MIRA INFORM REPORT
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Report No. : |
351577 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
NITIN FIRE PROTECTION INDUSTRIES LIMITED |
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Registered
Office : |
502, Delta Technology Street, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra |
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Tel. No.: |
91-22-40457000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
11-092323 |
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Capital
Investment / Paid-up Capital : |
Rs.584.539 Million |
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CIN No.: [Company Identification
No.] |
L29193MH1995PLC092323 |
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IEC No.: |
0395065917 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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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
: |
Subject is engaged in the business manufacturing Fire Fighting Equipment (gas based and water based fire extinguishers). |
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No. of Employees
: |
149 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1995 and operates as a fire protection equipment company in India. It offers fire protection, safety, securities and intelligent building management systems and high pressure seamless cylinder and refueling systems. For the financial year ended 2015, company has reported 10% sales turnover growth as compared to previous sales turnover and it has maintained average profitability margins at 2.81% during the year under a review. Rating continue to reflect the company’s strong business profile supported by its established market position and diversified product portfolio in the fire protection business. Rating also takes into consideration its sound financial profile marked by adequate net worth base along with satisfactory debt coverage indicators. Rating strength is partially offset by susceptibility to economic downturns, the vulnerability of its operating margin to raw material price rise and fluctuations in foreign exchange rates, its large working capital requirements and leveraged capital structure. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
05.12.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating: A2+ |
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Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
05.12.2014 |
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 DENIED
MANAGEMENT NON CORPORATIVE (91-22-40457000)
LOCATIONS
|
Registered Office / Corporate Office : |
502, Delta Technology Street, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-40457000/25700392 |
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Fax No.: |
91-22-25701110/25701110 |
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E-Mail : |
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Website : |
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Factory 1 : |
A/117, TCC. Industrial Area, Khairna Village, Vashi, Navi Mumbai – 400701, Maharashtra, India |
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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 31.03.2014
|
Name : |
Mr. Nitin M. Shah |
|
Designation : |
Executive Chairman and
Managing Director |
|
Address : |
B/8, Neelkanth Dharar, 3rd Floor, Garodia Nagar,
90 Feet Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India |
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Date of Birth/Age : |
10.06.1957 |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
03.11.2014 |
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DIN No.: |
00073232 |
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Name : |
Mr. Rahul N. Shah |
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Designation : |
Whole-time Director and
Key Managerial Personnel (w.e.f. August 14, 2014) |
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Date of Birth/Age : |
01.08.1978 |
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Qualification : |
Graduate in Commerce and Diploma in Business Management |
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Date of Appointment : |
14.08.2014 |
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DIN No.: |
00073226 |
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Name : |
Mr. Kunal N. Shah |
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Designation : |
Whole-time Director
(w.e.f. August 14, 2014) |
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Date of Birth/Age : |
13.11.1984 |
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Qualification : |
Engineer in Electronics and Tele Communications |
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Date of Appointment : |
14.08.2014 |
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DIN No.: |
00077216 |
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Name : |
Mr. Kailat Hariharan
Vaidyanathan |
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Designation : |
Non-Executive Director |
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DIN No.: |
00077323 |
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Name : |
Mr. Krishna Kant Jha |
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Designation : |
Independent Director |
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Date of Birth/Age : |
18.08.1945 |
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Qualification : |
Mechanical Engineer |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
02816500 |
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Name : |
Mr. Ramakant M. Nayak |
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Designation : |
Independent Director |
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Date of Birth/Age : |
30.06.1945 |
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Qualification : |
Degrees in Science and Law and Diploma in Marketing |
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Date of Appointment : |
12.04.2010 |
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DIN No.: |
00129854 |
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Name : |
Mr. Satish K. Dheri |
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Designation : |
Independent Director |
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Date of Birth/Age : |
23.11.1941 |
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Qualification : |
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Date of Appointment : |
29.05.2012 |
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DIN No.: |
00077533 |
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Name : |
Ms. Padmaja Nair |
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Designation : |
Woman and Independent
Director |
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DIN No.: |
06841868 |
KEY EXECUTIVES
|
Name : |
Mr. Kamlesh Gandhi |
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Designation : |
Chief Financial Officer |
SHAREHOLDING
PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and Promoter
Group |
||
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|
|
|
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|
211936495 |
72.51 |
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|
211936495 |
72.51 |
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Total shareholding of Promoter and Promoter
Group (A) |
211936495 |
72.51 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1224 |
0.00 |
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|
7219616 |
2.47 |
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|
36683532 |
12.55 |
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|
43904372 |
15.02 |
|
|
|
|
|
|
9535148 |
3.26 |
|
|
|
|
|
|
14920889 |
5.11 |
|
|
8663778 |
2.96 |
|
|
3308940 |
1.13 |
|
|
293251 |
0.10 |
|
|
2974024 |
1.02 |
|
|
21763 |
0.01 |
|
|
19902 |
0.01 |
|
|
36428755 |
12.46 |
|
Total Public shareholding (B) |
80333127 |
27.49 |
|
Total (A)+(B) |
292269622 |
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) |
292269622 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|||
|
No. of Shares held |
As a % of grand total
(A)+(B)+(C) |
No |
As a percentage |
As a % of |
|||
|
1 |
Saroj Nitin Shah |
6,12,45,916 |
20.96 |
0 |
0.00 |
0.00 |
0.00 |
|
2 |
Nitin Mansuklal Shah |
4,21,56,436 |
14.42 |
31166666 |
73.93 |
10.66 |
0.00 |
|
3 |
Kunal Nitin Shah Alias Sanghavi |
3,06,73,000 |
10.49 |
0 |
0.00 |
0.00 |
0.00 |
|
4 |
Rahul Nitin Shah |
1,88,08,000 |
6.44 |
18760000 |
99.74 |
6.42 |
0.00 |
|
5 |
Nitin Mansuklal Shah Karta |
1,54,62,000 |
5.29 |
13500000 |
87.31 |
4.62 |
0.00 |
|
6 |
Reshma Nitin Shah |
1,25,30,000 |
4.29 |
0 |
0.00 |
0.00 |
0.00 |
|
7 |
Rahul Nitin Sanghavi Karta |
1,22,26,361 |
4.18 |
11989828 |
98.07 |
4.10 |
0.00 |
|
8 |
Nitin Mansuklal Shah |
1,10,00,000 |
3.76 |
0 |
0.00 |
0.00 |
0.00 |
|
9 |
Nitin Mansuklal Shah |
60,03,733 |
2.05 |
5266666 |
87.72 |
1.80 |
0.00 |
|
10 |
Nitin Mansuklal Shah |
10,66,666 |
0.36 |
0 |
0.00 |
0.00 |
0.00 |
|
11 |
Saroj Nitin Shah |
7,17,717 |
0.25 |
0 |
0.00 |
0.00 |
0.00 |
|
12 |
Rahul Nitin Shah |
23,333 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
13 |
Reshma Nitin Shah |
23,333 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
21,19,36,495 |
72.51 |
80683160 |
38.07 |
27.61 |
0.00 |
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. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total
No. of Shares |
|
|
1 |
Orange Mauritius Investments Limited |
13428641 |
4.59 |
|
|
2 |
Elara Capital PLC A/c Vespera Fund Limited |
6491554 |
2.22 |
|
|
3 |
Emerging India Focus Funds |
5456325 |
1.87 |
|
|
4 |
ITF Mauritius |
5325142 |
1.82 |
|
|
5 |
Antara India Evergreen Fund Limited |
4191374 |
1.43 |
|
|
6 |
General Insurance Corporation of India |
7133333 |
2.44 |
|
|
|
Total |
42026369 |
14.38 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business manufacturing Fire Fighting Equipment (gas based and water based fire extinguishers). |
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Products : |
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Brand Names : |
NITIE |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
149 (Approximately) |
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Bankers : |
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Facilities : |
LONG TERM
BORROWINGS:
SHORT TERM BORROWINGS: IDBI Bank Limited:
Axis Bank Limited:
Bank of Baroda:
Dena Bank:
|
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Auditors : |
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Name : |
Haribhakti and Comapny Chartered Accountants |
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Domestic
subsidiaries: |
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Foreign
subsidiaries : |
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Step down foreign
subsidiaries: |
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Un-incorporated
joint venture: |
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Associate : |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325000000 |
Equity Shares |
Rs.2/- each |
Rs.650.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
292269622 |
Equity Shares |
Rs.2/- each |
Rs.584.539
Million |
|
|
|
|
|
Reconciliation of
equity shares outstanding at the beginning and at the end of the reporting
year's is set out below:
|
|
31.03.2015 |
|
|
Particulars |
Number |
Rs. In Million |
|
|
|
|
|
Outstanding at the beginning of the year |
219206111 |
438.412 |
|
Equity shares bought back during the year |
73063511 |
146.127 |
|
Outstanding at the end of the year |
292269622 |
584.539 |
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 Group.
In the event of liquidation of the Group, the holders of equity shares will be entitled to receive remaining assets of the Group, after the distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. number of equity shares held by the shareholders.
Shareholders holding
more than 5% of the paid up equity share capital of the Company:
|
Particulars |
31.03.2015 |
|
|
|
No. of shares held |
% of holding |
|
Name of the
shareholders |
|
|
|
Nitin M.Shah |
60226835 |
20.61 |
|
Saroj N. Shah |
61963633 |
21.20 |
|
Rahul N. Shah |
18831333 |
6.44 |
|
Kunal N. Shah |
30673000 |
10.49 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
584.539 |
438.412 |
441.105 |
|
(b) Reserves &
Surplus |
1028.222 |
1046.583 |
1063.113 |
|
(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) |
1612.761 |
1484.995 |
1504.218 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
229.928 |
0.112 |
0.741 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
1.000 |
|
(c) Other long term
liabilities |
0.000 |
0.218 |
0.200 |
|
(d) long-term provisions |
2.861 |
1.539 |
0.526 |
|
Total Non-current
Liabilities (3) |
232.789 |
1.869 |
2.467 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2698.021 |
2555.572 |
2206.371 |
|
(b) Trade payables |
1086.474 |
265.332 |
340.284 |
|
(c) Other current
liabilities |
66.079 |
190.256 |
38.079 |
|
(d) Short-term provisions |
87.941 |
62.226 |
61.678 |
|
Total Current Liabilities
(4) |
3938.515 |
3073.386 |
2646.412 |
|
|
|
|
|
|
TOTAL |
5784.065 |
4560.250 |
4153.097 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
209.645 |
116.406 |
125.531 |
|
(ii) Intangible Assets |
0.429 |
0.754 |
0.000 |
|
(iii) Capital
work-in-progress |
227.816 |
231.796 |
227.503 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
117.571 |
129.567 |
591.853 |
|
(c) Deferred tax assets
(net) |
1.578 |
1.781 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
97.305 |
|
(e) Other Non-current
assets |
83.007 |
78.279 |
0.000 |
|
Total Non-Current Assets |
640.046 |
558.583 |
1042.192 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1188.231 |
940.045 |
757.433 |
|
(c) Trade receivables |
2536.953 |
1586.142 |
1755.484 |
|
(d) Cash and cash equivalents |
560.178 |
339.804 |
530.182 |
|
(e) Short-term loans and
advances |
312.111 |
663.150 |
59.167 |
|
(f) Other current assets |
546.546 |
472.526 |
8.639 |
|
Total Current Assets |
5144.019 |
4001.667 |
3110.905 |
|
|
|
|
|
|
TOTAL |
5784.065 |
4560.250 |
4153.097 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
4827.459 |
4554.350 |
3520.392 |
|
|
Other
Operating Income |
62.240 |
0.000 |
0.224 |
|
|
Other
Income |
133.768 |
12.108 |
108.013 |
|
|
TOTAL (A) |
5023.467 |
4566.458 |
3628.629 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2376.147 |
2294.235 |
1981.919 |
|
|
Purchases of
Stock-in-Trade |
1876.349 |
1677.919 |
981.536 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
14.858 |
(43.328) |
8.823 |
|
|
Employees benefits
expense |
74.901 |
83.071 |
68.749 |
|
|
Exceptional
Items (net) |
0.000 |
44.468 |
17.288 |
|
|
Other expenses |
169.725 |
150.494 |
150.652 |
|
|
TOTAL (B) |
4511.980 |
4206.859 |
3208.967 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
511.487 |
359.599 |
419.662 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
315.428 |
209.990 |
187.144 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
196.059 |
149.609 |
232.518 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.047 |
11.620 |
10.501 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
171.012 |
137.989 |
222.017 |
|
|
|
|
|
|
|
Less |
TAX (H) |
35.332 |
28.232 |
46.632 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
135.680 |
109.757 |
175.385 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
547.857 |
489.392 |
365.614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend |
51.292 |
0.000 |
0.000 |
|
|
Proposed Dividend on
Equity Shares |
(58.454) |
43.841 |
44.110 |
|
|
Tax on proposed Dividend |
0.000 |
7.451 |
0.000 |
|
|
Other adjustments related to fixed assets. |
0.753 |
0.000 |
0.000 |
|
|
Balance Carried to the
B/S (J+K+L-M) |
675.623 |
547.857 |
496.889 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3441.564 |
3292.908 |
2301.502 |
|
|
Dividend |
62.591 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
3504.155 |
3292.908 |
2301.502 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Materials and components |
1846.995 |
1839.703 |
635.711 |
|
|
Traded goods |
1671.090 |
1476.272 |
931.862 |
|
|
TOTAL IMPORTS |
3518.085 |
3315.975 |
1567.573 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.46 |
0.37 |
0.8 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
68.317 |
0.630 |
0.566 |
|
Cash generated from operations |
240.475 |
(252.692) |
371.208 |
|
Net cash generated from/(used in) operating activities |
223.929 |
(289.246) |
332.383 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin |
(%) |
2.81 |
2.41 |
4.98 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
10.60 |
7.90 |
11.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.15 |
3.29 |
6.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.09 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.86 |
1.72 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.30 |
1.18 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.40.65 /- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
441.105 |
438.412 |
584.539 |
|
Reserves & Surplus |
1063.113 |
1046.583 |
1028.222 |
|
Net worth |
1504.218 |
1484.995 |
1612.761 |
|
|
|
|
|
|
Long-term borrowings |
0.741 |
0.112 |
229.928 |
|
Short term borrowings |
2206.371 |
2555.572 |
2698.021 |
|
Current maturities of long-term
debts |
0.566 |
0.630 |
68.317 |
|
Total borrowings |
2207.678 |
2556.314 |
2996.266 |
|
Debt/Equity ratio |
1.468 |
1.721 |
1.858 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
3520.392 |
4554.350 |
4827.459 |
|
|
|
29.371 |
5.997 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
3520.392 |
4554.350 |
4827.459 |
|
Profit |
175.385 |
109.757 |
135.680 |
|
|
4.98% |
2.41% |
2.81% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL PERFORMANCE
During the year, the company continues to grow and has delivered a year on their growth of 12 % in consolidated revenues largely attributing to the success in the Middle East. The consolidated PAT has grown from Rs.665.000 mn in FY 2014 to Rs. 671.000 mn in FY 2015. The earning per share was Rs.2.300 million in FY 15 compared to Rs. 2.270 million in the same period last year.
BACKGROUND AND NATURE
OF OPERATIONS:
“Subject (NFPIL or the ‘Company’) was incorporated in Mumbai, India on September 4, 1995 as a public limited company under the ‘Companies Act, 1956’. The Company’s 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 fire fighting systems including annual maintenance contracts for fire protection systems. The Company undertakes above activities from Maharashtra and Andhra Pradesh and has marketing offices in Maharashtra, Tamil Nadu, Andhra Pradesh, Gujarat and Uttar Pradesh. As part of its business activities, the Company 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. The Company made an initial public offer (‘IPO’) in India in May 2007 and its shares are listed on the Bombay Stock Exchange Limited and the National Stock Exchange Limited.”
OUTLOOK:
FUTURE GROWTH:
The Government initiatives and new stringent norms for fire detection, prevention and safety would drive growth for the industry. Urbanization and industrialization is increasing at the rapid pace. The housing societies and commercial complexes taking necessary steps to become fire safe and safeguard their localities. All these augurs well for the demand for Fire Protection Industry. Their company has initiated steps to enter into Defense and other government organisation, which will help the company to sustain growth.
As one of the leading and experienced player with an expertise in the fire protection, safety and security industry. The Company is well placed to exploit the opportunities available in the Indian Fire Protection Industry. Dubai's World Expo 2020 is held under the theme of Connecting Minds, Creating the Future, echoing the powerful spirit of partnership and cooperation that has driven the UAE's success in pioneering new paths of development and innovation. There will be large spending, asset creation and business development in UAE due to the Expo 2020 and other events. With UAE contributing 53.27 % of the total revenue, theCompany is in a position to capture the higher growth potential of the growing markets. Worldwide demand for this segment is expected to grow due to more awareness and concerns for the safety. With almost three decades of experience the company has established a better footprint in India to match the fire safety standards required by the growing needs from these sectors. The diversified portfolio of products and its regular up gradation has helped the company to add value in markets of UAE, South East Asia and Europe. Their strength is their determination and team work, Challenges and threats are competition, the vibrations in the economy, government policies, government spending on new projects etc.
NATURE OF OPERATIONS:
The Parent subject is a public limited Company and made an initial public offer (‘IPO’) in May 2007. NFPIL’s shares are listed on the Bombay Stock Exchange Limited and the National Stock Exchange Limited and is also the flagship company of the Group, which apart from the Company itself comprises of its subsidiaries (including step down subsidiaries), its interest in a non-integrated un-incorporated joint venture and share of profits in an associate. NFPIL together with its subsidiaries (including step down subsidiaries) are principally engaged in the business of manufacturing firefighting 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 fire fighting systems including annual maintenance contracts for fire protection systems. NFPIL has also invested in a non-integrated un-incorporated joint venture for crude oil. The associate is in the business of manufacturing high-pressure seamless compressed natural gas (CNG) cylinders. The Group undertakes project related and manufacturing/marketing activities from Maharashtra, Andhra Pradesh, Tamil Nadu, Gujarat and Uttar Pradesh in India, Abu Dhabi, Dubai, Jebel Ali, Sharjah and Ras Al Khaimah in UAE, Singapore and London in UK.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER, 2015
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.09.2015 |
30.09.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1594.009 |
1342.097 |
2936.106 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
1594.009 |
1342.097 |
2936.106 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
193.367 |
713.614 |
1383.003 |
|
b) Purchases of stock in trade |
1257.131 |
453.243 |
1710.374 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(18.894) |
(16.832) |
(35.726) |
|
d) Employees benefit expenses |
18.685 |
21.038 |
39.723 |
|
e) Depreciation and amortization expenses |
8.993 |
9.406 |
18.399 |
|
f) Other expenditure |
39.354 |
43.501 |
82.855 |
|
Total expenses |
1498.636 |
1223.970 |
2722.606 |
|
3. Profit from operations before other income and
financial costs |
95.373 |
118.127 |
213.500 |
|
4. Other income |
64.330 |
16.562 |
80.892 |
|
5. Profit from ordinary activities before finance costs |
159.703 |
134.689 |
294.392 |
|
6. Finance costs |
95.647 |
87.166 |
12.813 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
64.056 |
47.523 |
111.579 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
64.056 |
47.523 |
111.579 |
|
10.Tax expenses |
22.620 |
13.650 |
36.270 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
41.436 |
33.873 |
75.309 |
|
12.Extraordinary Items (net of
tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
41.436 |
33.873 |
75.309 |
|
14.Paid-up equity share capital (Face value Rs.10/- per share) |
584.539 |
584.539 |
584.539 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
0.14 |
0.12 |
0.26 |
|
(b) Diluted |
0.14 |
0.12 |
0.26 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.09.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
80333127 |
80333127 |
80333127 |
|
- Percentage of shareholding |
27.49 |
28.11 |
27.49 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
80683160 |
80683160 |
80683160 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
30.07 |
38.40 |
38.07 |
|
Percentage of shares (as a % of total share capital of the
company) |
27.61 |
27.61 |
27.61 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
131253335 |
129419335 |
131253335 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
61.93 |
61.60 |
61.93 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
44.91 |
44.28 |
44.91 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
Receiving during the quarter |
NIL |
|
|
|
Disposed of during the quarter |
NIL |
|
|
|
Remaining unreserved at the end of the quarter |
NIL |
|
|
STATEMENT OF
ASSETS AND LIABILITIES
(Rs. In
Million)
|
SOURCES OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
584.539 |
|
(b) Reserves &
Surplus |
1103.531 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1688.070 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
628.937 |
|
(b) Deferred tax
liabilities (Net) |
7.310 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
4.394 |
|
Total Non-current
Liabilities (3) |
640.641 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
2214.004 |
|
(b) Trade payables |
2209.061 |
|
(c) Other current
liabilities |
152.704 |
|
(d) Short-term provisions |
100.603 |
|
Total Current Liabilities
(4) |
4676.372 |
|
|
|
|
TOTAL |
7005.083 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
|
|
(ii) Intangible Assets |
|
|
(iii) Capital
work-in-progress |
|
|
(iv) Intangible assets
under development |
|
|
(b) Non-current
Investments |
117.571 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
82.783 |
|
(e) Other Non-current
assets |
0.000 |
|
Total Non-Current Assets |
834.130 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
457.844 |
|
(b) Inventories |
1442.374 |
|
(c) Trade receivables |
3798.511 |
|
(d) Cash and cash
equivalents |
106.096 |
|
(e) Short-term loans and
advances |
349.658 |
|
(f) Other current assets |
16.470 |
|
Total Current Assets |
6170.953 |
|
|
|
|
TOTAL |
7005.083 |
INDEX OF CHARGES
|
S.NO. |
CHARGE
ID |
DATE
OF CHARGE CREATION/MODIFICATION |
CHARGE
AMOUNT SECURED |
CHARGE
HOLDER |
ADDRESS |
SERVICE
REQUEST NUMBER (SRN) |
|
1 |
10598126 |
18/06/2015 |
750,000,000.00 |
IFCI
LIMITED |
IFCI
TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
C67868992 |
|
2 |
10579046 |
11/06/2015 |
55,197,912.00 |
PNB
HOUSING FINANCE LIMITED |
9TH
FLOORANTRIKSH BHAWAN, 22 K G MARG, NEW DELHI, |
C58480294 |
|
3 |
10565988 |
20/03/2015 |
53,000,000.00 |
ADITYA
BIRLA FINANCE LIMITED |
INDIAN
RAYON COMPOUND,, VERAVAL, GUJARAT - 362266, INDIA |
C51947398 |
|
4 |
10539626 |
10/12/2014 |
250,000,000.00 |
IFCI
LIMITED |
9TH
FLOOR, EARNEST HOUSE, NCPA ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
C38619557 |
|
5 |
10414944 |
18/09/2013
* |
3,215,000,000.00 |
AXIS
TRUSTEE SERVICES LIMITED |
AXIS
HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B85706661 |
|
6 |
10330077 |
25/03/2013
* |
1,060,000,000.00 |
AXIS
TRUSTEE SERVICES LIMITED |
AXIS
HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
B71802615 |
|
7 |
10224210 |
18/05/2010 |
75,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A87157145 |
|
8 |
10213256 |
23/02/2010 |
340,000,000.00 |
AXIS
BANK LIMITED |
GROUND
FLOOR, VENTURE CENTRAL AVENUE, HIRANADANI |
A83390807 |
|
9 |
10113719 |
14/06/2008 |
12,500,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A41786484 |
|
10 |
10045749 |
15/09/2010
* |
250,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A95993200 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Office equipment
- 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 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.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
60 |
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.