| Nitin Fire Protection Industries Limited | ||||||
| Issuer not cooperating, based on best-available information; Ratings continues to be ‘CRISIL D/CRISIL D Issuer not cooperating' | ||||||
| Rating Action | ||||||
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| Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. | ||||||
| 1 crore = 10 million | ||||||
| Refer to Annexure for Details of Instruments & Bank Facilities | ||||||
| *Issuer did not cooperate; based on best-available information | ||||||
| Please note that the rating(s) are based on best available information with the credit rating agency: the entity whose debt is being published via this rating rationale did not provide the requisite information needed to conduct the rating exercise or did not provide the No Default Statements (NDS) for the last three months and is therefore classified as 'non cooperative'. |
Non cooperation by Issuer CRISIL Ratings has been consistently following up with Nitin Fire Protection Industries Limited (NFPIL; part of the Nitin group) for obtaining information through letter and email dated December 12, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative.
‘The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ |
Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of NFPIL, which restricts CRISIL Ratings’ ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NFPIL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of NFPIL continues to be ‘CRISIL D/CRISIL D Issuer Not Cooperating’. |
For arriving at its ratings, CRISIL Ratings has combined the business and financial risk profiles of NFPIL and its wholly owned subsidiaries: Eurotech Cylinders Pvt Ltd, Nitin Ventures FZE, and Nitin Global Pte Ltd. All the companies, collectively referred to as the Nitin group, have operational and financial linkages, and common promoters. |
About the Group The Nitin group is promoted by Mr. Nitin Shah and his sons, Mr. Rahul Shah and Mr. Kunal Shah. It is an end-to-end solutions provider for fire protection and safety equipment. It provides gas- and water-based fire protection systems, and caters mainly to the telecommunications, information technology, banking, and manufacturing industries. The group manufactures and trades in high-pressure seamless cylinders and industrial cylinders.
NFPIL, incorporated in 1995, provides fire detection and fire suppression systems, and manufactures fire extinguishers. It entered the United Arab Emirates (UAE) by acquiring a majority stake in New Age Co LLC (New Age), which was an associate before April 2010. New Age is an approved vendor for all seven emirates of the UAE, and has a strong track record of providing fire protection services and maintenance. The Nitin group has a presence in the Middle East through Nitin Ventures FZE and in Singapore through Nitin Global Pte Ltd. Eurotech Cylinders Pvt Ltd trades in high-pressure compressed natural gas cylinders and valves and caters mainly to the domestic market. NFPIL remains part of a non-integrated, non-incorporated joint venture at an oil block in Rajasthan, in which it has 11.1% equity ownership. |
Key Financial Indicators
Source: BSE |
Any other information: Not applicable |
Note on complexity levels of the rated instrument: |
Annexure - Details of Instrument(s)*
*Issuer did not cooperate; based on best-available information |
| Annexure - Rating History for last 3 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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* - Issuer did not cooperate; based on best-available information
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| Annexure - Details of Bank Lenders & Facilities | |||||||||||||||||||||||||||||||||||||||||||||
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Criteria Details
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