Nitin Fire Protection Industries Ltd

Nitin Fire Protection Industries Ltd Reports ₹219.88 Lakh Consolidated Profit in FY2024-25 🔄📈

- Profit for the year improved significantly to ₹219.87 lakhs in 2024-25 from a loss of ₹680.06 lakhs in 2023-24.

- Basic and diluted earnings per share were both ₹0.08 in 2024-25, compared to a loss per share of ₹0.23 in the previous year.

- Payments to auditors decreased to ₹6.05 lakhs in 2024-25 from ₹6.77 lakhs in 2023-24.

- Contingent liabilities include capital commitments of ₹270 lakhs and performance guarantees of ₹67.07 lakhs as of March 31, 2025.

- The company operates in a single business segment: fire protection/detection equipment and related activities.

- Income tax returns for A.Y. 2021-21 and 2021-22 are pending filing, with a delay condonation application submitted.

- Current ratio improved dramatically to 1.56 in 2024-25 from 0.02 in 2023-24, indicating better liquidity.

- Debt equity ratio was 0.22 in 2024-25, showing reduced leverage compared to -0.55 in the prior year.

- The company underwent liquidation as a going concern, with Elysian Wealth Fund consortium acquiring it for ₹3,577.80 lakhs.

- Related party transactions include repayments to key management personnel and losses from associate Worthington Nitin Cylinders.

- Nitin Fire Protection Industries Limited reported consolidated financial statements for the year ended March 31, 2025.

- Revenue from operations decreased to ₹629.37 lakhs in FY2025 from ₹689.25 lakhs in FY2024.

- Net profit for the year was ₹219.88 lakhs, compared to a net loss of ₹680.06 lakhs in the previous year.

- Total property, plant, and equipment decreased to ₹750.27 lakhs as of March 31, 2025, from ₹1,016.74 lakhs in the prior year.

- Inventories increased significantly to ₹822.76 lakhs in FY2025 from ₹153.87 lakhs in FY2024.

- Trade receivables remained stable at ₹752.76 lakhs as of March 31, 2025, compared to ₹724.36 lakhs the previous year.

- Cash and cash equivalents decreased to ₹13.07 lakhs in FY2025 from ₹32.53 lakhs in FY2024.

- Long-term borrowings were fully settled as per Section 53 of the Insolvency and Bankruptcy Code (IBC) by October 3, 2024.

- Short-term borrowings reduced to ₹592.15 lakhs in FY2025 from ₹59,187.18 lakhs in FY2024, primarily due to IBC settlements.

- Employee benefit expenses were ₹223.08 lakhs in FY2025, slightly up from ₹220.56 lakhs in FY2024.

- The company's equity share capital remained unchanged at ₹5,845.39 lakhs with 292,269,622 shares outstanding.

- Retained earnings improved to a negative ₹11,261.18 lakhs in FY2025 from a negative ₹118,816.85 lakhs in FY2024, due to profit and capital reserve transfers.

- Contingent liabilities are disclosed but not recognized in the financial statements as per accounting standards.

- Earnings per share (EPS) details are based on net profit and weighted average shares, though specific EPS figures are not provided in the announcement.

- Nitin Fire Protection Industries Limited reported a net profit before tax of ₹120.27 lakhs for FY 2024-25, compared to a loss of ₹655.26 lakhs in the previous year.

- Net cash used in operating activities was ₹3,031.49 lakhs, while net cash generated from investing activities was ₹4,149.66 lakhs, primarily due to proceeds from share application money pending allotment of ₹3,577.80 lakhs.

- Cash and cash equivalents decreased to ₹13.07 lakhs as of March 31, 2025, from ₹32.53 lakhs the previous year.

- Equity share capital remained unchanged at ₹5,845.39 lakhs with 29,22,69,622 shares of ₹2 each issued and fully paid up.

- Other equity showed improvement, with retained earnings at ₹(11,261.17) lakhs, compared to ₹(1,18,816.85) lakhs in the prior year, after adjustments including a capital reserve transfer of ₹1,07,352.84 lakhs.

- The company operates under liquidation as a going concern, with liabilities settled per Section 53 of the Insolvency and Bankruptcy Code (IBC).

- Revenue recognition follows Ind AS principles, with sales of goods recognized upon delivery and services recognized based on stage of completion.

- Financial statements were audited by Tolia & Associates Chartered Accountants, signed by Kiran P. Tolia, and approved by the Board of Directors including U. Balakrishna Bhat and Allan Lopes.

- Company underwent Corporate Insolvency Resolution Process (CIRP) starting October 22, 2018, with Mr. Uliyar B. Bhatt appointed as Resolution Professional.

- Liquidation order issued on January 18, 2022; Elysian Wealth Fund consortium declared highest bidder with bid of ₹3,577.80 lakhs.

- Sale of company as a going concern approved by NCLT on March 26, 2024; sale proceeds distributed, including payments to lenders like IDBI Bank (₹791.69 lakhs), Axis Bank (₹579.71 lakhs), and Bank of Baroda (₹321.69 lakhs).

- Financial liabilities extinguished per NCLT order, including secured loans (₹48,000.68 lakhs), interest accrued (₹43,479.20 lakhs), and other payables.

- Net debt reduced significantly from ₹154,783.56 lakhs in March 2024 to ₹51.50 lakhs in March 2025.

- Equity improved from negative ₹109,003.24 lakhs in March 2024 to positive ₹2,220.23 lakhs in March 2025.

- Gearing ratio improved from 338.10% in March 2024 to 0.02% in March 2025.

- Profit after tax for 2024-25 was ₹219.88 lakhs, compared to a loss of ₹638.57 lakhs in 2023-24.

- Revenue from operations decreased to ₹629.37 lakhs in 2024-25 from ₹689.25 lakhs in 2023-24.

- Auditor highlighted non-compliance with Indian Accounting Standards due to treatment of derecognized liabilities and capital reserve transfer.

- Retained earnings decreased from ₹(117,633.23) lakhs in April 2023 to ₹(10,673.52) lakhs in March 2025, with a transfer of ₹107,352.84 lakhs from capital reserve.

- General reserve remained unchanged at ₹2,131.62 lakhs throughout 2023-2025.

- All borrowings and provisions were settled by October 2024 as the company was sold as a going concern under IBC Section 53.

- Trade payables decreased significantly to ₹37.64 lakhs in March 2025 from ₹6,710.67 lakhs in March 2024, with minimal dues to micro and small enterprises.

- Revenue from operations dropped to ₹265.34 lakhs in 2024-25 from ₹402.27 lakhs in 2023-24.

- Other income surged to ₹775.62 lakhs in 2024-25, driven by a ₹425.14 lakhs surplus on sale of property, plant, and equipment.

- Profit for the year was ₹292.83 lakhs in 2024-25, a significant improvement from a loss of ₹(644.47) lakhs in 2023-24.

- Employee benefits expense decreased slightly to ₹185.03 lakhs in 2024-25 from ₹194.44 lakhs in 2023-24.

- Finance costs reduced sharply to ₹26.83 lakhs in 2024-25 from ₹368.17 lakhs in 2023-24, mainly due to lower interest expenses.

- Earnings per share improved to ₹0.10 in 2024-25 from a loss per share of ₹(0.22) in 2023-24.

- Related party transactions included repayments and interest payments to key management personnel, with outstanding balances largely written back.

- Current ratio improved dramatically to 15.56 in March 2025 from 0.01 in March 2024, reflecting reduced liabilities.

- Debt equity ratio became nil in March 2025 due to write-backs of borrowings, compared to (0.55) in March 2024.

- Contingent liabilities include performance guarantees of ₹67.07 lakhs and various claims not acknowledged as debt.

- Goods and Service Taxes (GST) are generally paid on expenses and asset acquisitions, but expenses and assets are recognized net of GST, except when the tax is not recoverable (then included in cost) or when receivables/payables include tax.

- Property, plant, and equipment are measured at cost (or deemed cost) less depreciation and impairment. Cost includes purchase price, import duties, non-refundable taxes, and directly attributable costs. Gains/losses on disposal are recognized in profit and loss.

- Intangible assets are initially recognized at cost and subsequently carried at cost less amortization and impairment. Amortization is recognized in profit and loss unless it forms part of another asset's carrying value.

- Borrowing costs directly attributable to qualifying assets are capitalized; other borrowing costs are expensed.

- Inventories are valued at the lower of cost or net realizable value. Cost includes purchase cost, conversion costs, and other overheads, determined on a FIFO basis.

- Non-financial assets are reviewed for impairment at each balance sheet date. Impairment losses are recognized if the carrying amount exceeds the recoverable amount. Reversals of impairment are recognized under specific conditions.

- Provisions are recognized for present obligations from past events when a reliable estimate can be made. Discounting is applied if the time value of money is material.

- Gratuity and other post-employment benefits: Defined contribution plans (e.g., provident fund) are expensed as contributions are payable. Defined benefit plans (e.g., gratuity) are actuarially valued, with remeasurements recognized in OCI.

- Financial instruments are classified into categories based on business model and contractual cash flow characteristics. Financial assets can be at amortized cost, FVTPL, or FVTOCI. Financial liabilities are at amortized cost or FVTPL.

- Cash and cash equivalents include cash on hand, bank balances, and short-term deposits with original maturities of three months or less.

- Foreign currency transactions are recorded at spot rates. Monetary items are translated at closing rates, with exchange differences recognized in profit and loss.

- Investments in subsidiaries and associates are carried at cost, tested for impairment.

- Contingent liabilities are disclosed but not recognized unless an outflow is probable and reliably measurable.

- Earnings per share: Basic EPS is net profit divided by weighted average shares; diluted EPS adjusts for potential equity shares.

- Property, plant, and equipment details: Gross carrying amount decreased to ₹1,591.69 lakhs in FY25 from ₹1,959.01 lakhs in FY24, with net carrying amount at ₹296.21 lakhs.

- Investments: Unquoted investments in subsidiaries and associates are held at cost, with an impairment of ₹3,772.17 lakhs, resulting in a net carrying amount of ₹423.87 lakhs.

- Trade receivables: Gross receivables increased to ₹610.62 lakhs in FY25 from ₹427.29 lakhs in FY24, with an allowance for expected credit losses of ₹14.83 lakhs.

- Equity share capital: Authorized share capital is ₹7,500 lakhs (375 million shares of ₹2 each). Issued, subscribed, and fully paid-up capital is ₹5,845.39 lakhs (292.27 million shares).

- Other equity: Includes share application money pending allotment of ₹3,577.80 lakhs, securities premium of ₹1,338.94 lakhs, and retained earnings deficit of ₹10,673.52 lakhs.

- Promoter holdings: Significant shareholders include Nitin M. Shah (13.70%), Saroj N. Shah (19.18%), Rahul N. Shah (6.44%), and Kunal N. Shah (8.53%).

- Auditor Tolia and Associates issued an unqualified opinion on Nitin Fire Protection Industries Limited's standalone Ind AS financial statements for the year ended March 31, 2025, confirming fair presentation.

- The company reported a profit of ₹292.83 lakhs for FY 2024-25, compared to a loss of ₹644.47 lakhs in the previous year.

- Revenue from operations decreased to ₹265.34 lakhs from ₹402.27 lakhs in the prior year, while other income increased to ₹775.62 lakhs from ₹281.57 lakhs.

- Total assets stood at ₹2,291.53 lakhs as of March 31, 2025, with equity at ₹2,220.23 lakhs and liabilities at ₹71.31 lakhs.

- The company defaulted on repayments to banks and financial institutions totaling ₹91,479.88 lakhs, with lenders including Axis Bank (₹29,698.92 lakhs), IDBI Bank (₹44,547.72 lakhs), and Bank of Baroda (₹16,802.36 lakhs).

- Undisputed statutory dues outstanding for more than six months include income tax (including TDS and interest) of ₹184.92 lakhs and professional tax of ₹0.17 lakh.

- The company transferred ₹3,577.80 lakhs as share application money pending allotment during the year.

- There was a delay in transferring ₹1.22 lakhs to the Investor Education and Protection Fund, with a delay of 890 days from the due date of October 23, 2022.

- No fraud was reported during the year, and the internal financial controls were found to be adequate and operating effectively.

- The company is under liquidation, with the Board of Directors' powers suspended and exercised by the Liquidator, Allan Lopez (IBBI/IPA-001/IP-P00658/2017-18-11107).

- Company is under liquidation process since January 18, 2022, with Mr. Uliyar Balakrishna Bhat appointed as Liquidator.

- Financial results for 2024-25 were delayed and not published in newspapers; company website was non-functional as of March 31, 2025.

- No dividends declared for the financial year ended March 31, 2025, and no dividends paid in the last 7 years (2017-18 to 2023-24).

- Company shares are listed on BSE (scrip code: 532854) and NSE (symbol: NITINFIRE), with ISIN: INE489H01020.

- Total equity shares outstanding: 29,22,69,622; 83.23% held by shareholders with over 10,001 shares.

- Promoter/Promoter Group holds 51.68% of equity shareholding.

- Sale of the company as a going concern completed on October 3, 2024, with final liquidation closure order from NCLT pending.

- Multiple non-compliances with SEBI LODR regulations and corporate governance requirements due to liquidation status.

- No penalties imposed by SEBI in the last three years, except fines by BSE and NSE for late filings, which were later waived.

- Registered office shifted to C-801, Neelkanth Business Park, Mumbai, effective February 17, 2026.

- Nitin Fire Protection Industries Limited was under liquidation during FY 2024-25, with Mr. Uliyar Balakrishna Bhat appointed as the liquidator.

- The company reported a standalone profit after tax of INR 292.83 lakhs for FY 2024-25, compared to a loss of INR 644.47 lakhs in the previous year.

- Consolidated profit after tax was INR 219.88 lakhs for FY 2024-25, versus a loss of INR 638.57 lakhs in FY 2023-24.

- Total standalone income increased to INR 1,040.96 lakhs from INR 683.84 lakhs year-over-year.

- The liquidation process included the sale of the company as a going concern under Section 33 of the IBC, with a sale certificate issued on October 3, 2024.

- The company's status was updated to 'ACTIVE' from 'Under CIRP' following an NCLT order on June 3, 2025, approved by the Registrar of Companies.

- No annual general meeting was held for FY 2024-25 due to the liquidation process.

- The company has a wholly-owned subsidiary, Eurotech Cylinders Private Limited, and an associate, Worthington Nitin Cylinders Private Limited.

- Employee count as of March 31, 2025, was 30 male and 6 female employees, with no transgender employees.

- No dividends were declared or recommended during the financial year.