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Report By: Vikash Kandoi – vikash@dynamiclevels.com
Page | 1
Indo Count Industries Limited
 Company Overview and Stock price ……………………………………….……3
 Product Overview……………………………………………………………….….…..4
 Global Presence………………………………………………………………………….7
 Certificates……………………………….…………….……………………….….….…8
 Companies Capabilities ……………………………..………….………….….…….8
 Customers and brand partner…………………..…………….………….….….. 9
 Industry outlook…………….…………………………………………….……..…..10
 Competitive edge of ICIL and Future Outlook………..……………....…. 11
 Capex Plan……………………………………..…………….……..……………....….13
 Company Financials………………………………………………………………….14
 Peer Comparison……………………………………………………………………….17
 Share holding pattern………………………………………………………………..18
 Investment Rationale………………………………………...………….......…....19
Page 2
Source: Company, www.dynamiclevels.com
Company’s Overview and Stock Price
Indo Count is a multibagger which has surged almost 265% from low of Rs. 243 made high of Rs. 1254 in
last financial year 2015-2016. Stock is currently trading at Rs. 962. Stock has successfully increased share
holders wealth in 1 year.
Indo Count is one of the leaders in vertically integrated bedding in India. They have created greater
efficiencies, hence provided more value for their clients by controlling all aspects of the supply chain,
from spinning, to products and sales.
Company has a vision to be one of the leading players in global Home Textile industry on the strengths
of technology, experience and innovation.
Company has a mission to be committed to provide all their customers desired quality, services and
value for money through our technological and organizational strengths.
Chart Hypothesis: Below is the 1 year weekly price chart of
Indo Count, in which we can see that stock has gained
momentum from 500 levels and currently trading at 950.
Chart is showing immediate upward target of 1250
EXCHANGE SYMBOL
Current Price * (Rs.)
Face Value (Rs.)
52 Week High (Rs.)
52 Week Low (Rs.)
Life Time high (Rs.)
Life Time low (Rs.)
Average Daily Movement
Average Volume [20 days]
1 Month Return (%)
P/E Ratio (x)
Book Value
Market Cap
% of Promoter holding
pledged
Page 3
INDO COUNT
967.8
10
1254.00 (08-Feb-16)
447.00 (13-May-15)
1254.00 (08-Feb-16)
2.50 (13-Jul-01)
46.18
70040
-4.07
15.21
78.7
3538.18 (Cr)
0
Source: Company, www.dynamiclevels.com
Product Overview
4 major Products:
 Bed Sheets
 Fashion Bedding
 Utility Bedding
 Institutional Bedding
Bed Sheets



The Perfect Sheet: Indo Count’s has brought revolution by
their attention to detail and their dedicated to quality this
has rewarded the company with reputation as the preeminent manufacturer. Company creates private label,
licensed and their own premium brands. Their bed sheets
come in a range of qualities starting from better to
premium and are designed to meet the needs of their
clients’ category and price point.
The Perfect Feel and Fit: Continuous research and
development has provided insights on what the key
parameters of sheet buying decisions are for consumers.
The feel of the sheet is the most important factor for
consumers and we achieve perfect feel with their
innovative weaving and processing technology. The second
most important attribute in the sheet buying decision is the
fit of the sheet. Company’s product development teams
have created True Grip® fit technology to provide the
perfect fit solution for consumers.
Quality: They started by sourcing the best cotton from
India and around the globe. Then they use state-of-the-art
equipment to spin, weave, bleach, dye and print. Finishing
and branding are also managed by their highly skilled
workforce who is solely focused on bedding. The result is
complete quality control across the entire process and
increased value for all our stakeholders. Over the years
Indo Count has received several global accolades and
awards on product consistency and superior quality
standards. We follow world-class standards in both our
Spinning and Home Textile divisions.
Page 4
Source: Company, www.dynamiclevels.com
Fashion Bedding
Indo Count is also a leading manufacturer of fashion bedding.
Their collections include
1. Matching and complementary sheets
2. Comforters
3. Duvet covers
4. Quilts
5. Pillows
6. Shams
7. Skirts
When consumers choose one of their collections, they have
everything they need to create the perfect look, in the style they
love.

Creative Process: Indo count’s internal designers and brand
teams is based in
1. India,
2. U.S.
3. Australia
4. England
They work with their clients and partners to create brands that
people love. They start with consumer surveys and market
research to determine what consumers are looking for. Creative
directors and product engineers brainstorm innovations that help
their clients and retailers deliver superior quality products
consumers are looking for.

Product Development: Innovative weaves and processes
allow them to continue to expand their product offering to
meet consumer demand. They combine a range of finishes
including
1. Yarn dyed
2. Printed
3. Embroidered
4. Embellished
With a range of innovative benefits such as super soft, easy care
and wrinkle free.
Page 5
Source: Company, www.dynamiclevels.com

Brand Development: Indo Count has the global experience
and a reputation for bringing more value to its partners with
the start-to-finish development of products and brands. From
innovative development and design through to marketing and
promotion, they have the experience to help with even the
most demanding mandates and timelines.
Utility Bedding
Indo count focus creates more quality and value for their clients
and consumers. They use the latest technologies to create a variety
of products with the properties consumers are looking for –
1.
Namely anti-static
2.
Waterproof
3.
Antimicrobial qualities
That are supported by True Grip® technology, ensuring sleep
accessories stay in place.
Institutional Bedding
Company is proud to provide bedding for
1. Renowned hotels
2. Resorts
3. Other institutions.
They have a proven record providing institutional grade
bedding that stands the test of time. They use more durable
threads, weaving innovations and finishing processes to create
bedding that continues to look inviting and ensure comfort.
Quality Standards
modern comfort and style with
matching sheets, comforters, duvets,
pillows and shams.
The Pure Collection: For those looking
for a return to nature, the Pure
Collection is the breath of fresh air
they’ve been longing for. Made from
100% organic cotton and free of all
harmful chemicals, the collection’s
back to basics, minimal designs and
colors soothe the mind and quiet the
soul.
Revival:
Company’s
“Revival”
Collection celebrates the spirit of
vintage. It is where classic designs
meet urban jungle – but with a warm
modern touches. Enzyme and stone
washed, this collection is incredibly
soft.
Haven: Haven is a line of top-quality
sleep accessories created to fully
protect your mattress while providing
excellent breathability and comfort. It
is where premium grade materials
meet fine craftsmanship to create a
truly superior sleep experience.
They use the highest quality threads, weaving practices and
finishing processes to create bedding that continues to look
inviting, and feel soft, wash after wash.
Company’s Brands




Boutique Living
The Pure Collection
Revival
Haven
Boutique Living: Their Boutique Living Collection appeals to
consumers who prefer the sophistication of boutique hotels over
large chains. It is inspiring and adds a designer’s touch to any
bedroom. The Boutique Living Collection provides complete
Page 6
Source: Company, www.dynamiclevels.com
Global Presence
The Indo Count group of companies is purposefully located in
every corner of the globe to better serve key markets in the U.S.,
Europe, Asia and Australia.
Indo Count Global Inc.
US Head Office & Showroom
New York, NY
Indo Count Global is a fully-owned subsidiary of Indo Count
Industries Ltd and services North America. They are located within
New York’s historic Textile Building placing them at the heart of the
textile universe. As their Head Office in the U.S., their world-class
design and development team is located there and always
available to discuss new ideas and innovations with clients and
partners.
SERVICES Rendered by foreign
entities
• EDI-based replenishment services
• E-Commerce fulfillment
• Modern warehousing services
• Supply chain management and
inventory planning
• Development and design team
for latest market research and
consumer insights
US Distribution Center
Charlotte, NC
Indo Count Global’s US Distribution Center is ideally located in
Charlotte, NC and provides Indo Count Clients and partners with
fast and reliable replenishment. Maintaining the optimal inventory
is a key success factor for their customers businesses and allows
for improved cash flow and control.
Indo Count UK Ltd.
Manchester, United Kingdom
Indo Count UK is a fully-owned subsidiary of Indo Count Industries
Ltd and serves the UK and Europe. As their Head Office in Europe,
they provide a full range of services.
Indo Australia Pty Ltd.
Victoria, Australia
Indo Count Australia, a subsidiary of Indo Count Industries Ltd
services Australia and the Far East. We provide a full range of
services and our in-house design and development team is always
available to discuss new ideas, innovations and trends with clients
and partners.
Page 7
Source: Company, www.dynamiclevels.com
Certificates
Companies Capabilities
Spinning
Indo Count produces 14,000 tons of combed cotton yarn per year.
They source the best cotton from India and around the globe and
use state-of-the-art equipment and processes in their three
spinning plants. They have

80,016 spindles at Kolhapur Maharashtra

59,520 spindles at Gokul Shirgaon plant

20,496 at Pranavaditya Spinning Mills Ltd
Weaving
Indo Count’s weaving facilities are second to none and utilize air jet
looms for wide width fabrics including sateen, yarn dyed and
dobby textures. All their equipment is imported from the best
manufacturers in the business.
Processing
All bleaching, dyeing, printing and finishing are completed using
the latest technologies and processes at Kagal MIDC Plant, the first
of its kind in the state of Maharashtra.
Page 8
Cut-n-Sew
Cut-n-sew factories are capable of
producing sheet sets, mattress pads,
pillow
covers,
duvet
covers,
comforters, quilts, cushion covers, and
shams. They use the best automated
equipment to provide consistent
quality and time-bound deliveries.
Source: Company, www.dynamiclevels.com
Customers and Brand Partner
Indo counts some of the most recognized retailer, hospitality and fashion brands in the
world.
Page 9
Source: Company, www.dynamiclevels.com
Industry Outlook
The global home textiles industry
 Textile Industry is expected to grow by 5% and sustain through
2017
 Home linen is expected to grow nearly 21% of the total home
textiles industry (by volume)
 India the world’s largest cotton
producer
 Abundant cotton availability helps
cap resource costs
 63 per cent global market share
 Growing market for higher value home linen
 Widening home linen product mix
Indian home textiles industry
 Indian textiles industry contributes ~14% of Index of Industrial
Production (IIP) and for around 5% of GDP
 Textiles contribute around 13% of India’s export earnings
 Indian textiles market around US$110 billion
 Indian textile industry projected to five-fold in ten years (US$500
bn)
India’s sectoral advantage
 Everyday India is creating skilled workers force
 Competitive cost structure is an added advantage for price
determination
 India provide abundant raw cotton to the industry
 As this is a labour intensive industry Government provide
favorable policies like cheap credit and capex subsidy to boost the
economy
 Free trade ASEAN agreements to connect globally
 Abundant availability of raw material (cotton, synthetic yarn,
wool, silk, jute)
Page 10
 Competitive advantage in people skills
and production costs
Source: Company, www.dynamiclevels.com
 Union Budget 2015-16 announced policy for integrated textile
parks in India
 Growing global respect for Indian products; dependable modern
long-term partner.
 Growing premium products demand
Reason for bed linen market to be attractive
 Focus on capability and capacity
 Greater respect for small volume / short runs
 Extends the sector from thin-margin segments (yarn etc.)
 Represents value-addition
 Driven by enduring customer relationships (hence sustainable)
 Make-to-order
Competitive edge of ICIL and
Future Outlook






Indo Count is the 3rd largest manufacturer/exporter of Bed
Linen from India
Indo count the 4th largest supplier of Bed Linen from across
the globe into USA
Indo Cunt is the 13th largest supplier of Home Textiles across
the globe into USA.
Company’s rank improved from 581 to 454 by Revenue among
the listed companies in India. (Source: “Business Standard
Magazine” BS 1000 Annual Magazine 2014, for the financial
year ended 31st March, 2013)
Company has also received Bronze Trophy from TEXPROCIL for
the 3rd highest exporter of Bed Linen from India during the
financial year 2013-14.
Company has won export excellence Award in the “TOP
Exporter- Non MSME- Trading House” category from The
Federation of Indian Export Organisations, Western Region.
Page 11
Source: Company, www.dynamiclevels.com





The Company has expanded its capacity by 50% from 45 million
meters to 68 million meters p.a. As a result, capacity of bed
sheet too has increased from 12 million bed sheet per annum
to 17 million bed sheet per annum.
To penetrate deeper into the markets with flexible production
and wider product mix, the Company has set up a UK
subsidiary and have formed a joint venture with an Australian
Home Textile supplier (established for the last 25 years).
Compared to sheet sets, Utility bedding and Fashion bedding
are expected to be generating improved margins.
Company has been actively marketing its product through ECommerce route. In the year 2013-2014 the Company initiated
B2C strategy through supplying to the dot com businesses of
the major retailers for which a separate distribution center was
established in US.
Supplying to the professionally managed e-platforms like
Amazon.com, Wayfair, overstock.com and other websites.
Company has also promoted a brand called Color Sense with its
e-commerce customers.
Page 12
Source: Company, www.dynamiclevels.com
Company’s Capex
Plan
Update on Phase 1 - Capex of Rs. 175 cr
Capex of Rs. 175 cr:
 Increasing processing capacity from 68 mn meters/annum
to 90 mn meters/annum
 Setting up a water effluent treatment plant
 Automation of cut-and-sew and warehousing
 As on 31st March 2016, amount capitalised was Rs. 110 cr
towards setting up effluent treatment plant, new utilities,
automated cut and sew and warehousing.
 The balance capitalisation for enhancing processing from
68mn meters/annum to 90mn meters/annum is
progressing as per schedule and completed by Q3 FY17
Additional capex - Phase 2



The Board approved capital expenditure plan for Rs. 300
crores in Phase 2
The capital expenditure will be for upgrading existing
spinning facilities, investment in additional weaving
capacity (with specialized looms) and value added
equipments for the delivery of fashion and utility bedding
The above expansion will be completed by March 2018
Page 13
Source: Company, www.dynamiclevels.com
Company Financials
In Cr
Net Sales/Income from operations
March-16
March-15
March-14
Annual
Annual
Annual
% Growth
2015-2016
2015-2014
26.61%
16.98%
24.19%
18.95%
8.30%
7.60%
31.08%
23.88%
2173.72
1716.89
1467.63
39.08
64.91
30.27
Total Income From Operations
2212.8
1781.80
1497.90
Increase/Decrease in Stocks
-46.99
-62.76
-56.01
1092.48
1008.73
937.44
--
0.62
8.87
Power And Fuel
70.76
69.69
66.23
Employees Cost
104.71
79.88
64.48
18.85
15.97
19.56
518.29
371.99
287.79
39.33%
29.26%
1758.10
1484.12
1328.36
18.46%
11.73%
454.70
297.68
169.54
52.75%
75.58%
54.91
65.02
49.89
-15.55%
30.33%
399.79
232.66
119.65
71.83%
94.45%
--
-25.74
--
P/L Before Tax
399.79
206.92
119.65
93.21%
72.94%
Tax
135.05
61.05
9.26
PAT
264.74
145.87
110.39
81.49%
32.14%
-0.02
-0.21
-0.43
264.72
145.66
109.96
81.74%
32.47%
39.48
39.48
35.48
0.00%
11.27%
521.25
275.75
133.12
89.03%
107.14%
67.04
38.95
30.96
72.12%
25.81%
--
31.78
32.79
Other Operating Income
Consumption of Raw Materials
Purchase of Traded Goods
Depreciation
Other Expenses
Total Expenditure
Operating Profit
Interest
P/L Before Exceptional Items & Tax
Exceptional Item
Minority Interest
Net Profit/(Loss) For the Period
Equity Share Capital
Reserves
EPS (Rs.) [After Extraordinary items]
Promoters & Promoter Group Shareholding Pledged



Indo count Net sales have shown a continuous growth rose 26.61% in comparison to last year sales. However the total
expenditure incurred by the company has not increased in that proportion. This means that company is enjoying better
economies of scale.
Interest cost for the company is decreasing.
Company has shown huge jump in Net profit which is a good sign and confirms that company is growing.
Page 14
Source: Company, www.dynamiclevels.com
Page 15

Indo count has shown considerable amount of growth in its balance sheet in last 5 years.

Long term debt has been decreasing for the company.
Source: Company, www.dynamiclevels.com
Peer Comparison


Company is able to maintain its operating cash flow in a positive territory.
Company is incurring capital expenditure in order to expand its business.
Page 16
Source: Company, www.dynamiclevels.com
Sl
INSTRUMENT
Price
1
2
3
4
5
6
7
INDO COUNT
WELSPUN INDIA
TRIDENT
HIMATSINGKA
KITEX
VIP INDUSTRIES
RUBY MILLS
964.00
98.05
52.70
237.80
446.00
119.70
408.00
Sl
INSTRUMENT
1
2
3
4
5
6
7
INDO COUNT
TRIDENT
WELSPUN INDIA
HIMATSINGKA
KITEX
RUBY MILLS
VIP INDUSTRIES
Sl
INSTRUMENT
1M
3M
6M
1Y
1
2
3
4
5
6
7
RUBY MILLS
HIMATSINGKA
TRIDENT
KITEX
VIP INDUSTRIES
WELSPUN INDIA
INDO COUNT
32.97
20.09
4.49
1.09
4.62
8.31
-3.66
32.05
41.45
30.65
11.35
33.37
16.31
0.50
93.53
16.92
2.00
-37.06
28.92
32.76
5.38
34.34
199.48
130.11
-43.66
21.84
85.6
102.85
%
% FII
Pledged Holding
0
13.29
0
0.00
0
12.66
0
7.40
0
0.68
0
0.00
0
3.41
Name
Current Ratio (x)
Quick Ratio (x)
Dividend Yield (%)
Interest Coverage Ratio (x)
Debt Equity Ratio (x)
Return On Asset (%)
Return On Equity (%)
Page 17
Avg.
Volume
70040
1405807
539135
349572
83378
545060
50664
Market Cap
(Rs. in Cr)
3538
9881
2725
2290
2118
1663
686
Sl
INSTRUMENT
1
2
3
4
5
6
7
INDO COUNT
VIP INDUSTRIES
KITEX
HIMATSINGKA
RUBY MILLS
TRIDENT
WELSPUN INDIA
Debt Equity
Ratio (X)
1.10
0.10
0.53
0.83
1.09
1.52
1.81
Int. Coverage
Ratio (X)
4.82
62.48
9.51
2.59
6.69
3.38
4.84
P/E Ratio (X)
15
13
14
15
19
22
27
Movt Post
Budget
55.45
51.25
26.93
25.71
25.55
17.95
16.62
Ratio
1.79
0.97
0
4.82
1.10
15.83
46.17
Source: Company, www.dynamiclevels.com
Shareholding Pattern
Shareholding Pattern
16-Mar
Promoter and Promoter Group (%)
58.95
Indian
27.54
Foreign
31.41
Institutions (%)
14.98
FII
13.29
DII
1.69
Non Institutions (%)
26.07
Bodies Corporate
NIL
Others
26.07
Custodians
NIL
Total no. of shares (cr.)
3.95
es not any significant investment by FII and DII.
Persons holding securities more than 1%
of total number of shares under category
Public Shareholding.
Swastik Investment Corporation
Indo Count Securities Limited
Gayatri Devi Jain
Shikha Mohit Jain
Yarntex Exports Ltd
Neha Singhvi
Shivani Patodia
Elm Park Fund Limited
Bodies Corporate
Amruit Promoters and Finance LLP
Page 18
15-Dec
58.95
27.54
31.41
11.84
8.5
3.34
29.21
NIL
29.21
NIL
3.95
15-Sep
58.95
27.54
31.41
9.96
8.46
1.51
31.08
10.87
20.21
NIL
3.95
15-Jun
58.95
27.54
31.41
8.77
6.98
1.8
32.27
12.31
19.96
NIL
3.95
15-Mar
58.95
27.54
31.41
8.68
6.88
1.79
32.37
12.49
19.88
NIL
3.95
Category
16-Mar
15-Dec
15-Sep
15-Jun
15-Mar
Promoters
Promoters
Promoters
Promoters
Promoters
Promoters
Promoters
Non Promoters
Non Promoters
Non Promoters
31.41
15.73
3.39
2.66
1.17
1.15
1.10
6.88
6.21
1.51
31.41
15.73
3.39
2.66
1.17
1.15
1.10
6.88
10.32
1.51
31.41
15.73
3.39
2.66
1.17
1.15
1.10
6.88
1.51
NIL
31.41
15.73
3.39
2.66
1.17
1.15
1.10
6.88
1.51
NIL
31.41
15.73
3.39
2.66
1.17
1.15
1.10
NIL
1.51
NIL
Source: Company, www.dynamiclevels.com
Investment Rationale

As on 31st March 2016, amount capitalised was Rs. 110 cr towards setting up effluent treatment plant, new
utilities, automated cut and sew and warehousing.

Indo Count is the 3rd largest manufacturer/exporter of Bed Linen from India

Sales have gone up by 26.61% YoY and with the capex plan it should grow more.

In spite of growing sale company has keep a check on its cost because of its efficient management.

Operating profit margin of company is 20.92% vs 17.34% YoY

Net profit margin of the company is at 12.18% vs 8.48% YoY
We recommend BUY in Indo Count @ 900 with the target of 1150.
Page 19
Source: Company, www.dynamiclevels.com
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 DYANMIC/its Associates/ Research Analyst/ his Relative have any financial interest in the subject company? No
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subject company in the past twelve months? No
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