Nitin Fire Protection Industries is a fire-safety manufacturer that has been pulled back from the brink. Incorporated in 1995 and listed in 2007, it spent years in insolvency before being sold as a going concern to a consortium of buyers in a court-supervised auction - a process that wiped its old liabilities and handed it a clean slate under a new board. The recurring approach is to make the core equipment itself, then wrap it in design, installation and maintenance contracts so that a single factory in Navi Mumbai can feed project work across multiple industries and regions. # Business segments Three engines built around a single factory - fire-safety projects and services, a cylinder joint venture that supplies the parent, and a traded-goods business that fills out the catalogue - all now operating under a court-delivered clean slate. ## 1. Fire protection systems: the project-and-service core **The company designs, installs and maintains fire-safety systems for industrial and commercial customers, earning revenue both from one-time projects and from recurring annual maintenance contracts.** - **Makes its own extinguishers** - it manufactures gas-based and water-based fire extinguishers under the “NITIE” brand, which carries BIS certification, the Indian regulatory stamp required to sell into the domestic market. - **Sells a solution, not just a product** - turnkey contracts bundle procurement, system design, integration, commissioning and installation, so the customer buys a working fire-protection system rather than a set of parts. - **Service revenue that repeats** - Annual Maintenance Contracts (AMCs) create a stream of recurring income that sits alongside the lumpy project work, because installed systems need ongoing upkeep. - **Paid after delivery, typically within 60 to 90 days** - revenue on equipment sales is recognised when control passes to the customer, while project revenue is booked by the percentage-of-completion method, matching income to work done on site. ## 2. Cylinders: the captive supply chain **Through a 40% stake in Worthington Nitin Cylinders, the company secures a source of high-pressure cylinders - the vessels that hold the extinguishing agent inside its fire-safety systems.** - **An associate, not a subsidiary** - the company holds 2.34 million shares acquired in 2006, giving it a minority interest in an associate company that makes the cylinders its own products depend on. - **Carried at a steep discount on the books** - the investment was originally valued at roughly ₹42 crore, but a provision of about ₹36 crore was taken against it by 2020, reflecting the financial strain that ran through the group during the insolvency years. ## 3. Traded goods: filling the catalogue **Alongside its own manufactured equipment, the company distributes allied fire-safety products bought from third parties, broadening the range it can offer to a single customer.** - **Buys to resell** - stock-in-trade consists of traded goods sourced from other manufacturers, which the company sells on without further processing, recognising revenue when the goods are delivered. - **Inventory that once stalled** - in earlier years, traded stock was subject to provisions for non-moving inventory after a key product-certification licence lapsed, and factory capacity utilisation was very low, showing how regulatory approvals directly control what the business can sell. # Group structure and partners **The company sits inside a consortium ownership structure, with a single domestic subsidiary and a reconstituted board, all operating under a court-ordered clean slate that extinguished old liabilities.** - **Sold as a going concern in liquidation** - a consortium of Silver Stallion Limited (now Elysian Wealth Fund), Vikasa India EIF I Fund and AIG Direct LLC bought the company in a November 2022 auction for about ₹35.8 crore, with the sale confirmed by the NCLT in March 2024 and a sale certificate issued in October 2024. - **All old liabilities extinguished** - the NCLT’s June 2025 order granted a clean slate under the IBC’s waterfall mechanism, meaning the company now carries none of the debts that pushed it into insolvency. - **A new board, with the liquidator still in support** - three non-executive directors were appointed in December 2025, while the liquidator remains involved to assist the purchasers until the final closure order is received. - **One wholly owned subsidiary** - Eurotech Cylinders Private Limited is a domestic subsidiary that had accumulated losses and negative net worth as of FY20, and the parent’s investment in it was fully provided for.