MIRA
INFORM REPORT
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Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
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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, Raikot
Road, Barnala – 148101, Punjab |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
18.04.1990 |
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Com. Reg. No.: |
16-010307 |
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Capital
Investment / Paid-up Capital : |
Rs. 3058.400 Millions |
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CIN No.: [Company Identification
No.] |
L99999PB1990PLC010307 |
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IEC No.: |
3091002837 |
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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 : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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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
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MIRA’s Rating : |
Ba (41) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 26000000 |
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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 the Flagship Company of the ‘Trident Group’, It is a well established
company having a satisfactory track record. The company has incurred some
loss during the year 2012. However, trade relations are reported as decent. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
BBB (Long term bank facilities) |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
January, 2012 |
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Rating Agency Name |
CARE |
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Rating |
A2 (Short term rating) |
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Rating Explanation |
Strong degree of safety and very low credit
risk |
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Date |
January, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
Trident Complex,
Raikot Road, Barnala – 148101, Punjab, India |
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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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Area : |
109.35 acres |
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Location : |
Owned (Freehold) |
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Corporate / Head Office : |
E-212, Kitchlu Nagar, Ludhiana – 141001, Punjab, India |
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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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Area : |
11001.5 sq yrds |
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Location : |
Owned (Leasehold) |
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Factory 2 : |
Towel, Paper,
Chemical and Energy Plant Trident Complex, Dhaula and Fatehgarh Channa, Punjab, India |
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Area : |
207.64 acres |
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Location : |
Owned (Freehold) |
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Factory 3 : |
Towel, Paper, Chemical
and Energy Plant Trident Complex, Fatehgarj Channa, Punjab, india |
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Area : |
345.82 acres |
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Location : |
Owned (Freehold) |
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Factory 4 : |
Railway Siding Village Seikka, Barnala, Punjab, India |
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Area : |
29.8 acres |
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Location : |
Owned (Freehold) |
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Factory 5 : |
Yarn Plant Budni, Post Office, Pilikara, District – Sihore – 466 445, Madhya
Pradesh, India |
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Tel. No.: |
91-7564-280844 |
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Fax No.: |
91-7564-280875 |
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Area : |
29.72 acres |
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Location : |
Owned (Leasehold) |
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Factory 6 : |
Yarn Plant Trident Complex, Budni, Madhya Pradesh, India |
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Area : |
138.33 acres |
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Location : |
Owned (Freehold) |
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Factory 7 : |
Site for Garment
Plant C – 9, Industrial
Area, Mandideep Phase II,Tehsil, Goharganj, District Raisen, Madhya Pradesh,
India |
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Area : |
24435 sq mtrs |
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Location : |
Owned (Leasehold) |
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Branch Offices : |
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Branch 1 : |
A-25/ 15-16, DLF, Phase 1, Gurgaon, Haryana, India |
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Tel. No.: |
91-124-2567943-47 |
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Fax No.: |
91-124-2567948 |
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Branch 2 : |
6 Fort, Vijay Society (2nd Floor), 1/3 Gola Lane, Opposite Dr. D N
Road, Behind Central Camera, Mumbai-400001, Maharashtra, India |
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Branch 3 : |
SCO 20-21, Setcor-9, Madhya Marg, Chandigarh-160009, India |
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Area : |
367.52 sq yards |
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Location : |
Rented |
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Branch 4 : |
Plot No. 3 situated at Nadir Colony, Bhopal, Madhya Pradesh, India |
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Area : |
2900 sq ft |
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Location : |
Owned (Leasehold) |
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Branch 5 : |
C – 185 ‐186 Industrial Area, Phase VIII, Mohali,
Punjab, India |
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Area : |
8867 sq yds |
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Location : |
Owned (Leasehold) |
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US Office : |
295 Fifth Avenue, Room 1112,
New York NY 10016 USA |
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Email : |
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Area : |
2900 sq ft |
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Location : |
Leasehold |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Rajinder Gupta |
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Designation : |
Director |
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Address : |
E-212, Kitchlu Nagar, Ludhiana, Punjab, India |
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Date of Birth/Age : |
54 Years |
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Qualification : |
Advanced Management Program from Harvard Business School, USA |
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DIN No.: |
00009037 |
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Name : |
Mrs. Pallavi Shroff |
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Designation : |
Director |
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Address : |
S-270, Greater Kailash II, New Delhi, India |
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Date of Birth/Age : |
56 Years |
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Qualification : |
L.L.B, M.M.S |
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Experience : |
30 Years |
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DIN No.: |
00013580 |
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Name : |
Dr. Mohamad Abdul Zahir |
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Designation : |
Director |
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Address : |
95, New Rajguru Nagar, Ludhiana, Punjab, India |
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Date of Birth/Age : |
70 Years |
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Qualification : |
PhD |
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DIN No.: |
00002973 |
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Name : |
Mr. Rajiv Dewan |
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Designation : |
Director |
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Address : |
96 F, Rishi Nagar, Ludhiana, Punjab, India |
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Date of Birth/Age : |
51 Years |
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Qualification : |
Chartered Accountant |
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DIN No.: |
00007988 |
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Name : |
Ms. Kavita Singh |
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Designation : |
Director |
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Date of Birth/Age : |
34 Years |
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Qualification : |
B.A. (Hons) and M.A. in Economics |
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DIN No.: |
03566174 |
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Name : |
Mr. Abhishek Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
25 Years |
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Qualification : |
Graduate |
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DIN No.: |
02047780 |
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Name : |
Mr. Deepak Nanda |
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Designation : |
Director |
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Address : |
H No 561, Sector 10, Panchkula, Haryana, India |
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Date of Birth/Age : |
53 Years |
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Qualification : |
Master of
Science and Advance Training in Computer Software and Management |
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DIN No.: |
00403335 |
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Name : |
Mr. Sanjay Jain |
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Designation : |
Director |
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Address : |
N 26, IInd Floor, Malviya Nagar, New Delhi, India |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B.Com, PGDRRM |
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Name : |
Mr. Vikas Pratap |
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Designation : |
Director |
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Address : |
H No 561, Sector 10, Panchkula, Haryana, India |
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Date of Birth/Age : |
53 Years |
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Qualification : |
Master of Science and Advance Training in Computer Software and
Management. |
KEY EXECUTIVES
|
Name : |
Mr. Arun Goyal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Pawan Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
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|
1170014 |
0.38 |
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|
70642400 |
22.73 |
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|
94788428 |
30.49 |
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|
94788428 |
30.49 |
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|
166600842 |
53.60 |
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Total
shareholding of Promoter and Promoter Group (A) |
166600842 |
53.60 |
|
(B) Public
Shareholding |
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|
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|
|
|
|
258572 |
0.08 |
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|
7715596 |
2.48 |
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|
7974168 |
2.57 |
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|
|
|
|
69885197 |
22.48 |
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|
|
|
|
|
31156393 |
10.02 |
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|
16791645 |
5.40 |
|
|
18428867 |
5.93 |
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|
18428867 |
5.93 |
|
|
136262102 |
43.84 |
|
Total Public
shareholding (B) |
144236270 |
46.40 |
|
Total (A)+(B) |
310837112 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
310837112 |
0.00 |
BUSINESS DETAILS
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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 |
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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
|
Customers: |
Wholesalers and Retailers TEXTILES (TOWELS)
YARN
PAPER
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No. of Employees : |
10000 (approximately) [In Office:500 and In Factory:9500] |
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Bankers : |
·
State Bank of India Address : 2nd
Floor, Main Branch Building Fountain Chowk, Civil Lines, Ludhiana, Punjab,
India Tel.
No.: 91-161-2449081 / 2449069 ·
State Bank of India Address : Industrial
Finance Branch, Dholewal Chowk, Ludhiana, Punjab, India ·
Punjab National Bank Address : Large Corporate
Branch, Bhagwati Tower, RK Road, Cheema Chowk, Ludhiana, Punjab, India ·
Canara Bank Address
: Bharat Nagar Chowk Ludhiana, Punjab, India ·
State Bank of Patiala Address
: Commercial Branch, Miller Ganj, Ludhiana, Punjab, India ·
Corporation Bank Address
: Pakhowal Road, Ludhiana, Punjab, India ·
Oriental Bank of Commerce Address : Overseas Branch
B‐XV‐136, Jandu
Tower, Miller Ganj, G.T. Road, Ludhiana, Punjab, India ·
State Bank of Travancore Address
: Commercial Branch, K.G. Marg, New Delhi, India ·
State Bank of Mysore Address
: 3,4 and 5, DDA Building, Nehru Place, New Delhi, India ·
Syndicate Bank Address : Corporate
Finance Branch Sarojini House 6, Bhagwan Dass Road, New Delhi, India ·
Allahabad Bank Address
: IIFB Branch 165, Ind. Near Cheema Chowk, Ludhiana, Punjab, India ·
Indian Bank Address
: 1601, Kalsi Nagar, G.T. Road, Ludhiana, Punjab, India ·
Bank of India Address : Ludhiana Mid
Corporate Branch 579‐R, 1st Floor, Model Town,
Ludhiana‐141002, Punjab, India ·
IDBI Bank Limited Address : Indian Red
Cross Society Building, 1, Red Cross Road, New Delhi, India ·
Exim Bank Address : Chandigarh
Representative Office First Floor, PHD House Dakshin Marg, Sector 31‐A, Chandigarh, India ·
Indian Overseas Bank Address
: Sainik Rest House Katchery Road, Ludhiana, Punjab, India ·
State Bank of Bikaner and Jaipur Address
: Specialised SSI Branch, G.T. Road, Ludhiana, Punjab, India ·
State Bank of Hyderabad Address : SSI Branch, Sona
Complex, 15/179, G.T. Road, Miler Ganj, Ludhiana, Punjab, India |
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Facilities : |
Note 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 land, 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 Includes Rs. 1,391.5 million (previous year Rs.
146.9 million) buyers credits loan taken by the Company for a period of up to
3 years from foreign banks against term loans sanctioned by Indian banks. As
per agreed terms, these buyer credit loans would be repaid to foreign banks
by Indian banks out of term loan amount sanction to the Company by these
Indian banks. Vehicles loans Vehicle loans are secured by
hypothecation of vehicles acquired against such loans 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. |
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Banking
Relations : |
-- |
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Statutory
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF
City Phase-II, Gurgaon-122002, Haryana, India |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
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Internal
Auditors : |
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|
Name : |
KPMG Chartered Accountants |
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Cost
Auditors : |
|
|
Name : |
Ramanath Iyer and Company Cost Accountants |
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Tax
Auditors : |
|
|
Name : |
S C Vasudeva and Company Chartered Accountants |
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Enterprises where control exists: |
Madhuraj Foundation (directly
or indirectly holds majority voting power) Address : SCO 20‐21, Sector 9‐D, Madhya Marg, Chandigarh ‐ 160009, India |
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|
|
|
Enterprises under the common control as the
Company : |
·
Trident
Group Limited Address : SCO 20‐21, Sector 9‐D, Madhya Marg, Chandigarh ‐ 160009, India ·
Trident Infotech Limited (Ceased to be related party
w.e.f. 21.11.2011) ·
Trident
Corporation Limited Address : Trident Complex, Raikot Road Barnala ‐ 148101, Punjab, India ·
Trident
Capital Limited Address : Trident Complex, Raikot Road Barnala ‐ 148101, Punjab,
India ·
Trident
Towels Limited Address : 85, Industrial
Area‐A, Ludhiana – 141003, Punjab, India ·
Abhishek
Ventures and Projects Limited ·
Trinetra
Technologies Limited Address : Trident Complex, Raikot Road Barnala ‐ 148101, Punjab,
India |
|
|
|
|
Enterprise
on which Company exercise significant influence : |
·
Lotus
Integrated Texpark Limited Address : Trident
Complex, Raikot Road Barnala ‐ 148101, Punjab,
India ·
Trident
Agritech Limited (Ceased to be related party w.e.f. 21.11.2011) |
CAPITAL STRUCTURE
AFTER 24.09.2012
Authorised Capital : Rs.
90860.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 3108.371
Millions
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6081000000 |
Equity Shares |
Rs.10/- each |
Rs. 60810.000 Millions |
|
3005000000 |
Preference Shares |
Rs.10/- each |
Rs. 30050.000 Millions |
|
|
Total |
|
Rs. 90860.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
305837112 |
Equity Shares |
Rs.10/- each |
Rs. 3058.400 Millions |
|
|
|
|
|
Reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period
|
Particulars |
Equity Share Capital 31.03.2012 |
|
|
|
Number |
Rs. in millions |
|
Issued, Subscribed and Paid up
equity shares |
|
|
|
Shares outstanding at the
beginning of the year |
222,301,511 |
2223.000 |
|
Shares issued during the year |
83,535,601 |
835.400 |
|
Shares outstanding at the end of
the year |
305,837,112 |
3058.400 |
The details of
shareholder holding more than 5 percent shares:
|
Particulars |
Equity Share Capital 31.03.2012 |
|
|
|
No. of Shares |
% held |
|
Madhuraj Foundation |
94788428 |
31.0 |
|
Trident Group Limited |
50642400 |
16.6 |
|
Prudent Traders Private
Limited |
18860000 |
6.2 |
Number shares
allotted as fully paid up pursuant to contract(s) without payment being
received in cash
|
Particulars |
Equity Share Capital 31.03.2012 |
|
|
|
No. of Shares |
% held |
|
Shares allotted pursuant to
the scheme of amalgamation during last 5 years |
53,503,427 |
17.5 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3058.400 |
2223.000 |
2221.900 |
|
|
2] Share Application Money |
21.300 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3425.800 |
3092.400 |
2806.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6505.500 |
5315.400 |
5028.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20082.200 |
16696.500 |
17000.100 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
110.500 |
|
|
TOTAL BORROWING |
20082.200 |
16696.500 |
17110.600 |
|
|
DEFERRED TAX LIABILITIES |
759.800 |
913.100 |
683.900 |
|
|
|
|
|
|
|
|
TOTAL |
27347.500 |
22925.000 |
22822.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21479.500 |
15932.500 |
15421.100 |
|
|
Capital work-in-progress |
63.800 |
630.900 |
1759.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
556.500 |
445.200 |
357.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5204.000
|
6789.300 |
3986.900 |
|
|
Sundry Debtors |
1919.000
|
1988.200 |
927.300 |
|
|
Cash & Bank Balances |
230.300
|
67.500 |
266.000 |
|
|
Other Current Assets |
11.800
|
114.600 |
0.000 |
|
|
Loans & Advances |
3201.100
|
2299.500 |
1906.000 |
|
Total
Current Assets |
10566.200
|
11259.100 |
7086.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1821.700
|
1860.900 |
1328.000 |
|
|
Other Current Liabilities |
3447.600
|
3041.300 |
357.700 |
|
|
Provisions |
49.200
|
440.500 |
115.600 |
|
Total
Current Liabilities |
5318.500
|
5342.700 |
1801.300 |
|
|
Net Current Assets |
5247.700
|
5916.400 |
5284.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
27347.500 |
22925.000 |
22822.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27322.800 |
25206.500 |
18033.600 |
|
|
|
Other Income |
201.600 |
162.400 |
154.500 |
|
|
|
TOTAL (A) |
27524.400 |
25368.900 |
18188.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
16254.300 |
14469.000 |
14467.200 |
|
|
|
Purchase of stock in trade |
191.400 |
70.700 |
|
|
|
|
Employee benefits expenses |
2014.900 |
1870.100 |
|
|
|
|
Other expenses |
6051.200 |
4996.700 |
|
|
|
|
Changes in inventories of
finished goods and work-in-process |
(189.800) |
(177.800) |
|
|
|
|
TOTAL (B) |
24322.000 |
21228.700 |
14467.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3202.400 |
4140.200 |
3720.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1717.800 |
1289.000 |
1046.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1484.600 |
2851.200 |
2674.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2075.300 |
1946.800 |
1744.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
(590.700) |
904.400 |
930.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(153.300) |
233.600 |
365.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(437.400) |
670.800 |
564.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2851.700 |
2180.900 |
1616.300 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2414.300 |
2851.700 |
2180.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
14413.800 |
12095.000 |
8394.800 |
|
|
TOTAL EARNINGS |
14413.800 |
12095.000 |
8394.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
528.600 |
420.400 |
449.400 |
|
|
|
Stores & Spares |
108.300 |
170.700 |
127.600 |
|
|
|
Capital Goods |
1616.400 |
336.600 |
582.600 |
|
|
TOTAL IMPORTS |
2253.300 |
927.700 |
1159.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
(1.59) |
3.02 |
2.54 |
|
|
|
Diluted |
(1.59) |
3.01 |
2.53 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
8067.180 |
8260.350 |
8283.900 |
|
Total Expenditure |
6738.530 |
7074.530 |
6826.700 |
|
PBIDT (Excl OI) |
1328.650 |
1185.820 |
1457.200 |
|
Other Income |
3.110 |
1.690 |
2.400 |
|
Operating Profit |
1331.760 |
1187.510 |
1459.6000 |
|
Interest |
676.970 |
617.420 |
562.300 |
|
Exceptional Items |
0.000 |
90.140 |
0.000 |
|
PBDT |
654.790 |
660.230 |
897.300 |
|
Depreciation |
640.640 |
641.750 |
671.900 |
|
Profit Before Tax |
14.150 |
18.480 |
225.400 |
|
Tax |
4.550 |
4.260 |
83.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
9.600 |
14.220 |
142.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
9.600 |
14.220 |
142.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.59)
|
2.64 |
3.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.16)
|
3.59 |
5.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.84)
|
3.33 |
4.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
0.17 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.09
|
3.14 |
3.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.11 |
3.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CORPORATE OVERVIEW
The Company operates in diversified
business segments viz. Yarn, Terry Towel, Paper and Chemicals. The Company also
has captive power plant to cater to needs of its various business segments.
AMALGAMATION OF TRIDENT INFOTECH LIMITED AND TRIDENT AGRITECH LIMITED
WITH THE COMPANY
During the year, the Hon'ble Punjab
and Haryana High Court at Chandigarh has approved the Scheme of Arrangement for
Amalgamation of Trident InfoTech Limited and Trident Agritech Limited with the
Company vide its order dated September 29, 2011. Accordingly, the Scheme has
become effective on November 21, 2011 and Trident InfoTech Limited and Trident
Agritech Limited have been amalgamated into the Company w.e.f. April 1, 2011,
the appointed date.
RESULTS OF OPERATIONS FINANCIAL PERFORMANCE AND REVIEW
The net sales of the Company for the
year increased to Rs. 27322.800 million as compared to Rs. 25206.500 million in
the previous financial year, registering a growth of approximately 8 percent.
The Operating Profit (EBIDTA) for the year has been Rs. 3202.400 million as
compared to Rs. 4140.200 million in the previous financial year, declined by
about 23 percent due to unfavorable fluctuations in the raw material costs. The
Company has incurred a net loss of Rs. 437.400 million during the year due to
volatility in foreign exchange rates, higher amount of depreciation and
interest attributable to expansion projects of the Company.
Total paid up capital of the Company
has increased from Rs. 2223.000 million to Rs. 3058.400 million during the year
under review, due to allotment of 32,174 equity shares under ESOP, 53,503,427
equity shares pursuant to amalgamation of Trident InfoTech Limited and Trident
Agritech Limited with the Company and allotment of 30,000,000 equity shares
pursuant to conversion of warrants issued on preferential basis.
EXPANSIONS / MODERNIZATION
During the year, Company has
completed first phase of yarn expansion project at a total Capital outlay of
Rs. 11170.000 millions. The commercial production under first phase of yarn
expansion project has started on 65,280 spindles at Sanghera facility in Punjab
w.e.f. February 6, 2012 and on 76,176 spindles at Budni facility in Madhya
Pradesh w.e.f. March 24, 2012. The Company has also completed its Open End yarn
spinning expansion project by installing 1,664 rotors at its Sanghera facility
in Punjab and modernization of existing yarn facilities at a capital outlay of
Rs. 733.500 millions. The Commercial production on these facilities has also
started w.e.f. March 24, 2012.
With these expansion, the production
capacity of yarn division has increased to 365,904 spindles and 3,584 rotors.
Under second phase of the yarn
expansion project, Company envisage setting up of 134,448 spindles and 2,040
rotors including other balancing equipments and the commercial production on
these facilities is expected to commence by third quarter of 2013.
RECOGNITIONS AND AWARDS
During the year, the Company has
been conferred with following awards and recognitions:
- JC Penny- Innovation Award 2010
for "Air Rich" range of ultra premium towels.
- 2nd Position in CONCOR EXIM Star
Award in the category of "Exporter-Northern Region" by Container
Corporation of India Ltd.
- Silver trophy for "Top
Exporters -Terry Towels" in the category of 'Madeups' and the Bronze
trophy for "Highest Global Exports" for the year 2010-11.
- The Annual Report of the Company
has been awarded the Bronze Award in Conglomerates Category at the 2011
Spotlight Awards hosted by "League of American Communications
Professionals."
MANAGEMENT
DISCUSSION AND ANALYSIS
Trident Limited
regularly reviews the business operations, performance and industry dynamism to
device strategies and initiatives that would maximise returns and minimise
risks. The Company’s Audit Committee and Board of Directors guide towards
strengthening governance practices to protect stakeholder interests.
This report
comprehensively analyses the macro business environment and its impact on the
Company’s operations and financials during the period April 1, 2011 to March
31, 2012 and it should also be read in conjunction with the audited financial
statements for the year ended March 31, 2012. This report contains certain
forward-looking statements based on their current expectations, which entails
various risks and uncertainties that could cause the actual results to differ
materially from those reflected herein. All references to ‘Trident, ‘They’,
‘Their’ or ‘the Company’ in this report refer to Trident Limited.
BUSINESS OPERATIONS
The Company is a
diversified business conglomerate having interests in yarn, home textiles,
paper, chemicals and energy. They significantly invested in modernising assets
and in forward/backward integration. The Company’s manufacturing facilities are
located at Barnala (Punjab) and Budni (Madhya Pradesh).
ECONOMIC OVERVIEW
The global economy
grew 3.9% in 2011 as the US economy strengthened in the second half of 2011.
This growth was primarily led by a 7.8% growth in the developing Asian region.
Global
economic growth is expected to subdue in 2012 to 3.5%, owing to recession in
the Euro region.
The
Indian economy grew at 6.5% in 2011-12 against 8.4% in 2010-11, primarily on
account of the weakening rupee, rising interest rates, global economic slowdown
that significantly impacted the country’s industrial sector, whose growth
reduced to 3.6% in 2011-12 (6.8% in 2010-11), owing to lower-than expected
growth in the manufacturing sector (accounting for 80% of the industrial
output).
TEXTILE DIVISION
INDUSTRY REVIEW
Global:
The global textile industry witnessed a highly tumultuous scenario as cotton
prices rose 133% over September 2010 to reach USD 2.3 per pound in March 2011
and then declined to USD 0.95 per pound in December 2011. The industry struggled
to manage the demand, supply, cost, price and capacity. Lackluster demand in
the US and Europe (the largest textile importers) due to economic turmoil
further impacted exports. The global textile and clothing trade is expected to
grow at a 6.6% CAGR and reach USD 1 trillion by 2020. During 2010-15, the
demand for textiles and clothing in China is expected to surge to 21.3% and in
India it is expected to be 13.5%.
India:
The Indian textile industry, pegged at USD 55 billion, accounts for 14% of the
industrial production, 12% of total exports and 4% of the country’s GDP. Almost
64% of the demand in the textile industry is domestic. Total exports between
April to December 2011 grew 23.87% over the corresponding period to USD 23.78
billion. Overall textile exports in 2011-12 is expected to reach USD 30
billion. The sector attracted cumulative FDI inflows of USD 1.03 billion during
January 2000 to October 2011. It is expected that India’s share in the textile
and apparel world trade would increase from 4.5% currently to 8% and reach USD
80 billion by 2020. The country’s export scenario is further expected to
improve as China’s dominance as a low-cost exporter is expected to be impacted
given the 2-3x rise in wage prices.
HOME TEXTILES DIVISION
INDUSTRY REVIEW
The
home textiles market includes carpets, rugs, bedding products, kitchen linen,
bathroom furnishings, window treatment, hammocks, table linen, curtains and
upholstery fabrics. These products are in high demand in the US and Europe as a
fashion accessory. In the terry towels market, India enjoys a competitive edge
as it possesses the latest technology, provides wide and innovative design
varieties, has production flexibility and possesses strong product development
skills.
The
global home textiles market, estimated to be worth USD 35 billion, is primarily
dominated by the US and Europe, both accounting for over 70% of the market
size. The other major markets include Japan, Australia and New Zealand. The
home textiles market is estimated to grow at a 4% CAGR in the next five years.
The global trade for home textiles is estimated at USD 74.75 billion, of which
China contributes 31% and India a mere 4.4%.
The
Indian home textiles market, pegged at Rs. 15,570 crore, is expected to grow at
9% in the coming years. Though the industry faced lackluster demand in the year
due to an economic slowdown in the US and EU coupled with rising cotton prices, it
is expected to revive soon with the Indian market
expected to gain most given the rising costs in China.
YARN DIVISION
INDUSTRY REVIEW
Global yarn output
and fabric production fell 11.3% and 11.8% respectively in Q1 CY2011, compared
with the previous quarter owing to a sharp fall in Asian, European and South American
production. In Q2 CY2011, yarn and fabric production rose 12.1% and 4.4%
respectively, owing to a rise in Chinese output. In Q3 CY2011, output for
global yarn and fabric production increased 2.5% and 5.9% respectively, owing
to increased production in the Asian region (particularly China) and South
America. In Q4 CY2011, the output for global yarn and fabric production
increased 6.5% and 0.7%, respectively
PAPER DIVISION
INDUSTRY REVIEW
Global:
The global paper industry, estimated at USD 436.46 billion, is likely to
produce 400 million tonnes in 2011-12. The production of CEPI (Confederation of
European Paper Industries) member countries fell 2% to around 95 million tonnes
of paper and board in 2011, whereas world paper production witnessed a limited
growth with production growing by mere 0.5% with average quarterly production
being in the range of 23.5-24 million tonnes. Most of the major paper producing
countries suffered during 2011, except South Korea and China.
India:
The Indian paper industry, estimated at Rs. 300000.000 Millions, is likely to
produce 11 million tonnes in 2011-12, accounting for only 2.75% of global
production. Paper consumption in India during 2011-12 is likely to touch 12 MT.
India imports nearly 1.6 million tonnes (of which one million tonnes is
newsprint) of paper every year to meet the incremental demand. Per capita paper
consumption in India is only about 10 kg compared with the global average of 57
kg. Almost 31% of the total paper production comes from wood and bamboo, 47%
from recycled wastes and 22% from agro products. The country’s paper industry
is likely to grow 7% annually to reach Rs. 600000.000 Millions by 2025. Its
production is likely to grow from 12 MT currently to 17 MT in the next five
years.
ENERGY DIVISION
INDUSTRY REVIEW
India’s power
generating capacity as on March 31, 2012 was 199.63 GW (65.79% of which is
thermal, 19.53% hydro, 2.39% nuclear and 12.27% renewable). The Power Ministry
expects to add 76,000 MW of power in the Twelfth Plan (2012-17) and 93,000 MW
in the Thirteenth Plan (2017-22). During the Twelfth Plan, the sector expects
to attract investments worth Rs. 13 lakh crore. FDI inflows in the sector
during April-February 2011-12 stood at USD 1,616 million.
HOME TEXTILES
DOMESTIC FRONT
Trident has a
significant presence in the domestic market and has the following established
brands in the market:
• Home Essential
• Classic
• Kids and Mom
• Floral
• Colors
• Indulgence
• Everyday
INTERNATIONAL
FRONT
The Company has also
launched the Home Collection of the Premier Lifestyle magazine "Southern
Living". Trident will be the exclusive manufacturing and marketing partner
for the Southern Living Home Collection.
The key
specialties of Southern Living are:‐
• Southern Living
is the 6th largest monthly consumer magazine in USA.
• It is a 44 year
old iconic magazine.
• Circulation is
2.80 million copies monthly and readership over 16.60 million.
• Merchandise
currently selling under Southern Living brand name includes Home comforter
systems, furniture, upholstery, bedding, blankets etc.
• Southern Living
magazine has been delivering casual, comfortable style and ideas to nearly
3,000,000 homes for over 41 years.
The Southern
Living™ collection by Trident offers three ranges: Morning Side, Abington Hill
and the Highland Park.
NEW PRODUCT
LAUNCHES IN HOME TEXTILES
Trident Pro
Collection
• Bleach Pro
• Color Pro
• Health Pro
• Fresh Pro
Trident Silver
Fresh Towel
Trident Quick Dry
Towel
Trident Bounce
Towel
Trident Hi‐Life Collection
Trident Extra‐Act
Trident Air Rich
Towel
PATENT
Air rich Yarn and
Fabric and its method of Manufacturing
YARN
The Yarn of the
Company is available under following brands:‐
• Trident Core spun
• Trident Slub Yarn
• Trident Coarse Count Slub
• Trident Eli‐twist
• Trident Compact Yarn
• Trident Bamboo Cotton
• Trident Modal Cotton
• Trident Viscose Yarn
• Trident Soya Yarn
• Trident Polyester Yarn
• Trident Zero Twist Yarn
• Trident Dyed and Gas Mercerized Yarn
NEW PRODUCT LAUNCHES
IN YARN
• Trident Air‐Rich Yarn
• Trident Core‐Spun Slub Yarn
• Trident Hard
Core Yarn (T‐400)
• Trident Sarona
Yarn
• Trident Strech
Sarona Yarn
• Trident Cotton
Excel Yarn
• Trident Cotton
Wool Yarn
• Trident Cotton
Lyocell
• Trident High
Bulk Yarn
PAPER
Trident Paper has
the following brands:
A4, A3 and FS
Copier
• Trident Spectra
Copier
• Trident My
Choice Copier
• Trident Natural
• Trident Eco
Green
• Trident
Digiprint
Surface Size
Maplitho
• Diamond Line
• Diamond Line
Superprinting
• Silver Line
• Crystal Line
• Platinum Line
• Stiffener Paper
Non Surface Size
Maplitho
• Superline (High
Tint and Low Tint)
• Prime Line
• NatureLine
• Cartridge Line
AWARDS
Over the years,
Trident Group’s performance has gained worldwide recognition and appreciation
and they are displayed below.
2012
• Educational Excellence Award 2012 from KRDWG
• Golden Peacock Environment Management Award – 2012
• CITI‐Birla Award for Human Resource Management in Textile Industry 2011‐12
• Financial Performance Northern Region ‐‐ 2nd Position by CONCOR
• Exporter Northern Region ‐‐ 1st Position
• TEXPROCIL Award for Highest exports of Terry Towels 2011‐2012
• TEXPROCIL Bronze Trophy for Highest Global Exports for 2011‐2012
2010
• ‘Sustainability (Trading Area ‐South Asia) Award for the year 2010’ by IKEA
• Silver trophy for “Top Exporters – Madeups” in the category of ‘Towels’ and the Bronze trophy for “Highest Global Exports for textiles” for the year 2009‐10 by Texprocil
• Forest Stewardship Council’s (FSC) Chain of Custody Certificate for its responsible sourcing of pulpwood fiber
2009
• Rajiv Gandhi National Quality Award 2009 organised by the Bureau of
Indian Standards
2008
• Outstanding Export Performance for 2007‐ 08
The Cotton Textiles Export Promotion Council (TEXPROCIL) conferred Silver Trophy for outstanding export performance under Manufacturer exporters’ category.
• Outstanding Export Performance for 2006‐ 7
The Cotton Textiles Export Promotion Council (TEXPROCIL) conferred Silver Trophy for outstanding export performance under Manufacturer exporters category.
• Award for Best HR Strategy In Line With Business
Abhishek Industries Limited has been conferred with “Award for Best HR Strategy In Line With Business” at the Regional Round of Employer Branding Awards‐2007‐08 for Excellence in Human Resources organized by Asia‐Pacific HRM Congress.
2007
• SAP Award for Customer Excellence
Abhishek Industries Limited has been conferred with “SAP Award for
Customer Excellence
– 2007” for best textiles and apparel sector implementation.
• CONCOR Best Exporter Award
CONCOR (Containerised Corporation of India) working under Ministry of
Railways has conferred “Best Exporter Award” in North Region on Abhishek
Industries Limited.
2006
• JCPenney’s Supplier of the Year
Abhishek
Industries Limited has been conferred with "2006 Supplier of the
Year" Award by JCPenney Corporation. This award is attributed to quality
standards and customer centric approach of the Company.
• Wal*Mart International Supplier of the Year
Wal*Mart conferred
for the fourth time, the most prestigious Wal*Mart ‘International Supplier of
the Year Award’ on Abhishek Industries Limited in recognition of Customer
Centric philosophy adopted by the Company.
• Safety Award
Terry Towel
Division of the Company has been awarded with Safety Award, 2006 by the
Government of Punjab.
• CITI Birla Award for Quality Management
Confederation of
Indian Textile Industry conferred CITI Birla Award for Quality Management for
2005‐6 on Abhishek Industries Limited.
• Outstanding Export Performance for 2005‐06
The Cotton
Textiles Export Promotion Council (TEXPROCIL) conferred Silver Trophy for
outstanding export performance under Manufacturer exporters’ category.
• National Award for Excellence in Corporate Governance
Abhishek
Industries Limited has been adjudged winner of the ‘National Award for
Excellence in Corporate Governance’ instituted by the Institute of Company
Secretaries of India (ICSI).
2005
• Wal*Mart International Supplier of the Year
Wal*Mart conferred
for the third time, the most prestigious Wal*Mart ‘International Supplier of
the Year Award’ on Abhishek Industries Limited in recognition of
CustomerCentric philosophy adopted by the Company.
• Excellence in Corporate Governance, 2005
Abhishek
Industries Limited figured amongst top 25 Companies short‐listed on national
level for 2nd consecutive year in “ICSI National Award for Excellence in
Corporate Governance, 2005.”
• ICAI Awards for Excellence in Financial Reporting
Annual Report and
Accounts of Abhishek Industries Limited for the period ended March 31, 2005
have been adjudged for the award of commendation under ‘Manufacturing and
Trading Enterprises’ category.
• ICWAI National
Award for Good Performance, 2005
ICWAI conferred an
Award for Good Performance, 2005 on Abhishek Industries Limited. The award was
presented at a glittering function held on 22nd December 2005 at New Delhi.
• Yarn Division
Team of AIL won the Merit Award for Kaizen Case Presentation in Kaizen Summit
organized by INSSAN, NIC – Delhi Chapter, on 17‐18 November 2005
at New Delhi.
• Outstanding
Export Performance for 2004‐05
The Cotton
Textiles Export Promotion Council (TEXPROCIL) conferred Bronze Trophy for outstanding
export performance under Manufacturer exporters’ category.
2004
• Excellence in
Corporate Governance
Figured out
amongst top 25 companies short‐listed on national
level for ICSI National Award for Excellence in Corporate Governance.
• CII Quality Circle
The ‘Trishul Team’
won the first position in the Regional Final Round of CII’s Quality Circle
competition held at New Delhi in December 2004.
• Tata Crucible
Business Quiz
Won the National
Runners Up Trophy at the final of the Tata Crucible‐The Business Quiz
held in Mumbai after being the champions at Delhi regional round.
2003
• Wal*Mart
International Supplier of the Year
Wal*Mart conferred
for the second time, the most prestigious Wal*Mart ‘International Supplier of the
Year Award’ on Abhishek Industries Limited in recognition of Customer Centric
philosophy adopted by the Company.
2001
• Wal*Mart International Supplier of the Year
Abhishek
Industries Limited was honoured with the most prestigious Wal*Mart ‘International
Supplier of the Year Award’ by Wal*Mart, acknowledging the Company’s Customer
Centric philosophy.
1990
• FAI Second Best Performed SSP Unit Award
The FAI, an apex
body of the Fertilizer Industry, presented the “FAI THE SECOND BEST OVERALL PERFORMANCE
OF SSP UNIT IN THE COUNTRY” Award for the year 1989‐90 toVarinder Agro
Chemicals Limited. Sh. Devi Lal, the then Deputy Prime Minister of India, gave
away the award on December 6, 1990.
1989
• FAI Best Performed SSP Unit Award
The FAI, bestowed
the “FAI BEST PERFORMED SSP UNIT IN THE COUNTRY” award for the year 1988‐89 on Varinder
Agro Chemicals Limited on December 4, 1989.
1988
• FAI Runner up Award
The FAI conferred
the FAI Runner up award for the year 1988 for the best performed Single Super
Phosphate Unit in the Country. Sh. R Prabhu, the then Minister of State for
Chemicals, presented this award on December 8, 1988.
COMPANY OVERVIEW:
TRIDENT TOWELS‐ WRAP AROUND THE WORLD
Trident Limited is
one of the World’s largest Terry Towel manufacturers. The unit comprises of 388
looms and has a production capacity of 14.5 million pieces/month. Another niche
in its textile division is its bathrobe collection which is one of the finest
in its class with a production capacity of 90,000 million pieces of
bathrobes/month.
Bathrobe unit is
completely a vertically integrated facility where every manufacturing process‐ from yarn
spinning to bathrobe fabrication‐ is done in –
house.
The clientele
comprises of 9 of the top 10 home textile retailers in the US; leading
retailers in Europe and UK and 5 out of 7 major retailers in Australia and New
Zealand.
TRIDENT YARN ‐ COUNT ON THEM
The Yarn division
of the company manufactures combed yarn, carded yarn, polyester yarn and PVA yarn.
Besides catering to the captive consumption of terry towel division, the yarn
division has developed a significant presence in the domestic and export market
with its quality products.
QUALITY AND RANGE
YOU CAN COUNT ON
They offer an
exclusive range of premium quality yarn with wide variety to choose from. Their
product mix includes 100% cotton Blended yarn, Special open end yarn, Organic
cotton, core spun yarns, Eli‐ twist yarn,
compact yarn, slub yarn and an exclusive range of value added yarns like Gassed
Mercerized Yarn, water Soluble Yarn, Air Rich yarn, Bamboo/ Cotton/
Modal/Cotton, Soya/ Cotton, Corn cotton blended yarn and 100% Dyed yarn. They
are also authorized for providing Egyptian cotton, Supima Cotton, Organic
Cotton and certified for supplying the Fair‐ trade, Recycled
polyester and regenerated cotton yarn.
TRIDENT PAPER AND
CHEMICALS‐ THE FUTURE IS GREEN
The paper and
chemical division specializes in manufacturing two end products i.e.e Paper and
Sulphuric Acid. Trident paper is one of the distinguished manufacturers and
suppliers of high quality writing and printing paper, with an annual capacity
of 1,75,000 MT. The company has an array of established products for multi
color high end printing and publishing, business stationary, diary printing,
textbook printing, business stationary, high speed photocopying, print‐outs, project
reports presentation, and multi purpose office use.
SUPERIOR
TECHNOLOGY
Trident paper is
way ahead of its competitors in terms of its technical superiority with world
class machine of reputed brands like Mesto Allimand and Enmas Andritz and
ability to produce high quality paper.
ECO FRIENDLY PAPER
The company is the
frontrunner in introducing modern ECF technology (Elemental Chlorine Free) on
wheat straw making it one of the first mill in the world to use ECF Bleaching
& Delignification on wheat straw. Further Trident Paper has received the
coveted FSC (Forest Stewardship Council) Certification.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
a) Claims* (excluding claims by employees where
amounts are not ascertainable) not acknowledged as debt: |
|
|
– Service Tax |
4.100 |
|
– Excise duty |
82.500 |
|
– Income Tax |
11.000 |
|
– Others |
0.500 |
|
b) Bills discounted |
995.300 |
|
c) Guarantees given to banks on behalf of others
Rs.1358.100 million (Previous year Rs.308.100 million) - loan availed |
676.100 |
* All the above matters are subject to legal proceedings
in the ordinary course of business. The legal proceedings when ultimately
concluded will not, in the opinion of the management, have a material effect on
the results of operations or financial position of the Company.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED DECEMBER 31, 2012
PART-I
(Rs. in millions)
|
|
|
Quarter Ended |
Period Ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
Sr. |
Particulars |
3 Months |
3 Months |
9 Months |
|
No. |
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from operations |
|
|
|
|
|
a) Net sales/ income from
operations (Net of excise duty) |
8246.880 |
8220.440 |
24479.810 |
|
|
b) Other operating income |
36.980 |
39.910 |
131.580 |
|
|
Total income from operations
(net) |
8283.860 |
8260.350 |
24611.390 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials
consumed |
4350.910 |
4834.530 |
13627.950 |
|
|
b) Purchases of
stock-in-trade |
60.120 |
52.960 |
165.910 |
|
|
c) Changes in inventories
of finished goods and work-in-progress |
79.480 |
(199.140) |
(268.560) |
|
|
d) Employee benefits
expense |
596.620 |
578.270 |
1739.510 |
|
|
e) Depreciation and
amortisation expense |
671.940 |
641.750 |
1954.330 |
|
|
f) Other expenses |
1739.550 |
1807.910 |
5374.930 |
|
|
Total expenses |
7498.620 |
7716.280 |
22594.070 |
|
3 |
Profit from operations
before other income, finance costs and exceptional items (1-2) |
785.240 |
544.070 |
2017.320 |
|
4 |
Other income |
2.420 |
1.690 |
7.220 |
|
5 |
Profit from ordinary
activities before finance costs and exceptional items (3+4) |
787.660 |
545.760 |
2024.540 |
|
6 |
Finance costs |
562.290 |
617.420 |
1827.980 |
|
7 |
Profit/(loss) from ordinary
activities after finance costs but before exceptional items (5-6) |
225.370 |
(71.660) |
196.560 |
|
8 |
Exceptional items (refer
note 5) |
- |
(90.140) |
(61.440) |
|
9 |
Profit/(loss) from
ordinary activities before tax (7-8) |
225.370 |
18.480 |
258.000 |
|
10 |
a) Provision for taxation |
73.300 |
6.000 |
83.900 |
|
|
b) Provision for taxation
for earlier years |
9.690 |
(1.740) |
7.900 |
|
11 |
Net profil/(loss) from
ordinary activities after tax ( 9-10) |
142.380 |
14.220 |
166.200 |
|
12 |
Extraordinary items (net
of tax expense) |
- |
- |
- |
|
13 |
Net profil/(loss) for the
period (11-12) |
142.380 |
14.220 |
166.200 |
|
14 |
Paid-up equity share
capital (Face value of Rs. 10/ each) |
3108.370 |
3058.370 |
3108.370 |
|
15 |
Reserves (excluding
revaluation reserves) as per balance sheet of previous accounting year |
|
|
|
|
16 |
Earning/ (loss) per share
(EPS) before and after extraordinary items (of Rs. 10/ each) (not annualized) |
|
|
|
|
|
- Basic (Rs.) |
0.46 |
0.05 |
0.54 |
|
|
- Diluted(Rs.) |
0.46 |
0.05 |
0.54 |
|
|
|
|
|
|
|
PART-II |
||||
|
A |
Particulars
of Shareholding |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
144,236,270 |
140,356,790 |
144,236,270 |
|
|
- Percentage of shareholding |
46.40 |
45.89 |
46.40 |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as
a % of the total shareholding promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares
(as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
166,600,842 |
165,480,322 |
166,600,842 |
|
|
- Percentage of shares
(as a % of the total shareholding of the Promoter and Promoter group) |
100 |
100 |
100 |
|
|
- Percentage of shares
(as a % of the total share capital of the company) |
53.60 |
54.11 |
53.60 |
|
|
Particulars |
3 Months Ended 31.12.2012 |
|
B |
Investor
Complaints |
|
|
|
Pending at the beginning of the
quarter |
- |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of
the quarter |
- |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
|
|
Quarter Ended |
Period Ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
Sr. |
Particulars |
3 Months |
3 Months |
9 Months |
|
No. |
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment
Revenues |
|
|
|
|
|
a) Yarn |
4317.780 |
4067.720 |
12228.640 |
|
|
b) Terry
towel |
3072.680 |
3252.180 |
9495.020 |
|
|
c) Paper
and chemicals |
1779.360 |
1734.880 |
5278.820 |
|
|
d) Others |
2.420 |
2.680 |
6.730 |
|
|
e)
Unallocated |
2.860 |
1.840 |
11.670 |
|
|
Total |
9175.100 |
9059.300 |
27020.880 |
|
|
Less:
Inter segmental revenue |
891.240 |
798.950 |
2409.490 |
|
|
Net sales
/income from operations |
8283.860 |
8260.350 |
24611.390 |
|
|
(Including
other operating income) |
|
|
|
|
2 |
Segment
results Profit/(loss)
before tax and interest from each segment |
|
|
|
|
|
a) Yarn |
426.520 |
231.170 |
895.700 |
|
|
b) Terry
towel |
224.350 |
153.930 |
676.530 |
|
|
c) Paper
and chemicals |
251.150 |
245.850 |
776.400 |
|
|
d) Others |
(1.190) |
(0.620) |
(2.830) |
|
|
Total |
900.830 |
630.330 |
2345.800 |
|
|
Less: |
|
|
|
|
|
a)
Interest (net of exceptional items) |
562.290 |
527.280 |
1766.540 |
|
|
b) Other
un-allocable expenditure net off un-allocable income |
113.170 |
84.570 |
321.260 |
|
|
Total
profil/(loss) before Tax |
225.370 |
18.480 |
258.000 |
|
|
|
|
|
|
|
3 |
Capital
employed # (Segment
assets - Segment liabilities) |
|
|
|
|
|
a) Yarn |
13540.680 |
13394.650 |
13540.680 |
|
|
b) Terry
towel |
5730.170 |
5969.200 |
5730.170 |
|
|
c) Paper
and chemicals |
6128.450 |
6279.270 |
6128.450 |
|
|
d) Others |
1019.240 |
1017.950 |
1019.240 |
|
|
e)
Unallocated |
908.960 |
868.060 |
908.960 |
|
|
Total |
27327.500 |
27529.130 |
27327.500 |
|
|
# Includes
capital work in progress |
151.990 |
172.150 |
151.990 |
Notes:
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, 2013.
The Limited Review as required under Clause 41 of the Listing Agreement has
been completed by the Statutory Auditors.
2.
The Company has made allotment of 50,00,000 equity
shares of the face value of Rs. 10.00 each at a price of Rs. 17.05 per share on
October 25, 2012 pursuant to exercise of conversion option by the holders of
convertible warrants issued on preferential basis on April 27, 2011. Consequent
to this allotment, the paid up share capital of the company has increased to
Rs. 3108.370 Millions.
3.
During the quarter, the Company has accounted for
“Mark to Market” loss of Rs. 8.100 Millions on open derivative options
outstanding as on December 31, 2012. Further, capital advances for projects
postponed have been recovered.
4.
In accordance with Accounting Standard 11 “The
Effects of Changes in Foreign Exchange Rates” and Notification Nos. G.S.R.
378(E) dated May 11, 2011 and G.S.R. 913(E) dated December 29, 2011 issued by
The Ministry of Corporate Affairs, Government of India, the exchange rate
differences arising after April 1, 2007 on reporting of long term foreign
currency monetary items at rates different from those at which they were
initially recorded during the period or reported in previous financial
statements, in so far as they relate to the acquisition of a depreciable
capital asset, have been added to or deducted from the cost of the asset and
shall be depreciated over the balance useful life of the asset.
5.
During the quarter and nine months ended December
31, 2012, provision for taxation is deferred tax charge of Rs. 73.300 Millions
and Rs. 83.900 Millions respectively.
6.
The previous financial period figures have been
regrouped/rearranged wherever necessary to make them comparable.
FIXED ASSETS
Tangible Assets
·
Land
·
Buildings
·
Plant
and machinery
·
Furniture
and fixtures
·
Office
equipments
·
Computers
·
Vehicles
Intangible Assets
·
Software
WEB DETAILS
PRESS RELEASE
ABHISHEK GUPTA BECOMES
ONE OF THE YOUNGEST CEO, ASSUMES CHARGE OF TRIDENT LIMITED
ABHISHEK GUPTA, 25, APPOINTED AS MANAGING DIRECTOR,
TRIDENT LIMITED
New
Delhi/Ludhiana, April 23, 2012, Trident Limited, the flagship company of USD 1
billion Trident Group, in its Board meeting, today, appointed Abhishek Gupta as
its Managing Director. Trident Limited, having world class manufacturing
capacities in Textile and Paper and clientele spread over 75 countries, has
emerged one of the largest exporters of terry towels from India.
The Company has
been recognized for adopting best corporate governance practices in addition to
considerable appreciation from global brands including Wal-Mart, JC Penney,
Target, IKEA, Macy's, Kohl's, Burlington etc to name a few. Trident is pioneer
for investing in business excellence and associating with global technology
partners like Toyota, Thies, Schmale, Savio, Karl Mayer, Allimand etc. Trident,
also a leading supplier of copier paper, 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.
Abhishek Gupta,
25, a Graduate from the University of Warwick and Schooling from the Doon,
assumed the charge of Trident and has become one of the youngest Managing
Directors. With average age of employees less than 29, Trident is known for
providing fast track career opportunities and generates employment to more than
20,000 families.
Abhishek Gupta has
been well groomed to take over the new responsibility. He led the Company’s
Commercial, Supply Chain, Project and Operations team and successfully
introduced efficient systems and processes.
Prior to being
appointed as the Managing Director, he was heading, the Corporate Marketing and
Innovation Team and provided strategic direction to the marketing heads of all
business verticals of Trident. He honed his skills in Marketing from Harvard
Business School and has been able to successfully put into practice his
academic knowledge which has been instrumental in driving the marketing
operations, generating strong revenue growth of the company. Apart from sturdy
academics and leadership skills, he believes in professionalism and his ability
to inspire the members with the vision and values of the organization.
About Trident Limited
Subjectis the
flagship company of Trident Group a USD 1 Billion global player, with its array
of customers spread across 75 countries. Subject is a leading manufacturer of
Terry Towels, Paper, Yarn and Chemicals. 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 and
blended yarns/month and 60 MW captive power generation.
The company has
emerged as one of the largest manufacturers of Terry Towels and wheat straw
based paper manufacturers in the world. Trident is associated with global
retail brands across the globe, including Wal-Mart, JC Penney, IKEA, Target,
Macy's, Kohl's, Sears, Sam's Club, Burlington etc and has received accolades
from its patrons frequently in recognition for delivering high quality
standards and for the customer centric approach. With a Compounded Annual
Growth Rate (CAGR) of more than 30%, Trident has established itself as one of
the fastest growing groups in India.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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. 54.88 |
|
|
1 |
Rs. 83.54 |
|
Euro |
1 |
Rs. 70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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 and 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.