MIRA
INFORM REPORT
|
Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NITIN FIRE PROTECTION INDUSTRIES LIMITED |
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Registered Office : |
501, Delta Technology Street, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
11-92323 |
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CIN No.: [Company
Identification No.] |
L29193MH1995PLC092323 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN08086B / MUMN05052F |
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PAN No.: [Permanent
Account No.] |
AAACN1967G |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacture, design, develop, assemble, deal, rent out, buy, sell, repairs, services, import, export or otherwise dealing in all types of fire protection engineering equipments, fire protection used by the industries and house hold sector. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Corporate Office : |
501, Delta Technology Street, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Tel. No.: |
91-22-40457000/25700392 |
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Fax No.: |
91-22-25701110/25701110 |
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E-Mail : |
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Website : |
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System Division : |
29, Vadhani Industrial Estate, 2nd Floor, Opposite Shreyas Cinema, L. B. Shastri Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India |
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Tel. No.: |
91-22-25000392 / 93 / 25004496 / 2267 / 25000594 / 4677 / 25000395 |
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Fax No.: |
91-22-25002516/2570110 / 25002514 |
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E-Mail : |
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Website : |
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Factory 1 : |
A/117, TCC. Industrial Area, Khairna Village, Vashi – 400701, Maharashtra, India |
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Tel. No.: |
91-22-27672592 |
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Branches : |
Located At: Hyderabad
Office
G6, Upper Ground Floor, Nalanda Apartment, Behind Medinova Hospital, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India Tel No: 91-40-6667195/6665864 Ahmedabad
Office
9/A, Uplav, Behind Jawahar Paldi, Ahmedabad – 380007, Gujarat, India Tel No: 91-79-6609168 Delhi
Office
Fire Hut, 2/5, East Punjabi Baug, Delhi – 110026, India Tel No: 91-11-5162888 Chennai
Office
C-34, K. P. Towers, 159, Arcot Road, Vadapalani, Chennai – 600026, Tamilnadu, India Tel No: 91-44-4846726 |
DIRECTORS
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Name : |
Mr. Nitin Mansukhlal Shah |
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Designation : |
Chairman cum Managing Director |
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Address : |
B/8, Neelkanth Dharar, 3rd Floor, Garodia Nagar, 90 Feet Road, Ghatkopar (East), Mumbai – 400077, Maharashtra. |
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Name : |
Mrs. Saroj Nitin Shah |
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Designation : |
Director |
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Address : |
B/8, Neelkanth Dharar, 3rd Floor, Garodia Nagar, 90 Feet Road, Ghatkopar (East), Mumbai – 400077, Maharashtra. |
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Name : |
Mr. Gopalkrishna Krishna Shahi |
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Designation : |
Director |
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Address : |
8/C, Karuna Park, Andheri-Kurla Road, Mumbai – 400093, Maharashtra. |
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Name : |
Mr. Rahul N. Shah |
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Designation : |
Director |
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Name : |
Mr. Gopal Krishna Shah |
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Designation : |
Director |
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Name : |
Mr. Mukesh P. Ajmera |
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Designation : |
Director |
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Name : |
Mr. Krishna Kant Jha |
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Designation : |
Director |
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Name : |
Mr. Surendra A Dave |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Abhishek Srivastava |
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Designation : |
Company Secretary |
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Name : |
Bharat V. Pathak |
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Designation : |
Company Secretary |
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Address : |
11/25, Mahavir Kiran, Garodia Nagar, Ghatkopar (East), Mumbai –
400077, Maharashtra |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding of promoter
and promoter group: |
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Individuals / HUFs |
8749550 |
69.42% |
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Public
shareholding |
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Institutions |
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Mutual Funds |
231795 |
1.84% |
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Financial institutions / Banks |
500 |
0.00% |
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Foreign Institutional investors |
107924 |
0.86% |
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Non institutions
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Bodies corporate |
1440214 |
11.43% |
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Individuals shareholding normal share capital upto Rs. 0.100 millions |
1629722 |
12.93% |
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Individuals shareholding normal share capital in excess of Rs. 0.100
millions |
185582 |
1.47% |
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Clearing Member |
193651 |
1.54% |
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NRI |
13648 |
0.11% |
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Trust |
50555 |
0.40% |
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Total
|
12603141 |
100% |
BUSINESS DETAILS
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Line of Business : |
Manufacture, design, develop, assemble, deal, rent out, buy, sell, repairs, services, import, export or otherwise dealing in all types of fire protection engineering equipments, fire protection used by the industries and house hold sector. |
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Products : |
Fire Protection systems Ø Fire Extinguishers: Water CO2/AFFF/DCP/CO2 Portable and Trolley Mounted, Higher Capacity DCP Extinguisher/Stored Pressure Squeeze Grip Type DCP – ‘ISI/MMD’. Approved ‘NITIE’ Brand. Ø Smoke /Heat/Optical Detectors in all range including Conventional Analogue Addressable Intrinsically safe and Control Panels – Apollo Fire detectors Limited, U.K. Ø “Firesense” Linear Heat Sensing Cable and Infra Red Detection Products Ø Monnex, ABC Powder and Foam – Croda Kerr, U.K. Ø Firetrace Detection Tube, All types of High Pressure Valves – Ceodeux, Luxembourg Ø FM-200/Halon/DCP/Portable/Modular Extinguishers Ø Hydrant/Coupling’s/Nozzles/Fittings – ‘ISI’ Approved Ø Triple Purpose Nozzles/Hose Reels/Branch Pipes/Water Monitors Ø Refilling of FM-200, Halon 1211 and 1301 – CCE Nagpur Approved Ø Light water 3% and 6% (AFFF and ATC Foam Compound) – ‘ISI/MMD’ and UL Approvals Ø Dry Chemical Powders-Sodium-Bi-Carbonate/Potassium Base/MAP – ISI/MMD/ISO 9001. Ø CO2 Cartridges – ‘ISI’ Marked Ø ‘Zetex’ Brand Fire Entry /Proximity/Approach Suits (U.S.A) – UL Approved Ø Systems – Fire Alarm/Gas Flooding FM-200/CO2/Halon/Water/DCP Ø Access Control and Security Sytems Ø Breathing Apparatus Sets Cylinders Ø Non-Reflective Fire Protective Clothing – G.D Protective Clothing, Ireland Ø Fire Hose Pipes – RRL/CP/Permaline – ISI/MMD Approved Ø Hydro Foam Nozzle/Long Range Monitors from Silvani Anticendi, Italy Ø Other Fire/Safety Items and Rescue Equipment Ø Gas Detection Equipments and Explosimeters –Cosmos Japan make Ø Gas Sampling Pumps and Measuring Tubes –Gastec Corporation Japan make. Ø Eye Wash Fountains and Safety Showers-Hughes Safety U.K. make. Ø The Generic Name of Principal Product /Service of the Company is as : Ø Fire Protection and Safety Control Systems |
PRODUCTION STATUS as on 31.03.2004:-
|
Particulars |
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|
Unit |
Actual
Production |
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Fire Extinguishers |
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Nos. |
1215 |
GENERAL
INFORMATION
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Customers : |
Ø Oil and Natural Gas Corporation Limited, Mumbai Ø Global Tele-Systems Limited, Mahape, Navi Mumbai Ø Net Magic Solutions Private Limited, Mumbai Ø Broad Band Solutions Private Limited Ø Cyquator Technologies Limited, Mumbai Ø Gas Authority of India Limited, Baroda, Gujarat Ø Tata Tele Services Systems Limited Ø Fascel Cell Force Ø Birla AT and T Ø Hughes Ispat Ø Essar Cell Phones Ø Tata ISP Ø Satyam ISP |
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No. of Employees : |
160 |
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Bankers : |
Not Available |
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Banking Relations
: |
Satisfactory |
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Auditors : |
Tolia & Associates Chartered Accountant |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 12.04.2007:
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity shares |
Rs. 10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12603141 |
Equity shares |
Rs. 10/-
each |
Rs.126.031
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
88.700 |
75.000 |
35.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
129.500 |
38.500 |
24.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
218.200 |
113.500 |
59.700 |
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LOAN FUNDS |
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1] Secured Loans |
0.700 |
0.000 |
0.000 |
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2] Unsecured Loans |
10.000 |
0.000 |
0.700 |
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TOTAL BORROWING |
10.700 |
0.000 |
0.700 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
228.900 |
113.500 |
60.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.500 |
25.400 |
23.100 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
145.500 |
10.600 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
29.600
|
28.200 |
12.800 |
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Sundry Debtors |
116.200
|
105.200 |
65.200 |
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Cash & Bank Balances |
14.400
|
5.100 |
4.100 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
31.900
|
13.400 |
28.300 |
|
Total
Current Assets |
192.100
|
151.900 |
110.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Current Liabilities |
115.600
|
63.500 |
55.600 |
|
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Provisions |
27.000
|
11.900 |
17.500 |
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Total
Current Liabilities |
142.600
|
75.400 |
73.100 |
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Net Current Assets |
49.500
|
76.500 |
37.300 |
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MISCELLANEOUS EXPENSES |
8.400 |
1.000 |
0.000 |
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TOTAL |
228.900 |
113.500 |
60.400 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
278.400 |
277.700 |
200.700 |
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Other Income |
3.400 |
0.900 |
0.400 |
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Stock adjustments |
1.500 |
[1.100] |
9.300 |
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Total Income |
283.300 |
277.500 |
210.400 |
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Profit/(Loss) Before Tax |
44.900 |
31.800 |
12.700 |
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Provision for Taxation |
15.300 |
11.800 |
5.000 |
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Profit/(Loss) After Tax |
29.600 |
20.000 |
7.700 |
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Expenditures : |
|
|
|
|
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|
Raw materials |
164.400 |
192.500 |
142.900 |
|
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Other Manufacturing Expenses |
0.200 |
0.200 |
0.200 |
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Employee cost |
16.600 |
10.100 |
9.100 |
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Selling and administration Expenses |
50.600 |
38.400 |
42.500 |
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|
Interest and financial charges |
0.100 |
0.300 |
0.100 |
|
|
Depreciation |
6.500 |
4.200 |
2.900 |
|
Total Expenditure |
238.400 |
245.700 |
197.700 |
|
QUARTERLY RESULTS
|
Year |
30.09.2007 |
30.06.2007 |
|
Type
|
2nd
Quarter |
1st
Quarter |
|
Sales Turnover |
123.000 |
77.900 |
|
Other Income |
10.300 |
2.800 |
|
Total Income |
133.300 |
80.700 |
|
Total Expenditure |
98.900 |
59.600 |
|
Operating Profit |
34.400 |
21.100 |
|
Interest |
0.500 |
0.400 |
|
Gross Profit |
33.900 |
20.700 |
|
Depreciation |
1.500 |
1.500 |
|
Tax |
3.100 |
4.600 |
|
Reported PAT |
29.300 |
14.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
10.44
|
7.20 |
3.65 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
16.12
|
11.45 |
6.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.63
|
17.93 |
9.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.28 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.66 |
1.23 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
2.01 |
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed assets:
· Land,
· Building,
· Plant and Machinery,
· Office Equipments,
· Furniture and Fixtures,
· Vehicles,
· Computers,
· Office Premises.
SOME OF
THEIR REPUTED CLIENTS
Ø
Bajaj Auto Limited.
Ø
Bharat Pertoleum Corporation Limited
Ø
Bombay Stock Exchange.
Ø
Bsnl
Ø
Glaxo India Limited
Ø
Hindustan Petroleum Corporation Limited
Ø
Hutch India.
Ø
Icici Bank Limited
Ø
Indian Oil Corporation Limited
Ø
Indraprasth Gas Limited
Ø
Mahanagar Gas Limited
Ø
Maruti Udyog Limited
Ø
Ministry Of Defence.
Ø
Mtnl
Ø
National Stock Exchange.
Ø
Nirmal Life Style.
Ø
Oil & Natural Gas Corporation Limited
Ø
Patni Computers.
Ø
Pfizer Limited
Ø
Rolta Limited
Ø
Satyam Capital.
Ø
Tata Infotech.
Ø
Tata Motors Limited
Ø
Tata Teleservice Limited
WEBSITE DETAILS:
Subject is a leading fire protection, a safety, security and Intelligent
Building Management system alongwith High Pressure Seamless Cylinder and
Refuelling systems Company in India and has been operational for the past two
decades. It is a multi product company with an annual turnover exceeding Rs 680
million in the financial year 2005-06. Since the company’s inception their
Chairman who has hand experience in this field has streamed the Company’s
growth and its profit. He has seen to it and insisted on the reliability and
efficiency of the equipment.
To-day the company
is one of the leading engineering companies in the fire protection field and
carries out turnkey project both onshore and offshore, of individual projects
in the rejoin of 100 million rupees. The company with its network and data base
assures all parties of expeditious project completion and system solutions
which are economically viable and are reliable as well as easy to handle to
operate.
Subject expertise and experienced runs into all
fields of design, programming, manufacture, supply, erection and commissioning
of complete turnkey projects and maintenance of these systems so that when
called for in emergency they operate successfully. With its vast experience and
systematic work, NFPIL is now an ISO 9000 Company. The company with its
subsidiary has had a leading position in supply of High Pressure Seamless Steel
Cylinders in the Indian Territory. They have already more than 200000 cylinders in circulation in
India in just 18 months and is growing
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.35 |
|
UK Pound |
1 |
Rs. 80.36 |
|
Euro |
1 |
Rs. 57.62 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|