MIRA
INFORM REPORT
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Report Date : |
13.01.2011 |
IDENTIFICATION DETAILS
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Name : |
NITIN FIRE PROTECTION INDUSTRIES LIMITED |
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Registered Office : |
501, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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 Public Limited Liability company. The company’s shares are listed on stock exchange. |
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Line of Business : |
Manufacturer and Exporter of Fire Fighting Systems and Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba ( 50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The Company can be considered normal 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Sunil |
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Designation : |
Accountant |
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Contact No.: |
91-22-40457010 |
LOCATIONS
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Registered Office / Corporate Office : |
501, |
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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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Area: |
220 sq. ft (Owned) |
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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, |
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Tel. No.: |
91-22-27672592 |
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Area: |
594 sq.mtr (Owned) |
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Factory 2 : |
Shed -6, Phase-I, Duvvada VSEZ, Vishakhapatnam, |
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Factory 3 : |
Plot No. 4, Sector 3, Industrial Area, Parwanoo, District
Solan-173220, |
DIRECTORS
As On : 31.03.2010
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Name : |
Mr. Nitin Mansukhlal Shah |
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Designation : |
Chairman and Managing Director |
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Address : |
B/8, Neelkanth Dharar, 3rd Floor, Garodia
Nagar, |
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Name : |
Mr. Rahul N. Shah |
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Designation : |
Executive Director |
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Name : |
Mr. |
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Designation : |
Independent Director |
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Name : |
Dr. Surendra A Dave |
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Designation : |
Independent Director |
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Name : |
Mr. Kailat H Vaidyanathan |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Ramakant M. Nayak |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Abhishek Srivastava |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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8841500 |
70.15 |
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8841500 |
70.15 |
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Total shareholding of Promoter and Promoter Group (A) |
8841500 |
70.15 |
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(B) Public Shareholding |
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373838 |
2.97 |
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745714 |
5.92 |
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317136 |
2.52 |
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1436688 |
11.40 |
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819571 |
6.50 |
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1354716 |
10.75 |
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53433 |
0.42 |
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97233 |
0.77 |
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49.548 |
0.39 |
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42090 |
0.33 |
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355 |
0.00 |
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Employees |
4387 |
0.03 |
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Directors
and their Relatives and Friends |
853 |
0.01 |
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2324953 |
18.45 |
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Total Public shareholding (B) |
3761641 |
29.85 |
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Total (A)+(B)+(C) |
12603141 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Fire Fighting Systems and Equipments. |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
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Particulars |
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Unit |
Actual
Production |
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Fire Extinguishers |
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Nos. |
9135 |
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CNG cascades |
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Nos. |
3 |
GENERAL INFORMATION
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Customers : |
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Bankers : |
v IDBI Bank Limited, Ghatkopar v
State Bank of |
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Facilities : |
Note : * Includes
buyers credit availed by the Company Details of Secured Loans :
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Tolia and Associates Chartered Accountants |
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Un-incorporated Joint Ventures: |
Oil Block (RJ-ONN-2004/1) |
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Wholly Owned Domestic Subsidiaries : |
· Alert Fire Protection Systems Private Limited · Eurotech Cylinders Private Limited · Logicon Building Systems Private Limited · Nitin Cylinders Limited |
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Wholly Owned Foreign Subsidiaries : |
· Nitin Venutes FZE ·
Nitin Global Private limited, |
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Partnership Firm : |
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Foreign Associate : |
· New Age Company LLC |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60,000,000 |
Equity shares |
Rs.10/- each |
Rs.600.000 millions |
Note : the authorized share capital of Rs. 150000000
divided into 15000000 equity shares of Rs. 10each was increased to Rs. 600.000
millions dividend in to 60.000 millions of Rs.10 each pursuant to a resolution
of shareholders dated August 14, 2009.
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12,603,141 |
Equity shares |
Rs.10/- each |
Rs.126.031
millions |
Notes:
1) Equity shares
issued and subscribed includes following issues for consideration other than
cash:
a. 180,000 Equity
shares of Rs.10 each fully paid up were issued pursuant to a contract.
b. 1,000,000
Equity shares of Rs.10 each fully paid up were issued as bonus shares by
capitalisation of free reserves to shareholders in the ratio of 1:4 equity
shares for every share held in 2001-02.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
126.031 |
126.031 |
126.031 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
969.360 |
904.714 |
806.156 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1095.391 |
1030.745 |
932.187 |
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LOAN FUNDS |
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1] Secured Loans |
367.370 |
33.218 |
19.564 |
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2] Unsecured Loans |
25.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
392.370 |
33.218 |
19.564 |
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DEFERRED TAX LIABILITIES |
0.788 |
1.062 |
1.004 |
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TOTAL |
1488.549 |
1065.025 |
952.755 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.431 |
32.375 |
37.201 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
867.601 |
940.392 |
658.160 |
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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 |
19.569
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104.353
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72.656
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Sundry Debtors |
520.934
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147.105
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121.168
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Cash & Bank Balances |
5.879
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11.721
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172.721
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Other Current Assets |
0.088
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0.820
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0.000
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Loans & Advances |
183.124
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124.365
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75.971
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Total
Current Assets |
729.594
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388.364
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442.516
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
34.012
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19.496
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106.963
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Sundry Creditors |
224.371
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159.739
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0.000
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Provisions |
51.693
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116.871
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78.159
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Total
Current Liabilities |
310.076
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296.106
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185.122
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Net Current Assets |
590.518
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92.258
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257.394
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1488.549 |
1065.025 |
952.755 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
938.945 |
626.506 |
362.694 |
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Other Operating Income |
3.469 |
1.255 |
0.000 |
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Other Income |
0.090 |
37.078 |
24.166 |
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TOTAL |
942.504 |
664.839 |
386.860 |
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Less |
EXPENSES |
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Cost of Materials |
220.944 |
303.339 |
167.157 |
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Purchased of goods for resale |
440.291 |
69.040 |
11.997 |
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Manufacturing Expenses |
109.387 |
104.837 |
81.367 |
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Amortisation of intangible assets |
1.437 |
1.434 |
2.637 |
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TOTAL |
772.109 |
478.650 |
263.158 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
170.395 |
186.189 |
123.702 |
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Less |
FINANCIAL
EXPENSES |
22.905 |
14.621 |
4.479 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
147.490 |
171.568 |
119.223 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.347 |
3.258 |
4.250 |
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PROFIT BEFORE
TAX |
144.143 |
168.310 |
114.973 |
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Less |
TAX (H) |
26.633 |
28.137 |
21.512 |
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PROFIT AFTER TAX
(G-H) (I) |
117.510 |
140.173 |
93.461 |
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Less |
Prior Period
Adjusments |
NA |
NA |
0.210 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
186.326 |
100.639 |
46.879 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
16.000 |
14.500 |
10.000 |
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Dividend |
44.111 |
37.809 |
25.206 |
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Tax on Dividend |
7.497 |
2.177 |
4.284 |
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BALANCE CARRIED
TO THE B/S |
236.228 |
186.326 |
100.640 |
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TOTAL EARNINGS
IN FOREIGN CURRENCY |
451.909 |
215.261 |
32.675 |
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TOTAL IMPORTS |
145.057 |
262.066 |
NA |
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Earnings Per
Share (Rs.) |
9.32 |
11.12 |
7.73 |
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QUARTERLY /
SUMMARISED RESULTS
(Rs.in Millions)
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PARTICULARS |
|
30.06.2010 Unaudited |
30.09.2010 Unaudited |
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|
1st
Quarter |
2nd
Quarter |
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Net Sales |
|
271.680 |
487.980 |
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Total Expenditure |
|
223.200 |
463.040 |
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PBIDT (Excl OI) |
|
48.480 |
24.940 |
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Other Income |
|
0.010 |
35.000 |
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Operating Profit |
|
48.490 |
59.940 |
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Interest |
|
12.010 |
12.710 |
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Exceptional Items |
|
0.000 |
0.000 |
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PBDT |
|
36.480 |
47.230 |
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Depreciation |
|
0.520 |
0.470 |
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Profit Before Tax |
|
35.960 |
46.760 |
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Tax |
|
3.100 |
3.100 |
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Provisions and contingencies |
|
0.000 |
0.000 |
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Profit After Tax |
|
32.860 |
43.660 |
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Net Profit |
|
32.860 |
43.660 |
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
12.47
|
21.08
|
24.16
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Net Profit Margin (PBT/Sales) |
(%) |
15.35
|
26.86
|
31.70
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.97
|
40.00
|
23.97
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.16
|
0.12
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Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
0.32
|
0.22
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Current Ratio (Current Asset/Current Liability) |
|
2.35
|
1.31
|
2.39
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LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject was incorporated on September 4, 1995 in the state of
BACKGROUND
Subject was incorporated in
The company made an initial public offer in May 2007 and its share are
listed for trading on the Bombay Stock Exchange Limited and the National Stock
Exchange Limited.
OPERATIONAL RESULTS AND BUSINESS
The Company
continued to see strong and profitable growth in the Financial Year 2009-10
across all markets
driven by good
performance across all business segments.
The performance of
the Company during the year under report has registered an improvement over the
previous year. Total income during the year ended March 31,2010 stood at
Rs.942.505 millions and registering an increase of 41.76% as compared to the
previous year. As per the Consolidated Financial Statements, the total income
was Rs.3210.740 millions, an registering an increase of 27.67% as compared to
the previous year. The working of the Company is considered satisfactory.
Baring unforeseen circumstances, the Board of Directors are hopeful of better
performance of the Company during the current year
The company is among the leading fire fighting
equipments manufacture ring companies in
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS The Company has six subsidiaries, namely Alert Fire Protection Systems Private Limited, India Eurotech Cylinders Private Limited, india india , Nitin Cylinders Limited, India , Nitin Venture FZE, UAE and Nitin Global Private Limited: Singapore They believe that the presentation of the Consolidated Financial Statement presents a more comprehensive picture rather than the Standalone Financial Statements of the Company and each of its subsidiaries. They therefore, applied to the Ministry of Corporate Affairs, Government of India and sough texemption from the requirement to present detaile dfinancial statements of each subsidiary. Alert Fire Protection Systems Private Limited, India Alert is in the business of purchase and supply of fire alarm and detection equipments, control panels and related components/spare parts which are mainly sourced from UK Eurotech Cylinders Private Limited, India ECPL is in the business of purchase and supply of high pressure seamless/compressed natural gas cylinders (CNG) and valves. The Company’s products are sold under the brand name EURO and basically cater to domestic markets. ECPL supplies the above products to dealers of industrial/medical gases, fire fighting equipments, CNG-NGV vehicles, CNG Cascades etc. Logicon Building Systems Private Limited, India Logicon is in the business of setting up of turnkey contracts for intelligent building management systems, clean agent and fire detection alarm system including water based hydrant systems, CCTV and security systems including designing, integration, installation of such systems and maintenance services. Such systems are used for security and building automation of all kinds of buildings, be it I.T complexes, shopping malls, industrial plant buildings, hospitals, hotels, banks, datacenters etc. Nitin Cylinders Limited, India NCLs business activity is that of manufacture and sale of high pressure seamless (CNG) cylinders with its manufacturing facilities located at Vishakhapatnam Special Economic Zone (VSEZ), Andhra Pradesh and sales being both within and outside India Nitin Venture FZE,UAE(NV) NV is set up in the free trade zone at Jebel Ali, Dubai Nitin Global Pte Limited, Singapore NGPL was incorporated in July 2009 to meet the demands of South-East Asian market and for providing simple, standalone conventional to intelligent, integrated fire protection solutions backed by a product portfolio consisting of complete spectrum of fire and safety products with international approvals. NGPL is strategically placed to be an international one stop source to discerning Customers for conventional to intelligent standalone / integrated fire detection systems, water and gas based fire extinguishing systems, gas detection systems, CCTV, access control & intrusion detection systems, high pressure storage cylinders & accessories and integrated building management systems. There has been nomaterial change in the nature of the business of the subsidiaries. A Statement contamingBrief financial details of the subsidiaries is included in the Annual Report
MANAGEMENT DISCUSSION and
ANALYSIS
Fire has been mankind’s greatest
blessing and at the same time has been a big curse. Fire if uncontrolled can
destroy and finish establishment business and destroy property and life.
Statistically it has been seen that fire per se does destroy life and property
but the hot smoke and toxic gases generated by this uncontrolled fire causes
damage to both life and property. All burring materials whether in office
(wood, paper) or in industry where chemicals and combustible their present
causes release of these gases when ignited. These gases when inhaled cause both
internal and external injuries resulting in short term and long term medical
complications and extreme cause even death. Their job is to detect fires in its
incipient stages so as to control and extinguish fire before it can damage life
and property. With the growth in industry and the equipments used, it becomes
imperative to detect these fires at the earliest stage and its growth.
OPPORTUNITIES AND THREATS :
Their
the strong in the country of industries and more so the field of
telecommunications, IT Industries etc. and the big growth in outstanding as
well as growth in petrochmicals, enterainment, power and other sectors it has
become imperative that reliable and tested system to control fire hazard in
these high value sectors be used. It is also important to realize that should
fire occur in this sector, through the fire damge to capital equipments is high
fire can cause loss of business and closing down of business completely as it
is very difficult to start this operations after loosing data during intensive
fire. In capital industry like petrochemicals and power sector it will take a
very long time to get back in to production apart from the high capital losses.
The Government of India with its stress on industrial growth, encouragement of
special economic zones and encouragement of big foreign players to invest in
the country the fire industry has truly great potential.
OUTLOOK:
Their
industry has very bright and happy outlook both in the long and shout term
periods due to:
a)
Increased usage in awareness m fire
protection. safety’ & security solutions propelled by expansion and new
initiatives both in the government and private sector.
b)
Growth in the Indian economy
c)
Industrial growth, housing sector and
domestic consumption picking up.
d)
Strong emergence of new high growth verticals
like malls, multiplexes. retail chains, manufacturing plants. IT, BPOs, and
Data centers.
e)
Increased demand stemming from the
industrial and retail segment, primarily due to growth of Industrial Sector,
chemicals zones. IT, data canters and retail metros.
f)
Fire protection, safety and security
solution concerns from temples and religious institutions.
g)
Need to upgrade to higher technology of
safety and security solutions.
h)
Refurbishment of obsolete equipment.
As a
result, the industry will grow with the customers demanding for added features,
end to end security and turnkey jobs with package solutions.
Fixed
assets:
· Land,
· Building
· Plant and Machinery
· Office Equipments
· Furniture and Fixtures
· Vehicles
· Computers
· Office Premises
Contingent Liabilities not provided for in respect
of:
(Rs. in millions)
|
Particulars |
2009-2010 |
|
Performance/bid-bond guarantees given by the bankers of the Company. (Fixed deposits deposited Rs.713.915
millions (Rs. 1.435 millions) and mortgage of fixed assets provided). |
77.055 |
|
Corporate financial guarantees provided on behalf of wholly owned
domestic subsidiaries -Limit -Outstanding |
1206.000 662.512 |
|
Standby letter of credit provided on behalf a wholly owned foreign
subsidiary -Limit -Outstanding |
240.000 232.471 |
|
Income tax matter disputed in an appeal |
0.593 |
Note: Contingent liabilities in respect of
above matters arising in the ordinary course of business, it is anticipated
that no material liabilities will arise.
Computation of net profit in accordance with
section 309 (5), 198 and 349 of the Act calculation of Managing Directors and
Whole time Directors Commission:
|
Particulars |
For the year
2009-2010 (Rs. In
Millions) |
For the year
2008-2009 (Rs. In Millions) |
|
Net profit as per profit and loss account |
144.143 |
168.310 |
|
Add : |
|
|
|
Managerial remuneration |
4.485 |
8.593 |
|
Directors sitting fees |
0.099 |
0.143 |
|
Depreciation / amortization charged in the accounts |
4.835 |
4.692 |
|
|
153.562 |
181.738 |
|
Less : |
|
|
|
Depreciation / amortization as per Section 350 of the Act |
4.835 |
4.691 |
|
Surplus on sale of assets |
0.266 |
NA |
|
|
5.102 |
4.691 |
|
Profit as per
section 309 (5), 198 and 349 of the Act |
148.461 |
177.047 |
|
Maximum permissible remuneration to the Managing Director and a Wholetime
Director @ 5% (10%) of the profits computed above |
7.423 |
17.705 |
|
Commission @ 1% of net profit each to the Managing Director and a
Wholetime Director |
1.485 |
3.541 |
Note
:
The figures of the
current year are only in respect of the Managinh Director. Whereas, the
previous year’s figures include also that of a Wholetime Director.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
SEPTEMBER 30, 2010
Consolidated (Rs. In Millions)
|
Particulars |
Quarter Ended |
Half year Ended |
||
|
|
30.09.2010 |
30.09.2009 |
30.09.2010 |
30.09.2009 |
|
|
(Unaudited ) |
|||
|
|
|
|
|
|
|
Net sales/ income from
operations |
1555.455 |
582.373 |
2452.699 |
1118.815 |
|
Other Operating Income |
2.444 |
1.067 |
3.160 |
1.809 |
|
Total Income |
1557.899 |
583.440 |
2455.859 |
1120.624 |
|
Expenditure |
|
|
|
|
|
a) Consumption of materials |
998.584 |
320.955 |
1255.495 |
541.635 |
|
b) Purchase of Traded Goods |
111.907 |
139.579 |
526.362 |
260.641 |
|
b) Employees cost |
79.989 |
22.770 |
106.102 |
45.078 |
|
c) Depreciation |
16.884 |
8.638 |
29.791 |
16.762 |
|
d) Other expenditure |
131.900 |
34.522 |
193.133 |
93.789 |
|
e) increase and Decrease |
22.772 |
(24.557) |
33.192 |
(25.556) |
|
e) Total |
1362.036 |
501.907 |
2144.075 |
932.349 |
|
|
|
|
|
|
|
Profit from operations before other income, interest and exceptional
items |
195.863 |
81.533 |
311.784 |
188.275 |
|
Other income |
4.072 |
7.560 |
15.025 |
16.674 |
|
Profit before
interest and exceptional items |
199.935 |
89.093 |
326.809 |
204.949 |
|
|
|
|
|
|
|
Interest |
27.703 |
19.573 |
60.115 |
32.865 |
|
|
|
|
|
|
|
Profit after
interest but before Exceptional items |
172.232 |
69.520 |
266.694 |
172.084 |
|
Exceptional Items |
(14.402) |
-- |
-- |
-- |
|
Profit/ (Loss)
from ordinary Activities before tax |
157.830 |
69.520 |
266.694 |
172.084 |
|
Tax expenses |
14.075 |
8.670 |
26.600 |
27.070 |
|
Net Profit/ (Loss)
from ordinary Activities after tax |
143.755 |
60.850 |
240.094 |
145.014 |
|
Extraordinary Items |
(6.118) |
-- |
(6.118) |
-- |
|
Net Profit/
(Loss) for the period |
137.637 |
60.850 |
233.976 |
145.014 |
|
|
|
|
|
|
|
Paid up Equity share capital |
126.031 |
126.031 |
126.031 |
126.031 |
|
Reserve excluding Revaluation Reserve |
-- |
-- |
-- |
-- |
|
Earning per share (EPS) Basic and Diluted EPS before Extraordinary Items for the year and for the
previous year (not to be annualized) |
10.92 |
4.83 |
18.56 |
11.51 |
|
Earning per share (EPS) Basic and Diluted EPS after Extraordinary Items for the year and for
the previous year (not to be annualized) |
10.92 |
4.83 |
18.56 |
11.51 |
|
|
|
|
|
|
|
Public Share
holding |
|
|
|
|
|
Number of Shares of |
3762000 |
3774000 |
3762000 |
3774000 |
|
Percentage of shareholding |
29.85% |
29.85% |
9.85% |
29.85% |
|
|
|
|
|
|
|
Promoters and promoters group shareholding |
|
|
|
|
|
a) Pledge / Encumbered |
|
|
|
|
|
Number of Shares |
1304000 |
Nil |
1304000 |
Nil |
|
% of Shares as (as a percentage of the total shareholding of the
promoter group) |
14.75% |
Nil |
14.75% |
Nil |
|
Percentage of Shares (as a percentage of the total share capital of
the company) |
10.35% |
Nil |
10.35% |
Nil |
|
Non Encumbered |
|
|
|
|
|
Number of Shares |
7537141 |
8829141 |
7537141 |
8829141 |
|
% of Shares as (as a percentage of the total shareholding of the
promoter group) |
85.25% |
100.00% |
85.25% |
100.00% |
|
Percentage of Shares (as a percentage of the total share capital of
the company) |
59.80% |
70.05% |
59.80% |
70.05% |
|
SEGMENT INFORMATION |
Quarter Ended |
Half year Ended |
||
|
|
30.09.2010 |
30.09.2009 |
30.09.2010 |
30.09.2009 |
|
|
(Unaudited ) (Rs. In Millions) |
|||
|
Segment Sales |
|
|
|
|
|
Domestic |
334.310 |
337.960 |
662.412 |
622.429 |
|
International |
1221.142 |
244.413 |
1800.287 |
496.386 |
|
Segment Assets |
|
|
|
|
|
Domestic |
17.432 |
5.687 |
329.494 |
492.810 |
|
International |
33.793 |
171.197 |
1010.180 |
419.401 |
|
|
|
|
|
|
STATEMENT OF ASSETS & LIABILITIES AS AT
SEPTEMBER 30, 2010 (CONSOLIDATED)
(Rs.
In Millions)
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
126.031 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1924.319 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2050.350 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1191.036 |
|
|
2] Unsecured Loans |
|
|
398.384 |
|
|
TOTAL BORROWING |
|
|
1589.420 |
|
|
DEFERRED TAX LIABILITIES |
|
|
26.460 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3695.849 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2095.624 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
155.611 |
|
|
DEFERREX TAX ASSETS |
|
|
0.142 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1257.496 |
|
|
Sundry Debtors |
|
|
1714.047 |
|
|
Cash & Bank Balances |
|
|
276.938 |
|
|
Other Current Assets |
|
|
10.462 |
|
|
Loans & Advances |
|
|
4.23.576 |
|
Total
Current Assets |
|
|
3682.519 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
|
|
2141.407 |
|
|
Provisions |
|
|
96.640 |
|
Total
Current Liabilities |
|
|
2238.047 |
|
|
Net Current Assets |
|
|
1444.472 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3695.849 |
|
Note
:
1 The above results were reviewed by the Audit
Committee, taken on record by the Board of Directors at its Meeting held on
November 3, 2010 and have been subjected to Limited Review by the Statutory
Auditors.
2 The results for the current period's
include unaudited results of the Company; its wholly owned subsidiaries, a step
down foreign subsidiary and an un-incorporated Joint Venture (together
considered as ‘Group’).
3 There were no requests / grievances from
investors outstanding at the beginning of the quarter. The Company had received
five requests / grievances from the shareholders during the quarter and all
were resolved. No complaints/grievances were pending to be resolved at the end
of the quarter.
4 Disclosure pursuant to SEBI regulations:
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Half year Ended |
||
|
|
30.09.2010 |
30.09.2009 |
30.09.2010 |
30.09.2009 |
|
|
(Unaudited ) |
|||
|
Turnover/Total Income |
522.984 |
161.853 |
794.672 |
127.626 |
|
Before Tax |
46.760 |
16.276 |
82.716 |
33.090 |
|
Profit After Tax |
43.660 |
14.276 |
76.516 |
27.090 |
5 The shares pledged as reflected in 18 a) above by a promoter of the
Company are to a bank for credit facilities availed by the Company and extended
to wholly owned subsidiaries.
6 Provision for deferred tax charge/credit
will be recognized at the year end.
7 Figures of the current period's are not
comparable with the corresponding previous period's due to New Age Company LLC
becoming a step down subsidiary effective April 1, 2010 prior to which it was a
foreign associate.
8 The record date for share split from face
value of Rs.10 each to Rs.2 each is November 8, 2010.
9 Corresponding previous period's figures are regrouped wherever
considered necessary.
WEBSITE DETAILS:
About
Group Company:
Subject
is a leading fire protection, a safety, securities and Intelligent Building
Management system, High Pressure Seamless Cylinder and Refueling systems
company in
Milestones:
1980
Nitin Industries was founded by Mr. Nitin Shah, which started its
business with manufacturing of fire extinguishers and fire fighting equipments.
The company continued its journey by gaining expertise in the field of fire
fighting equipments, fire detection and protection.
1995
After the flourishing presence in the industry for more than a decade Nitin Industries name was changed to Nitin Fire Protection Industries Limited
(NFPIL). The new company took over as a rising industry with all the
assets and liabilities of Nitin
Industries.
1996
NFPIL was the first company in
2004
NFPIL is associated with Beijing
Tianhai Industry Company Limited (B.T.I.C),
Some of the esteemed customers are INOX Air Products, Indraprastha Gas Limited
(IGL), BOC, Praxair, Air Liquide etc.
2006
NFPIL diversified into Compressed
Natural Gas (CNG) Sector by laying the foundation of one of its group company
named Nitin Cylinders Limited,
Manufacturer’s of High Pressure Seamless Cylinders, having manufacturing
facility at Vishakapatnam SEZ,
2007
NFPIL has joined with major
petroleum companies, which are engaged in exploration and prospecting of crude
oil block in
NFPIL picked up 10% stake in the
consortium along with petroleum giants such as GSPC, GAIL, HPCL, BPCL,
HALLWORTHY and SILVERWARE.
Under NELP VI of the Government of India, NFPIL along with the six others in consortium has been awarded the
contract in March 2007 for the exploration and prospecting of crude oil from
Oil Block No. RJ-ONN-2004/1 admeasuring a contract area of 4,613 sq. km. The
estimated reserve of this oil block as per Government of India is 22 million
barrels of crude.
2008
COMMERCIAL PRODUCTION and EXPORTS:
NFPIL’s 100% subsidiary Nitin Cylinders Limited (NCL) plant
commissioned and started the commercial production and also executed its first
export order of Malyasia on 29th February 2008.
NCL started its commercial
production within 18 months from the date of incorporation.
INTERNATIONAL APPROVALS:
NFPIL received approval from Loss Prevention
Certification Board of UK (LPCB) for their ozone friendly Gaseous Fire
Suppression Systems (HFC227ea and Novec 1230) for National and International
Market.
NFPIL is the only one Fire
Protection Company in
NFPIL GOES GLOBAL:
NFPIL’s 100% subsidiary Nitin Ventures FZE (UAE) acquired 40%
stake in a Dubai based fire protection company ‘NEW AGE COMPANY – LLC’ which is professional Fire protection
engineering company providing equipments, Fire protection system, Fire
detection system, Emergency lighting system, Water mist fire protection system
etc. with over three decades of experience and wide range of installed base. New Age Company LLC was established in
1976 at UAE and having office and representation in
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice
information has been collected from various sources including but not limited
to: The Courts,
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.