MIRA
INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
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) : |
31.03.2013 |
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Date of
Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
11-92323 |
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Capital
Investment / Paid-up Capital : |
Rs.441.105 Millions |
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CIN No.: [Company Identification
No.] |
L29193MH1995PLC092323 |
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PAN No.: [Permanent Account No.] |
AAACN1967G |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Fire Fighting Systems and
Equipment’s. |
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No. of Employees
: |
Information denied by the management. |
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 6016800 |
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Status : |
Satisfactory |
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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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 |
17.07.2013 |
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.
INFORMATION DECLINED
Management non co-operative [91-22-40457000]
LOCATIONS
|
Registered Office / Corporate Office : |
501, |
|
Tel. No.: |
91-22-40457000/25700392 |
|
Fax No.: |
91-22-25701110/25701110 |
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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, |
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 |
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|
Name : |
Mr. |
|
Designation : |
Independent Director |
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|
Name : |
Dr. Surendra A Dave |
|
Designation : |
Independent Director |
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Name : |
Mr. Kailat H Vaidyanathan |
|
Designation : |
Non-Executive Director |
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Name : |
Mr. Ramakant M. Nayak |
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Designation : |
Independent Director |
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Name : |
Mr. Satish |
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Designation : |
Independent Director |
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Name : |
Mr. Kunal N Shah |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Srivastava |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
157495872 |
71.85 |
|
|
157495872 |
71.85 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
157495872 |
71.85 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
14971 |
0.01 |
|
|
30283155 |
13.81 |
|
|
30298126 |
13.82 |
|
|
|
|
|
|
6519081 |
2.97 |
|
|
|
|
|
|
7273010 |
3.32 |
|
|
15257815 |
6.96 |
|
|
2362207 |
1.08 |
|
|
1066003 |
0.49 |
|
|
1263766 |
0.58 |
|
|
962 |
0.00 |
|
|
16549 |
0.01 |
|
|
14927 |
0.01 |
|
|
31412113 |
14.33 |
|
Total Public shareholding (B) |
61710239 |
28.15 |
|
Total (A)+(B) |
219206111 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
219206111 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES)
OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Saroj N Shah |
4,59,34,437 |
20.95 |
|
2 |
Nitin Mansuklal Shah |
3,16,17,327 |
14.42 |
|
3 |
Kunal Nitin Shah Alias Sanghavi |
2,30,04,750 |
10.49 |
|
4 |
Rahul Nitin Shah |
1,41,06,000 |
6.44 |
|
5 |
Nitin Mansuklal Shah |
1,26,71,799 |
5.78 |
|
6 |
Nitin Mansuklal Shah Karta |
1,02,21,000 |
4.66 |
|
7 |
Reshma Nitin Shah |
93,97,500 |
4.29 |
|
8 |
Rahul Nitin Sanghavi Karta |
91,69,771 |
4.18 |
|
9 |
Nitin Mansuklal Shah |
8,00,000 |
0.36 |
|
10 |
Saroj N Shah |
5,38,288 |
0.25 |
|
11 |
Rahul Nitin Shah |
17,500 |
0.01 |
|
12 |
Reshma Nitin Shah |
17,500 |
0.01 |
|
|
Total |
15,74,95,872 |
71.85 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Orange Mauritius Investments Limited |
10252762 |
4.68 |
|
2 |
Elara Capital PLC A/c Vespera Fund Limited |
5401916 |
2.46 |
|
3 |
Emerging India Focus Funds |
4767244 |
2.17 |
|
4 |
A C Sekar |
4414497 |
2.01 |
|
5 |
ITF Mauritius |
3993857 |
1.82 |
|
6 |
Elara India Opportunities Fund Limited |
2812428 |
1.28 |
|
|
Total |
31642704 |
14.44 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Fire Fighting Systems and Equipments. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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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. |
|
|
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|
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.2/- each |
Rs.441.105
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
441.105 |
441.105 |
|
(b) Reserves &
Surplus |
|
1063.114 |
940.147 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
1504.219 |
1381.252 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.741 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
1.000 |
2.566 |
|
(c) Other long term
liabilities |
|
0.200 |
0.200 |
|
(d) long-term provisions |
|
0.526 |
0.097 |
|
Total Non-current
Liabilities (3) |
|
2.467 |
2.863 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2206.371 |
1802.717 |
|
(b) Trade payables |
|
340.284 |
135.121 |
|
(c) Other current
liabilities |
|
38.079 |
55.845 |
|
(d) Short-term provisions |
|
61.677 |
104.178 |
|
Total Current Liabilities
(4) |
|
2646.411 |
2097.861 |
|
|
|
|
|
|
TOTAL |
|
4153.097 |
3481.976 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
125.531 |
110.249 |
|
(ii) Intangible Assets |
|
0.000 |
0.794 |
|
(iii) Capital
work-in-progress |
|
0.000 |
22.578 |
|
(iv) Intangible assets under
development |
|
227.503 |
187.530 |
|
(b) Non-current
Investments |
|
591.853 |
655.792 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
97.305 |
32.937 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
1042.192 |
1009.880 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
757.433 |
1454.242 |
|
(c) Trade receivables |
|
1755.484 |
464.035 |
|
(d) Cash and cash
equivalents |
|
530.182 |
151.409 |
|
(e) Short-term loans and
advances |
|
59.167 |
391.579 |
|
(f) Other current assets |
|
8.639 |
10.831 |
|
Total Current Assets |
|
3110.905 |
2472.096 |
|
|
|
|
|
|
TOTAL |
|
4153.097 |
3481.976 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
126.031 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1138.032 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1264.063 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
479.082 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
479.082 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2.054 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1745.199 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
26.787 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
638.393 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
394.515 |
|
|
Sundry Debtors |
|
|
825.370 |
|
|
Cash & Bank Balances |
|
|
46.070 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
275.986 |
|
Total
Current Assets |
|
|
1541.941 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
235.988 |
|
|
Other Current Liabilities |
|
|
151.338 |
|
|
Provisions |
|
|
74.596 |
|
Total
Current Liabilities |
|
|
461.922 |
|
|
Net Current Assets |
|
|
1080.019 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1745.199 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
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) |
187.144 |
107.407 |
59.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
232.518 |
135.834 |
285.534 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.501 |
9.975 |
2.833 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
222.017 |
125.859 |
282.701 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
46.632 |
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 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
844.200 |
1456.300 |
703.900 |
|
Total Expenditure |
747.900 |
1350.700 |
596.700 |
|
PBIDT (Excl OI) |
96.300 |
105.600 |
107.200 |
|
Other Income |
08.400 |
(03.800) |
10.000 |
|
Operating Profit |
104.600 |
101.800 |
117.200 |
|
Interest |
32.300 |
43.200 |
68.900 |
|
Exceptional Items |
(43.900) |
(07.500) |
06.700 |
|
PBDT |
28.500 |
51.000 |
55.000 |
|
Depreciation |
03.000 |
02.800 |
02.900 |
|
Profit Before Tax |
25.500 |
48.200 |
52.000 |
|
Tax |
06.600 |
09.700 |
09.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
19.000 |
38.600 |
42.900 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
19.000 |
38.600 |
42.900 |
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
|
441.105 |
441.105 |
|
Reserves & Surplus |
|
940.147 |
1,063.114 |
|
Net worth |
|
1,381.252 |
1,504.219 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
0.741 |
|
Short term borrowings |
|
1,802.717 |
2,206.371 |
|
Total borrowings |
|
1,802.717 |
2,207.112 |
|
Debt/Equity ratio |
|
1.305 |
1.467 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1465.040 |
1634.656 |
3520.392 |
|
|
|
11.578 |
115.360 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1465.040 |
1634.656 |
3520.392 |
|
Profit |
237.182 |
100.553 |
175.385 |
|
|
16.19% |
6.15% |
4.98% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
0.565 |
0.974 |
NA |
|
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 |
No |
|
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 |
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 FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025,
MAHARASHTRA, INDIA |
B85706661 |
|
2 |
10330077 |
25/03/2013 * |
1,060,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025,
MAHARASHTRA, INDIA |
B71802615 |
|
3 |
10224210 |
18/05/2010 |
75,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
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 - 400005, MAHARASHTRA, INDIA |
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 - 400005, MAHARASHTRA, INDIA |
A95993200 |
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.
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.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
NO |
|
--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.