MIRA INFORM REPORT

Report No. :	512361
Report Date :	29.05.2018

IDENTIFICATION DETAILS

Name :	TRIDENT LIMITED (w.e.f. 18.04.2011)
Formerly Known As :	ABHISHEK INDUSTRIES LIMITED
Registered Office :	Trident Complex, Sanghera, Raikot Road, Sangrur, Barnala – 148101, Punjab
Tel. No.:	91-1679-244700/ 244701/02
Country :	India
Financials (as on) :	31.03.2018
Date of Incorporation :	18.04.1990
Com. Reg. No.:	16-010307
Capital Investment / Paid-up Capital :	INR 5095.960 Million
CIN No.: [Company Identification No.]	L99999PB1990PLC010307
TIN No.:	03321094716
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 : (As on 31.03.2017)	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 :	Clear
Comments :	Subject is a flagship company of the “Trident group”. It is an established company having fine track record. For the financial year 2018, the company has reported dip in its revenue as compared to the previous year but has managed to maintain an average profit margin of 5.76%. The sound financial risk profile of the company is marked by adequate net worth base along with negligible debt balance sheet profile. The rating continue 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. 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	CRISIL
Rating	Long Term Borrowing = A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	09.11.2017
Rating Agency Name	CRISIL
Rating	Short Term Borrowing = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	09.11.2017

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 29.05.2018

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 BY

Name :	Mr. Akshay
Designation :	Finance Department
Contact No.:	91-1679-24700
Date :	29.05.2018

MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-161-5039999 / 5038888 / 2304000)

LOCATIONS

Registered Office/ Factory 1 :	Trident Complex, Sanghera, Raikot Road, Sangrur, 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 2018

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 March, 2018

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 INR 0.200 Million	39774999	7.81
Individual share capital in excess of INR 0.200 Million	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 / Service 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 :

(As on 31.03.2017)

12825 (Approximately)

Bankers :

• State Bank of India

Industrial Finance Branch, Golden Tower, Dholewal chowk, G.T. Road, Ludhiana – 141003, Punjab, India

• 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	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
Long-term Borrowings
From banks	NA	17445.800
From financial institutions	NA	0.000
Other loans
Vehicle loans from banks	NA	17.100
Short-term borrowings
Cash credits/working capital loans from banks	NA	8038.500
Total	NA	25501.400

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.:	91-124-66718000
Fax No.:	91-124-66719999
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 : (As on 31.03.2017)	Madhuraj Foundation (directly or indirectly holds majority voting power)
Enterprises that are controlled by the Company, i.e. subsidiary company : (As on 31.03.2017)	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 : (As on 31.03.2017)	Trident Group Limited Trident Capital Limited Trident Institute of Social Sciences
Enterprise on which Company exercises significant influence : (As on 31.03.2017)	Trident Global, Inc Lotus Texpark Limited, (w.e.f. January 06, 2016) Trident Infotech, Inc. Narmada Infrabuild Limited

CAPITAL STRUCTURE

As on 31.03.2018

Authorised Capital : NOT AVAILABLE

Issued, Subscribed & Paid-up Capital : INR 5095.960 Million

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 (STANDALONE)

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5095.960	5095.800	5093.700
(b) Reserves & Surplus	23990.980	22149.200	19062.400
(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)	29086.940	27245.000	24156.100
(3) Non-Current Liabilities
(a) long-term borrowings	14107.820	17462.900	21365.000
(b) Deferred tax liabilities (Net)	2131.900	1657.200	1584.000
(c) Other long term liabilities	686.980	807.300	1522.900
(d) long-term provisions	0.000	140.400	84.500
Total Non-current Liabilities (3)	16926.700	20067.800	24556.400
(4) Current Liabilities
(a) Short term borrowings	11084.420	8038.500	9732.900
(b) Trade payables	1685.830	2292.500	2215.900
(c) Other current liabilities	4048.430	3807.900	4340.100
(d) Short-term provisions	138.540	75.900	61.700
Total Current Liabilities (4)	16957.220	14214.800	16350.600
TOTAL	62970.860	61527.600	65063.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40195.470	43074.200	46535.200
(ii) Intangible Assets	498.310	366.400	394.800
(iii) Capital work-in-progress	1760.780	1097.600	571.400
(iv) Intangible assets under development	5.020	134.000	43.900
(b) Non-current Investments	729.780	699.500	522.700
(c) Deferred tax assets (net)	43.080	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	1451.100	1083.600	1288.400
Total Non-Current Assets	44683.540	46455.300	49356.400
(2) Current assets
(a) Current investments	108.970	48.900	1.100
(b) Inventories	9065.300	7682.500	8985.000
(c) Trade receivables	4777.580	3816.800	2580.800
(d) Cash and cash equivalents	1658.720	1324.300	817.900
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	2676.750	2199.800	3321.900
Total Current Assets	18287.320	15072.300	15706.700
TOTAL	62970.860	61527.600	65063.100

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2018	31.03.2017	31.03.2016
	SALES
	Income	45764.180	47359.700	37108.000
	Other Income	941.230	1033.700	333.300
	TOTAL	46705.410	48393.400	37441.300
Less	EXPENSES
	Cost of Materials Consumed	22711.850	22488.700	17207.600
	Purchases of Stock-in-Trade	0.000	117.000	126.500
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	210.750	266.200	(29.900)
	Employees benefits expense	5204.600	5763.800	4285.400
	Excise duty on sale of goods	123.390	493.800	455.500
	Other expenses	9314.490	9344.700	7761.600
	TOTAL	37565.080	38474.200	29806.700
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9140.330	9919.200	7634.600
Less	FINANCIAL EXPENSES	1182.070	1410.100	1452.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7958.260	8509.100	6182.300
Less/ Add	DEPRECIATION/ AMORTISATION	4040.260	4124.100	3366.200
	PROFIT/ (LOSS) BEFORE TAX	3918.000	4385.000	2816.100
Less	TAX	1280.620	1015.200	392.800
	PROFIT/ (LOSS) AFTER TAX	2637.380	3369.800	2423.300
	Earnings / (Loss) Per Share (INR)	5.18	6.61	4.76

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	3016.700	3328.700
Cash generated from operations	NA	11030.900	5924.000
Net cash flow from operating activity	NA	10171.100	5326.800

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	38.10	29.42	25.39
Account Receivables Turnover (Income / Sundry Debtors)	9.58	12.41	14.38
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	27.09	37.02	46.66
Inventory Turnover (Operating Income / Inventories)	1.01	1.29	0.85
Asset Turnover (Operating Income / Net Fixed Assets)	0.22	0.22	0.16

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.49	0.51	0.58
Debt Equity Ratio (Total Liability / Networth)	0.87	0.94	1.29
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.58	0.52	0.68
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.46	1.64	1.97
Interest Coverage Ratio (PBIT / Financial Charges)	7.73	7.03	5.26

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	5.76	7.12	6.53
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.19	5.48	3.72
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.07	12.37	10.03

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	1.08	1.06	0.96
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.54	0.52	0.41
G-Score Ratio Financial (Networth / Total Assets)	0.46	0.44	0.37
G-Score Ratio Debt (Debts / Equity Capital)	4.94	5.00	6.11
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.08	1.06	0.96

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 61.10/- each

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	5093.700	5095.800	5095.960
Reserves & Surplus	19062.400	22149.200	23990.980
Net worth	24156.100	27245.000	29086.940
Long Term borrowings	21365.000	17462.900	14107.820
Short Term borrowings	9732.900	8038.500	11084.420
Total borrowings	31097.900	25501.400	25192.240
Debt/Equity ratio	1.287	0.936	0.866

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	37108.000	47359.700	45764.180
		27.627	(3.369)

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	37108.000	47359.700	45764.180
Profit	2423.300	3369.800	2637.380
	6.53%	7.12%	5.76%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2018	31.03.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4978.280	5095.800
(b) Reserves & Surplus	24436.040	22472.600
(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)	29414.320	27568.400
(3) Non-Current Liabilities
(a) long-term borrowings	14107.820	17462.900
(b) Deferred tax liabilities (Net)	2125.660	1655.200
(c) Other long term liabilities	686.980	807.300
(d) long-term provisions	0.000	140.400
Total Non-current Liabilities (3)	16920.460	20065.800
(4) Current Liabilities
(a) Short term borrowings	11084.420	8038.500
(b) Trade payables	1692.820	2302.200
(c) Other current liabilities	4060.770	3813.900
(d) Short-term provisions	138.900	76.200
Total Current Liabilities (4)	16976.910	14230.800
TOTAL	63311.690	61865.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40200.950	43080.600
(ii) Intangible Assets	499.050	367.400
(iii) Capital work-in-progress	1760.800	1097.600
(iv) Intangible assets under development	5.020	134.000
(b) Non-current Investments	1042.500	1005.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	1495.490	1085.600
Total Non-Current Assets	45003.810	46770.200
(2) Current assets
(a) Current investments	108.970	48.900
(b) Inventories	9226.160	7747.200
(c) Trade receivables	4604.190	3750.900
(d) Cash and cash equivalents	1665.460	1326.400
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	2703.100	2221.400
Total Current Assets	18307.880	15094.800
TOTAL	63311.690	61865.000

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2018	31.03.2017
	SALES
	Income	45698.650	47438.000
	Other Income	942.030	1034.700
	TOTAL	46640.680	48472.700
Less	EXPENSES
	Cost of Materials Consumed	22711.850	22488.700
	Purchases of Stock-in-Trade	2.260	145.500
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	115.300	282.000
	Employees benefits expense	5243.340	5794.200
	Excise duty on sale of goods	123.390	493.800
	Share of profit/(loss) of associates	(6.360)	(6.600)
	Other expenses	9310.270	9351.300
	TOTAL	37500.050	38548.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9140.630	9923.800
Less	FINANCIAL EXPENSES	1182.150	1410.500
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7958.480	8513.300
Less/ Add	DEPRECIATION/ AMORTISATION	4041.210	4125.000
	PROFIT/ (LOSS) BEFORE TAX	3917.270	4388.300
Less	TAX	1276.980	1016.100
	PROFIT/ (LOSS) AFTER TAX	2640.290	3372.200
	Earnings / (Loss) Per Share (INR)	5.30	6.62

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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION (As on 31.03.2017)

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.

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.

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	31.03.2018	31.03.2017
Claims* (excluding claims by employees where amounts are not ascertainable) not acknowledged as debt:
Service tax	NA	3.600
Excise duty	NA	43.500
Income tax	NA	73.800
Sales Tax	NA	0.700
Guarantees^ given to banks on behalf of others of ` 1,046.9 million (Previous year INR 1609.900 million) - Loan outstanding	NA	584.800
Total	NA	706.400

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 68.09
UK Pound	1	INR 91.41
Euro	1	INR 79.93

INFORMATION DETAILS

Information Gathered by :	SHAL
Analysis Done by :	PRY
Report Prepared by :	KJL

SCORE FACTORS

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

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.