BIL Vyapar Limited FY26 results with auditor disclaimer
BIL Vyapar Limited's Committee of Creditors approved the audited financial results for FY26 on May 29, 2026. The company reported a standalone net loss of ₹42.43 lakh against a profit of ₹681.19 lakh in the previous year, with total income from operations rising to ₹173.69 lakh. Statutory auditor TLB & Co. issued a disclaimer of opinion on both standalone and consolidated results, citing material uncertainties such as unreleased corporate guarantees of ₹8,025 lakh, unrecorded property sales, and unverified asset valuations.
*this image is generated using AI for illustrative purposes only.
BIL Vyapar Limited's Committee of Creditors (CoC) approved the audited financial results for the fourth quarter and financial year ended March 31, 2026, during its twelfth meeting held on May 29, 2026. The company, which is undergoing the Corporate Insolvency Resolution Process (CIRP), reported standalone total income from operations of ₹173.69 lakh for FY26, compared to ₹2.51 lakh in the previous year. However, the statutory auditor, TLB & Co., issued a disclaimer of opinion on the annual standalone and consolidated financial results, citing an inability to obtain sufficient appropriate audit evidence on several material matters.
The auditor's report highlights significant uncertainties, including corporate guarantees of ₹8,025 lakh provided to lenders of erstwhile subsidiary Edayar Zinc Limited, which have not been formally released despite a One Time Settlement. Additionally, the company has not recognized the sale of an immovable property in Ahmedabad, resulting in an unaccounted loss of ₹33.51 lakh. The valuation reports for assets held for sale, including land and buildings, were not shared with the auditors, preventing verification of their net realizable values.
Financial Performance
For the financial year ended March 31, 2026, BIL Vyapar Limited reported a net loss of ₹42.43 lakh on a standalone basis, compared to a net profit of ₹681.19 lakh in the previous year. The company's accumulated losses stood at ₹21,766.17 lakh, with net worth fully eroded as of the balance sheet date. Liabilities exceeded total assets by ₹18,627.68 lakh. Consequently, the financial statements have been prepared on a liquidation basis rather than a going concern basis.
| Particulars | Standalone FY26 (Audited) | Standalone FY25 (Audited) |
|---|---|---|
| Total Income from Operations | ₹173.69 lakh | ₹2.51 lakh |
| Total Expenses | ₹44.91 lakh | ₹190.87 lakh |
| Net Profit / (Loss) for the period | (₹42.43 lakh) | ₹681.19 lakh |
| Paid-up Equity Share Capital | ₹3,138.49 lakh | ₹3,138.49 lakh |
Key Auditor Observations
The auditors also noted that the company includes Income Tax receivables aggregating to ₹1,145.97 lakh, but the absence of adequate records makes their recoverability uncertain. Furthermore, the US subsidiary of the company, Global Composite Holdings Inc., was liquidated in April 2026. The auditors were unable to determine the accounting impact of this liquidation due to insufficient documentation regarding the utilization of $750,000 paid to consultants for business identification.
The meeting was conducted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was signed by Daman Preet Kaur, Company Secretary cum Compliance Officer of BIL Vyapar Limited.
How will the Committee of Creditors address the unresolved corporate guarantees of ₹8,025 lakh to Edayar Zinc Limited?
What are the likely next steps in the Corporate Insolvency Resolution Process given the financial statements are prepared on a liquidation basis?
Will the inability to verify asset valuations delay the resolution timeline or affect the recovery estimates for creditors?
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