BKM Industries Limited (formerly Manaksia Industries Ltd.) has submitted its delayed financial results for the quarter ended September 30, 2022, following completion of its Corporate Insolvency Resolution Process (CIRP). The results were approved by the Board of Directors on March 28, 2026, marking a significant delay in regulatory compliance due to insolvency proceedings.

Regulatory Filing and Compliance

The company submitted its standalone and consolidated financial results under Regulation 33 of SEBI (LODR) Regulations, 2015, to both BSE Limited (Scrip Code: 539043) and National Stock Exchange of India Limited (Scrip Code: BKMINDST). The delayed submission was attributed to the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, during which management control was vested with the Resolution Professional.

Following approval of the Resolution Plan by the National Company Law Tribunal under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016, the company received appropriate reliefs and immunities regarding past non-compliances, including delays in financial result submissions.

Financial Performance Overview

The company reported challenging financial performance during the quarter, with manufacturing operations remaining non-operational throughout the period. Both standalone and consolidated financial results show identical figures, indicating no subsidiary operations during the reporting period.

The company's total income remained minimal at ₹1 lakh, derived entirely from other income sources as revenue from operations was nil. Total expenses of ₹58 lakhs comprised primarily depreciation and amortisation expense of ₹32 lakhs and other expenses of ₹26 lakhs.

Balance Sheet Position

As of September 30, 2022, BKM Industries maintained a substantial asset base despite operational challenges. The company's financial position demonstrates the preservation of core assets during the insolvency process.

Property, plant and equipment valued at ₹3,455 lakhs and investments worth ₹4,320 lakhs constitute the major components of non-current assets. Current assets include inventories of ₹2,193 lakhs and trade receivables of ₹4,956 lakhs.

Cash Flow Analysis

The company's cash flow statement reveals operational challenges with net cash outflow from operating activities of ₹51 lakhs for the quarter ended September 30, 2022. However, financing activities provided positive cash flow of ₹397 lakhs through repayment adjustments of short-term borrowings.

Business Operations and Compliance Status

BKM Industries operates in the manufacture of packaging and engineering products. The financial results indicate that manufacturing activities remained non-operational during both the quarter and half-year periods. The company has now regularized compliance requirements by submitting the delayed financial results in continuation of the approved Resolution Plan.

The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) and have been subject to limited review by statutory auditors Prabhat & Co, Chartered Accountants. The submission represents a significant step toward normalizing regulatory compliance following the completion of the insolvency resolution process.

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.