The Company has declared it''s financials in pursuance of implementation of Resolution Plan as approved by NCLT
Awaiting price reaction for this filing.
BKM Industries Ltd (formerly Manaksia Industries Ltd) has finally filed its standalone and consolidated financial results for the quarter and year ended 31 March 2023, which had been delayed because the company was under Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The NCLT has since approved a Resolution Plan, granting the company relief from past non-compliances including the delayed filing. Manufacturing activities were not operational during the entire year, and revenue from operations was zero across all periods, with only Rs 6 lakhs of other income in FY23. The company reported a net loss of Rs 213 lakhs in FY23, much narrower than the Rs 1,492 lakh loss in FY22, primarily due to lower depreciation charges. Total assets stood at Rs 17,872 lakhs, but current borrowings of Rs 12,411 lakhs against total equity of just Rs 1,204 lakhs point to a very stretched balance sheet. Cash from operations was negative at Rs (84) lakhs.
This filing represents cleanup of a company emerging from insolvency rather than a turnaround story — the business is non-operational with zero revenue, high debt relative to equity, and continued losses. The approved resolution plan is a relief, but until manufacturing restarts and the new capital/management structure under the plan takes effect, shareholders face material uncertainty about future value and business continuity.