MIRA
INFORM REPORT
|
Report Date : |
31.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRIDENT LIMITED w.e.f. 18.04.2011 |
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Formerly Known
As : |
ABHISHEK INDUSTRIES LIMITED |
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Registered
Office : |
Trident Complex, |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.04.1990 |
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Com. Reg. No.: |
010307 |
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Capital
Investment / Paid-up Capital : |
Rs.2223.000 Millions |
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CIN No.: [Company Identification
No.] |
L99999PB1990PLC010307 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDA00951G |
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PAN No.: [Permanent Account No.] |
AABCA4139J |
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Legal Form : |
Public Limited
Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of
Terry Towels, Cotton Yarn, Paper and Chemicals. |
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No. of Employees
: |
10000(approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21261600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office/Plant : |
Trident Complex, |
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Tel. No.: |
91-1679-244700/244701/02 |
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Fax No.: |
91-1679-244708 |
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E-Mail : |
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Website : |
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Corporate
Office : |
E-212, Kitchlu
Nagar, |
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Tel. No.: |
91-161-5039999/5038888
/ 2304000 |
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Fax No.: |
91-161-5039900/5038800 |
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E-Mail : |
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Factory 1 : |
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Factory 2 : |
Budhni, Post Office – Pilikara, District – Sihore – 466
445, Madhya Pradesh |
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Tel. No.: |
91-7564-280844 |
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Fax No.: |
91-7564-280875 |
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Gurgaon Office : |
A-25/ 15-16, DLF, Phase 1, Gurgaon, Haryana |
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Tel. No.: |
91-124-2567943-47 |
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Fax No.: |
91-124-2567948 |
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SCO 20-21, Setcor-9, Madhya Marg, Chandigarh-160009, |
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Mumbai Office: |
6 Fort, Vijay Society (2nd Floor), |
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US OFFICE : |
295
Fifth Avenue, Room 1112, New York NY
10016 USA |
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Email : |
corp@tridentindia.com |
DIRECTORS
As On 31.03.2011
|
Name : |
Mr. Rajinder
Gupta |
|
Designation : |
Managing Director |
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Name : |
Mr. S. K. Tuteja |
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Designation : |
Chairman |
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Name : |
Ms. Pallavi
Shroff |
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Designation : |
Director |
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Name : |
Mr. Rajiv Dewan |
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Designation : |
Director |
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Name : |
Mr. Raman Kumar |
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Designation : |
Director |
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Name : |
Dr. M A Zahir |
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Designation : |
Director |
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Name : |
Mrs. Kavita Singh |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pawan Jain |
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Designation : |
Company Sectary |
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Name : |
Mr. Arun Goyal |
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Designation : |
Chief Financial
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
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|
1. Indian |
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|
|
Individuals / Hindu Undivided Family |
1170014 |
0.42 |
|
Bodies Corporate |
50642400 |
18.36 |
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|
|
|
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Any Others
(Specify) |
98667908 |
35.77 |
|
Trusts |
98667908 |
35.77 |
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Sub Total |
150,480,322 |
54.55 |
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(2) Foreign |
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Total
Shareholding of Promoter and promoter Group |
150,480,322 |
54.55 |
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(B) Public
Shareholding |
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1. Institutions |
|
|
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Mutual Funds / UTI |
314099 |
0.11 |
|
Financial Institutions / Banks |
7715596 |
2.80 |
|
Insurance Companies |
292 |
-- |
|
Sub Total |
8,029,987 |
2.91 |
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|
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2. Non
Institutions |
|
|
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Bodies Corporate |
44734432 |
16.22 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
41716995 |
15.12 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
15288448 |
5.54 |
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|
|
|
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Any Other
(Specify) |
15,586,928 |
5.65 |
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Trusts |
14549387 |
5.27 |
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Foreign Corporate Bodies |
1037541 |
0.38 |
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Sub Total |
117326803 |
42.53 |
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Total Public
Shareholding (B) |
125356790 |
45.45 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
--- |
---- |
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Total (A) + (B) +(C) |
275837112 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Terry Towels, Cotton Yarn, Paper and Chemicals. |
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Products : |
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PRODUCTION STATUS AS ON
31.03.2011
|
Particulars |
Unit |
Actual
Production |
|
Yarn* |
MT |
61212 |
|
Processed Yarn** |
MT |
3782 |
|
Towel*** |
MT |
31774 |
|
Paper**** |
MT |
136716 |
|
Sulphuric
Acid***** |
MT |
78920 |
|
Greigh
Towel****** |
MT |
1959 |
*
Includes 17,040 MT (Previous year 13,107 MT) for captive consumption and also
excludes trial run production of 304 MT in Budni (TYB-II).
** Includes
3,321 MT (Previous year 3,566 MT) for captive consumption.
***
Includes 83 MT (Previous year 54 MT) for captive consumption.
****Includes
37 MT (Previous year 33 MT) for captive consumption
*****
Includes 5,574 MT (Previous year 3,533 MT) for captive consumption.
******Includes
180 MT for captive consumption (previous year Nil)
GENERAL INFORMATION
|
No. of Employees : |
10000(approximately) |
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Bankers : |
·
State
Bank of India ·
Punjab
National Bank ·
Canara
Bank ·
State
Bank of Patiala ·
Corporation
Bank ·
Oriental
Bank of Commerce |
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Facilities : |
Notes Secured
Loans Term loans Term loans from banks and financial institutions are
secured by way of equitable mortgage created or to be created on all the
present and future immovable properties including all buildings, structures,
all plant and machinery attached thereon of the Company and hypothecation of
all the movable properties including movable machinery spares, tools and
accessories, etc., present and future, subject to prior charges created and /
or to be created in favour of the Company's bankers on stocks of raw
materials, semi finished and finished goods, consumable stores and other
movable, as may be required for working capital requirements in the ordinary
course of business. The mortgages and charges referred to above rank
pari-passu among the lenders. (Amount due within one year Rs. 2,461.7
million; Previous year Rs. 2,265.4 million) Cash credits /
working capital loans Cash credit / working capital loans are secured
by hypothecation of raw materials, semi finished and finished goods,
stock-in-process, consumable stores, other movable assets and book debts, present
and future, of the Company. The limits are further secured by way of second
pari passu charge on the immovable properties of the Company. Vehicles loans Vehicle loans are secured by hypothecation of
vehicles acquired against such loans. (Amount due within one year Rs. 22.5
million; Previous year Rs. 21.3 million). |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Statutory Auditors Deloitte Haskins
and Sells Chartered
Accountants |
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Address : |
One Okhla Institutional
Area, |
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Name 2 : |
Internal Auditors KPMG Chartered Accountants |
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Name 3 : |
Cost Auditors Ramanath Iyer and Company Chartered Accountants |
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Name 4 : |
Tax Auditors S C Vasudeva and Company Chartered Accountants |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,00,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 60000.000 Millions |
|
3,00,00,00,000 |
Preference Shares |
Rs. 10/- each |
Rs. 30000.000 Millions |
|
|
Total |
|
Rs. 90000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,23,01,511 |
Equity Shares |
Rs. 10/- each |
Rs.2223.000 Millions |
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|
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|
Of the above
12,83,27,175 (Previous year
12,83,27,175) Equity shares of Rs. 10 each have been allotted pursuant to the
various Schemes of amalgamation, without payment being received in cash; and
1,06,836 (Previous year Nil)
Equity shares have been issued and allotted during the year to the employees of
the Company under Employee Stock Option Plan.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2223.000 |
2221.900 |
2221.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3092.400 |
2806.100 |
2241.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5315.400 |
5028.000 |
4463.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19033.800 |
17000.100 |
15536.900 |
|
|
2] Unsecured Loans |
123.600 |
110.500 |
32.100 |
|
|
TOTAL BORROWING |
19157.400 |
17110.600 |
15569.000 |
|
|
DEFERRED TAX LIABILITIES |
913.100 |
683.900 |
329.000 |
|
|
|
|
|
|
|
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TOTAL |
25385.900 |
22822.500 |
20361.400 |
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
15932.500 |
15421.100 |
14716.900 |
|
|
Capital work-in-progress |
988.600 |
1759.500 |
2093.700 |
|
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|
|
|
|
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INVESTMENT |
445.200 |
357.000 |
1187.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6789.300
|
3986.900 |
2110.000 |
|
|
Sundry Debtors |
1988.200
|
927.300 |
602.100 |
|
|
Cash & Bank Balances |
67.500
|
266.000 |
201.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2020.700
|
1906.000 |
1885.100 |
|
Total
Current Assets |
10865.700
|
7086.200 |
4798.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2017.100
|
1328.000 |
1739.700 |
|
|
Other Current Liabilities |
388.500
|
357.700 |
602.400 |
|
|
Provisions |
440.500
|
115.600 |
92.500 |
|
Total
Current Liabilities |
2846.100
|
1801.300 |
2434.600 |
|
|
Net Current Assets |
8019.600
|
5284.900 |
2363.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25385.900 |
22822.500 |
20361.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25374.600 |
18033.600 |
13980.600 |
|
|
|
Other Income |
136.700 |
154.500 |
30.800 |
|
|
|
TOTAL (A) |
25511.300 |
18188.100 |
14011.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
14469.000 |
9113.200 |
7092.900 |
|
|
|
Manufacturing Expenses etc. |
3332.800 |
2525.200 |
1834.200 |
|
|
|
Personnel Expense |
2052.200 |
1855.700 |
1285.400 |
|
|
|
Administrative and other Expense |
429.400 |
280.400 |
438.100 |
|
|
|
Selling Expenses |
1242.700 |
986.900 |
716.700 |
|
|
|
Increase/ Decrease in work in process and finished goods |
(177.800) |
[135.900] |
81.900 |
|
|
|
Increase/ Decrease in excise duty on finished goods |
4.700 |
2.700 |
(7.200) |
|
|
|
Foreign Exchange gain/ Loss |
43.700 |
[161.000] |
0.000 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
1440.700 |
|
|
|
TOTAL (B) |
21396.700 |
14467.200 |
12882.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4114.600 |
3720.900 |
1128.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1263.400 |
1046.100 |
797.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2851.200 |
2674.800 |
331.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1946.800 |
1744.400 |
1159.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
904.400 |
930.400 |
(827.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
233.600 |
365.800 |
(297.500) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
670.800 |
564.600 |
(530.400) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2180.900 |
1616.300 |
2146.700 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2851.700 |
2180.900 |
1616.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
12095.000 |
8394.800 |
6861.500 |
|
|
TOTAL EARNINGS |
12095.000 |
8394.800 |
6861.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
420.400 |
449.400 |
457.700 |
|
|
|
Stores & Spares |
170.700 |
127.600 |
103.400 |
|
|
|
Capital Goods |
336.600 |
582.600 |
795.300 |
|
|
TOTAL IMPORTS |
927.700 |
1159.600 |
1356.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
3.02 |
2.54 |
(2.64) |
|
|
|
Diluted |
3.01 |
2.53 |
(2.64) |
|
QUARTERLY RESULTS
(UNAUDITED)
|
PARTICULARS |
|
30.06.2011 (Rs. In
Millions) |
30.09.2011 (Rs. In
Millions) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
6971.520 |
7039.490 |
|
Total Expenditure |
|
5833.880 |
6388.080 |
|
PBIDT (Excl OI) |
|
1137.640 |
651.410 |
|
Other Income |
|
3.880 |
0.990 |
|
Operating Profit |
|
1141.520 |
652.400 |
|
Interest |
|
419.650 |
426.610 |
|
Exceptional Items |
|
(805.430) |
0.000 |
|
PBDT |
|
(83.560) |
225.790 |
|
Depreciation |
|
499.480 |
516.530 |
|
Profit Before Tax |
|
(583.040) |
(290.740) |
|
Tax |
|
(189.200) |
(94.300) |
|
Provisions and Contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(393.840) |
(196.440) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustment |
|
0.000 |
0.000 |
|
Net Profit |
|
(393.840) |
(196.440) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.62 |
3.10 |
(0.38) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.56 |
5.16 |
(5.92) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.37 |
4.13 |
(4.24) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.19 |
(0.19) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.13 |
3.76 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.81 |
3.93 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
History:
Subject is a part
of Trident Group was promoted by Rajinder Gupta. The company is engaged in
manufacturing of Terry Towels, Cotton Yarn and Paper. The company is one of the
largest manufacturer of Terry Towels in
The company's Yarn plant which produces both cotton and acrylic yarn is located
at Sanghera,
The company's Second Unit i.e. Unit II has an installed capacity of 43392
Spindles for manufacture of dyed cotton, melange, acrylic and blended yarn
besides carded and combed cotton yarn. The Unit II project which has been
divided into parts the first phase of 36288 Spindles has started commercial
production from 1st July, 1999. The cost of project amounts to Rs 950 Millions
which was financed by term loans, rights issue and internal accruals.
During 1999-2000, the company got the status of Government Recognised Trading
House and the quality of the products was well accepted in the international
market.
During 2002, Varinder Agro was merged with company. The shareholders of
Varinder Agro were allotted 70 equity shares in the company for every 24 shares
held.
Financial
Performance and Review
The net sales of the Company for
the year increased to Rs. 25,374.6 million as compared to Rs. 18,033.6 million
in the previous financial year, registering a growth of approximately 41
percent. The Operating Profit (EBIDTA) for the year has increased by Rs. 598.4
million in absolute terms, a growth of approximately 17 percent as compared to
last year. During the year, Company has earned a net profit of Rs. 670.8
million, registering an increase of 19 percent as compared to the last
financial year.
The Company’s earnings per share
was Rs. 3.02 and cash earning per share was Rs. 11.78 during the current year.
Change of Name of
the Company
The Company has changed
its name from “Abhishek Industries Limited” to “Trident Limited” pursuant to a
fresh Certificate of Incorporation issued by the Registrar of Companies,
Chandigarh w.e.f. April 18, 2011. The change of name is part of our branding
strategy to reconcile the name of the Company with its brands and trade marks
by which the Company is known to the world.
Subsidiaries
During the year,
Abhishek Global Ventures Limited, a whollyowned subsidiary of the Company has ceased
to be a subsidiary of the Company pursuant to the Scheme of Arrangement of
Amalgamation of Abhishek Global Ventures Limited with Trident Corporation
Limited; this was sanctioned vide order of the Hon’ble High Court of Punjab
& Haryana at Chandigarh dated January 18, 2011. The effective date of the
amalgamation is February 9, 2011. Consequent to this, Abhishek Global Ventures
Limited, ceased to be a subsidiary of the Company w.e.f.
February 9, 2011.
However, due to this arrangement, your Company was allotted 900,000 equity
shares of Trident Corporation Limited.
Further, during the
year, the Company has divested its 51 percent holding in Abhishek Industries
Inc, USA. Consequent to this, Abhishek Industries Inc, USA ceased to be
subsidiary of the Company w.e.f. March 30, 2011. As on the date of this report,
the Company holds 24,500 Common Stocks (equity shares) of Abhishek Industries
Inc, USA. Accordingly, the Company has no subsidiary as on the last day of the
financial year
MANAGEMENT
DISCUSSION & ANALYSIS
FINANCIAL
ANALYSIS WITH RESPECT TO OPERATIONAL PERFORMANCE
Revenues
The Company’s net
turnover increased 40.7 percent from Rs. 18,033.60 mn in 2009-10 to Rs.
25,374.60 mn in 2010-11, owing to increased production and higher realisations
across business segments. A snapshot of the geographical financial performance
for the financial year 2010-11 is tabulated below:
Geography Revenue
%age of
(in Rs
Million) total
revenue
Current
Year Previous Year Current Year Previous Year
Domestic 13,279.6 9,638.8 52.3
53.5
Exports 12,095.0 8,394.8 47.7 46.6
Revenue by segment
The revenues of the
Company’s textile segment increased 52.5 percent from Rs 14,669.5 mn in 2009-10
to Rs 22,375.3 mn in 2010-11. Revenues from this segment comprised 88.2 percent
of the total turnover in 2010-11 against 81.3 percent in 2009- 10. Yarn
revenues grew 82.7 percent from Rs. 6,187.0 mn in 2009-10 to Rs 1,1301.0 mn in
2010-11, owing to a robust yarn market. Home textile sales increased 30.6
percent from Rs 8,482.5 mn in 2009-10 to Rs 11,074.3 mn in 2010-11, owing to
higher international product demand. Home textiles accounted for 43.6 percent
of total revenues in 2010-11 against
47.0 percent in
2009-10.
Revenues from the
paper and chemical division increased 22.3 percent from Rs 4,951.8 mn in
2009-10 to Rs 6,055.0 mn in 2010-11, owing to increased sales volumes and
enhanced acceptability of the Company’s products. Revenue from this division accounted
for 23.9 percent of the total revenue in 2010- 11 as against 27.5 percent in
2009-10.
Press Release
Trident
Limited announces Results for Quarter & Year ended March 31, 2011
Register
a growth of 45.13 % in sales QoQ basis
22.48%
growth in EBIDTA on QoQ basis
78.76%
growth in Net Profit on QoQ basis
Final
Dividend @ 12%
New Delhi, May 16,
2011: The Board of Trident Limited, the flagship Company of Trident group, in
its meeting held today on May 16, 2011 has approved results for the Quarter and
Year ended March 31, 2011.
The Company has reported total revenue of Rs 7417.800 millions in Q4 of
FY 2010‐11 as against Rs 5045.000 millions of corresponding
quarter of FY 2009‐10. The net profit
for Q4 is Rs 220.500 millions as against Rs 123.400 millions in corresponding
quarter of FY 2009‐10.
Highlights
• The total revenues reported for the year ended March 31, 2011 were Rs
25504.400 millions as compared to Rs 18073.100 millions reported for the year
ended March 31, 2010, thereby registering a growth of 41.12%.
• Net Sales were Rs 7297.900 millions for the quarter ended March 31,
2011; an increase of 45.13% on QoQ basis.
• EBIDTA for the quarter was Rs 1137.800 millions; an increase of 22.48%
on QoQ basis.
• Net Profit for the quarter was Rs 220.500 millions vis a vis Rs
123.400 millions in corresponding quarter – an increase of 78.76%.
• The Company reported Net profit of
Rs 670.900 millions for the year
ended March 31, 2011‐ an increase of 18.83%.
• The Board of Directors of the Company have recommended, subject to
approval of shareholders, final dividend of Rs 1.20 (i.e. 12%) per fully paid
up equity share of Rs 10 each. The dividend shall be paid in the month of
September 2011.
Expansions
The civil works for Yarn Expansion Project for setting up 275904
spindles & 2040 Rotors including other balancing equipment at a total
capital outlay of Rs 11170.000 millions are in progress.
Corporate
Development
• The name of the Company has been changed to Trident Limited from
Abhishek Industries Limited wef April 18, 2011. The new name is in sync with
the existing business objects and does not suggest any new line of business
activity.
• The Company on April 27, 2011, has allotted 3,50,00,000 equity
warrants carrying an option to the holders
of such warrants to subscribe to one equity share of Rs 10/‐ each for every warrant held within 18 months from
the date of allotment. These warrant are convertible into equity shares of the
Company @ Rs 17.05 per equity shares in terms of SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2009. The Company
has received 25% of the total consideration of the issue.
• During the quarter, the Board has approved the Scheme for Amalgamation
of Trident Agritech Limited and Trident
Infotech Limited with Trident Limited as per terms and conditions mentioned in the Scheme of Amalgamation (“the Scheme”) under the provisions of Sections 391 to 394 of the
Companies Act, 1956.
• The shares issued pursuant to the proposed amalgamation shall also be
entitled for aforesaid final dividend subject to the sanction of the scheme by
the Hon’ble High Court.
• The Company has allotted 32,174 equity shares to the eligible
employees against vested options under Abhishek Employee Stock Options Plan,
2007. Consequent to this allotment, the paid up equity share capital of the
Company has increased to Rs 2,22,33,36,850.
• During the quarter, Abhishek Industries Inc, USA and Abhishek Global
Ventures Limited ceased to be subsidiaries of the Company.
• During the quarter, the Company has made an investment of Rs 15 crores
into fully paid up equity shares of Trident Agritech Limited, a company setting
up sugar project.
Awards &
Accolades
During the quarter ended March 31, 2011, the Company has been conferred with
prestigious Rajiv Gandhi National Quality Award for 2009 organized by Bureau of
Indian Standards. In recognition to quality standards adopted by the Company,
the Bureau of India Standards has awarded the commendation certificate to the
Company in category "Large Scale Manufacturing Industry – Textile.”
About Trident
Limited:
Trident Limited is a part of Rs 30000.000 millions Trident Group and has interest in yarn, home
textiles, paper, chemicals and captive power.
The Company enjoys respectable position in all business segments it
operates in and is pioneer in adopting Good Corporate Governance as a basic
management principle.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.50 |
|
|
1 |
Rs.77.73 |
|
Euro |
1 |
Rs.65.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.