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Nitin Fire Protection Industries suffers heavy losses due to Covid-19 pandemic

Being under CIRP, the company can’t raise capital and estimates the worst impact in future.

July 24, 2020 4:02 IST | India Infoline News Service
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Nitin Fire Protection Industries Ltd. informed the exchanges Friday that due to being under Corporate Insolvency Resolution Process (CIRP), raising capital is impossible. The company heavy losses due to Covid-19 pandemic and has an acute shortage of liquidity.

The company assets have been impacted to a large extent and internal financial reporting and control have been impacted to a large extent. As the company is under CIRP and being an MSME, the future impact will be worst, it said. Raising capital is impossible for the company.

The company said that complete disruption has happened at all ongoing sites subsequent to national lockdown from March 23, 2020. Due to lockdown engineers and other staffs have been stopped at various places with huge expense on the company. Lock down is still there without public transport.

“We being in Maharashtra the worst affected region could not be able to maintain operation at any place of works. Further, I being the Resolution Professional am still under restriction of staying at home. We could not deploy our engineers for projects out of state. Operations have started at a very minimal level,” Uliyar Balakrishna Bhat of Nitin Fire Protection Industries, said.

“The project reviews have been made by engineers, Resolution Professional and CEO of the company over the phone.” he added.

Nitin Fire Protection Industries Ltd itrade ended at Rs0.80, up by Rs0.03 or 3.9% from its previous closing of Rs0.77 on the BSE.

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