BKM Industries Limited has submitted its delayed financial results for the quarter and year ended March 31, 2022, following the completion of Corporate Insolvency Resolution Process (CIRP). The company, formerly known as Manaksia Industries Ltd., operates in the manufacture of packaging and engineering products.

Financial Performance Overview

The company reported significant losses during the financial year ended March 31, 2022. The financial performance reflects the impact of the insolvency proceedings and non-operational manufacturing activities.

Balance Sheet Position

The company's balance sheet as of March 31, 2022, shows total assets of ₹17,652 lakhs compared to ₹18,630 lakhs in the previous year.

Corporate Insolvency Resolution Process Impact

The company underwent CIRP under the Insolvency and Bankruptcy Code, 2016, pursuant to orders from the National Company Law Tribunal. During this period, the management was vested with the Resolution Professional, which prevented the timely finalization and submission of financial results within SEBI prescribed timelines.

The Resolution Plan approved by the National Company Law Tribunal under Sections 30 and 31 of the Insolvency and Bankruptcy Code granted the company appropriate reliefs and immunities for past non-compliances, including the delay in submission of financial results.

Operational Status

The manufacturing activities remained non-operational during the quarter and year ended March 31, 2022. The company's financial statements have been prepared solely to comply with applicable regulatory requirements pertaining to the CIRP.

Cash Flow Analysis

The company's cash flow statement shows:

Regulatory Compliance

The financial results have been prepared in accordance with Indian Accounting Standards (Ind-AS) and have undergone limited review by the company's statutory auditors. The results were approved by the Board of Directors at its meeting held on March 28, 2026.

The company has now regularized its compliance by submitting these financial results in continuation of the Resolution Plan approved by the National Company Law Tribunal. The submission represents a step toward normalizing the company's regulatory obligations following the successful completion of the insolvency resolution process.

BKM Industries Limited has submitted its delayed standalone and consolidated financial results for the quarter ended September 30, 2021, following the completion of Corporate Insolvency Resolution Process (CIRP) proceedings. The company reported significant operational challenges during the period, with manufacturing activities remaining non-operational throughout the quarter.

Financial Performance Overview

The company's financial performance for Q2FY22 reflected the impact of suspended operations and ongoing restructuring efforts. Key financial metrics demonstrate the challenging operational environment during the CIRP period.

Expense Analysis

Despite non-operational manufacturing activities, the company incurred various expenses during the quarter. Depreciation and amortisation expense constituted the largest component at ₹247 lakhs, compared to ₹78 lakhs in the corresponding quarter of the previous year. Other expenses amounted to ₹44 lakhs, while the company reported no revenue from operations, employee benefits expense, or finance costs during Q2FY22.

Balance Sheet Position

The company's financial position as of September 30, 2021, showed total assets of ₹18,130 lakhs, compared to ₹18,630 lakhs as of March 31, 2021. The asset composition included:

CIRP Impact and Regulatory Compliance

The delayed submission of financial results was directly attributed to the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. During this period, the company's management was vested with the Resolution Professional, preventing timely finalization of financial statements within SEBI prescribed timelines.

The company has received appropriate reliefs and immunities regarding past non-compliances, including the delay in financial results submission, pursuant to the Resolution Plan approved by the Hon'ble National Company Law Tribunal under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016.

Business Operations and Future Outlook

BKM Industries Limited operates in the manufacture of packaging and engineering products. The company's manufacturing activities remained suspended during the quarter and half-year period under review. The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) and have undergone limited review by statutory auditors.

The company's equity share capital remained stable at ₹655 lakhs with a face value of ₹1 per share. Total equity decreased to ₹2,346 lakhs as of September 30, 2021, from ₹2,910 lakhs as of March 31, 2021, primarily due to accumulated losses during the CIRP period.