MIRA INFORM REPORT

Report No. :	498404
Report Date :	16.03.2018

IDENTIFICATION DETAILS

Name :	TRIDENT LIMITED (w.e.f. 18.04.2011)
Formerly Known As :	ABHISHEK INDUSTRIES LIMITED
Registered Office :	Trident Complex, Raikot Road, Barnala – 148101, Punjab
Tel. No.:	91-1679-244700/ 244701/02
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	18.04.1990
Com. Reg. No.:	16-010307
Capital Investment / Paid-up Capital :	INR 5095.956 Million
CIN No.: [Company Identification No.]	L99999PB1990PLC010307
IEC No.: [Import-Export Code No.]	3091002837
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCA4139J
GSTN : [Goods & Service Tax Registration No.]	03AABCA4139J1Z0
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in Manufacturing, Trading and Selling of Textiles (Yarn, Terry towels, Bedsheets), Paper, Chemicals and IT enabled and business-related services. (Registered Activity)
No. of Employees :	12825 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a flagship company of the “Trident group”. It is an established company having fine track record. As per the quarterly results of December 2017, the company has achieved sales turnover of INR 11371 million and has reported a fair profitability margin. For the financial year ended 2017, the company has achieved top line growth along with a decent profit margin of 7.12%. The sound financial risk profile of the company is marked by adequate net worth base along with negligible debt balance sheet profile. The rating continues to factor in the experienced management, long established track record of business operations and diversified revenue steam. However, the rating are constrained by foreign exchange fluctuation risk, raw material price volatility and cyclicality associated with textile industry. Business is active. Payment seems to be regular and as per commitment. In view of aforesaid, the company can be considered 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 16.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-161-5039999 / 1679-244700)

LOCATIONS

Registered Office/ Factory 1 :	Trident Complex, Raikot Road, Barnala – 148101, Punjab, India
Tel. No.:	91-1679-244700/ 244701/02
Fax No.:	91-1679-244708
E-Mail :	corp@tridentindia.com pawanjain@tridentindia.com investor@tridentindia.com
Website :	http://www.tridentindia.com
Area :	109.35 acres
Location :	Owned (Freehold)
Corporate / Head Office :	E-212, Kitchlu Nagar, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-5039999/ 5038888 / 2304000
Fax No.:	91-161-5039900/ 5038800
Area :	11001.5 sq. yards.
Location :	Owned (Leasehold)
Gurugram Office :	1105-1108, 11th Floor,Tower D, Global Business Park, Sector 26, Gurugram – 122002, Haryana, India
Tel. No.:	91-124-2350399
Mumbai Office :	322, Solitaire Corporate Park, Building No. 3, 2nd floor, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-40039339
UK Office :	Trident Europe Limited, First Floor, Sovereign House, Stockport Road, Cheadle, Cheshire, England - SK82EA, United Kingdom
Tel. No.:	+ 44 161 491 3900
Fax No.:	+44 161 641 4086
Factory 2	Paper and Chemical Division Village Dhaula, Mansa Road, Barnala-148107, Punjab, India
Factory 3 :	Towel, Paper, Chemical and Energy Plant Trident Complex, Dhaula and Fatehgarh Channa, Punjab, India
Area :	207.64 acres
Location :	Owned (Freehold)
Factory 4 :	Towel, Paper, Chemical and Energy Plant Trident Complex, Fatehgarj Channa, Punjab, india
Area :	345.82 acres
Location :	Owned (Freehold)
Factory 5 :	Railway Siding Village Seikka, Barnala, Punjab, India
Area :	29.8 acres
Location :	Owned (Freehold)
Factory 6 :	Yarn Plant Budni, Post Office, Pilikara, District – Sihore – 466 445, Madhya Pradesh, India
Tel. No.:	91-7564-280844
Fax No.:	91-7564-280875
Area :	29.72 acres
Location :	Owned (Leasehold)
Factory 7 :	Yarn Plant/ Textiles Division Hoshangabad Road, Budni District - Sehore, Madhya Pradesh, India
Area :	138.33 acres
Location :	Owned (Freehold)
Factory 8 :	Site for Garment Plant C – 9, Industrial Area, Mandideep Phase II,Tehsil, Goharganj, District Raisen, Madhya Pradesh, India
Area :	24435 sq. mtrs
Location :	Owned Leasehold
Locality :	Leasehold
Factory 9 :	Textiles Division Trident Group, Raikot Road, Sanghera – 148101, Punjab, India
Branch Offices :
Branch 1 :	A-25/ 15-16, DLF, Phase 1, Gurugram, Haryana, India
Tel. No.:	91-124-2567943-47
Fax No.:	91-124-2567948
Branch 2 :	6 Fort, Vijay Society (2nd Floor), 1/3 Gola Lane, Opposite Dr. D N Road, Behind Central Camera, Mumbai-400001, Maharashtra, India
Branch 3 :	SCO 20-21, Setcor-9, Madhya Marg, Chandigarh - 160009, India
Area :	367.52 Sq. Yards
Location :	Rented
Branch 4 :	Plot No. 3 situated at Nadir Colony, Bhopal, Madhya Pradesh, India
Area :	2900 Sq. Ft.
Location :	Owned
Locality :	Leasehold
Branch 5 :	C – 185 ‐186 Industrial Area, Phase VIII, Mohali, Punjab, India
Area :	8867 Sq. Yds.
Location :	Owned
Locality :	Leasehold
US Office :	295 Fifth Avenue, Room 1112, New York NY 10016 United States of America
Email :	corp@tridentindia.com
Area :	2900 Sq. Ft.
Location :	Leasehold

DIRECTORS

As on 31.03.2017

Name :	Mr. Rajiv Dewan
Designation :	Director
Address :	96 - F, Rishi Nagar, Ludhiana - 141001, Punjab, India
Date of Birth/Age :	54 Years
Qualification :	Chartered Accountant
Date of Appointment :	14.05.2005
DIN No.:	00007988
Name :	Mr. Rajinder Gupta
Designation :	Director
Address :	E- 212, Kitchlu Nagar, Ludhiana – 141001, Punjab, India
Date of Birth/Age :	57 Years
Qualification :	Advanced Management Program from Harvard Business School, USA
Date of Appointment :	25.10.2012
DIN No.:	00009037
Name :	Mrs. Pallavi Shardul Shroff
Designation :	Director
Address :	S - 270, Greater Kailash – II, New Delhi – 110048, India
Date of Birth/Age :	59 Years
Qualification :	L.L.B, M.M. S
Experience :	34 years
Date of Appointment :	28.03.2002
DIN No.:	00013580
Name :	Mr. Deepak Nanda
Designation :	Managing Director
Address :	#561, Sector-10, Panchkula – 134112, Haryana, India
Date of Birth/Age :	56 Years
Qualification :	Master of Science and Advance Training in Computer Software and Management
Date of Appointment :	12.11.2011
DIN No.:	00403335
Name :	Mr. Dinesh Kumar Mittal
Designation :	Director
Address :	B-71, Sector 44, Noida – 201301, Uttar Pradesh, India
Qualification :	Masters in Physics with Specialization in Electronics
Date of Appointment :	12.08.2017
DIN No.:	00040000

KEY EXECUTIVES

Name :	Mr. Ramandeep Kaur
Designation :	Company Secretary
Address :	26-B, Sargodha Colony, Pakhowal Road, Ludhiana – 141001, Punjab, India
Date of Appointment :	18.01.2017
PAN No.:	AJJPK2397Q
Name :	Mr. Gunjan Shroff
Designation :	Chief Finance Officer
Address :	287-288, Bachittar Enclave, Ansalscly Bhamian Rdldh O. No. 87270 Rep-7-6-10 Ludhiana – 141010, Punjab, India
Date of Appointment :	06.08.2014
PAN No.:	AJBPS2776F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on December, 2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
Promoter and Promoter Group	345342206	67.77
Public	164253361	32.23
Grand Total	509595567	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
A1) Indian		0.00
Any Other (specify)	345342206	67.77
Trident Group Limited	150501616	29.53
Trident Industrial Corp Limited	30000000	5.89
Trident Capital Limited	20000064	3.92
Trident Corp Limited	1462833	0.29
Trident Corporate Services Limited	1050000	0.21
Trident Corporate Solutions Limited	1050000	0.21
Trident Comtrade LLP	21500	0.00
Madhuraj Foundation	141256193	27.72
Sub Total A1	345342206	67.77
A2) Foreign		0.00
A=A1+A2	345342206	67.77

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
B1) Institutions	0	0.00
Mutual Funds/	3741828	0.73
Alternate Investment Funds	418620	0.08
Foreign Portfolio Investors	7655947	1.50
Financial Institutions/ Banks	7950184	1.56
Punjab State Industrial Development Corporation Limited	7715596	1.51
Sub Total B1	19766579	3.88
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto Rs. 2 Lacs	39774999	7.81
Individual share capital in excess of Rs. 2 Lacs	15160477	2.98
NBFCs registered with RBI	69920	0.01

BUSINESS DETAILS

Line of Business :

The Company is engaged in Manufacturing, Trading and Selling of Textiles (Yarn, Terry towels, Bedsheets), Paper, Chemicals and IT enabled and business-related services. (Registered Activity)

Products :

Item Code No.	Product Description
131	Spinning, weaving and finishing of textiles
170/ 1701	Manufacture of paper and paper products/ Manufacture of pulp, paper and paperboard
2011	Manufacture of basic chemicals
3510	Electric power generation, transmission and distribution

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION DETAILS As on 31.03.2017

Particulars	Capacities
Home Textiles
Bath Linen	688 looms
	90000 mt/pa
Bed Linen	500 looms
	43.2 million metres p.a.
Yarn	5.5 lacs spindles,
	6464 rotors
	115200 tpa
Dyed Yarn	6825 tpa
Paper and Chemicals
Paper	175000 tpa
Chemicals	100000 tpa
Energy
Captive Power	50 MW

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

12825 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Industrial Finance Branch, Golden Tower, Dholewal chowk, G.T. Road, Ludhiana – 141003, Punjab, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• Punjab National Bank
• Canara Bank
• Corporation Bank
• Bank of India
• Bank of Baroda
• Oriental Bank of Commerce
• Central Bank of India
• Syndicate Bank
• Allahabad Bank
• Indian Bank
• Exim Bank

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
From banks	17445.800	20816.200
From financial institutions	0.000	535.500
Other loans
Vehicle loans from banks	17.100	13.300
Short-term borrowings
Cash credits/working capital loans from banks	8038.500	9732.900
Total	25501.400	31097.900

NOTE :

LONG-TERM BORROWINGS

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 equipment 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.

With respect to the term loans from banks obtained by erstwhile Trident Corporation Limited (the Amalgamating Company), amalgamated with the Company with effect from the appointed date i.e. April 1, 2014, the same are secured by way of equitable mortgage created on the immovable properties including all buildings, structures, plant and equipment attached thereon and hypothecation of all the movable properties including movable machinery, spares, tools and accessories stocks of raw materials, semi finished goods, consumable stores and other moveables of the Amalgamating Company, as existing immediately prior to the amalgamation of the Amalgamating Company with the Company.

Vehicles loans

Vehicle loans are secured by hypothecation of vehicles acquired against such loans.

SHORT-TERM BORROWINGS

Cash credits/working capital loans

Cash credits/working capital loans are secured by hypothecation of raw materials, semi finished and finished goods, stock-in-progress, 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.

Statutory Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase – II, Gurugram – 122002, Haryana, India
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012
Cost Auditors :	Ramanath Iyer and Company Chartered Accountants
Tax Auditors :	S C Vasudeva and Company Chartered Accountants
Secretarial Auditors :	Vinod Kothari and Company Company Secretaries
Memberships :	Not Available
Collaborators :	Not Available
Enterprise that controls the Company :	Madhuraj Foundation (directly or indirectly holds majority voting power)
Enterprises that are controlled by the Company, i.e. subsidiary company :	Trident Global Corp Limited Trident Europe Limited, (w.e.f. November 26, 2015)
Other related parties where transactions have taken place during the year :
Enterprises under the common control as the Company :	Trident Group Limited Trident Capital Limited Trident Institute of Social Sciences
Enterprise on which Company exercises significant influence :	Trident Global, Inc Lotus Texpark Limited, (w.e.f. January 06, 2016) Trident Infotech, Inc. Narmada Infrabuild Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
15093000000	Equity Shares	INR 10/- each	INR 150930.000 Million
3105000000	Preference shares	INR 10/- each	INR 31050.000 Million
	Total		INR 181980.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
509579260	Equity Shares	INR 10/- each	INR 5095.800 Million

Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the Year:

Particulars	Number of Shares	INR In Million
Issued, Subscribed and Paid up equity shares
Shares outstanding at the beginning of the year	509371026	5093.700
Shares issued during the year	208234	2.100
Shares outstanding at the end of the year	509579260	5095.800

Rights, preferences and restrictions attached to the equity shareholders

The Company has one class of equity shares having par value of INR 10 per share. Each shareholder is eligible for one vote per equity share held. In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The details of equity shareholders holding more than 5 % of the aggregate equity Shares:

Particulars	Number of Shares	% held
Madhuraj Foundation	141256193	27.7
Trident Group Limited	150501616	29.5
Trident Industrial Corp Limited	30000000	5.9
Rainbow Integrated Texpark Limited	30000000	5.9

Number of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash:

Particulars	Number of Shares	% held
Shares allotted pursuant to the scheme of amalgamations during last 5 years	189855427	37.3

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5095.800	5093.700	5086.400
(b) Reserves & Surplus	22149.200	19062.400	9466.800
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	27245.000	24156.100	14553.200
(3) Non-Current Liabilities
(a) long-term borrowings	17462.900	21365.000	13961.000
(b) Deferred tax liabilities (Net)	1657.200	1584.000	1242.100
(c) Other long term liabilities	807.300	1522.900	0.000
(d) long-term provisions	140.400	84.500	405.100
Total Non-current Liabilities (3)	20067.800	24556.400	15608.200
(4) Current Liabilities
(a) Short term borrowings	8038.500	9732.900	8156.000
(b) Trade payables	2292.500	2215.900	2163.000
(c) Other current liabilities	3807.900	4340.100	4514.900
(d) Short-term provisions	75.900	61.700	43.600
Total Current Liabilities (4)	14214.800	16350.600	14877.500
TOTAL	61527.600	65063.100	45038.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43074.200	46535.200	28608.300
(ii) Intangible Assets	366.400	394.800	30.300
(iii) Capital work-in-progress	1097.600	571.400	1993.000
(iv) Intangible assets under development	134.000	43.900	225.900
(b) Non-current Investments	699.500	522.700	117.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	1727.900
(e) Other Non-current assets	1083.600	1288.400	0.000
Total Non-Current Assets	46455.300	49356.400	32702.400
(2) Current assets
(a) Current investments	48.900	1.100	196.500
(b) Inventories	7682.500	8985.000	7465.400
(c) Trade receivables	3816.800	2580.800	2047.800
(d) Cash and cash equivalents	1324.300	817.900	167.700
(e) Short-term loans and advances	0.000	0.000	2437.100
(f) Other current assets	2199.800	3321.900	22.000
Total Current Assets	15072.300	15706.700	12336.500
TOTAL	61527.600	65063.100	45038.900

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	47359.700	37108.000	37535.500
	Other Income	1033.700	333.300	344.700
	TOTAL	48393.400	37441.300	37880.200
Less	EXPENSES
	Cost of Materials Consumed	22488.700	17207.600	19711.700
	Purchases of Stock-in-Trade	117.000	126.500	505.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	266.200	(29.900)	(920.800)
	Employees benefits expense	5763.800	4285.400	3869.500
	Excise duty on sale of goods	493.800	455.500	0.000
	Other expenses	9344.700	7761.600	7763.500
	TOTAL	38474.200	29806.700	30929.300
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9919.200	7634.600	6950.900
Less	FINANCIAL EXPENSES	1410.100	1452.300	2059.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8509.100	6182.300	4891.300
Less/ Add	DEPRECIATION/ AMORTISATION	4124.100	3366.200	3213.200
	PROFIT/ (LOSS) BEFORE TAX	4385.000	2816.100	1678.100
Less	TAX	1015.200	392.800	499.900
	PROFIT/ (LOSS) AFTER TAX	3369.800	2423.300	1178.200
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	NA	18668.900
	TOTAL EARNINGS	NA	NA	18668.900
	IMPORTS
	Raw Materials	NA	NA	247.600
	Components and Stores parts	NA	NA	187.500
	Capital Goods	NA	NA	555.300
	TOTAL IMPORTS	NA	NA	990.400
	Earnings / (Loss) Per Share (INR)	6.61	4.76	2.47

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	3016.700	3328.700	3684.400
Cash generated from operations	11030.900	5924.000	5788.800
Net cash flow from operating activity	10171.100	5326.800	5443.300

QUARTERLY RESULTS

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	11807.200	11548.790	11371.730
Total Expenditure	9510.330	9814.770	9371.430
PBIDT (Excl OI)	2296.870	1734.020	2000.300
Other Income	297.270	357.270	315.730
Operating Profit	2594.140	2091.290	2316.030
Interest	333.790	318.680	252.440
Exceptional Items	NA	NA	NA
PBDT	2260.350	1772.610	2063.590
Depreciation	1023.040	1021.980	1013.490
Profit Before Tax	1237.310	750.630	1050.100
Tax	347.890	241.640	319.900
Provisions and contingencies	NA	NA	NA
Profit After Tax	889.420	508.990	730.200
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	889.420	508.990	730.200

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	29.42	25.39	19.91
Account Receivables Turnover (Income / Sundry Debtors)	12.41	14.38	18.33
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	37.02	46.66	39.05
Inventory Turnover (Operating Income / Inventories)	1.29	0.85	0.93
Asset Turnover (Operating Income / Net Fixed Assets)	0.22	0.16	0.23

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.56	0.63	0.72
Debt Equity Ratio (Total Liability / Networth)	1.05	1.43	1.77
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.52	0.68	1.02
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.64	1.97	2.12
Interest Coverage Ratio (PBIT / Financial Charges)	7.03	5.26	3.37

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	7.12	6.53	3.14
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.48	3.72	2.62
Return on Investment (ROI) ((PAT / Networth) * 100)	%	12.37	10.03	8.10

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.06	0.96	0.83
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.52	0.41	0.33
G-Score Ratio Financial (Networth / Total Assets)	0.44	0.37	0.32
G-Score Ratio Debt (Debts / Equity Capital)	5.60	6.76	5.07
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.06	0.96	0.83

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/- each
Market Value	INR 68.25/- each

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	5086.400	5093.700	5095.800
Reserves & Surplus	9466.800	19062.400	22149.200
Net worth	14553.200	24156.100	27245.000
Long Term borrowings	13961.000	21365.000	17462.900
Short Term borrowings	8156.000	9732.900	8038.500
Current Maturities of Long term debt	3684.400	3328.700	3016.700
Total borrowings	25801.400	34426.600	28518.100
Debt/Equity ratio	1.773	1.425	1.047

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	37535.500	37108.000	47359.700
		(1.139)	27.627

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	37535.500	37108.000	47359.700
Profit	1178.200	2423.300	3369.800
	3.14%	6.53%	7.12%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5095.800	5093.700
(b) Reserves & Surplus	22472.600	19267.300
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	27568.400	24361.000
(3) Non-Current Liabilities
(a) long-term borrowings	17462.900	21365.000
(b) Deferred tax liabilities (Net)	1655.200	1581.600
(c) Other long term liabilities	807.300	1522.900
(d) long-term provisions	140.400	84.500
Total Non-current Liabilities (3)	20065.800	24554.000
(4) Current Liabilities
(a) Short term borrowings	8038.500	9732.900
(b) Trade payables	2302.200	2237.000
(c) Other current liabilities	3813.900	4344.600
(d) Short-term provisions	76.200	63.300
Total Current Liabilities (4)	14230.800	16377.800
TOTAL	61865.000	65292.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43080.600	46535.500
(ii) Intangible Assets	367.400	394.800
(iii) Capital work-in-progress	1097.600	571.400
(iv) Intangible assets under development	134.000	43.900
(b) Non-current Investments	1005.000	721.600
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	1085.600	1291.500
Total Non-Current Assets	46770.200	49558.700
(2) Current assets
(a) Current investments	48.900	1.100
(b) Inventories	7747.200	9065.400
(c) Trade receivables	3750.900	2512.700
(d) Cash and cash equivalents	1326.400	819.400
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	2221.400	3335.500
Total Current Assets	15094.800	15734.100
TOTAL	61865.000	65292.800

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	47438.000	37112.100
	Other Income	1034.700	334.000
	TOTAL	48472.700	37446.100
Less	EXPENSES
	Cost of Materials Consumed	22488.700	17207.600
	Purchases of Stock-in-Trade	145.500	146.800
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	282.000	(67.900)
	Employees benefits expense	5794.200	4294.900
	Excise duty on sale of goods	493.800	455.500
	Other expenses	9351.300	7778.000
	TOTAL	38555.500	29814.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9917.200	7631.200
Less	FINANCIAL EXPENSES	1410.500	1452.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8506.700	6178.900
Less/ Add	DEPRECIATION/ AMORTISATION	4125.000	3366.300
	PROFIT/ (LOSS) BEFORE TAX	4381.700	2812.600
Less	TAX	1016.100	391.700
Add	Share of profit/(loss) of associates	6.600	(0.300)
	PROFIT/ (LOSS) AFTER TAX	3372.200	2420.600
	Earnings / (Loss) Per Share (INR)	6.62	4.76

LEGAL CASE

Case Details For Case CM-16656-CII-2012
Diary Number	840453	District	UT-CHANDIGARH
Category	-	Main Case Detail	ITA-138-2012
Party Detail	COMMISSIONER OF INCOME TAX LDH V/S TRIDENT LIMITED
Advocate Name	RAJESH KATOCH	List Type	ORDINARY
Status	PENDING	Next date
Case Listing Details
No Listing Data Available
Judgment Details For Case: CM-16656-CII-2012  Party Detail: COMMISSIONER OF INCOME TAX LDH V/S TRIDENT LIMITED
Order Date	Order Type	Bench	Judgment Link
No Judgment/Order Found.
Designed and Developed by National Informatics Centre  Contents Published and Managed by Punjab & Haryana High Court, Chandigarh.

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

AWARDS AND RECOGNITIONS IN 2016-17

• Received the following awards at the National awards for Excellence in Water Management 2016 in ‘Within the Fence’ category, presented by Confederation of Indian Industry (CII):

1. ‘The Winner’ award to Home Textiles Division

2. ‘Noteworthy Water Efficient Unit’ award to Paper and Chemical Division

• Received the following awards at the 17th National Award for Excellence in Energy Management – an event organized by Cll in Hyderabad:

1. Excellent Energy Efficient Unit - Paper and Chemical Division, Barnala

2. Energy Efficient Unit - Yarn Division, Budni

• Received ‘JC Penney - Innovation Award, 2015’ at the

• JC Penney International Supplier Summit – Hong Kong on June 22, 2016

• Received PHD Chamber Award for Outstanding Contribution to Social Welfare for the year 2016

• Certified with ‘Egyptian Gold Seal’ for Yarn, Bath Linen and Bed Linen products by ‘Cotton Egypt Association’

• Received National Energy Conservation Award, 2016

• Received ‘Astitva Samman 2017’ PHD Chamber for women empowerment

• Received the following awards from the Cotton Textiles Export Promotion Council (TEXTPROCIL):

1. Silver Trophy for the Second Highest Exports of ‘Terry Towels’ under Category III

2. Silver Trophy for the Second Highest Exports of ‘Cotton Yarn Counts 50s and below’ under Category II

3. Bronze Trophy for the Third Highest Global Exports (Overall)

• Received ASSOCHAM Leadership Award (CEO), 2016

• Won PMI India Project of the Year ‘Large’ Category

• Won Gold and Silver Trophy from Federation of Indian Export Organizations.

CORPORATE INFORMATION

The Company is a public company domiciled in India and incorporated on April 18, 1990 under the provisions of the Companies Act, 1956. The name of the Company was changed from Abhishek Industries Limited to Trident Limited on April 18, 2011. The equity shares of the Company are listed on two stock exchanges in India i.e. National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The Company is engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels, Bedsheets), Paper, Chemicals and IT enabled and business related services.

MANAGEMENT DISCUSSION AND ANALYSIS

Global Economy

The Global Economy witnessed 3.1% growth in 2016. Among the advanced economies, United States witnessed around 1.6% growth - owing to moderate exports and investments. Post the new Government formation, the country is likely to see a modest upside from stronger business confidence and favourable policies. The United Kingdom witnessed a positive change in the domestic demand post Brexit. However, uncertainties surrounding the Brexit process is expected to weigh down on growth in 2017-18 in the UK and, to a lesser extent, in the Euro Area as well. Stronger activities, expectations of a robust global demand, reduced deflationary pressures and optimistic financial markets will hopefully see the global GDP witness a 3.5% and 3.6% growth in 2017 and 2018, respectively.

Indian Economy

India provides a welcome counter-point to a global economy that has been under-performing for years. The recent growth rate of 6.8% has been the strongest among the G20 nations. The country’s acceleration of structural reforms and the move towards a rule-based macro-economic policy framework are sustaining the country’s long standing rapid economic expansion. Demonetisation has been a radical, unprecedented step with short-term costs and long-term benefits. The liquidity squeeze has been easing since end- December 2016. Several follow-up actions would minimize the costs and maximise the benefits of demonetisation. These include: quick remonetisation; further tax reforms, including bringing land and real estate into the GST, reducing tax rates and stamp duties; and acting to allay anxieties about overzealous tax administration.

The implementation of the landmark GST (Goods and Services Tax) reform will contribute towards making India

a more integrated market. By reducing tax cascading, it will boost competitiveness, investment and job creation. As per the first Advance Estimates (AE) released by the CSO, the Indian economy is estimated to register a GDP growth rate of 7.1% in 2016-17.

COMPANY REVIEW

Trident Limited is the flagship company of the Punjab-based conglomerate, Trident Group. The group boasts having a turnover of `4,839.3 crores. The Company manufactures textile products (Bed and Bath linen and various types of cotton yarn), paper, chemical and energy. The Company is further pursuing towards becoming one of the major bed linen manufacturers in the country through its recently commissioned Budni plant. Trident’s customer base is spread across 100 countries around the world.

CORPORATE OVERVIEW

The Company operates in diversified business segments viz. Home Textiles, Paper and Chemicals. The Company also has a captive power plant to cater the needs of its various business segments.

RESULTS OF OPERATIONS

Financial performance and review

The total revenue of the Company during the year have been INR 48393.000 million as against INR 37441.000 million in the previous financial year. The Operating Profit (EBITDA) for the year stood at INR 9919.000 million as compared to INR 7635.000 million in the previous financial year an increase of 29.9 %. The Company has earned a net profit of INR 3370.000 million as against INR 2423.000 million in the previous financial year registering an increase of 39.1 percent. During the year under review the additions to Other Equity amount to INR 3087 million.

The Company’s earnings per share was INR 6.61 and cash earnings per share was INR 14.71 during the current year.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER, 2017

(INR in Million)

		Particulars	31.12.2017 (Quarter Ended)	30.09.2017 (Quarter Ended)	31.12.2017 (Nine Months Ended)
1		Income from Operations
		Sales/Income from Operations (Gross)	11371.730	11202.940	34357.320
		b) Other Operating Income	315.730	357.270	970.270
	Total Income from Operations (Net)		11687.460	11560.210	35327.590
2	Expenses
	a)	Cost of Materials consumed	5911.370	5462.360	17357.630
	b)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	22.920	288.460	(182.340)
	c)	Employee benefit expenses	1087.230	1359.190	3928.500
	d)	Finance Costs	252.440	318.680	904.910
	e)	Depreciation and amortization expense	1013.490	1021.980	3058.510
	f)	Excise duty on sales	0.000	0.000	123.390
	g)	Other expenses	2349.910	2358.910	7098.950
	Total Expenses		10637.360	10809.580	32289.550
3	Profit before Tax		1050.100	750.630	3038.040
4	Tax Expense		319.900	241.640	909.430
5	Net Profit for the period after tax		730.200	508.990	2128.610
6	Other Comprehensive Income
	Items that will not be classified of profit or loss		106.880	(18.600)	59.960
	Income tax related to items no above		(18.480)	3.530	(11.420)
	Total Comprehensive Income		818.600	493.920	2177.150
	Earnings / (Loss) Per Share (INR)		1.43	1.00	4.18

NOTE :

1. The results have been prepared in accordance with the Indian Accounting Standards ("lnd AS") as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.

2. The above results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors in their respective meetings held on January 29, 2018. These results have been subjected to Limited review by the Statutory Auditors.

3. Revenues from operations for the current quarter are not comparable with previous periods other than quarter ended September 30, 2017 since sales in the current quarter are net of GST whereas Excise duties formed part of expenses in previous periods.

4. Employee benefit expenses is lower during the current quarter compared to previous quarter due to rationalization of manpower cost including structuring of salary and manpower.

5. The Board of Directors has declared 2nd Interim dividend of INR 0.60 (6%) per fully paid up equity share of INR 10/- each. 

6. The previous period's / year's figures have been regrouped/reclassified wherever considered necessary.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G38409462	100083443	State Bank of India	08/03/2017	-	-	450000000.0	Industrial Finance Branch, Golden TowerDholewal chowk, G.T. RoadLudhianaPB141003IN
2	G09086752	10600726	Export-Import Bank of India	09/10/2015	15/07/2016	-	500000000.0	Floor 21, Centre One Building, World Trade CentreCuffe ParadeMumbaiMH400005IN
3	G08945107	10594614	Canara Bank	15/09/2015	15/07/2016	-	250000000.0	MID CORPORATE BRANCHBHARAT NAGAR CHOWKLUDHIANAPB141001IN
4	C56619554	10575276	State Bank of India	30/05/2015	-	-	328200000.0	Industrial Finance Branch, Golden TowerDholewal chowk, G.T. RoadLudhianaPB141003IN
5	G08758807	10558009	Bank of India	11/03/2015	15/07/2016	-	300000000.0	Ludhiana Mid Corporate Branch579 - R, 1st Floor, Model TownLudhianaPB141002IN
6	G08645319	10553503	Indian Bank	25/02/2015	15/07/2016	-	320000000.0	KALSI NAGAR BRANCHLUDHIANAPB141003IN
7	G09081084	10550329	PUNJAB NATIONAL BANK	14/02/2015	15/07/2016	-	250000000.0	LARGE CORPORATE BRANCH, BHAGWATI TOWERSR K ROAD,R K ROAD, CHEEMA CHOWKLUDHIANAPB141003IN
8	C20006730	10519193	IDBI TRUSTEESHIP SERVICES LIMITED	26/08/2014	-	-	394000000.0	Asian Bldg., Ground Floor, 17, R.Kamani MargBallard EstateMUMBAIMH400001IN
9	C07705288	10504589	PUNJAB NATIONAL BANK	05/06/2014	-	-	700000000.0	LARGE CORPORATE BRANCH, BHAGWATI TOWERSR K ROAD, CHEEMA CHOWKLUDHIANAPB141003IN
10	G08908857	10484989	Bank of Baroda	14/03/2014	15/07/2016	-	1250000000.0	Corporate Financial Services BranchBank of Baroda Building, 16, Sansad MargNew DelhiDL110001IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims* (excluding claims by employees where amounts are not ascertainable) not acknowledged as debt:
Service tax	3.600	4.400
Excise duty	43.500	46.200
Income tax	73.800	38.400
Sales Tax	0.700	0.700
Guarantees^ given to banks on behalf of others of ` 1,046.9 million (Previous year INR 1609.900 million) - Loan outstanding	584.800	963.500
Total	706.400	1053.200

FIXED ASSETS

• Freehold land
• Buildings
• Leasehold Improvement
• Plant and equipment
• Furniture and fixtures
• Office equipments
• Computers
• Vehicles
• Software

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 64.99
UK Pound	1	INR 90.83
Euro	1	INR 80.58

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	NYT
Report Prepared by :	KJL

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.