MIRA INFORM REPORT
|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
NITIN FIRE PROTECTION INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
501, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-92323 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.438.412 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. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Fire Fighting Systems and
Equipment’s. |
|
|
|
|
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having satisfactory track. Overall financial position of the company is sound and healthy. 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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines Ltd
grounded in October 2012 under the weight of heavy debt and accumulated losses,
recently approached the Delhi high court for relief in two separate cases. The
airline challenged a notice by Punjab & National Bank alleging that It had
illfully defaulted on Rs 7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate Credit quality and average credit risk. |
|
Date |
17.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
17.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management Non Cooperative (91-22-40457000)
LOCATIONS
|
Registered Office / Corporate Office : |
501, |
|
Tel. No.: |
91-22-40457000/25700392 |
|
Fax No.: |
91-22-25701110/25701110 |
|
E-Mail : |
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|
Website : |
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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, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Nitin M. Shah |
|
Designation : |
Non-Executive Chairman
and Director |
|
Address : |
B/8, Neelkanth Dharar, 3rd Floor, Garodia Nagar,
90 Feet Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
10.06.1957 |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Date of Appointment : |
01.04.2006 |
|
DIN No.: |
00073232 |
|
|
|
|
Name : |
Mr. Rahul N. Shah |
|
Designation : |
Whole-time Director and
Key Managerial Personnel (w.e.f. August 14, 2014) |
|
Date of Birth/Age : |
01.08.1978 |
|
Qualification : |
Graduate in Commerce and Diploma in Business Management |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
00073226 |
|
|
|
|
Name : |
Mr. Kunal N. Shah |
|
Designation : |
Whole-time Director
(w.e.f. August 14, 2014) |
|
Date of Birth/Age : |
13.11.1984 |
|
Qualification : |
Engineer in Electronics and Tele Communications |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
00077216 |
|
|
|
|
Name : |
Mr. Kailat H.
Vaidyanathan |
|
Designation : |
Non-Executive Director |
|
DIN No.: |
00077323 |
|
|
|
|
Name : |
Mr. Krishna Kant Jha |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
18.08.1945 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
10.04.2006 |
|
DIN No.: |
02816500 |
|
|
|
|
Name : |
Mr. Ramakant M. Nayak |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
30.06.1945 |
|
Qualification : |
Degrees in Science and Law and Diploma in Marketing |
|
Date of Appointment : |
12.04.2010 |
|
DIN No.: |
00129854 |
|
|
|
|
Name : |
Mr. Satish K. Dheri |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
23.11.1941 |
|
Qualification : |
|
|
Date of Appointment : |
29.05.2012 |
|
DIN No.: |
00077533 |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Srivastava |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Kamlesh Gandhi |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
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 |
|
|
|
|
|
|
|
|
2158495 |
0.98 |
|
|
33139015 |
15.12 |
|
|
35297510 |
16.10 |
|
|
|
|
|
|
8847378 |
4.04 |
|
|
|
|
|
|
6712342 |
3.06 |
|
|
8415844 |
3.84 |
|
|
2437165 |
1.11 |
|
|
1161992 |
0.53 |
|
|
1242735 |
0.57 |
|
|
962 |
0.00 |
|
|
16549 |
0.01 |
|
|
14927 |
0.01 |
|
|
26412729 |
12.05 |
|
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
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Encumbered shares (*) |
|||
|
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
1 |
Saroj N Shah |
4,59,34,437 |
20.95 |
0 |
0.00 |
0.00 |
|
2 |
Nitin Mansuklal Shah |
3,16,17,327 |
14.42 |
14000000 |
44.28 |
6.39 |
|
3 |
Kunal Nitin Shah Alias Sanghavi |
2,30,04,750 |
10.49 |
0 |
0.00 |
0.00 |
|
4 |
Rahul Nitin Shah |
1,41,06,000 |
6.44 |
14070000 |
99.74 |
6.42 |
|
5 |
Nitin Mansuklal Shah |
1,26,71,799 |
5.78 |
0 |
0.00 |
0.00 |
|
6 |
Nitin Mansuklal Shah Karta |
1,02,21,000 |
4.66 |
0 |
0.00 |
0.00 |
|
7 |
Reshma Nitin Shah |
93,97,500 |
4.29 |
0 |
0.00 |
0.00 |
|
8 |
Rahul Nitin Sanghavi Karta |
91,69,771 |
4.18 |
2642372 |
28.82 |
1.21 |
|
9 |
Nitin Mansuklal Shah |
8,00,000 |
0.36 |
0 |
0.00 |
0.00 |
|
10 |
Saroj N Shah |
5,38,288 |
0.25 |
0 |
0.00 |
0.00 |
|
11 |
Rahul Nitin Shah |
17,500 |
0.01 |
0 |
0.00 |
0.00 |
|
12 |
Reshma Nitin Shah |
17,500 |
0.01 |
0 |
0.00 |
0.00 |
|
|
Total |
15,74,95,872 |
71.85 |
30712372 |
19.50 |
14.01 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Orange Mauritius Investments Limited |
10071481 |
4.59 |
0.00 |
|
2 |
Elara Capital PLC A/c Vespera Fund Limited |
5401916 |
2.46 |
0.00 |
|
3 |
Emerging India Focus Funds |
4767244 |
2.17 |
0.00 |
|
4 |
ITF Mauritius |
3993857 |
1.82 |
0.00 |
|
5 |
Antara India Evergreen Fund Limited |
6449951 |
2.94 |
0.00 |
|
|
Total |
30684449 |
14.00 |
14.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Fire Fighting Systems and Equipments. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Co. Chartered Accountants |
|
|
|
|
Domestic
subsidiaries : |
|
|
|
|
|
Foreign
subsidiaries : |
|
|
|
|
|
Step down foreign
subsidiaries : |
|
|
|
|
|
Un-incorporated
joint venture |
Oil Block (RJ-ONN-2004/1) |
|
|
|
|
Associate |
Worthington Nitin Cylinders Private Limited (WNCPL) |
CAPITAL STRUCTURE
As on 31.03.2014
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 |
|
|
|
|
|
Reconciliation of equity
shares outstanding at the beginning and at the end of the reporting year's is
set out below:
|
Particulars |
Number |
Rs. In Millions |
|
|
|
|
|
Outstanding at the beginning of the year |
220,552,694 |
441.105 |
|
Equity shares bought back during the year |
1,346,583 |
2.693 |
|
Outstanding at the end of the year |
219,206,111 |
438.412 |
Terms/rights attached
to equity shares
Each holder of equity shares is entitled to one vote per equity share. They are entitled to receive dividend proposed by the Board of Directors and approved by shareholders in General Meeting, right to receive annual report and other quarterly / half yearly / annual publications and right to get new shares proportionately in case of issuance of additional shares by the Company.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after the distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shareholders holding
more than 5% of the paid up equity share capital of the Company:
|
Particulars |
No. of shares held |
% of holding |
|
Name of the
shareholders |
|
|
|
Nitin M.Shah |
45,089,126 |
20.57% |
|
Saroj N. Shah |
46,472,725 |
21.20% |
|
Rahul N. Shah |
14,123,500 |
6.44% |
|
Kunal N. Shah |
23,004,750 |
10.49% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
438.412 |
441.105 |
441.105 |
|
(b) Reserves & Surplus |
1046.584 |
1063.114 |
940.147 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1484.996 |
1504.219 |
1381.252 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.111 |
0.741 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1.000 |
2.566 |
|
(c) Other long term
liabilities |
0.218 |
0.200 |
0.200 |
|
(d) long-term
provisions |
1.539 |
0.526 |
0.097 |
|
Total Non-current
Liabilities (3) |
1.868 |
2.467 |
2.863 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2555.572 |
2206.371 |
1802.717 |
|
(b) Trade
payables |
265.332 |
340.284 |
135.121 |
|
(c) Other current
liabilities |
190.256 |
38.079 |
55.845 |
|
(d) Short-term
provisions |
62.226 |
61.677 |
104.178 |
|
Total Current
Liabilities (4) |
3073.386 |
2646.411 |
2097.861 |
|
|
|
|
|
|
TOTAL |
4560.250 |
4153.097 |
3481.976 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
116.406 |
125.531 |
110.249 |
|
(ii)
Intangible Assets |
0.754 |
0.000 |
0.794 |
|
(iii)
Capital work-in-progress |
231.796 |
227.503 |
22.578 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
187.530 |
|
(b) Non-current Investments |
129.566 |
591.853 |
655.792 |
|
(c) Deferred tax assets (net) |
1.781 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
78.279 |
97.305 |
32.937 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
558.582 |
1042.192 |
1009.880 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
940.045 |
757.433 |
1454.242 |
|
(c) Trade
receivables |
1586.142 |
1755.484 |
464.035 |
|
(d) Cash
and cash equivalents |
339.804 |
530.182 |
151.409 |
|
(e)
Short-term loans and advances |
663.150 |
59.167 |
391.579 |
|
(f) Other
current assets |
472.527 |
8.639 |
10.831 |
|
Total Current
Assets |
4001.668 |
3110.905 |
2472.096 |
|
|
|
|
|
|
TOTAL |
4560.250 |
4153.097 |
3481.976 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4554.351 |
3520.392 |
1634.656 |
|
|
|
Other Operating Income |
0.000 |
0.224 |
0.000 |
|
|
|
Other Income |
12.123 |
108.013 |
18.887 |
|
|
|
TOTAL (A) |
4566.474 |
3628.629 |
1653.543 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2294.235 |
1981.919 |
1068.909 |
|
|
|
Purchases of Stock-in-Trade |
1677.919 |
981.536 |
140.734 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(43.328) |
8.823 |
(12.619) |
|
|
|
Employees benefits expense |
83.071 |
68.749 |
66.757 |
|
|
|
Other expenses |
150.509 |
150.652 |
146.521 |
|
|
|
Exceptional Items (net) |
44.468 |
17.288 |
0.000 |
|
|
|
TOTAL (B) |
4206.874 |
3208.967 |
1410.302 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
359.600 |
419.662 |
243.241 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
209.990 |
187.144 |
107.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
149.610 |
232.518 |
135.834 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.620 |
10.501 |
9.975 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
137.990 |
222.017 |
125.859 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.233 |
46.632 |
25.306 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
109.757 |
175.385 |
100.553 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
489.392 |
365.614 |
382.235 |
|
|
|
|
|
|
|
|
|
Add |
Surplus
on Amalgamation |
0.000 |
0.000 |
-6.641 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
8.000 |
|
|
|
Dividend |
43.841 |
44.110 |
88.221 |
|
|
|
Tax on Dividend |
7.451 |
7.497 |
14.312 |
|
|
BALANCE CARRIED
TO THE B/S |
547.857 |
489.392 |
365.614 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3292.908 |
2301.502 |
732.068 |
|
|
TOTAL EARNINGS |
3292.908 |
2301.502 |
732.068 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1839.703 |
635.711 |
1632.096 |
|
|
|
Traded Goods |
1476.272 |
931.862 |
103.102 |
|
|
TOTAL IMPORTS |
3315.975 |
1567.573 |
1735.198 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.50 |
0.80 |
0.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.41 |
4.98 |
6.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
38.37 |
52.90 |
51.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.29 |
6.66 |
4.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.15 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.72 |
1.47 |
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.18 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
441.105 |
441.105 |
438.412 |
|
Reserves & Surplus |
940.147 |
1063.114 |
1046.584 |
|
Net worth |
1381.252 |
1504.219 |
1484.996 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.741 |
0.111 |
|
Short term borrowings |
1802.717 |
2206.371 |
2555.572 |
|
Total borrowings |
1802.717 |
2207.112 |
2555.683 |
|
Debt/Equity ratio |
1.305 |
1.467 |
1.721 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1634.656 |
3520.392 |
4554.351 |
|
|
|
115.360 |
29.371 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1634.656 |
3520.392 |
4554.351 |
|
Profit |
100.553 |
175.385 |
109.757 |
|
|
6.15% |
4.98% |
2.41% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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 |
Yes |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
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 |
|
LITIGATION DETAILS |
||||
|
Bench:- Bombay |
||||
|
Presentation Date: 13/10/2014 |
||||
|
Lodging No. : |
ARBAPL/1553/2014 |
Failing Date:- |
13/10/2014 |
|
|
Petitioner:- |
EMERSON NETWORK POWER (INDIA) PRIVATE LIMITED |
Respondent:- |
NITIN FIRE PROTECTION INDUSTRIES LIMITED |
|
|
Petn.Adv:- |
J. SAGAR ASSOCIATES (0) |
Resp. Adv.: |
CRAWFORD BAYLEY AND COMPANY (0) |
|
|
District:- |
Thane |
|||
|
Bench:- |
SINGLE |
Category:- |
ARBITRATION APPLICATIONS |
|
|
Status:- |
Pre-Admission |
|
|
|
|
|
|
|||
|
Act. : |
Arbitration and Conciliation Act 1996 |
Under Section 11 |
||
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 2013-14 across all markets driven by good performance across all business segments.
The performance of the Company during the year has registered an improvement over the previous year. Total income during the year ended March 31, 2014, stood at Rs.4566.473 Millions registering an increase of 25.84% as compared to the previous year. As per the Consolidated Financial Statements total income was Rs.10180.171 Millions registering an increase of 40.82% 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
& ANALYSIS
Financial Performance
The better management of working cycle has resulted in positive cash flow from operating activities during the year. Debtor’s days has been reduced to 88 days during the period.
During the year, The Company has delivered a robust year on year growth of 44% in consolidated revenues largely attributing to the success in the Middle East. The consolidated PAT has grown from 614 mn in FY 2013 to 665 mn in FY14 a rise of 8% year on year. The earnings per share was 3.02 in FY14 compared to 2.58 in the same period last year.
Future Growth:
Each sector be it education, technology, retail, manufacturing, services, entertainment, pharmaceutical, petrochemical, banking, etc is hungry for growth and all are looking for increasing capacities in their own capabilities which indirectly creates immense room for growth of the company.
Increasing urbanization and industrialization has also garnered attention from environmentalist and regulators towards fire protection. The fire protection industry has the support of the Indian Government and regulatory bodies. Strict rules for fire protection and safety would drive growth for the industry. The Government is expected to come with stringent norms for Fire detection and prevention. Housing societies and commercial complexes are also taking necessary steps to become fire safe and safeguard their localities.
Thus, the industry enjoys support from local bodies, associations and institutions also which would add to the demand pool. With leadership position and expertise in the fire protection, safety and security industry, coupled with the robust industry outlook the Company is well placed to leverage its strengths and utilize the opportunities available in the Indian fire protection industry.
Not only in India, but we also anticipated increase in demand globally. UAE which contributes to 55% of the total revenue of the Company will be hosting the World Expo 2020 in Dubai. There is an intense demand for quality residential and commercial properties in UAE as government incentives including the benefits such as zero per cent tax rate and free zones would draw companies from around the world to establish operations in Dubai. The Company is positioned to capture the higher growth potential of the growing markets.
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 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipments
- Furniture and fixtures
- Office equipments
- Vehicles
- Computer systems
- Cylinders
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 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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
|
|
|
|
|
Analysis Done by
: |
|
|
|
|
|
Report Prepared
by : |
NTH |
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.