BKM Industries Limited (formerly Manaksia Industries Ltd.) has announced its standalone and consolidated financial results for the quarter ended June 30, 2023, following Board approval on March 28, 2026. The delayed submission was necessitated by the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.

Financial Performance Overview

The company reported a net loss of ₹26 lakhs for Q1FY24, showing improvement from the ₹58 lakhs loss recorded in the corresponding quarter of the previous year. Manufacturing operations remained suspended during the quarter, with the company generating only minimal other income.

Balance Sheet Position

As of June 30, 2023, BKM Industries maintained total assets of ₹17,873 lakhs, comprising ₹9,704 lakhs in non-current assets and ₹8,168 lakhs in current assets. The company's equity position stood at ₹1,177 lakhs, including paid-up equity share capital of ₹655 lakhs with a face value of ₹1 per share.

Impact of Corporate Insolvency Resolution Process

The company underwent CIRP pursuant to orders from the Hon'ble National Company Law Tribunal, during which management control was transferred to the Resolution Professional. This process prevented timely submission of financial results within SEBI LODR prescribed timelines. However, the approved Resolution Plan under Sections 30 and 31 of the Insolvency and Bankruptcy Code provided appropriate reliefs and immunities for past non-compliances.

Operational Status and Business Activities

BKM Industries operates in the manufacture of packaging and engineering products. However, manufacturing activities remained non-operational during the quarter under review. The company's financial statements were prepared solely to comply with regulatory requirements pertaining to the CIRP process.

Earnings Per Share and Cash Flow

The company reported basic and diluted earnings per share of (₹0.04) for Q1FY24, compared to (₹0.09) in the corresponding previous year quarter. Cash flow from operating activities showed a net outflow of ₹26 lakhs, while financing activities generated ₹27 lakhs, resulting in a net cash increase of ₹1 lakh during the quarter.

Regulatory Compliance

The financial results have been prepared in accordance with Indian Accounting Standards (Ind-AS) and were subject to limited review by statutory auditors Prabhat & Co, Chartered Accountants. The submission represents the company's effort to regularize past compliances following the successful completion of the CIRP process.

BKM Industries Limited (formerly Manaksia Industries Ltd.) has submitted its delayed standalone and consolidated financial results for the quarter and year ended March 31, 2023, following the completion of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The financial results were approved by the Board of Directors at its meeting held on March 28, 2026.

Financial Performance Overview

The company reported significant losses during the year ended March 31, 2023, though showing improvement compared to the previous year. The manufacturing activities remained non-operational throughout the reporting period.

Balance Sheet Position

The company's financial position as of March 31, 2023, reflects the impact of the insolvency process, with figures recast based on bank statements and information provided by the Resolution Professional.

Corporate Insolvency Resolution Process Impact

The company underwent CIRP pursuant to orders from the Hon'ble National Company Law Tribunal, during which management was vested with the Resolution Professional. This process resulted in:

• Delayed submission of financial results beyond SEBI (LODR) prescribed timelines
• Recasting of asset and liability figures based on available documentation
• Preparation of financial statements solely for regulatory compliance during CIRP
• Grant of appropriate reliefs and immunities for past non-compliances under the approved Resolution Plan

Cash Flow Analysis

The company's cash flow statement for the year ended March 31, 2023, shows:

Business Operations and Compliance

BKM Industries Limited operates in the manufacture of packaging and engineering products. The company has now regularized its compliance by submitting the financial results in continuation of the Resolution Plan approved by the Hon'ble NCLT. The financial statements have been prepared in accordance with Indian Accounting Standards (Ind-AS) and have undergone limited review by the statutory auditors.

The consolidated financial results mirror the standalone figures, indicating no significant subsidiary operations during the reporting period. The company maintains its registered office at Commerce House, 2A, G.C. Avenue, Kolkata, and continues to be listed on both BSE and NSE.