MIRA INFORM REPORT

 

IDENTIFICATION DETAILS

 

Name :

TRIDENT TOOLS LIMITED (w.e.f. 17.01.2011)

 

 

Formerly Known As :

MAGICUT TOOLS LIMITED

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

No. of Employees :

Not Divulged

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of HSS Tool Bits, Hacksaws and Band Saws Blades. 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged

 

 

Bankers :

Punjab National Bank, 8 Cama Industrial Estate, Walbhat Road, Goregaon (East), Mumbai – 400063, Maharashtra, India

Tel. No.: 91-22-26851099

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2014

As on

31.03.2013

Long term borrowings

 

 

From banks

 

 

P.N.B. Term Loan A/C NO.175600IB20032773

 

1.471

P.N.B. Term Loan A/C NO.175600IB20032834

 

25.043

P.N.B. Term Loan A/C NO.175600IB20032904

 

83.927

P.N.B. Term Loan A/C NO.175600IB20032904 (Buyer’s credit)

 

38.966

P.N.B. Term Loan A/C NO.175600IC00000146

NA

2.090

P.N.B. Term Loan A/C NO.175600IB20032995

 

12.721

P.N.B. Term Loan A/C NO.175600IB20032995 (Buyer’s credit)

 

78.435

Motor Car Loan

 

 

P.N.B. Motor Car A/C NO.175600IB20332922 (Tata LPT)

 

0.582

P.N.B. Motor Car Loan A/C NO.175600NG00002969 (Swift)

0.135

P.N.B. Motor Car Loan A/C NO.175600NG00003126 (Innova)

 

0.820

P.N.B. Motor Car Loan A/C NO.175600NG00003311 (Vento)

 

0.755

 

 

 

Short term borrowings

 

 

Working Capital Loan

P.N.B. C/C A/c.No.1756008700000594

NA

93.952

Packing Credit

 

 

P.N.B.175600UE00000236 (PCFC)

 

0.219

P.N.B.175600UD00000060 (PC)

 

5.836

P.N.B.175600UD00000079 (PC)

 

8.373

P.N.B.175600UE00000157 (PCFC)

 

0.000

P.N.B.175600UE00000166 (PCFC)

 

0.000

P.N.B.175600UE00000175 (PCFC)

 

0.000

P.N.B.175600UE00000184 (PCFC)

 

0.000

 

 

 

Total

NA

353.325

 

Note: (As on: 31.03.2013)

 

(a) Working Capital Loan - CC (H)

- Security: Hypothecation of entire stock of raw materials, stock in progress and finished goods, consumable stores spare and packing material etc., and Book debts arising out of genuine sale transaction.

- Rate of Interest: BR + 3.75% presently 14.00% P.A.

- Margin: 25%

- Ceiling on Limits: Total outstanding under CC (H) + PC + FOBP/FOUBP should not exceed Rs.115.000 millions.

(b) Packing Credit :

- Security: First charge on entire current assets, present and future, including entire stocks, book debts, loans and advance etc. DP, however, to be allowed against stocks only as per CC (H) facility

- Amount Limit: Up to Rs.55.000 millions (sub limit to CC (H) Rs.115.000 millions Limit)

- Margin: 25% for packing credit

- Terms of Repayment: Each packing credit shall be adjusted by the borrower within the specified period (maximum 180 days) duly assessed on the basis of the total operating cycle from procurement of raw material to actual shipment of finished goods of validity period of Export order/LC, whichever is earlier

 

 

Unsecured Loan

 

As on

31.03.2014

As on

31.03.2013

Long term borrowings

 

 

 From other

NA

70.097

From deposit

NA

0.055

 

 

 

Total

NA

70.152

 

 

 

Banking Relations :

 

 

 

Name :

Girish Patel and Company

Chartered Accountants

Address :

F-103/104, Patel Nagar, M.G. Road, Kandivali (West) Mumbai - 400067, Maharashtra, India

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.06.2014

 

Category of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

3819580

56.59

http://www.bseindia.com/include/images/clear.gifSub Total

3819580

56.59

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

3819580

56.59

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2237655

33.15

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

555506

8.23

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

135159

2.00

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

2100

0.03

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

2100

0.03

http://www.bseindia.com/include/images/clear.gifSub Total

2930420

43.41

Total Public shareholding (B)

2930420

43.41

Total (A)+(B)

6750000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

6750000

0.00

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

140.400

117.000

67.500

(b) Reserves & Surplus

31.625

5.821

38.419

(c) Money received against share warrants

0.000

29.507

8.087

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

172.025

152.328

114.006

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

458.168

315.096

128.999

(b) Deferred tax liabilities (Net)

22.482

17.536

10.156

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1.144

1.144

0.715

Total Non-current Liabilities (3)

481.794

333.776

139.870

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

165.039

108.381

110.716

(b) Trade payables

94.215

48.962

46.231

(c) Other current liabilities

12.804

9.963

8.687

(d) Short-term provisions

9.821

17.440

12.117

Total Current Liabilities (4)

281.879

184.746

177.751

 

 

 

 

TOTAL

935.698

670.850

431.627

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

550.060

358.153

97.675

(ii) Intangible Assets

 

4.500

5.250

(iii) Capital work-in-progress

0.000

0.000

88.424

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.059

0.059

0.059

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.982

2.436

2.352

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

554.101

365.148

193.760

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

244.732

181.947

158.199

(c) Trade receivables

96.584

54.689

56.456

(d) Cash and cash equivalents

13.403

46.375

6.004

(e) Short-term loans and advances

26.870

21.704

16.989

(f) Other current assets

0.008

0.987

0.219

Total Current Assets

381.597

305.702

237.867

 

 

 

 

TOTAL

935.698

670.850

431.627

 

                                                            

                                                            


PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

632.446

493.108

367.758

 

Other Income

0.123

2.427

0.24

 

Other Operating Income

0.000

0.000

0.000

 

TOTAL (A)

632.569

495.535

367.998

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of materials consumed

483.722

337.263

267.082

 

Changes in inventories of finished goods work-in-progress and Stock-in-Trade

(54.336)

(15.754)

(28.850)

 

Employee benefits expense

30.043

29.315

24.612

 

Other expenses

73.095

65.215

59.057

 

TOTAL (B)

532.524

416.039

321.901

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

100.045

79.496

46.097

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

45.148

37.885

21.387

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

54.897

41.611

24.71

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

28.331

16.513

6.042

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

26.566

25.098

18.668

 

 

 

 

 

Less

TAX (I)

10.736

12.443

10.941

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

15.830

12.655

7.727

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 NA

102.119

120.729

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 

117.4

77.766

 

Trading Goods

 

69.811

0.000

 

TOTAL IMPORTS

NA

187.211

77.766

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.13

1.87

1.14

 

Notes:

 

1. Previous period figures have been regrouped wherever necessary.


2. The Audit committee has reviewed the above quarterly results at its Meeting held on June 17, 2014.


3. The above financial results were approved at the Board Meeting held on June 17, 2014.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

LOCATIONS

 

Registered Office/ Factory :

Survey No. 26, Tembhode Shirgaon Road, Dhansar Village, Palghar, Thane – 401404, Maharashtra, India 

Tel. No.:

91-22-28847191

Mobile No.:

91-9820014823 (Mr. Sameer Bhosale)

Fax No.:

91-22-28462388

E-Mail :

sameer.bhosale@magicuttools.com

accounts@magicuttools.com

sales@magicuttools.com

Website :

www.magicuttools.com

Area :

2000 sq ft

Location :

Owned

 

 

Head Office :

Hercules Industrial Estate, A.C. Road, Ashok Nagar, Kandivli (East), Mumbai – 400101, Maharashtra, India

Tel. No.:

91-22-28847191/ 32539213

Fax No.:

91-22-28462388/ 28861795

Area :

1 Acre

Location :

Owned

 

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.