India Cements Capital Limited (**ICCL**) is a specialized financial services provider headquartered in Chennai, India. Operating as a subsidiary of **Sri Saradha Logistics Private Limited**, the company is a designated **Authorized Dealer (Category-II)** licensed by the **Reserve Bank of India (RBI)**. ICCL provides a comprehensive suite of foreign exchange, money changing, and advisory services, complemented by a wholly-owned stockbroking subsidiary. --- ### **Strategic Ownership and Corporate Governance** The company recently underwent a transformative shift in its promoter structure to streamline operations and enhance financial flexibility. * **Promoter Reclassification:** In **July 2024**, an inter-se transfer occurred where **Sri Saradha Logistics Private Limited** acquired **1,04,21,750** equity shares (a **48.02%** stake) from outgoing promoters including **N. Srinivasan**, **ICL Financial Services Ltd**, and **ICL Securities Ltd** at a price of **₹21.41** per share. * **Current Holding:** As of late 2025, **Sri Saradha Logistics Private Limited** holds a controlling stake of **50.11%** (previously reaching **74.91%** during the consolidation phase). In **July 2025**, the **BSE** officially reclassified the outgoing entities into the **"Public"** category. * **Executive Leadership:** The company is led by **Sri K. Suresh** (President, CEO & CFO), a qualified ACA and ACS who has been with the firm since **2007**. His tenure as 'Manager' was recently extended from **October 1, 2025, to September 30, 2026**, with a remuneration of **₹2,50,000 per month**. * **Independent Oversight:** **Smt. Lakshmi Aparna Sreekumar** serves as a **Non-Executive Independent Director**, currently in her second and final five-year term which commenced **April 1, 2024**. --- ### **Core Business: Forex and Money Changing (For’Xchange)** The primary revenue driver for ICCL is its **Money Changing** and **Foreign Exchange** division, which operates under the brand **For’Xchange** across a network of **14 centers** in major Indian hubs, including **Chennai, Mumbai, Bangalore, Delhi, Secunderabad, Coimbatore, Madurai, and Cochin**. **Key Service Offerings:** * **Currency Operations:** Buying and selling of **Foreign Currency** notes and **American Express Travelers Cheques** for retail and corporate clients. * **Outward Remittances:** Facilitating **Outward Telegraphic Remittances (OTR)** for critical needs such as **overseas education fees**, medical treatments, and international tour costs. * **Digital & Inbound Solutions:** Distribution of **Thomas Cook Forex Prepaid Cards** and acting as an agent for international inbound money transfers via **Western Union**. * **Midas Advisory:** A specialized unit providing forex advisory for exporters and importers, offering live rate alerts, currency history, and expert market commentary. --- ### **Ancillary Services: Travel and Advisory** ICCL leverages its financial infrastructure to provide high-margin, fee-based travel services through **Coromandel Travels**. * **IATA Accreditation:** The company is an **IATA Accredited** agent providing domestic and international air ticketing. * **Comprehensive Travel Management:** Services include hotel bookings, visa processing, and the distribution of travel insurance through partnerships with **TATA AIG** and **Reliance**. * **Performance Note:** These volume-based activities contributed approximately **₹6.84 lakhs** in operational income during the 2024 cycle. --- ### **Subsidiary Operations: India Cements Investment Services Limited (ICISL)** **ICISL** is a **wholly-owned material subsidiary** and a corporate member of the **NSE**, focusing on stock brokerage. **Financial Performance of ICISL:** | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Turnover** | **₹715.51 Cr** | **₹774.90 Cr** | **₹564.77 Cr** | | **Cash Market Turnover** | **₹457.07 Cr** | **₹579.86 Cr** | **₹390.03 Cr** | | **F&O Segment Turnover** | **₹258.44 Cr** | **₹195.04 Cr** | **₹174.74 Cr** | | **Total Income** | **₹88.01 Lakhs** | **₹99.50 Lakhs** | **₹71.31 Lakhs** | * **Strategic Pivot:** During FY25, ICISL discontinued its **Depository Participant (DP)** operations, transferring the business to **Stock Holding Corporation of India Limited**. * **Footprint:** The subsidiary operates through **3 branches** and **7 business associates**. --- ### **Financial Performance Summary (Standalone)** The company’s performance is closely tied to the **Global Economy** and the **Travel and Tourism sector**. | Metric (₹ Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Gross Turnover** | **297.64** | **371.59** | **208.04** | | **Gross Income** | **3.87** | **4.53** | **2.56** | | **Profit After Tax (PAT)** | - | **1.36** | **0.70** | **Quarterly Gross Income Trends:** * **Q1 2025 (April-June):** **₹1.36 crore** * **Q1 2024 (April-June):** **₹1.45 crore** * **Q1 2023 (April-June):** **₹1.68 crore** --- ### **Risk Profile and Mitigation Strategies** ICCL manages a complex landscape of operational, regulatory, and market risks. **1. Operational & Cybersecurity Risk:** * **Cyber Fraud Incident:** In late **2025**, the company suffered a fraudulent transfer of **₹80.00 Lakhs**. * **Recovery Status:** As of **February 2026**, **₹24.65 Lakhs** has been recovered. The company is pursuing the remaining **₹55.35 Lakhs** through the **Cyber Crime Cell, Chennai**. No financial provision has been made as full recovery is anticipated. **2. Regulatory & Legal Exposure:** * **Labour Codes:** Following the **November 2025** notification of new **Labour Codes**, the company recognized a **₹23.79 Lakhs** impact regarding employee benefit obligations. * **ED Investigation:** A **January 2024** search by the **Enforcement Directorate (ED)** regarding **FEMA** irregularities is ongoing; however, management expects no material impact. * **Tax Litigation:** The company successfully nullified a **₹25.79 Crore** demand for **AY 2006-07** and resolved a **₹24 Lakh** dispute for **AY 2004-05** in its favor. **3. Financial Market Risks:** | Risk Category | Mitigation Strategy | | :--- | :--- | | **Credit Risk** | Operates primarily on a **cash and carry** basis; strict credit policies for corporate clients. | | **Liquidity Risk** | Managed via **internal accruals** and **unsecured loans from the holding company**. The group is **free of external debt**. | | **Market Risk** | Exposure to **Exchange Rate Volatility** and **Securities Prices** is managed through internal audit systems and **RBI/FIU** compliance frameworks. | --- ### **Future Outlook and Capital Allocation** The company is positioned for volume-based growth, contingent on the stability of the global travel market. * **Investment Capacity:** Shareholders have approved an additional investment/loan limit of **₹10 Crore** under **Section 186** of the Companies Act to provide future financial agility. * **Capital Structure:** The company maintains a paid-up equity share capital of **₹21.71 Crore** (**2,17,06,340** shares at **₹10** par value). * **Operational Focus:** Management remains focused on maintaining a **debt-free** balance sheet while navigating the high-competition, low-barrier-to-entry money-changing market.