|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
NITIN FIRE PROTECTION INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
501, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-92323 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.441.105 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29193MH1995PLC092323 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN1967G |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Fire Fighting Systems and
Equipment’s. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6016872 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track. Overall financials of the company to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the traqde deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court has
barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate Credit quality and average credit risk. |
|
|
|
|
Rating |
Short Term Rating: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
15.11.2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Corporate Office : |
501, |
|
Tel. No.: |
91-22-40457000/25700392 |
|
Fax No.: |
91-22-25701110/25701110 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
A/117, TCC. Industrial Area, |
|
Tel. No.: |
91-22-27672592 |
|
Area: |
594 sq.mtr (Owned) |
|
|
|
|
Factory 2 : |
Shed -6, Phase-I, Duvvada VSEZ, Vishakhapatnam, |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Nitin Mansukhlal Shah |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B/8, Neelkanth Dharar, 3rd Floor, Garodia
Nagar, |
|
|
|
|
Name : |
Mr. Rahul N. Shah |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Surendra A Dave |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Kailat H Vaidyanathan |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Ramakant M. Nayak |
|
Designation : |
Independent Director |
|
|
|
|
|
|
|
Name : |
Mr. Satish |
|
Designation : |
Independent Director |
|
|
|
|
|
|
|
Name : |
Mr. Kunal N Shah |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Srivastava |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Group |
|
|
|
1) Indian |
|
|
|
a) Individuals / Hindu Undivided Family |
157495872 |
71.41 |
|
2) Foreign |
|
|
|
|
|
|
|
(B) Public Shareholdings |
|
|
|
1) Institutions |
|
|
|
a) Financial Institutions/Banks |
7520 |
0.00 |
|
b) Foreign Institutional Investors |
29749155 |
13.49 |
|
|
|
|
|
2) Non – Institution |
|
|
|
a) Bodies corporate |
7754799 |
3.52 |
|
|
|
|
|
b) Individuals |
|
|
|
i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
7410559 |
3.36 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
16638707 |
7.54 |
|
|
|
|
|
c) Any other |
|
|
|
i) Clearing Member |
174592 |
0.08 |
|
ii) Non Residence Indians |
1289052 |
0.58 |
|
iii) Trusts |
962 |
0.00 |
|
iv) Employees |
16549 |
0.01 |
|
v) Directors & their Relatives & Friends |
14927 |
0.04 |
|
|
|
|
|
Total |
220552694 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Fire Fighting Systems and Equipments. |
||||
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||||
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Products : |
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||||
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|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
|
Bankers : |
·
IDBI Bank Limited ·
Axis Bank Limited ·
Bank of Baroda ·
Yes Bank |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Facilities: |
· Vehicle loans from a bank is secured by the hypothecation of the underlying asset and has a maturity period up to three years. ·
Loan is payable in thirty-six installments of
Rs.56,580 each. · IDBI Bank Limited: · Primary security: First pari pasu charge on inventory and book debts and entire movable assets of the Company, both present and future. · Collateral security: First pari passu charge on the movable and immovable fixed assets of the Company both present and future including its location at its factory at A-117, TTC Industrial Area, Pawana Village, Navi Mumbai and office premises at 501/502 Delta, Technology Street, Hiranandani Gardens, Powai, Mumbai 400076, equitable mortgage (first charge) of premises belonging to a domestic subsidiary viz. Eurotech Cylinders Private Limited located at EL-29, TTC Industrial Area, Mahape, Navi Mumbai 400 701. Personal guarantees of the Managing Director and a Whole Time Director aggregating to Rs.1600.000 Millions (P.Y. Rs.1270.000 Millions) and pledge of 14,070,000 (14,070,000) shares of the Company (belonging to the promoters of the Company). · Credit facilities availed: Working capital loan, stand by letter of credit and other non-fund based facilities. ·
Axis Bank Limited: ·
Primary security: First pari passu charge on
the current assets of the Company, both present and future, negative lien on the receivables of a foreign subsidiary viz. Nitin
Ventures Fze. ·
Collateral
security: Pari passu charge on the fixed assets of the Company at its factory
at A-117,TTC Industrial area, Pawana Village, Navi Mumbai and also pari passu
charge on office premises at 501/502 Delta Technology Street, Hiranandani
Gardens, Powai and pledge of 12,500,000 (26,250,000)
shares of the Company (belonging to the promoters of the Company) and
personal guarantees of the Managing Director and a Whole Time Director
aggregating to Rs.1485.000 Millions (P.Y. Rs.1,235.000 Millions). ·
Credit
facilities availed Working capital loan, stand by letter of credit and other non-fund
based facilities. ·
Yes
Bank Limited: ·
Primary
security: First pari pasu charge on inventory and book debts and entire
movable assets of the Company, both present and future. ·
Collateral
security: First pari passu charge on the movable and immovable fixed assets
of the Company both present and future including its location at its factory
at A-117, TTC Industrial Area, Pawana Village, Navi Mumbai and office
premises at 501/502 Delta, Technology Street, Hiranandani Gardens, Powai,
Mumbai 400076. Personal guarantee of a Whole Time Director aggregating to Rs. 430.000
Millions (P.Y. Rs.700.000 Millions) and pledge of 10,100,000 (P.Y.
27,000,000) shares of the Company (belonging to the promoters of the
Company). ·
Credit
facilities availed: Working capital loan, stand by letter of credit and other non-fund
based facilities. ·
Bank
of Baroda ·
Primary
security: First pari passu charge on the inventory and book debts and entire
movable assets of the Company , both present and future with other consortium member banks. ·
Collateral
security: First pari passu charge on the movable and immovable fixed assets
of the Company both present and future including its location at its factory
at A-117, TTC Industrial Area, Pawana Village, Navi Mumbai and office
premises at 501/502 Delta, Technology Street, Hiranandani Gardens, Powai,
Mumbai 400076. Personal guarantee of a Whole Time Director aggregating to Rs.890.000
Millions (P.Y. Rs.Nil) . ·
Credit
facilities availed: Working capital loan, stand by letter of credit and other non-fund
based facilities. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Co. Chartered Accountants |
|
|
|
|
Domestic subsidiaries: |
·
Eurotech Cylinders Private Limited ·
Nitin Fire Protection Appliances Private Limited
(effective April 20,2012) ·
Nitin Fire Protection Systems Private Limited
(effective May 3, 2012) |
|
|
|
|
Foreign subsidiaries: |
·
Nitin Global Pte Limited, Singapore ·
Nitin Global Pte Limited, Singapore |
|
|
|
|
Step down foreign subsidiary: |
New Age Company LLC, UAE |
|
|
|
|
Un-incorporated joint venture: |
Oil Block (RJ-ONN-2004/1) |
|
|
|
|
Associates: |
Worthington Nitin Cylinders Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
301750000 |
Equity Shares |
Rs.2/- each |
Rs.603.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
220552694 |
Equity Shares |
Rs.20/- each |
Rs.441.105
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2011 |
31.03.2010 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
441.105 |
441.105 |
126.031 |
|
(b) Reserves & Surplus |
1063.113 |
940.147 |
1138.032 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
0.000 |
0.000 |
0.0000 |
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1504.218 |
1381.252 |
1264.063 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.741 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1.000 |
2.566 |
2.054 |
|
(c) Other long term liabilities |
0.200 |
0.200 |
0.000 |
|
(d) long-term provisions |
0.526 |
0.097 |
0.000 |
|
Total Non-current Liabilities (3) |
2.467 |
2.863 |
2.054 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2206.370 |
1802.717 |
479.082 |
|
(b) Trade payables |
340.283 |
135.120 |
266.189 |
|
(c) Other current
liabilities |
38.079 |
55.845 |
121.136 |
|
(d) Short-term provisions |
61.677 |
104.178 |
74.596 |
|
Total Current Liabilities (4) |
2646.409 |
2097.860 |
941.003 |
|
|
|
|
|
|
TOTAL |
4153.095 |
3481.976 |
2207.120 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
125.531 |
110.249 |
25.037 |
|
(ii) Intangible Assets |
0.000 |
0.794 |
1.750 |
|
(iii) Capital
work-in-progress |
0.000 |
22.577 |
0.000 |
|
(iv) Intangible
assets under development |
227.503 |
187.530 |
0.000 |
|
(b) Non-current Investments |
591.852 |
655.791 |
638.393 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
97.305 |
32.937 |
6.379 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1042.191 |
1009.878 |
671.559 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
757.433 |
1454.242 |
394.515 |
|
(c) Trade receivables |
1755.484 |
464.035 |
825.369 |
|
(d) Cash and cash
equivalents |
530.182 |
151.409 |
46.033 |
|
(e) Short-term loans and
advances |
59.167 |
391.579 |
259.308 |
|
(f) Other current assets |
8.639 |
10.831 |
10.336 |
|
Total Current Assets |
3110.905 |
2472.096 |
1535.561 |
|
|
|
|
|
|
TOTAL |
4153.095 |
3481.976 |
2207.120 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3520.392 |
1634.656 |
1465.040 |
|
|
|
Other Operating Income |
0.224 |
0.000 |
0.000 |
|
|
|
Other Income |
108.063 |
18.887 |
157.488 |
|
|
|
TOTAL (A) |
3628.679 |
1653.543 |
1622.528 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials and components consumed |
1981.919 |
1068.909 |
982.268 |
|
|
|
Purchases of traded goods |
981.536 |
140.734 |
176.386 |
|
|
|
Changes in inventory of stock in trade |
8.823 |
(12.619) |
0.000 |
|
|
|
Employee benefits expense |
68.749 |
66.757 |
42.927 |
|
|
|
Other Expenses |
167.990 |
146.521 |
75.641 |
|
|
|
TOTAL (B) |
3209.017 |
1410.302 |
1277.222 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
419.662 |
243.241 |
345.306 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
187.143 |
107.407 |
59.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
232.519 |
135.834 |
285.534 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.501 |
9.975 |
2.833 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
222.018 |
125.859 |
282.701 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
46.633 |
25.306 |
45.519 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
175.385 |
100.553 |
237.182 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
365.615 |
382.235 |
236.228 |
|
|
|
|
|
|
|
|
|
|
Surplus on Amalgamation |
0.000 |
(6.641) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
8.000 |
23.750 |
|
|
|
Dividend |
44.110 |
88.221 |
63.015 |
|
|
|
Tax on Dividend |
7.497 |
14.312 |
4.410 |
|
|
BALANCE CARRIED
TO THE B/S |
489.393 |
365.614 |
382.235 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2301.502 |
732.068 |
884.963 |
|
|
TOTAL EARNINGS |
2301.502 |
732.068 |
884.963 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
635.711 |
1632.096 |
1126.695 |
|
|
|
Traded Goods |
931.862 |
103.102 |
0.000 |
|
|
TOTAL IMPORTS |
1567.573 |
1735.198 |
1126.695 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.80 |
0.46 |
1.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.83
|
6.08 |
14.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.31
|
7.70 |
19.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.66
|
4.81 |
18.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.09 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47
|
1.30 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.18 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BACKGROUND AND NATURE OF OPERATIONS:
Subject was
incorporated in Mumbai, India on September 4, 1995 as a public limited company
under the ‘Companies Act, 1956’ (the ‘Act’). The subject business activity is
that of manufacturing fire fighting equipment (gas based and water based fire
extinguishers) under the brand name ‘NITIE’ (also certified by the Bureau of
Indian Standard (BIS)), providing turnkey solutions including procurement,
designing, system integration, commissioning and installation of safety and
security solutions, manufacturing compressed natural gas (CNG) cascades and
execution of annual maintenance contracts for fire protection systems. The
Company undertakes above activities from Maharashtra and Andhra Pradesh and has
marketing offices in Maharashtra and Tamil Nadu. As part of its business
activities, the subject has formed/acquired domestic/foreign subsidiaries
(including a step down foreign subsidiary), has a stake in an associate and
invested in a non-integrated un-incorporated joint venture for crude oil. NFPIL
is a ISO 9001:2000 certified Company, is authorised to use LPCB mark for its
various fire fighting systems and some of its products used in fire fighting
systems are UL approved. The subject made an initial public offer (‘IPO’) in
May 2007 and its shares are listed on the Bombay Stock Exchange Limited and the
National Stock Exchange Limited.
OPERATION RESULTS AND BUSINESS
The Company continued to see strong and profitable growth in the Financial Year 2012-13 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, 2013 stood at Rs.3628.679 Millions registering an increase of 119.45% as compared to the previous year. As per the Consolidated Financial Statements, total income was Rs.7229.354 Millions registering an increase of 34.11% as compared to the previous year. The working of the Company is considered satisfactory. Barring 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 equipment manufacturing companies in India and continues to retain its leadership position among the Indian companies. It has continued to win new engagements and grow existing relationships in the traditional area of development, manufacturing and distribution of fire protection and electronic security systems, CNG cascades, commissioning and installation of safety and security solutions and execution of annual maintenance contracts for fire protection systems. It provides automated water and gas based fire suppression systems along with fire detection and security systems on turnkey basis. The broad range of products and services enables the Company to provide “end -to-end” services to its customers, combined with its industry focus and its geographical spread, the Company is able to provide comprehensive and high value added services to its customers. Considering the need to deepen relationships with customers in the industry, to acquire new customers in the markets where the Company is already a significant force and to expand in emerging markets.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT:
The ability to create fire proved a great boon
to mankind, but it also a curse if not controlled. Fire to control whether
malicious or accidental can cause loss of life and immense damage and to loss
business and property.
They at Nitin Fire are committed to the
detection of fires at the earliest in the initial stages and to control it to
limit the loss of life and property.
OPPORTUNITIES
With rapid and mass movement of the rural
population in to the cities to feed the requirement of manpower for the rapid
industrialization and in consequence to feed growing labour requirement for
both industrial and housing projects, fire protection and prevention has become
an integral part of all buildings, whether industrial, commercial or
residential. Within the education and greater travel of their population, there
has been a geometrical race of awareness in their people regarding the
provision / installation and management of fire detection and fire protection.
This has calls the market to grow drastically.
India is on growth path, (although of late,
the growth has slow down) it has made rapid strides in the field of
Manufacturing, Biotechnology, Information Technology, Telecommunication and
Pharmaceuticals. Specialize fields like Petrochemicals, Refineries, reactive
metals and huge growth in transportation sector as well as in the aviation
sector combined with the railways have created new and vast opportunity for the
fire protection industry innovate and expand.
FUTURE GROWTH
The Government has and is continually
regulating and making strict new rules regarding fire safety, life safety and
fire protection and residential commercial as well as industrial building.
With spread of education and travel the
end-user is becoming more aware and is looking for safety and security of the
property and safety of its people. The new area of asset managers and insurance
companies and also insisting all stringed requirements of Fire Detection and
Fire Alarm. With in the growth of new and fancy multiplexes and malls and high
end residential foundation as well as growth of IT Sectors, BPOs, and other
electronic centers the requirement of fire detection and protection is becoming
more pronounced.
The government regulation including
Maharashtra new regulation have lead down stringed conditions the failure of
which result in heavy penalties and in some cases even jail terms has made
end-users at they more aware the requirement.
INTERNAL CONTROL SYSTEM
The company has well structured organization
which lays of entire controls and check and balances to see an oversee the
efficient running of the organization. The company's through its internal
controls is organized to recognized and follow all the rules and regulations both
in law and sprit has lay down by the regulatory authorities.
The Company lays particular stress on
regulations regarding protection of property and assets and following and
reporting financial transactions has specified under the law.
The above controls are being causing review
and auditor by internal auditors and by auditing committees laid down by the
management. All documented policy, prescribed guidelines and the various
procedures and activities of the company are covered by internal audit system.
The internal audit system also audits and
examines the orders/ purchasers as well as accounts and financial.
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10414944 |
18/09/2013 * |
3,215,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, |
B85706661 |
|
2 |
10330077 |
25/03/2013 * |
1,060,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, |
B71802615 |
|
3 |
10224210 |
18/05/2010 |
75,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha |
A87157145 |
|
4 |
10213256 |
23/02/2010 |
340,000,000.00 |
Axis Bank Limited |
Ground Floor, Venture Central Avenue,, Hiranadani |
A83390807 |
|
5 |
10113719 |
14/06/2008 |
12,500,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha |
A41786484 |
|
6 |
10062665 |
30/11/2012 * |
1,600,000,000.00 |
IDBI Bank Limited |
47 OPUS Centre, Ground Floor, Central Road,, opp. |
B63123301 |
|
7 |
10045749 |
15/09/2010 * |
250,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha |
A95993200 |
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.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.