |
|
(b) Reserves & Surplus |
2246.164 |
1638.260 |
393.894 |
|
(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) |
2358.555 |
1750.651 |
487.894 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
1.125 |
223.120 |
|
(b) Deferred tax liabilities (Net) |
146.963 |
127.110 |
25.094 |
|
(c) Other long term
liabilities |
499.951 |
495.928 |
492.472 |
|
(d) Long-term
provisions |
51.664 |
33.063 |
4.099 |
|
Total Non-current
Liabilities (3) |
698.578 |
657.226 |
744.785 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
43.043 |
12.329 |
819.195 |
|
(b) Trade
payables |
998.877 |
849.775 |
732.840 |
|
(c) Other
current liabilities |
146.409 |
148.312 |
285.831 |
|
(d) Short-term
provisions |
117.578 |
109.448 |
91.879 |
|
Total Current
Liabilities (4) |
1305.907 |
1119.864 |
1929.745 |
|
|
|
|
|
|
TOTAL |
4363.040 |
3527.741 |
3162.424 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1519.179 |
1339.532 |
1107.739 |
|
(ii)
Intangible Assets |
56.522 |
8.319 |
7.368 |
|
(iii)
Capital work-in-progress |
38.821 |
17.800 |
25.209 |
|
(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 |
192.220 |
336.752 |
204.858 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1806.742 |
1702.403 |
1345.174 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
31.685 |
40.062 |
0.000 |
|
(b)
Inventories |
862.209 |
690.166 |
712.130 |
|
(c) Trade
receivables |
814.834 |
651.456 |
643.618 |
|
(d) Cash
and cash equivalents |
314.908 |
270.340 |
270.203 |
|
(e)
Short-term loans and advances |
449.582 |
133.757 |
137.856 |
|
(f) Other
current assets |
83.080 |
39.557 |
53.443 |
|
Total
Current Assets |
2556.298 |
1825.338 |
1817.250 |
|
|
|
|
|
|
TOTAL |
4363.040 |
3527.741 |
3162.424 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
9767.959 |
8410.236 |
7707.793 |
|
|
Other Income |
43.720 |
17.399 |
14.240 |
|
|
TOTAL |
9811.679 |
8427.635 |
7722.033 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3995.947 |
3122.394 |
3405.944 |
|
|
Purchases of
Stock-in-Trade |
1115.584 |
948.250 |
1033.896 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(108.092) |
82.336 |
(4.718) |
|
|
Employee benefit expense |
521.370 |
479.692 |
334.638 |
|
|
CSR expenditure |
13.601 |
1.056 |
0.000 |
|
|
Other expenses |
3200.072 |
2928.515 |
2448.199 |
|
|
TOTAL |
8738.482 |
7562.243 |
7217.959 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1073.197 |
865.392 |
504.074 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
37.607 |
72.577 |
181.023 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1035.590 |
792.815 |
323.051 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
121.110 |
97.111 |
96.562 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
914.480 |
695.704 |
226.489 |
|
|
|
|
|
|
|
Less |
TAX |
306.577 |
327.016 |
61.934 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
607.903 |
368.688 |
164.555 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
- Basic |
27.04 |
17.86 |
17.51 |
|
|
- Diluted |
26.49 |
17.46 |
17.51 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1.125 |
1.110 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
560.559 |
966.463 |
625.335 |
|
Net cash flows from (used in) operating activities |
276.936 |
737.166 |
772.013 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
30.45 |
28.27 |
30.48 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
11.99 |
12.91 |
11.98 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
71.33 |
76.20 |
60.25 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.24 |
1.25 |
0.71 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.66 |
0.63 |
0.44 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.30 |
0.32 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.02 |
0.01 |
2.14 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.55 |
0.64 |
3.96 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.68 |
0.78 |
2.34 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
28.54 |
11.92 |
2.78 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
6.22 |
4.38 |
2.13 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
13.93 |
10.45 |
5.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
25.77 |
21.06 |
33.73 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.96 |
1.63 |
0.94 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.30 |
1.01 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.50 |
0.15 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.39 |
0.13 |
11.09 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.96 |
1.63 |
0.94 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
94.000 |
112.391 |
112.391 |
|
Reserves & Surplus |
393.894 |
1638.260 |
2246.164 |
|
Net
worth |
487.894 |
1750.651 |
2358.555 |
|
|
|
|
|
|
Long-term borrowings |
223.120 |
1.125 |
0.000 |
|
Short term borrowings |
819.195 |
12.329 |
43.043 |
|
Current maturities of
long-term debts |
0.000 |
1.110 |
1.125 |
|
Total
borrowings |
1042.315 |
14.564 |
44.168 |
|
Debt/Equity
ratio |
2.136 |
0.008 |
0.019 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7707.793 |
8410.236 |
9767.959 |
|
|
|
9.113 |
16.144 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7707.793 |
8410.236 |
9767.959 |
|
Profit/ (Loss) |
164.555 |
368.688 |
607.903 |
|
|
2.13
% |
4.38
% |
6.22
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C59133207 |
10536453 |
IDBI Bank Limited |
16/10/2014 |
30/03/2015 |
- |
1340000000.0 |
No. 102, Shakthi Comfort Towers, K H Road, Bangalore KA560027IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
PRESS
RELEASE:
KURLON
PLANS TO EXPAND ITS RETAIL FOOTPRINT TO ONE MILLION IN INDIA
April
23, 2018
Kurlon Enterprise Limited, India’s leading mattress, sofa, furniture and furnishing products company, on Monday announced its plans to target 1 million retail footprints in India in the next three years. With this announcement, the company aims to give a boost to its leadership position and infuse much needed excitement and growth in the category.
Kurlon’s retail outlets are targeted at providing consumers with an experience of the entire range of home comfort products and offers consumers a lot of value and choices. With category involvement being very low, Kurlon’s state-of-the-art technology endeavours to improve the standards of interactions within the space and serve the ever-changing needs of the Indian consumer.
Commenting on this development, Sudhakar Pai, Chairman and Managing Director of Kurlon Enterprise Limited said, “Retail is the new buzz word at Kurlon and experiential shopping is our aim. The retail outlets have been carefully designed to provide an experience and facilitate customer interactions to educate them about good sleep. The brand stores showcase the best quality and designs, based on our deep understanding of the consumer needs.”
The company also recently expanded into the home comforts segment with offerings like sofas, furnishings, and furniture such as beds, coffee tables etc.
The company currently has approximately 2.5 lakh sq. ft. retail space and has 800+ exclusive franchise outlets, 7,000+ multi-brand outlets and 15 COCO model Home Komforts stores with a pan India presence. Kurlon outlets are visible in the high street locations of Bengaluru, Delhi, Pune, Chennai, Hyderabad, Kolkata, Mumbai, Kochi, Indore, Kanpur and Lucknow.
“The mattress market is growing by around 10-12%. With reduction in the GST, increase in disposable income, awareness about quality of sleep and rapid improvement in infrastructure, the share of organised market is expected to increase at a faster rate. We believe this is the right time to activate our Retail + Ecommerce – Omni channel drive.” Pai added.
The company has already started recruitment at senior levels and a few of the leadership teams have already joined at CMO, CFO levels apart from the head of retail and the other management positions.
Started in 1962 by Manipal Group's Ramesh Pai, Kurlon is India's largest selling mattress company manufacturing 126 different configurations. The mattress market is about INR 80000.000-90000.000 million, of which one-third is the organised market and Kurlon enjoys 40% market share.
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 66.36 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 81.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.