MIRA INFORM REPORT

Report No. :	341159
Report Date :	18.09.2015

IDENTIFICATION DETAILS

Name :	NIRVIKARA PAPERS MILLS LIMITED
Registered Office :	A/7, Trade World, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013, Maharashtra
Tel. No.:	91-22-61207900
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.06.2013
Com. Reg. No.:	11-244963
Capital Investment / Paid-up Capital :	Rs. 107.398 Million
CIN No.: [Company Identification No.]	U21098MH2013PLC244963
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing of Coated Duplex Boards.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1673000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 29^th June, 2013. It is a part of the “SIYARAM PODDAR GROUP”. It has moderate track record. The equity shares of Nirvikara Paper Mills Limited are Listed, with effect from July 28, 2015 and Admitted to dealings on the Exchange in the list of “T” Group. The rating also take into consideration, an acceptable shares price of Rs. 34/- recorded by the company as against a face value of Rs. 10/- as on September 14, 2015. The Company has incurred loss from first year of its operations during FY2015. However, trade relation are reported to be fair. Business is active. Payment terms are reported to be slow but Correct. The company can be considered for business dealing with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-22-61207900)

LOCATIONS

Registered Office/ Corporate Office :	A/7, Trade World, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013, Maharashtra
Tel. No.:	91-22-61207900
Fax No.:	91-22-61207999
E-Mail :	bpmho@bpml.in
Website :	www.npml.in
Factory 1:	(Paper/Paper Board and Coating Plant) Village Ambivali P.O. Mohane, Taluka Kalyan, Thane-421 102, Maharashtra, India
Factory 2:	(Cutting and Packing Unit) F3 and F4 Bhiwandi Nashik Road, Village Dhamangaon, Taluka Bhiwandi, Thane, Maharashtra, India

DIRECTORS

As On : 31.03.2015

Name :

Mr. Harish Narendra Motiwalla

Designation :

Director

Address :

186/7 Enterprise Apartments, Forjett Hill Road, Tardeo, Mumbai, 400036, Maharashtra, India

Date of Birth/Age :

24.03.1945

Qualification :

B. Com, LLB, FCA.

Date of Appointment :

24.08.2015

DIN No.:

00029835

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
2	U65990MH1994GOI081616	BOBCARDS LIMITED	Director	06/10/2003	06/10/2003	29/09/2007	Active	NO
3	U67190MH1994PLC077858	LIC NOMURA MUTUAL FUND ASSET MANAGEMENT COMPANY LIMITED.	Director	26/07/2004	26/07/2004	18/06/2010	Active	NO
4	L28992MH1991PLC168235	HITECH PLAST LIMITED	Director	13/09/2014	23/09/2005	-	Active	NO
5	L32109PN1984PLC033783	LALIT POLYMERS AND ELECTRONICS LIMITED	Director	20/12/2005	20/12/2005	01/07/2009	Active	NO
6	U17299MH2007PLC168720	BALKRISHNA SYNTHETICS LIMITED	Director	28/01/2009	28/01/2009	-	Active	NO
7	U99999GJ1978PLC022924	GUJARAT ORGANICS LIMITED	Director	24/09/2009	06/04/2009	-	Active	NO
8	L14108MH1982PLC026396	ASHAPURA MINECHEM LIMITED	Director	25/09/2014	29/07/2009	-	Active	NO
9	L01122DD1991PLC002959	MULTIBASE INDIA LIMITED	Director	28/08/2010	27/10/2009	-	Active	NO
10	U65992MH2003PTC139955	LIC NOMURA MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED	Director	13/09/2011	08/03/2011	-	Active	NO
11	L17116MH1978PLC020451	SIYARAM SILK MILLS LIMITED	Director	06/08/2011	21/05/2011	-	Active	NO
12	U67200MH2004PTC145829	CABAL INSURANCE BROKING SERVICES PRIVATE LIMITED	Additional director	29/11/2011	29/11/2011	-	Active	NO
13	U21093MH2007PLC168591	BALKRISHNA PAPER MILLS LIMITED	Additional director	10/01/2015	10/01/2015	-	Active	NO
14	U21098MH2013PLC244963	NIRVIKARA PAPER MILLS LIMITED	Director	24/08/2015	11/02/2015	-	Active	NO
15	U14108MH1989PLC054664	ASHAPURA INTERNATIONAL LIMITED	Additional director	10/03/2015	10/03/2015	-	Active	NO

Name :

Mr. Rakesh Kumar Garodia

Designation :

Director

Address :

4, Piramal Industrial Estate, S. V. Road, Goregaon (West), Mumbai, 400062, Maharashtra, India

Date of Birth/Age :

15.09.1963

Qualification :

B.Com

Experience:

Corporate affairs and Financial Accounting

Date of Appointment :

24.08.2015

DIN No.:

00143438

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31209MH1983PLC031258	PENGUIN ELECTRONICS LIMITED	Director	01/11/1983	01/11/1983	-	Active	NO
2	U67190MH1995PTC085334	SAWINI FINVEST PRIVATE LIMITED	Director	09/02/1995	09/02/1995	-	Active	NO
3	U32300MH1995PLC086869	DART ELECTRONICS LIMITED	Director	27/03/1995	27/03/1995	-	Amalgamated	NO
4	U25201MH2001PTC131922	GALAXY MOULDERS PRIVATE LIMITED	Director	10/05/2001	10/05/2001	-	Active	NO
5	L99999MH1961PLC012185	BALKRISHNA INDUSTRIES LIMITED	Director	31/05/2003	31/05/2003	29/05/2010	Active	NO
6	U29300MH2000PTC125522	TULIP ELECTROAPPLIANCES PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Amalgamated	NO
7	L99999MH1981PLC024041	SWASTI VINAYAKA SYNTHETICS LIMITED	Director	27/09/2014	29/12/2008	-	Active	NO
8	U21093MH2007PLC168591	BALKRISHNA PAPER MILLS LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO
9	U21098MH2013PLC244963	NIRVIKARA PAPER MILLS LIMITED	Director	24/08/2015	11/02/2015	-	Active	NO
10	L51900MH1985PLC036536	SWASTI VINAYAKA ART AND HERITAGE CORPORATION LIMITED	Additional director	19/03/2015	19/03/2015	-	Active	NO
11	L51900MH1985PLC036117	ASHIRWAD CAPITAL LIMITED	Additional director	19/03/2015	19/03/2015	-	Active	NO

Name :

Mr. Sachindra Nath Chaturvedi

Designation :

Director

Address :

2803/04 28th Floor,, Shreepati Arcade, A K Marg, Nana Chowk, Mumbai, 400036, Maharashtra, India

Date of Birth/Age :

30.09.1950

Qualification :

B. Tech, F.C.A, M.B.A, D.I.S.A

Experiance

Business Administration, Audit, Finance

Date of Appointment :

24.08.2015

DIN No.:

00553459

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L22210MH1993PLC133365	N R AGARWAL INDUSTRIES LIMITED	Director	20/09/2014	08/03/1994	-	Active	NO
2	U51900MH1992PTC069639	TUFROPES PRIVATE LIMITED	Director	31/12/1996	31/12/1996	-	Active	NO
3	L99999MH1961PLC012185	BALKRISHNA INDUSTRIES LIMITED	Director	31/01/2004	31/01/2004	-	Active	NO
4	L17120MH1985PLC036500	JAI CORP LIMITED	Director	19/09/2014	12/03/2004	-	Active	NO
5	U74140MH2008PTC181024	ValuDel Consultancy Private Limited	Director	10/04/2008	10/04/2008	-	Active	NO
6	U70102MH2007PLC176139	JAI REALTY VENTURES LIMITED	Director	29/09/2014	12/04/2008	-	Active	NO
7	U21093MH2007PLC168591	BALKRISHNA PAPER MILLS LIMITED	Director	16/05/2008	16/05/2008	-	Active	NO
8	U21098MH2013PLC244963	Nirvikara Paper Mills Limited	Director	24/08/2015	11/02/2015	-	Active	NO

Name :

Mr. Anurag Poddar

Designation :

Managing Director

Address :

1501, Nepean House, 15th Floor, Nepean Sea Road, Mumbai, 400006, Maharashtra, India

Date of Appointment :

12.02.2015

DIN No.:

00599143

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH2007PLC167200	BKT EXIM LIMITED	Director	23/01/2007	23/01/2007	04/08/2012	Active	NO
2	U21093MH2007PLC168591	BALKRISHNA PAPER MILLS LIMITED	Whole-time director	01/06/2012	10/03/2007	-	Active	NO
3	U17299MH2007PLC168720	BALKRISHNA SYNTHETICS LIMITED	Director	14/03/2007	14/03/2007	30/01/2008	Active	NO
4	U35990MH2007PLC171411	BKT TYRES LIMITED	Director	07/06/2007	07/06/2007	04/08/2012	Active	NO
5	U72900MH2007PLC175209	SPG INFRASTRUCTURE LIMITED	Director	19/10/2007	19/10/2007	02/12/2013	Active	NO
6	U65990MH2007PLC175304	SPG POWER LIMITED	Director	23/10/2007	23/10/2007	02/12/2013	Active	NO
7	U17120MH1976PLC019345	BKT MOULDS LIMITED	Director	05/11/2008	05/11/2008	-	Amalgamated	NO
8	L99999MH1961PLC012185	BALKRISHNA INDUSTRIES LIMITED	Whole-time director	22/01/2009	22/01/2009	30/05/2012	Active	NO
9	U52190MH2010PTC200929	WAVELINK COMMERCIALS PRIVATE LIMITED	Director	24/09/2011	30/06/2010	-	Active	NO
10	U51909MH2010PTC206247	DPP TRADING PRIVATE LIMITED	Director	04/08/2010	04/08/2010	-	Active	NO
11	U21098MH2013PLC244963	Nirvikara Paper Mills Limited	Managing director	12/02/2015	11/02/2015	-	Active	NO
12	AAA-1709	GPP ENTERPRISES LLP	Body corporate as Designated Partner	31/03/2011	31/03/2011	-	Active	NO
13	AAA-1712	PKP ENTERPRISES LLP	Body corporate as Designated Partner	31/03/2011	31/03/2011	-	Active	NO
14	AAD-0456	GOLDEN FIBRES LLP	Designated Partner	11/12/2014	11/12/2014	-	Active	NO

Name :

Mr. Ankit Poddar

Designation :

Whole-Time Director

Address :

52, Mount Unique, 62, A Poddar Road, Mumbai, 400026, Maharashtra, India

Date of Appointment :

11.02.2015

DIN No.:

03521731

Name :

Mr. Shrutisheel Jhanwar

Designation :

Whole-Time Director

Address :

Building No. 6, Flat No. 404, Minal Mandir Anmol Nagar, CHS Limited, Opp Leela Business Park Andheri Kurla Road, Mumbai Andheri East, 400059, Maharashtra, India

Date of Birth/Age :

26.12.1974

Qualification :

B.Com, C.A

Experience:

Finance, Accounting and Business Administration

Pan No:

ADPPJ9106N

Date of Appointment :

11.02.2015

DIN No.:

03582803

Name :

Ms. Meghna Sukhesh Shah

Designation :

Director

Address :

24, Neel Tarang, Veer Savarkar Marg,, Mahim, Mumbai, 400016, Maharashtra, India

Date of Birth/Age :

14.06.1978

Qualification :

B.Com, C.A

Experiance

Accounting and Finance

Date of Appointment :

11.02.2015

DIN No.:

07081068

KEY EXECUTIVES

Name :	Mr. Shrutisheel Jhanwar
Designation :	Chief Financial Officers
Address :	Building No. 6, Flat No. 404, Minal Mandir Anmol Nagar, CHS Limited, Andheri Kurla Road, Andheri East, Mumbai, 400059, Maharashtra, India
Date of Birth/Age :	26.12.1974
Qualification :	B.Com, C.A
Date of Appointment :	11.02.2015
Pan No:	ADPPJ9106N
Name :	Mr. Rajesh Solanki
Designation :	Secretary
Address :	Neeraj Apartment-2, 3rd Floor, Room No.6, Shivaji Nagar, Mulund Chechknaka, Thane, 400604, Maharashtra, INDIA
Date of Appointment :	11.02.2015
Pan No:	BIJPS3349N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 23.07.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6260849	58.30
Bodies Corporate	26	0.00
Sub Total	6260875	58.30
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6260875	58.30
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1712134	15.94
Foreign Institutional Investors	1519539	14.15
Sub Total	3231673	30.09
(2) Non-Institutions
Bodies Corporate	204442	1.90
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	775036	7.22
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	220778	2.06
Any Others (Specify)	47040	0.44
Non Resident Indians	43525	0.41
Trusts	3404	0.03
Others	111	0.00
Sub Total	1247296	11.61
Total Public shareholding (B)	4478969	41.70
Total (A)+(B)	10739844	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	10739844	0.00

Equity Share Break up (Percentage of Total Equity)

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of Coated Duplex Boards.
Products :	Coated Duplex Boards.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the Management

Bankers :

Bank Name	Standard Chartered Bank
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Corporation Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Term loans from Bank
External Commercial Borrowings Note: Secured by :Exclusive mortgage charge over the immoveable Fixed Assets and hypothecation charge by way of pari-passu over the movable Fixed Assets of the Company (3 million USD- Repayment in 15 Quarterly Equal Installments starting from September, 2013) (7millionUSD- Repayment in 15Quarterly Equal Installments starting from Financial Year 2014-15) (Interest rate 3 months LIBOR + 350 bppa)	254.350	0.000
Working Capital Term Loan To be secured by immovable and movable fixed Assets, Repayment Schedule from year 3- 5%, year 4- 20%, year 5 to year 7- 25%, rate of interest 12% or such other rate as may be specified by the bank from time to time. Personal Guarantee is given by the Directors	120.000	0.000
SHORT-TERM BORROWINGS
Loan From Banks
Loans repayable on demand	108.734	0.000
Other Loans- PCFC/Buyers Credit Note: Secured by first pari-passu charge by way of hypothecation of Inventory, receivable and movable fixed assets of the Company.	117.448	0.000
Total	600.534	0.000

Auditors :
Name :	Jayantilal Thakkar and Compnay Chartered Accountants
Add:	Mumbai, Maharashtra, India
Cost Auditors:	R. S. Raghavan Cost Accountant
Internal Auditors:	Dilip A. Jain and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties:	Siyaram Silk Mills Limited S. P. Finance and Trading Limited Sanchana Trading and Finance Limited Balkrishna Industries Limited
Subsidiary:	Balkrishna Synthetics Limited

CAPITAL STRUCTURE

As On : 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1,10,00,000	Equity Shares	Rs.10/- each	Rs. 110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,07,39,844	Equity Shares	Rs.10/- each	Rs. 107.398 Million

All the above shares are allotted as fully paid up pursuant to scheme of Arrangement, without payment being received in cash.

Terms/rights attached to equity shares:

All the Equity Shares have equal rights in respect of distribution of dividends and the repayment of capital

Shareholder's holding more than 5% Shares in the Company.

Shareholder's holding more than 5% Shares in the Company

Name of Shareholders	No of Shares held	% of Holding
AKP Enterprises LLP	2,666,493	24.83%
RAP Enterprises LLP	2,663,110	24.80%

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	107.398	0.500
(b) Reserves & Surplus	478.192	(0.032)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	585.590	0.468
(3) Non-Current Liabilities
(a) long-term borrowings	399.386	0.000
(b) Deferred tax liabilities (Net)	97.796	0.000
(c) Other long term liabilities	0.352	0.000
(d) long-term provisions	(0.069)	0.000
Total Non-current Liabilities (3)	497.465	0.000
(4) Current Liabilities
(a) Short term borrowings	325.982	0.000
(b) Trade payables	239.434	0.007
(c) Other current liabilities	211.496	0.000
(d) Short-term provisions	6.251	0.000
Total Current Liabilities (4)	783.163	0.007
TOTAL	1866.218	0.475
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	792.555	0.000
(ii) Intangible Assets	0.695	0.000
(iii) Capital work-in-progress	651.023	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	29.258	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1483.531	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	165.880	0.000
(c) Trade receivables	147.807	0.000
(d) Cash and cash equivalents	3.649	0.475
(e) Short-term loans and advances	62.888	0.000
(f) Other current assets	2.463	0.000
Total Current Assets	382.687	0.475
TOTAL	1866.218	0.475

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	197.297	0.000
		Other Income	0.533	0.000
		TOTAL (A)	197.830	0.000
Less	EXPENSES
		Cost of Materials Consumed	126.105	0.000
		Purchases of Stock-in-Trade	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.623	0.000
		Employees benefits expense	10.450	0.000
		Other expenses	75.750	0.032
		TOTAL (B)	216.928	0.032
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(19.098)	(0.032)
Less	FINANCIAL EXPENSES (D)		5.961	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(25.059)	(0.032)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.362	0.000
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(30.421)	(0.032)
Less	TAX (H)		0.581	0.000
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(31.002)	(0.032)
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods on FOB Basis	20.420	0.000
		Recovery Towards Freight and Insurance on Export	405.106	0.000
	TOTAL EARNINGS		425.526	0.000
	Value of Import on CIF Basis
		Raw Materials	20.968	0.000
		Stores & Spares parts	1.349	0.000
	TOTAL IMPORTS		22.317	0.000
	Earnings Per Share (Rs.)		(2.89)	(0.63)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA
Cash generated from operations	30.749	(0.025)
Net cash from Operating Activities	28.454	(0.025)

QUARTERLY RESULTS

PARTICULARS	30.06.2015 (Unaudited)
	1^st Quarterly
Net Sales	391.930
Total Expenditure	384.230
PBIDT (Excl OI)	7.700
Other Income	0.740
Operating Profit	8.440
Interest	13.750
Exceptional Items	NA
PBDT	(5.310)
Depreciation	9.070
Profit Before Tax	(14.380)
Tax	16.880
Provisions and contingencies	NA
Profit After Tax	(31.26)
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	(31.26)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(15.71)	NA
Operating Profit Margin (PBIDT/Sales)	(%)	(9.68)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(2.52)	(66.39)
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.09)
Debt Equity Ratio (Total Debt /Networth)		1.24	0.00
Current Ratio (Current Asset/Current Liability)		0.49	67.86

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs. 34/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	107.398
Reserves & Surplus	(0.032)	478.192
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	0.468	585.590
long-term borrowings	0.000	399.386
Short term borrowings	0.000	325.982
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	116.992
Total borrowings	0.000	842.360
Debt/Equity ratio	0.000	1.438

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	197.297
	0.000	0.000

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	197.297
Profit	(31.538)	(31.002)
	0.000	(15.71%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last about one year ne month	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about one year ne month	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

In terms with the approval of scheme of Arrangement between Balkrishna Paper Mills Limited ("BPML"), Balkrishna Industries Limited ("BIL") and Nirvikara Paper Mills Limited ("NPML") by Bombay High Court on 19.12.2014 and effective from 10.02.2015, business of Paper Board manufacturing transferred to the Company.

a) A scheme of arrangement ("Scheme") under section 391 to 394 of the Company's Act 1956 between Balkrishna Industries Limited (BIL), Balkrishna Paper Mills Limited (BPML), Nirvikara Paper Mills Limited (Company), their respective shareholders and creditors was approved by Hon'ble High Court of Judicature at Bombay vide Order dated 19th December 2014

b) BPML, which was engaged in the business of manufacturing of paper board, has been amalgamated with BIL with effect from theAppointed Date, i.e., 1st April 2013 whereby, the assets, liabilities and reserves of BPML has been vested with BIL and have been recorded at their respective book value, under the pooling of interest method of accounting for amalgamation.

c) The Paper Division Undertaking of the Company have been demerged to the Company with effect from the Effective Date, i.e.,10^th February 2015, whereby the Company's Share Capital of Rs. 5 lacs stands cancelled and an aggregate of 1,07,39,844 equity shares of Rs.10 each of the Company were issued to the equity shareholders of BIL in the ratio of 1 equity share of the Company for every 9 equity shares held in BIL.

d) The effect of the Scheme has been considered in these financial statements for the year ended 31st March, 2015 and therefore to that extent, the figures of the current year are not comparable with those of the previous year.

e) The authorised share capital of the Company has been increased to Rs. 110.000 Million consisting of 1,10,00,000 Equity Shares of Rs. 10

each.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Distributors/Dealers Deposit	25.035	0.000
SHORT-TERM BORROWINGS
Loans repayable on demand
from Related Party	99.800	0.000
Total	124.835	0.000

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015
a) Claims against the Company not acknowledge as debts
- Disputed claims for excise, cess, sales tax and service tax	47.113
- Disputed income tax demands	2.056
- Others	58.749
b) Guarantees
- Guarantees given by the Company's bankers on behalf of the Company against the Company's Indemnity	17.598

UNAUDITED (STANDALONE) FINANCIAL RESULTS

FOR THE QUARTER ENDED 30^TH JUNE 2015 (Rs. in million)

Sr. No.	Particulars	Quarter Ended
		30.06.2015
		Unaudited
Part I
1.	Income from Operations
	a) Net Sales / Income from Operations (Net of Excise Duty)	390.042
	b) Other Operating Income	1.890
	Total Income from Operations (net)	391.932
2.	Expenditure
	a) Cost of materials consumed	234.802
	b) Purchase of stock-in-trade	0.000
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	1.273
	d) Employee benefits expense	24.726
	e) Depreciation and amortisation expense	9.066
	f) Power and Fuel Charges	57.140
	g) Other expenses	65.788
	Total Expenses	392.796
3.	Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)	(0.864)
4.	Other Income	0.736
5.	Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)	(0.128)
6.	Finance Costs
	-Interest and Finance Charges	13.750
	-Applicable Net (Gain)/ Loss on Foreign Currency Transaction and Translation	0.505
7.	Profit / (Loss) from ordinary activities after Finance costs but before Exceptional items (5-6)	(14.383)
8.	Exceptional items	0.000
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	(14.383)
10.	Tax expenses
	-Current	0.000
	-Deferred	16.878
11.	Net Profit / (Loss) from ordinary activities after tax (9-10)	(31.261)
12.	Extraordinary items	0.000
13.	Net Profit / (Loss) for the period (11+12)	(31.261)
14.	Paid-up equity share capital (Face Value of Rs. 10 per share)	107.398
15.	Reserve excluding Revaluation reserve	--
16.	Earnings Per Share (EPS) a) Basic and Diluted (not annulised)	(2.91)
Part II
A.	PARTIULARS OF SHAREHOLDINGS
	Public Shareholding
	- Number of Shares	4478969
	- Percentage of Shareholding	41.70%
	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)
	- Percentage of Shares (as a % of the Total Share Capital of the Company)
	b) Non Encumbered
	- Number of Shares	6260875
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	58.30%

FIXED ASSETS:

Tangible assets

• Land
• Building
• Factory
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Electric Installations
• Air Conditioner
• Computer

Intangible assets

• Computer software

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPNAY

WEBSITE DETAILS:

NEWS/ PRESS RELEASES

26.07.2015

NIRVIKARA PAPER - LISTING OF EQUITY SHARES OF NIRVIKARA PAPER MILLS LIMITED

Trading Members of the Exchange are hereby informed that effective from July 28, 2015, the equity shares of Nirvikara Paper Mills Limited (Scrip Code: 539251) are listed and admitted to dealings on the Exchange in the list of ''T'' Group Securities.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.37
UK Pound	1	Rs.102.54
Euro	1	Rs.75.32

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	RAS
Report Prepared by :	HRS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.