**Nitin Fire Protection Industries Limited (NFPIL)** is an **ISO 9001:2000** certified provider of end-to-end fire protection, safety, and security solutions. After a prolonged period of financial distress and insolvency proceedings, the company has successfully transitioned through a **Liquidation as a Going Concern** process under the **Insolvency and Bankruptcy Code (IBC), 2016**. As of late **2024**, the company is operating under new ownership and management, focused on rehabilitating its domestic manufacturing and turnkey service capabilities. --- ### I. Post-Insolvency Ownership & Corporate Rebirth Following the **NCLT** order dated **January 18, 2022**, the company was sold as a going concern to a consortium of successful bidders. This process culminated in the issuance of a **Sale Certificate** on **October 3, 2024**, effectively transferring the "Corporate Debtor" to new promoters. **Acquisition Details & New Management:** * **Successful Consortium:** **Elysian Wealth Fund** (formerly Silver Stallion Limited), **Vikasa India EIF I Fund**, and **AIG Direct LLC**. * **Total Acquisition Value:** **INR 35.16 Crore** (fully paid as of July 4, 2024). * **Clean Slate Status:** Granted by the NCLT on **June 3, 2025**, which extinguished historical liabilities under the **Section 53 waterfall mechanism**, allowing the new management to start with a restructured balance sheet. * **Key Appointments:** Following the board reconstitution on **December 15, 2025**, **Mr. Bharat Shah** was appointed as **Chief Financial Officer (CFO)** on **February 17, 2026**. * **Corporate Relocation:** The registered office was moved to **Vidyavihar (West), Mumbai** in February 2026 to centralize new operations. --- ### II. Core Competencies & Product Ecosystem NFPIL specializes in the design, procurement, integration, and maintenance of fire suppression and detection systems. It operates primarily through its proprietary brand, **'NITIE'**. * **Manufacturing:** Production of gas-based and water-based fire extinguishers. All products are **BIS-certified** by the **Bureau of Indian Standards**, ensuring compliance with national safety norms. * **Turnkey Solutions:** End-to-end execution of fire-fighting projects, including system integration and commissioning for institutional, commercial, and industrial clients. * **Advanced Detection:** Provision of **Addressable Fire Alarm Systems** capable of precise fire localization within complex infrastructures. * **Maintenance Services:** Revenue generation through **Annual Maintenance Contracts (AMC)** for existing fire protection installations. **Recent Project Milestone:** The company recently secured a contract with the **Indian Institute of Management (IIM), Mumbai**, signaling a return to active domestic tendering. | Project Feature | Details | | :--- | :--- | | **Scope of Work** | Fire Fighting System & Addressable Fire Alarm System | | **Contract Value** | **INR 25,96,000** (inclusive of taxes) | | **Execution Timeline** | **4 months** (commenced July 2025) | | **Performance Guarantee** | **50%** of contract value | | **Defect Liability Period** | **12 months** | --- ### III. Financial Restructuring & Gearing Analysis The transition from liquidation to a going concern has resulted in a massive de-leveraging of the company’s balance sheet through the derecognition of historical debt. **Comparative Financial Position (FY 2024-25 vs FY 2023-24):** | Metric (INR Lakhs) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Borrowings** | **592.15** | **61,102.93** | | **Trade Payables** | **117.43** | **7,181.14** | | **Other Financial Liabilities** | **15.40** | **44,100.72** | | **Net Debt** | **675.07** | **111,803.95** | | **Equity** | **2,662.49** | **(108,470.95)** | | **Gearing Ratio** | **0.20%** | **33.54%** | **Key Financial Performance (FY 2024-25):** * **Revenue from Operations:** **INR 2,65,33,507** * **Profit for the Year:** **INR 2,92,83,312** * **MAT Credit Entitlement:** **INR 154.04 lakhs** (available from A.Y. 2016-17). --- ### IV. Operational Infrastructure & Subsidiary Holdings The company has streamlined its footprint, shifting focus from a broad international presence to a concentrated domestic operation centered in **Maharashtra**. * **Primary Plant:** Located at **TTC Industrial Area, Pawana Village, Navi Mumbai**. * **Inventory & Assets:** Physical verification of property, plant, and equipment is conducted regularly. No **intangible assets** are currently held. **Subsidiary Status:** | Entity | Stake | Status | | :--- | :--- | :--- | | **Eurotech Cylinders Pvt Ltd (ECPL)** | **100%** | Active; Net worth of **INR 583.74 lakhs** (as of 2022). | | **Worthington Nitin Cylinders Pvt Ltd** | **40%** | Associate; Investment of **INR 41.95 Cr** (Impaired by **INR 37.72 Cr**). | | **Nitin Ventures FZE (UAE)** | -- | **Struck off** during FY 2024-25. | | **Nitin Global Pte. Ltd (Singapore)** | -- | **Struck off** during FY 2024-25. | --- ### V. Critical Risk Factors & Material Uncertainties Despite the successful sale, NFPIL faces several legacy and operational hurdles that investors must monitor: * **Equity Capital Uncertainty:** An interlocutory application for the **cancellation and issuance of fresh equity shares** is pending approval (as of early 2026). Current share capital remains unchanged until final judicial orders. * **Trading Suspension:** Equity shares remain suspended on the **BSE** and **NSE** (since **February 11, 2022**). * **Asset Impairment:** * **Receivables:** Gross receivables stand at **INR 294.3 crore**, but **INR 290.02 crore** has been provided for as **Expected Credit Loss (ECL)** due to aging over 365 days. * **Inventory:** A provision of **INR 50.04 crore** exists for non-moving inventory, largely due to the historical non-renewal of the **LPCB (Loss Prevention Certification Board)** license. * **Foreign Exchange Exposure:** The company maintains a significant **US$** exposure; a **2%** currency fluctuation impacts P&L by approximately **INR 539.14 lakhs**. * **Regulatory Compliance:** The new management is currently seeking waivers and exemptions from various statutory authorities to rectify historical lapses in filings, **RPT** disclosures, and **IEPF** dividend transfers. * **Internal Controls:** Auditors have previously noted the absence of a documented internal control framework and a functional corporate website, areas the new board is expected to address.