Dynamic Levels Indo Count Industries Limited€¦ · · 2018-01-16Indo Count Industries Limited ... • Supply chain management and inventory planning ... wool, silk, jute) India

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Report By: Vikash Kandoi – [email protected]

mailto:[email protected]

Page 2 Source: Company, www.dynamiclevels.com

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


Company’s Overview and Stock Price

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

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.

EXCHANGE SYMBOL INDO COUNT

Current Price * (Rs.) 967.8

Face Value (Rs.) 10

52 Week High (Rs.) 1254.00 (08-Feb-16)

52 Week Low (Rs.) 447.00 (13-May-15)

Life Time high (Rs.) 1254.00 (08-Feb-16)

Life Time low (Rs.) 2.50 (13-Jul-01)

Average Daily Movement 46.18

Average Volume [20 days] 70040

1 Month Return (%) -4.07

P/E Ratio (x) 15.21

Book Value 78.7

Market Cap 3538.18 (Cr)

% of Promoter holding pledged

0

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.


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 pre-eminent 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.


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.


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 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

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.


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.

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.

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

http://www.indocount.com/contact-us




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.

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.


Customers and Brand Partner

Indo counts some of the most recognized retailer, hospitality and fashion brands in the world.


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)

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)

India the world’s largest cotton

producer

Abundant cotton availability helps

cap resource costs

63 per cent global market share

Competitive advantage in people skills

and production costs


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.


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 E-Commerce 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.


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


Company Financials

In Cr March-16 March-15 March-14 % Growth

Annual Annual Annual 2015-2016 2015-2014

Net Sales/Income from operations 2173.72 1716.89 1467.63 26.61% 16.98%

Other Operating Income 39.08 64.91 30.27

Total Income From Operations 2212.8 1781.80 1497.90 24.19% 18.95%

Increase/Decrease in Stocks -46.99 -62.76 -56.01

Consumption of Raw Materials 1092.48 1008.73 937.44 8.30% 7.60%

Purchase of Traded Goods -- 0.62 8.87

Power And Fuel 70.76 69.69 66.23

Employees Cost 104.71 79.88 64.48 31.08% 23.88%

Depreciation 18.85 15.97 19.56

Other Expenses 518.29 371.99 287.79 39.33% 29.26%

Total Expenditure 1758.10 1484.12 1328.36 18.46% 11.73%

Operating Profit 454.70 297.68 169.54 52.75% 75.58%

Interest 54.91 65.02 49.89 -15.55% 30.33%

P/L Before Exceptional Items & Tax 399.79 232.66 119.65 71.83% 94.45%

Exceptional Item -- -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%

Minority Interest -0.02 -0.21 -0.43

Net Profit/(Loss) For the Period 264.72 145.66 109.96 81.74% 32.47%

Equity Share Capital 39.48 39.48 35.48 0.00% 11.27%

Reserves 521.25 275.75 133.12 89.03% 107.14%

EPS (Rs.) [After Extraordinary items] 67.04 38.95 30.96 72.12% 25.81%

Promoters & Promoter Group Shareholding Pledged -- 31.78 32.79

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.


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.


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.


Sl INSTRUMENT Price Avg. Volume

Market Cap (Rs. in Cr)

1 INDO COUNT 964.00 70040 3538

2 WELSPUN INDIA 98.05 1405807 9881

3 TRIDENT 52.70 539135 2725

4 HIMATSINGKA 237.80 349572 2290

5 KITEX 446.00 83378 2118

6 VIP INDUSTRIES 119.70 545060 1663

7 RUBY MILLS 408.00 50664 686

Sl INSTRUMENT % Pledged

% FII Holding

P/E Ratio (X)

1 INDO COUNT 0 13.29 15

2 TRIDENT 0 0.00 13

3 WELSPUN INDIA 0 12.66 14

4 HIMATSINGKA 0 7.40 15

5 KITEX 0 0.68 19

6 RUBY MILLS 0 0.00 22

7 VIP INDUSTRIES 0 3.41 27

Sl INSTRUMENT Debt Equity Ratio (X)

Int. Coverage Ratio (X)

1 INDO COUNT 1.10 4.82

2 VIP INDUSTRIES 0.10 62.48

3 KITEX 0.53 9.51

4 HIMATSINGKA 0.83 2.59

5 RUBY MILLS 1.09 6.69

6 TRIDENT 1.52 3.38

7 WELSPUN INDIA 1.81 4.84

Sl INSTRUMENT 1M 3M 6M 1Y Movt Post Budget

1 RUBY MILLS 32.97 32.05 93.53 34.34 55.45

2 HIMATSINGKA 20.09 41.45 16.92 199.48 51.25

3 TRIDENT 4.49 30.65 2.00 130.11 26.93

4 KITEX 1.09 11.35 -37.06 -43.66 25.71

5 VIP INDUSTRIES 4.62 33.37 28.92 21.84 25.55

6 WELSPUN INDIA 8.31 16.31 32.76 85.6 17.95

7 INDO COUNT -3.66 0.50 5.38 102.85 16.62

Name Ratio

Current Ratio (x) 1.79

Quick Ratio (x) 0.97

Dividend Yield (%) 0

Interest Coverage Ratio (x) 4.82

Debt Equity Ratio (x) 1.10

Return On Asset (%) 15.83

Return On Equity (%) 46.17


Shareholding Pattern

Shareholding Pattern 16-Mar 15-Dec 15-Sep 15-Jun 15-Mar

Promoter and Promoter Group (%) 58.95 58.95 58.95 58.95 58.95

Indian 27.54 27.54 27.54 27.54 27.54

Foreign 31.41 31.41 31.41 31.41 31.41

Institutions (%) 14.98 11.84 9.96 8.77 8.68

FII 13.29 8.5 8.46 6.98 6.88

DII 1.69 3.34 1.51 1.8 1.79

Non Institutions (%) 26.07 29.21 31.08 32.27 32.37

Bodies Corporate NIL NIL 10.87 12.31 12.49

Others 26.07 29.21 20.21 19.96 19.88

Custodians NIL NIL NIL NIL NIL

Total no. of shares (cr.) 3.95 3.95 3.95 3.95 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.

Category 16-Mar 15-Dec 15-Sep 15-Jun 15-Mar

Swastik Investment Corporation Promoters 31.41 31.41 31.41 31.41 31.41

Indo Count Securities Limited Promoters 15.73 15.73 15.73 15.73 15.73

Gayatri Devi Jain Promoters 3.39 3.39 3.39 3.39 3.39

Shikha Mohit Jain Promoters 2.66 2.66 2.66 2.66 2.66

Yarntex Exports Ltd Promoters 1.17 1.17 1.17 1.17 1.17

Neha Singhvi Promoters 1.15 1.15 1.15 1.15 1.15

Shivani Patodia Promoters 1.10 1.10 1.10 1.10 1.10

Elm Park Fund Limited Non Promoters 6.88 6.88 6.88 6.88 NIL

Bodies Corporate Non Promoters 6.21 10.32 1.51 1.51 1.51

Amruit Promoters and Finance LLP Non Promoters 1.51 1.51 NIL NIL NIL


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.

https://www.dynamiclevels.com/en/indo-count-share-price


Disclaimer: Research Disclaimer and Disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014. Dynamic Equities Pvt. Ltd. is a member of National Stock Exchange of India Ltd. (NSEIL), Bombay Stock Exchange Ltd (BSE), Multi Stock Exchange of India Ltd (MCX-SX) and also a depository participant with National Securities Depository Ltd (NSDL) and Central Depository Services Ltd.(CDSL). Dynamic is engaged in the business of Stock Broking, Depository Services, Investment Advisory Services and Portfolio Management Services. Dynamic Equities Pvt. Ltd. is holding company of Dynamic Commodities Pvt. Ltd. , a member of Multi Commodities Exchange (MCX) & National Commodity & Derivatives Exchange Ltd.(NCDEX). We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered. SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on for certain operational deviations. Answers to the Best of the knowledge and belief of Dynamic/ its Associates/ Research Analyst who prepared this report

DYANMIC/its Associates/ Research Analyst/ his Relative have any financial interest in the subject company? No

DYANMIC/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company? No

DYANMIC/its Associates/ Research Analyst/ his Relative have any other material conflict of interest at the time of publication of the research report or at the time of public appearance? No

DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months? No

DYANMIC/its Associates/ Research Analyst/ his Relative have managed or co-managed public offering of securities for the subject company in the past twelve months? No

DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months? No

DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months? No

DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation or other benefits from the Subject Company or third party in connection with the research report? No

DYANMIC/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company? No

DYANMIC/its Associates/ Research Analyst/ his Relative have been engaged in market making activity for the subject company? No

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Documents

Dynamic Levels Indo Count Industries Limited€¦ · · 2018-01-16Indo Count Industries Limited ... • Supply chain management and inventory planning ... wool, silk, jute) India