November 07, 2013

Mumbai

Trident Tools Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.162 Million
Long-Term Rating	Suspended
Short-Term Rating	Suspended

(Refer to Annexure 1 for details on facilities)

CRISIL has suspended its ratings on the bank facilities of Trident Tools Limited (TTL). The suspension of ratings is on account of non-cooperation by TTL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, TTL is yet to provide adequate information to enable CRISIL to assess TTL’s ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria ‘Information Availability Risk in Credit Ratings’.

About the Company

TTL’s name was changed to the current one from Magicut Tools Ltd [MTL] on October 6, 2010. MTL was established 1982 by the Gupta family based in Mumbai. In 2000, the Gupta family established a partnership firm, Singarg Manufactures, which was reconstituted as a private limited company, Trident Tools Pvt Ltd (TTPL), in 2004. In 2007-08 (refers to financial year, April 1 to March 31), TTPL merged with MTL, with effect from April 1, 2008. TTL manufactures high-speed steel (HSS) hacksaw blades and HSS tool bits that are used in diverse industries. It also trades non-ferrous metals, such as copper scrap, aluminium scrap, lead ingots, and melting scraps. TTL’s registered office is in Palghar (Maharashtra) and its unit was recently shifted from Mumbai (Maharashtra) to Palaghar. Mr. Narendra Gupta and his son, Mr. Ravi Gupta, manage the company’s overall operations.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Cash Credit	90	Suspended	Cash Credit	90	CRISIL B+/Stable
Letter of Credit	25	Suspended	Letter of Credit	25	CRISIL A4
Proposed Long-Term Bank Loan Facility	12	Suspended	Proposed Long-Term Bank Loan Facility	12	CRISIL B+/Stable
Rupee Term Loan	35	Suspended	Rupee Term Loan	35	CRISIL B+/Stable
Total	162	--	Total	162	--

Media Contacts	Analytical Contacts	Customer Service Helpdesk
Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Mobile: +91- 98192 48980 Email:tanuja.abhinandan@crisil.com Jyoti Parmar Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1835 E-mail: jyoti.parmar@crisil.com	Vasudevan R Director - CRISIL Ratings Tel: +91-44-6656 3100 Email:vasudevan.r@crisil.com	Timings: 10.00 am to 7.00 pm Toll free number: 1800 267 1301 Email:CRISILratingdesk@crisil.com

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Last updated: May, 2013

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November 07, 2013	http://www.crisil.com