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Kurlon Annual Report 2023-24 Summary: This document is the annual report for Kurlon Enterprise Limited for the financial year 2023-24. Kurlon, a leading mattress manufacturer in India, became a part of Sheela Foam Ltd in 2024. The report includes corporate information, financial highlights, and the Director's Report. Corporate Snapshot: Kurlon's Board of Directors includes Mr. Tushaar Gautam (Managing Director), Mr. Rahul Gautam, Ms. Jyothi Ashish Pradhan (Non-Executive Directors), Mr. Ravindra Dhariwal, and Ms. Meena Jagtiani (Independent Directors). Mr. Abhilash Kamti is the Chief Financial Officer (CFO), and Mr. Monu Kumar is the Company Secretary. Statutory auditor is M/s. MSKA & Associates. The bankers are Axis Bank Ltd., IDBI Bank Ltd., and Kotak Mahindra Bank Ltd. Brand Story & Vision: Founded in 1962 by Ramesh Pai, Kurlon initially focused on coir mattresses, pioneering the use of coir in India. Kurlon's vision is to sustain Brand Leadership with Highest Consumer Delight, through a world-class manufacturing process, innovation, and making it the best place to work. This involves delivering exponential growth and maximizing wealth for stakeholders responsibly. Key Products & Services: Kurlon delivers comfort through its stores, retail partners, and products, integrating technology for traceability, omnichannel shopping, and after-sales service. Products include rubberized coir, natural latex, pocket spring, and PU foam mattresses. Brands include OrthoMagic and Klassic. Financial Highlights: The company's standalone revenue from operations for FY 2023-24 was Rs. 80,031.89 lakhs, compared to Rs. 84,287.22 lakhs in the previous year. The company experienced a loss before tax of Rs. 5,060.58 lakhs and a loss after tax of Rs. 4,888.56 lakhs. The consolidated revenue from operations was Rs. 81,986.05 lakhs (FY 2022-23: Rs. 85,889.51 lakhs), with a loss before tax of Rs 5,475.46 lakhs and a loss after tax of Rs 5,427.93 lakhs. The financials were impacted by write-offs, goodwill impairment, and asset devaluation on physical verification. Director's Report: The Board of Directors presents the 13th Board Report, reviewing the company's performance and affairs. The revenue review indicates a decrease in both standalone and consolidated revenue compared to the previous financial year. The company's CSR efforts align with ESG responsibilities, focusing on health, education, and sanitation. The company's subsidiary details are provided, with Kurlon Retail Limited, Komfort Universe Products and Services Limited, Belvedore International Limited, Starship Value Chain and Manufacturing (P) Limited, and Kanvas Concepts Private Limited listed. There has been no change in the nature of business. Operational Changes: Kanara Consumer Products Limited and Kurlon Trading and Invest Management Private Limited sold a majority stake to Sheela Foam Limited. The company is now a material subsidiary of Sheela Foam Limited, and a scheme of amalgamation with Sheela Foam is in progress. KCPL transferred lands, Company acquired Gwalior Business, and Company sold its investments in Sevalal Solar group to KCPL, in addition to adjusting lease deposits for asset acquisitions from KCPL. Corporate Governance & Compliance: The report states compliance with applicable laws and ethical business practices. There were changes in the composition of various committees, such as the Audit Committee and CSR Committee. It includes details on board meetings, evaluation processes, and policies on director appointments and remuneration. Risk Management & Internal Controls: Kurlon has an adequate internal control system commensurate with its size and operations. There is a comprehensive Risk Assessment and Minimization Procedure. Subsidiaries, Associates & Joint Ventures: As of March 31, 2024, Kurlon has five wholly-owned subsidiaries: Kurlon Retail Limited, Komfort Universe Products and Services Limited, Belvedore International Limited, Starship Value Chain and Manufacturing (P) Limited, and Kanvas Concepts Private Limited. Directors' Responsibility Statement: The directors confirm responsibility for the preparation of financial statements in accordance with applicable standards and maintaining adequate accounting records. Statutory Auditors & Internal Audit: MSKA & Associates are the statutory auditors. The company also uses Secretarial Auditors and cost auditors. Other Key Points: * The company's plants are certified with OHSAS:18001 standards. * Kurlon has a Whistle Blower Policy and also has taken steps to prevent the Sexual Harassment of Women at Workplace. * A section on safety, health, and environment is included. * The management discussion and analysis report outlines the economic scenario and industry-specific trends. * The Independent Auditor's Report details responsibilities and opinions on the consolidated and standalone financial statements. Appendices: The report includes several appendices with detailed financial statements and related notes, auditor's reports, and CSR activities.
Kurlon Annual Report 2021-22 Summary: **About Kurl-on:** Established in 1962, Kurlon is an innovator of Rubberized Coir (RC) mattresses in India, offering home comfort solutions like mattresses, polyurethane foam, and home furniture under the "Kurl-on" brand. The company exports to Asian countries like Sri Lanka and Nepal and has received awards for performance in exporting Rubberized Coir Products. In 2011, Kurlon promoted a subsidiary, Kurlon Enterprise Ltd. (KEL), and in 2014, transferred its business to KEL. **Vision & Mission:** Kurlon aims to sustain brand leadership with highest consumer delight through world-class manufacturing processes, innovation, and being the best place to work, thereby delivering growth and wealth for stakeholders in a socially responsible manner. **Awards & Recognition:** Kurlon has received the "49th National Safety Day award" from the Government of Karnataka, "The Brand of The Decade Award 2021-22" in the mattress category by BARC Asia, and the Pride of India Brands recognition. **Company Timeline:** * 1962: Started as Karnataka Coir Products Pvt Ltd in Arsikere. * 1965: Launched Rubberized Coir mattresses in India. * 1969: Bagged its first railway order. * 1972: Won contract to manufacture car seats. * 1988: Initiated in-house polyurethane foam production and pioneered the quilted mattress concept, first brand to advertise on print and TV. * 1995: Introduced the campaign "Stand on, Sit on, Sleep on, Kurl-on." * 2000: Became an ISO 9001 certified company. * 2002: Entered retail with Kurlon Nest stores. * 2006: Started manufacturing spring mattresses and introduced sofas and furniture. * 2010: Started the first franchise outlet - Kurl-on Mattress Express. * 2013: Established 9 manufacturing facilities across Karnataka, Orissa, Madhya Pradesh, Uttarakhand and Gujarat. * 2016: Upgraded products with Kurlopedic Technology. * 2019: First brand to launch concept mattress called Wedding series. * 2021: Brand launches revolutionary Mattress in a bag concept. * 2022: Sixty years of helping India sleep healthy. **Key Differentiators:** * Strong Brand Value: One of the oldest and most trusted brands in India, committed to delivering restful sleep and growth. * Customer-Oriented: Offers a dedicated team guiding customers to choose suitable products, providing technological insights, and offering after-sales support. * Multi-Location Manufacturing: World-class manufacturing facilities across India ensure quality, delivery, and customer reach. * Premium Product Range: Provides a diverse range of home comfort solutions from mattresses to PU foam and furnishings. * Vertically Integrated Manufacturing: The company is the only industry player making rubberized Coir, Spring, and Foam mattresses, giving complete control. * Environment and Sustainability: Emphasizes rain harvesting, solar energy use, and zero carbon emission. * R&D: Continuously adds value to existing products and formulates qualitative and comforting ranges. * Extensive Distribution Network: Reach to more than 4000+ counters and 50+ warehouses in India. **Product Portfolio**: Offers a range of mattresses, Home Komforts furniture, and Kurlopillo products. Includes new Kurl-on Mattress in a bag. **Geographical Presence:** Kurlon has a nationwide presence with 12 factories, 7 hubs, and 50+ warehouses across India. **Managing Director's Desk:** Managing Director Sri T. Sudhakar Pai mentions transparency, sustainability, and inclusive growth in the integrated annual report. Despite challenging times, the company has stood the test of time, reporting topline growth with consolidated revenue from operations at Rs 79,515.38 lakhs, an increase of 4.79%. The company is adapting cost control strategies to manage high input costs, expanding e-commerce presence, and scaling up both organically and inorganically. They highlight a move towards ESG (Environmental, Social, and Governance) standards with a focus on clean technologies, traceability, and transparency. The Managing Director expects 15% YOY growth in the organized mattress segment and emphasizes the importance of quality and customer satisfaction. The managing director also expresses confidence that the humble coir will make a comeback in a healthy/non-toxic avatar and the company is foraying into the technical foam category. **Financial Highlights:** The report includes a financial performance review, with detailed charts showing Operating Revenue, EBITA, Networth, and Net Profit (both Standalone and Consolidated) from FY17 to FY22, as well as dividend payout (%) and Earning per share (in Rs.) for the same time period. Consolidated net profit (after tax) has decreased from Rs. 3,774.06 Lakhs to Loss of Rs. 665.70 Lakhs. **Director's Report:** The Director's Report provides an overview of the company's financial performance and business activities during the financial year 2021-22. The company reported growth in Net Revenue on a standalone basis, increasing by 3.86% to Rs. 78,192.37 Lakhs. Consolidated Profit after tax decreased from Rs. 3,302.81 lakhs to Loss of Rs. 665.70 lakhs. The report also includes discussions on the impact of COVID-19, key initiatives, and future outlook. Recommends a dividend of Rs. 0.50 per equity share (10%). It also states the company is moving toward ESG: use of clean technologies. There was no reportable material event in the Company. Company has entered into lease agreement with its Holding Company and deposited a sum of Rs. 153 Crs upfront as lease rental deposit and rent. Report also discussed Director's Responsibility Statement and other requirements under the Companies Act, 2013. The report also includes reports on Corporate Governance, Management Discussion and Analysis, CSR activities, and a note on Auditors and Auditors' Report. **Corporate Social Responsibility:** Kurlon is committed to working towards supporting projects in areas of health, education, rehabilitation, enhancing vocational skills, and rural development, forming a public charitable trust called Kurlon Kares Trust (KKT) to support these activities. The company's CSR team provides and promotes skill development and education to underprivileged children, and initiated the "Vidhya Ratna" project to support government schools and promote education. Also a partnership with Oxfam and provided support during the COVID-19 pandemic. **Internal Financial Controls:** The company has adequate internal controls. **Five year highlights:** Operating revenue in FY22 = 49,342.09 Lakhs EBITA in FY22 = 3292.73 Lakhs Networth in FY22 = 77,225.58 Lakhs Net Profit in FY22 = 245.96 Lakhs
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