|
Report Date : |
30.03.2012 |
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 : |
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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) |
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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 |
|
|
|
1. Indian |
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|
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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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|
|
|
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Sub Total |
150480322 |
54.55 |
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(2) Foreign |
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Total
Shareholding of Promoter and promoter Group |
150480322 |
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 |
8029987 |
2.91 |
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|
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|
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2. Non
Institutions |
|
|
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Bodies Corporate |
44734432 |
16.22 |
|
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 |
|
Any Other
(Specify) |
15586928 |
5.65 |
|
Trusts |
14549387 |
5.27 |
|
Foreign Corporate Bodies |
1037541 |
0.38 |
|
Sub Total |
117326803 |
42.53 |
|
Total Public
Shareholding (B) |
125356790 |
45.45 |
|
Total (A) + (B) |
275837112 |
100.00 |
|
Shares
held by custodians and against which depository receipts have been
issued (C) |
--- |
---- |
|
(1)
Promoter and Promoter Group |
--- |
--- |
|
(2)
Public |
--- |
--- |
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Sub Total |
--- |
--- |
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Total (A) + (B) +(C) |
275837112 |
--- |
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 : |
|
|
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
After 30.09.2011
Authorised Capital : Rs.90860.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.2758.371 Millions
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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|
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 |
|
|
|
|
|
|
|
|
TOTAL |
25385.900 |
22822.500 |
20361.400 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15932.500 |
15421.100 |
14716.900 |
|
|
Capital work-in-progress |
988.600 |
1759.500 |
2093.700 |
|
|
|
|
|
|
|
|
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 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6971.520 |
7039.490 |
6622.620 |
|
Total Expenditure |
5833.880 |
6388.080 |
5497.960 |
|
PBIDT (Excl OI) |
1137.640 |
651.410 |
1124.660 |
|
Other Income |
3.880 |
0.990 |
17.840 |
|
Operating Profit |
1141.520 |
652.400 |
1142.500 |
|
Interest |
419.650 |
426.610 |
340.060 |
|
Exceptional Items |
(805.430) |
0.000 |
0.000 |
|
PBDT |
(83.560) |
225.790 |
802.440 |
|
Depreciation |
499.480 |
516.530 |
536.470 |
|
Profit Before Tax |
(583.040) |
(290.740) |
265.970 |
|
Tax |
(189.200) |
(94.300) |
86.300 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(393.840) |
(196.440) |
179.670 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(393.840) |
(196.440) |
179.670 |
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 AND 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.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED DECEMBER 31. 2011
|
|
|
Quarter Ended |
Nine Months Ended |
|
|
Sr. No. |
Particulars |
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
|
|
3 Months |
3 Months |
9 Months |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
a) Net sales/income from operations |
6584.940 |
6999.900 |
20552.160 |
|
|
b) Other operating income |
37.680 |
39.590 |
81.470 |
|
|
Total income |
6622.620 |
7039.490 |
20633.630 |
|
2 |
Expenditure : |
|
|
|
|
|
a) (Increase)/decrease in stock in trade and work in
progress |
-156.620 |
529.840 |
-371.080 |
|
|
b) Consumption of raw materials |
3618.520 |
3372.710 |
12488.640 |
|
|
c) Purchase of traded goods |
167.400 |
170.170 |
523.210 |
|
|
d) Employees cost |
540.960 |
561.430 |
1625.040 |
|
|
e) Manufacturing expenses |
892.600 |
874.520 |
2543.730 |
|
|
f) Depreciation |
536.470 |
516.530 |
1552.480 |
|
|
g) Other expenditure |
435.100 |
879.410 |
1715.810 |
|
|
Total expenditure |
6034.430 |
6904.610 |
20077.830 |
|
3 |
Profit from operations before
other income. interest and exceptional items (1-2) |
588.190 |
134.880 |
555.800 |
|
4 |
Other Income |
17.840* |
0.990 |
22.710* |
|
5 |
Profit before interest and
exceptional items (3+4) |
606.030 |
135.870 |
578.510 |
|
6 |
Interest |
340.060 |
426.610 |
1186.320 |
|
7 |
Profit/(loss) after interest and
before exceptional items (5-6) |
265.970 |
(290.740) |
(607.81) |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit/(loss) from ordinary activities
before tax (7-8) |
265.970 |
(290.740) |
(607.810) |
|
10 |
a) Provision for taxation |
86.300 |
-94.300 |
-197.200 |
|
b) Provision for taxation for earlier years |
||||
|
11 |
Net profit/(loss) from ordinary
activities after tax ( 9-10) |
179.670 |
(196.440) |
(410.610) |
|
12 |
Extraordinary items (net of tax
expense) |
- |
- |
- |
|
13 |
Net profit/(loss) for the period
(1112) |
179.670 |
(196.440) |
(410.610) |
|
14 |
Paid-up equity share capital
(refer note 2) (Face value of Rs. 10/ each) |
2758.370 |
2223.340 |
2758.370 |
|
15 |
Reserves (excluding revaluation
reserves) as per balance sheet of previous accounting year |
|
|
|
|
16 |
Earning/(loss) per share (EPS)
before and after extraordinary items |
|
|
|
|
|
- Basic (Rs.) |
0.65 |
-0.88 |
-1.49 |
|
|
- Diluted(Rs.) |
0.65 |
-0.88 |
-1.49 |
|
17 |
Public shareholding |
# |
|
# |
|
|
- Number of shares |
125,356,790 |
88,905,908 |
125,356,790 |
|
|
- Percentage of shareholding |
45.45 |
39.99 |
45.45 |
|
18 |
Promoters and Promoter Group
Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a %
of the |
Nil |
Nil |
Nil |
|
|
total shareholding of the
promoter |
|
|
|
|
|
and promoter group) |
|
|
|
|
|
- Percentage of shares (as a %
of the |
Nil |
Nil |
Nil |
|
|
total share capital of the
Company) |
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
150,480,322 |
133,427,777 |
150,480,322 |
|
|
- Percentage of shares (as a %
of the |
100 |
100 |
100 |
|
|
total shareholding of the
Promoter |
|
|
|
|
|
and Promoter group) |
|
|
|
|
|
- Percentage of shares (as a %
of the |
54.55 |
60.01 |
54.55 |
|
|
total share capital of the
Company) |
|
|
|
Note:
* includes dividend on own shares
held through Trust. # includes 1,45,48,387 shares held in Trust for the benefit
of the Company.
SEGMENT WISE
REVENUE. RESULTS AND CAPITAL EMPLOYED
|
|
|
Quarter
Ended |
Nine
Months Ended |
|
|
Sr.
No. |
Particulars |
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
|
|
3
Months |
3
Months |
9
Months |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment
Revenues |
|
|
|
|
|
a) Yarn |
2541.630 |
2898.550 |
8434.840 |
|
|
b) Terry towel |
3157.120 |
3417.390 |
9936.520 |
|
|
c) Paper & chemicals |
1633.980 |
1640.150 |
4779.170 |
|
|
d) Others |
7.640 |
- |
7.64 |
|
|
e) Unallocated |
0.160 |
0.030 |
0.220 |
|
|
Total |
7340.530 |
7956.120 |
23158.390 |
|
|
Less: Inter segmental revenue |
717.910 |
916.630 |
2524.760 |
|
|
Net
sales /income from operations (Including other operating income) |
6622.620 |
7039.490 |
20633.630 |
|
2 |
Segment
results |
|
|
|
|
|
Profit/(loss)
before tax and interest from each segment |
187.120 |
-39.620 |
-312.070 |
|
a) Yarn |
||||
|
|
b) Terry towel |
483.500 |
223.650 |
958.720 |
|
|
c) Paper & chemicals |
56.29 |
33.060 |
194.320 |
|
|
d) Others |
-12.51 |
- |
-12.510 |
|
|
Total |
714.40 |
217.090 |
828.460 |
|
|
Less: |
|
|
|
|
|
a) Interest |
340.060 |
426.610 |
1186.320 |
|
|
b) Other un-allocable
expenditure net off un-allocable income |
108.370 |
81.220 |
249.950 |
|
|
Total
profit/(loss) before Tax |
265.970 |
(290.740) |
(607.810) |
|
3 |
Capital
employed # |
|
|
|
|
|
(Segment
assets - Segment liabilities) |
11652.790 |
10442.970 |
11652.790 |
|
a) Yarn |
||||
|
|
b) Terry towel |
5815.230 |
5755.280 |
5815.230 |
|
|
c) Paper & chemicals |
6429.350 |
6248.950 |
6429.350 |
|
|
d) Others |
1012.530 |
- |
1012.530 |
|
|
e) Unallocated |
796.640 |
408.590 |
796.640 |
|
|
Total |
25706.540 |
22855.7.90 |
25706.540 |
|
|
# Includes capital work in
progress |
5960.320 |
4459.700 |
5960.320 |
Note:
1.
The above results have been reviewed
by the Audit Committee and approved by the Board of Directors in its meeting
held on February 3, 2012. The Limited Review as required under Clause 41 of the
Listing Agreement has been completed by the Statutory Auditors.
2.
Trident Infotech Limited (TIL) and
Trident Agritech Limited (TAL) have been amalgamated with the Company w.e.f.
the appointed date i.e. April 1, 2011 in terms of Scheme of Arrangement for Amalgamation
sanctioned by Hon'ble High Court of Punjab and Haryana at Chandigarh vide its
Order dated September 29, 2011. The scheme has become effective w.e.f. November
21, 2011 and the undertakings of TIL and TAL stand transferred and vest in the
Company w.e.f. April 1, 2011 in terms of the aforesaid Order. Accordingly, the
financial results for the quarter and nine months period ended December 31,
2011 are of the merged entity. The Company has made allotment of shares on
December 12, 2011 to the shareholders of erstwhile TIL and TAL.
3.
During the previous years, the
Company has hedged its foreign currency fluctuation exposure by taking various
derivative options from various banks having maturity up to January 2013. These
derivative options are proprietary products of banks, which do not have a ready
market and as such are marked to a model, which is usually bank specific
instead of being marked to market. In view of the significant uncertainties
associated with the above derivative options whose ultimate outcome depends on
the future events, the loss on such derivative options cannot be determined at
this stage.
4.
The Company has not accounted for
reinstatement loss on forward contracts and working capital foreign currency
loans aggregating Rs 716.700 Millions, in view of the significant adverse
temporary currency fluctuations associated with the exchange rates of dollar
for the quarter and nine months period ended December 31, 2011. Subsequent to
balance sheet date, upto date of Board of director meeting i.e. Feb 3, 2012,
the aforesaid reinstatement loss does not exist due to favorable currency
fluctuations.
5.
Provision for taxation is deferred
tax charge of Rs.86.300 Millions during the quarter ended December 31, 2011 and
deferred tax credit Rs. 197.200 Millions during the nine months period ended
December 31, 2011.
6.
Status of Investors Complaints
(Nos.): Opening Balance as on 01.10.2011 (Nil); Received during the quarter
(6); Disposed off during the quarter (6); Closing balance as on 31.12.2011
(Nil).
7.
The previous financial period
figures have been regrouped/rearranged wherever necessary to make them
comparable.
Press Release
TRIDENT GROUP ON A
MAJOR EXPANSION DRIVE; ANNOUNCES INVESTMENT OF Rs 36000.000 MILLIONS TO SET UP
ONE OF THE WORLD’S LARGEST HOME TEXTILE FACILITY
New
Delhi/Ludhiana/Bhopal, March 23, 2012:
Trident Group, one of the country’s leading conglomerates with revenues
of Rs 45 billion and clientele across over 75 countries has charted out
aggressive expansion plans to further consolidate its global leadership. The
Group has already emerged as one of the top terry towel manufacturers and agro
based paper manufacturer in the world and is embarking on expansion drive to
target Rs 90 billion revenues.
Trident is pioneer in associating with global retail brands across the
globe, including Wal-Mart, Target, JC Penney, Macy's, Kohl's, Sears, Sam's
Club, Burlington etc to name a few. The patrons include 9 of the top 10 home
textiles retailers in the US; leading retailers in Europe and UK and 5 out of 7
major retailers in Australia and New Zealand. Trident, also a leading supplier
of copier paper & chemicals, after establishing “Trident Spectra” in
domestic and International market, recently launched “Trident Eco Green” and
“Trident Natural” to expand its market share in paper industry.
Trident endeavors to focus on new technologies and selected one of the
best global technology partners in textile and paper industry. Currently the
group has a production capacity of 14.5 million pieces of towel/month, 90,000
pieces of bathrobe/month, 15,000 tonnes of Paper/month, 7,500 tonnes of cotton
& blended yarns/month and 60 MW captive power generation.
The Group has committed a total investment of about Rs. 36000.000 Millions
in setting up an integrated textile complex and expanding its yarn facilities
at Budni, Madhya Pradesh. The new facilities will be engaged in the
manufacturing of terry towels, sheeting, value added yarns and captive power
plant. This expansion which is expected to be completed by third quarter of
2013 will be one of the largest Integrated Home Textile manufacturing
facilities in the world.
Talking on the expansion, Mr. Rajinder Gupta, Chairman, Trident Group,
said, “Trident has exhibited building world class capacities over the years and
has seen tremendous success in domestic as well as international markets. This
plant will be strategic to our Group’s growth over the next decade in
consolidating our leadership position. It would also help us meet the growing
demands for our products, while expanding our markets globally”. “We are
looking at inclusive growth and feel this is the right time to grow our market
share”, he further added.
Trident Group will also inaugurate its Yarn projects at Budni comprising
of 1.25 lacs spindles. The Group has targeted of extensively increasing the
production capacity to 5 lacs spindles and 5,624 rotors in its major yarn
expansion project. The expansion project of the yarn spinning facilities is
being implemented with an investment of Rs12000.000 Millions. Subsequent to the
commissioning of this yarn spinning unit, the total yarn spinning capacity has
increased to 3.66 lacs spindles and 3,584 rotors. Post expansion, Trident would
be able to increase its production capacity to 30 million pieces of
towel/month, 3.6 million meters of sheeting/month, 12,000 tonnes of cotton
& blended yarns/month and 120 MW of captive power generation.
Apart from these facilities, Trident in a yet another initiative for
empowering women, has also invested significantly to come up with a girl’s
hostel, which will accommodate about 1,000 female operative members of the
organization.
Trident has already set up a girl’s hostel in Punjab which accommodates around
2,000 female operatives. As part of its CSR initiatives it has developed Sacred
Heart Convent School at Barnala, providing platform to the youth to learn and
earn through its Centre of Excellence
-Takshshila Program. The Group has also adopted more than 200 Villages
of Punjab covering about 71000 acres of land and 2000 farmers for enhancing the
productivity and quality of cotton.
The foundation stone will be laid and the facilities will be inaugurated
by Sh. Shivraj Singh Chouhan, Hon’ble Chief Minister, Madhya Pradesh and the
function will be presided over by Shri Montek Singh Ahluwalia, Deputy Chairman,
Planning Commission, Government of India.
Trident
Limited announces Results for Quarter and 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.51.15 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.68.22 |
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.