Indo Count Industries Ltd

Incorporated in Nov.88 as Vishnu Aluminium, a public limited company, Indo Count Industries (ICIL) acquired its present name in Apr.90. The company was promoted by A K Jain, S Jain and associates. ICIL went public in Nov.90 to partfinance a 100% EOU (inst. cap. : 26,208 spindles) to manufacture combed yarn at Gokal Shirgaon in Kolhapur, Maharashtra. The company mainly produces 60s and 2/60s combed cotton yarn. The Company is one of Indias leading Home Textiles manufacturer. The Company has focused in some of the worlds finest fashion, institutional and utility bedding and has built significant presence across the globe.In 199495, the installed capacity was increased to 32,256 spindles with the commissioning of 6048 spindles. ICIL has been accredited with the ISO 9002 certification. ICIL further added 18,144 spindles and diversified into grey knitted fabric by installing 8 knitting machines. The scheme, being executed as unit number two, is run by a captive diesel power plant. The project was appraised by IFCI at a cost of Rs.53.6 cr. Part of this cost was met out of the foreign currency loan of US 11 mln sanctioned by IFCI.During 19992000, the company has been granted financial assistance under Technical Upgradation Fund Scheme for modernizing the spinning mill and for expansion in knitting capacity. To improve its quality,production and productivity the company has initiated modernisation programme for its plant machinery under TUF scheme. The installed capacity of SpindleageCotton Yarn was increased upto 56448 Nos during 200102.In October 2004, the Company established its electronic division, where it manufactures/assembles electronic goods such as colourdivision sets, air conditioners, music systems, etc. for leading multi national brands.In 2014, the Company on 12th September, 2013, as the Promoter of Pranavaditya Spinning Mills Limited (PSML) made an Offer for Sale of 37,00,000 equity shares of Rs 10/ each held by it in PSML(OFS). With the said OFS, the Companys shareholding in PSML came down to 74.53% from 93.76%. During the year 201617, Company launched three licensed brands, Harlequin, Scion and Sanderson in North America within the fashion bedding segment. It ventured in domestic home market through its subsidiary viz. Indo Count Retail Ventures Private Limited (ICRVPL), which introduced brand Boutique Living, an aspirational brand, in India which has been successful in the USA. Apart from showrooms in UK, USA and Australia, during the year 201617, the Company set up a 9,200 sq. ft. experiential showroom at New York with a capacity to display 32 beds so that customers can touch and feel array of product on offer. During the year 201617, Company acquired 82.5% stake in Indo Count Retail Ventures Private Limited (ICRVPL) thereby ICRVPL becamesubsidiary of Company, w.e.f. 24th August, 2016. During the year 201718, Company incorporated a wholly owned subsidiary viz. Hometex Global DMCC in Dubai, UAE. With this incorporation, as on 31st March, 2018, it had 6 direct subsidiaries viz. Pranavaditya Spinning Mills Limited, Indo Count Retail Ventures Private Limited, Indo Count Global Inc., USA, Indo Count UK Limited, Indo Count Australia Pty Ltd. and Hometex Global DMCC. The Company launched new innovative brands Wholistic,Sleep Rx and Pure Earth in Intern in 202021. During the year 202021, it launched many new products under newly Launched Brands namely Wholistic and Sleep Rx in Health Hygiene and Sustainable Performance category respectively. It introduced process improvements in the field of weaving preoperatery.As on March 31, 2021, Company had 5 direct subsidiaries viz. Pranavaditya Spinning Mills Limited, Indo Count Retail Ventures Private Limited, Indo Count Global Inc., Indo Count UK Limited and Indo Count Global DMCC. During the year 202021, Indo Count Australia Pty Limited ceased to be a subsidiary of the Company with effect from October 7, 2020 due to voluntary de registration by the Australian Securities Investments Commission (ASIC). The Company acquired the business of Indo Count Retail Ventures Private Limited (ICRVPL) as a going concern by way of slump sale, by ICRVPL with effect from April 1, 2020 through a Business Transfer Agreement.During year 202021, Board of Directors of the Company at its meeting held on October 21, 2020, approved Scheme of Amalgamation of Pranavaditya Spinning Mills Limited (PSML), Subsidiary of the Company with the Company and their respective shareholders, as October 1, 2020, the Appointed date for said Amalgamation or such other date as may be fixed by the Mumbai Bench of Honble National Company Law Tribunal (NCLT). Pursuant to the aforesaid Scheme of Amalgamation and the Share Exchange Ratio approved by the Board, 2 fully paid up equity shares of Rs 2/ each of the Company would be issued to the equity shareholders of PSML, as on Record Date, for every 15 fully paid up equity shares of Rs 10/ each held by them in PSML.During the year 202021, the Company expanded the bed linen capacity by 20% from its existing annual capacity of 90 million meters to 108 million meters and for brownfield investment for adding commensurate cut sew facilities and enhancing the capacity for Top of the Bed (TOB) products. It approved modernisation of existing spinning unit of the Company with compact spinning technology through a capex of approx. Rs 50 crores. During the year 202122, the Company signed Business Transfer Agreement (BTA) with GHCL Limited for acquisition of Home Textile Business of GHCL including its manufacturing facility at Bhilad, Gujarat by way of Slump Sale. Further, Asset Transfer Agreement (ATA) was signed between the Company, Indo Count Global Inc, GHCL and Grace Home Fashions LLC, for acquisition of inventory and Intellectual property rights (IPRs) of Grace Home Fashions LLC, which completed was on April 2, 2022. With this acquisition, Company became the worlds largest Home Textile bedding manufacturer, with an annual capacity of 153 million meters.