MIRA INFORM REPORT

Report Date :

28.02.2013

IDENTIFICATION DETAILS

Name :	TRIDENT CORP LIMITED
Registered Office :	Trident Complex, Raikot Road, Barnala – 148101, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.01.2011
Com. Reg. No.:	16-034624
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U17299PB2011PLC034624
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Yarn, Paper and Chemicals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2000
Status :	Yet to commence its commercial operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Trident Corporation Limited (TCL) is part of Trident Group with Abhishek Industries Limited (now renamed as Trident Limited) as its flagship company, and is promoted by Mr. Rajinder Gupta. Even though the subject was incorporated during January 2011, it is yet to commence its commercial operation. It receives better support from its group. Payment terms are unknown. The company can be considered for business dealings with some caution.

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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

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 :	Trident Complex, Raikot Road, Barnala – 148101, Punjab, India
Tel. No.:	91-1679-244700-03
Fax No.:	91-1679-244708
E-Mail :	pawanjain@tridentindia.com
Website :	http://www.tridentindia.com
Factory :	P. O. Pilikara, Hoshangabad Road, District – Sehore, Budhni – 466445, Madhya Pradesh – India

DIRECTORS

As on 12.07.2012

Name :	Mr. Arun Goyal
Designation :	Director
Address :	H. No.105F, Block-E, Rishi Nagar, Ludhiana – 141001, Punjab, India
Date of Birth/Age :	10.09.1966
Date of Appointment :	21.01.2011
DIN No.:	00009034
Name :	Mr. Kavish Dhanda
Designation :	Director
Address :	Plot 1353/2, Sector-7D, Gandhi Nagar - 382007, Gujarat, India
Date of Birth/Age :	12.10.1980
Date of Appointment :	18.01.2012
DIN No.:	01086776
Name :	Mr. Samir Prabodhchandra Joshipura
Designation :	Director
Address :	C/O Vijay Kumar Garg, lakhi Colony, Barnala – 141001, Punjab, India
Date of Birth/Age :	23.08.1975
Date of Appointment :	21.01.2011
DIN No.:	02055515

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.07.2012

Names of Shareholders	No. of Shares
Trident Group Limited, India	49400
Rajiv Dewan	100
Arun Goyal	100
Pawan Jain	100
Jayanta K Saha	100
Vikrant Sadana	100
Trident Capital Limited, India	100
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 12.07.2012

Category	Percentage
Bodies corporate	99.00
Directors or relatives of directors	0.20
Other top fifty shareholders	0.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Yarn, Paper and Chemicals

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	K K Kapoor and Associates Chartered Accountants
Address :	48-B, Udham Singh Nagar, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-2302036
PAN No.:	AADFK8426B
Holding Company :	· Trident Group Limited CIN No.: U00000CH2003PLC026524

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.500
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.415
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.014
	Other Current Assets	0.000
	Loans & Advances	0.110
Total Current Assets		0.124
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.039
	Provisions	0.000
Total Current Liabilities		0.039
Net Current Assets		0.085
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.500

KEY RATIOS

PARTICULARS	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	0.00
Current Ratio (Current Asset/Current Liability)	3.18

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
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	No
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	No
24]	Banking facility details	No
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

ACCOUNTS

Since the company is incorporated on January 21, 2011 and no commercial operations have started yet, no Profit and Loss account has been prepared for the period ended on March 31, 2012.

WEBSITE DETAILS:

PRESS RELEASE

TRIDENT EMBARKS ON THEIR JOURNEY FOR 2013 WITH ‘VISION DAY’

LUDHIANA, JANUARY 2, 2013:

Trident Limited, one of India’s largest business conglomerates, celebrated its annual ‘Vision Day’’ to define the goals for the subsequent year achieving success and excellence setting new benchmarks. The occasion was celebrated with great zeal and enthusiasm at the Sanghera Plant where it witnessed participation from the members of the entire Organisation.

The vision of the company is - Inspired by challenge, we will add value to life, and together, prosper globally. On this occasion the members who achieved great feats through strong commitment to the collective vision of Inspired by Challenge were felicitated. The members were awarded in various categories which include Manufacturing Excellence, Asmita Awards to encourage female participation and to recognise leadership abilities of female members and Special Awards for members who illustrated breakthrough performance.

At Trident, as special focus is laid on Manufacturing Excellence initiatives like TPM, the achievers who successfully contributed to organization and brought in greater efficiency at workplace thereby contributing to the bottom-line were rewarded with cash prizes. The winners in the categories - Special TPM award, Breakthrough Innovation, Cross Learning and Cross Functional Team Awards were given cash reward of Rs.0.500 Million, Rs.0.250 Million, Rs.0.100 Million for the first, second and third position respectively. Under TPM awards, cash prizes are also given in categories- Inspired by Challenge, TPM Pillar Award and I Dream I Do Awards.

Altogether, cash rewards of Rs.5.000 Millions were given to the winners under TPM category for their performance in the last quarter.

On the occasion, Mr. Rajinder Gupta, Founder and Chairman, Trident Limited, said, “Our objective is to motivate people to join hands and work towards self evaluation, self motivation and overall development to nurture and tailor them as valuable assets for National growth and its development. It is very encouraging to see the entire Organisation’s active participating in honouring the Vision Day with ardour and enthusiasm, justifying its purpose and ideation. Our efforts and thoughts have come alive with their support in the endeavour to achieve excellence through the ‘Vision Day’.”

Trident Limited has already established its niche in the global market by building the confidence and trust of customers by providing quality services and delivering excellence. The Group has also earned its name as an employee friendly organisation for its strong efforts in grooming and nurturing talent. Their focus on human resource development and various initiatives in this direction have been very successful.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.53.84
UK Pound	1	Rs.81.24
Euro	1	Rs.70.39

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.