History and Evolution

Indo Count Industries Ltd., one of India’s leading textile manufacturing companies, was incorporated as a public limited company in 1988. Being promoted by Shri Anil Kumar Jain and associates, the primary objectives of the company are to successfully keep running the business as (i) spinners, weavers, furnishers, processors, printers, dyers and manufacturers of yarns and fabrics of cotton, wool, silk, etc., (ii) manufacturers of electronic goods such as Color Television, Music System, Refrigerators, Washing Machines, Micro Wave Oven and such other white goods.

Promoters

ICIL is promoted by Shri Anil Kumar Jain, an Industrialist who has gained great experience in the field of Textiles, Electronics and Finance. Having the registered office at D-1, MIDC Industrial Area, Gokul Shirgaon, Kolhapur – 400 021,the company’s affairs are managed by Shri Anil Kumar Jain, Chairman & Managing Director along with a highly professional Board.

Brief History of ICIL

ICIL is a Public Limited Company was incorporated on 7th November, 1988 by its main promoter Shri Anil Kumar Jain in the name of M/S. Vishnu Aluminium Limited. This initiative was conceived to set up a new 100% export oriented spinning mills with an installed capacity of 26208 spindles for manufacturing cotton combed yarn. Later, the name of the company was changed to its present name in April 1990.

ICIL commenced commercial production on partial spindlage in July 1991 and installed the entire spindlage of 26208 by May 1992. Since its very inception, ICIL has been exporting its combed cotton yarn to various countries and has established its niche in the world market. Because of the impeccable quality of its yarn of international standard and the encouraging response to its products, ICIL felt the need to increase its capacity. The company thus increased its installed capacity to 59520 spindles. Today, ICIL is operating near 94% capacity utilization and is exporting about 97% of its produce to various countries, worldwide.

Within no time, ICIL became the co-promoter of M/s Pranavaditya Spinning Mills Limited (PSML) under BIFR sanctioned scheme and took over the management control from 1st August 2008.

In Financial Year 2008-09, ICIL was unfortunately passing through financial difficulties attributed to the problems faced by the entire Textile Industry and impact of rupee depreciating from Rs. 43/- to Rs. 48/- each USD leading to Forex losses on excess Forex booking and its inability to pay the same due to liquidity constraints. ICIL referred CDR and the CDR cell approved the CDR package on 8th December 2008 with cutoff date as 1st July 2008.
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