NewsEarningsBIL Vyapar Limited Reports Rs 69.69 Lakh Loss in Q1, Re-appoints Statutory AuditorsBIL Vyapar Limited Reports Rs 69.69 Lakh Loss in Q1, Re-appoints Statutory Auditors
BIL Vyapar (formerly Binani Industries) reported a net loss of Rs 69.69 lakh for Q1, up from Rs 42.43 lakh in Q4. Total income fell to Rs 0.03 lakh from Rs 2.48 lakh. The company faces accumulated losses of Rs 21,832.51 lakh and liabilities exceeding assets by Rs 18,694.02 lakh. The Board approved re-appointment of statutory auditors for five years. BIL Vyapar continues to deal with corporate guarantee issues and legal proceedings. The company is selling remaining land in Rajasthan and an immovable property in Ahmedabad.
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Bil Vyapar (formerly known as Binani Industries Limited) has reported a net loss of Rs 69.69 lakh for the quarter ended June 30, according to the company's latest financial results. This marks a significant increase in losses compared to the previous quarter's loss of Rs 42.43 lakh.
Financial Performance
The company's total income for Q1 declined sharply to Rs 0.03 lakh from Rs 2.48 lakh in the previous quarter. The financial results reveal a challenging period for BIL Vyapar Limited, with expenses outweighing revenue:
| Particulars (Rs. in Lakh) | Q1 | Q4 |
|---|---|---|
| Total Income | 0.03 | 2.48 |
| Total Expenses | 69.72 | 44.91 |
| Net Loss | (69.69) | (42.43) |
Financial Position
As of June 30, BIL Vyapar Limited's financial position remains precarious:
- Accumulated losses: Rs 21,832.51 lakh
- Liabilities exceeding total assets: Rs 18,694.02 lakh
- Fully eroded net worth
The company's promoter, Triton Trading Company Private Limited, has committed to providing continued operational support. However, due to the absence of a concrete business plan, the financial results have been prepared on a liquidation basis.
Re-appointment of Statutory Auditors
In a significant development, the Board of Directors has approved the re-appointment of M/s. V.P. Thacker & Co., Chartered Accountants, as the company's statutory auditors for a second term of five years. This decision is subject to shareholder approval at the upcoming Annual General Meeting.
Corporate Guarantees and Legal Proceedings
BIL Vyapar Limited continues to face challenges related to corporate guarantees and legal proceedings:
- Outstanding corporate guarantees to Edayar Zinc Limited: Rs 8,025 lakh
- Letter of comfort/undertaking to BIL Infratech Limited: Rs 5,171 lakh
- Ongoing proceedings with Punjab National Bank at NCLT Kolkata, scheduled for September 15
The company has maintained a provision for loss allowances amounting to Rs 2,149 lakh in respect of these corporate guarantees and letters of comfort.
Asset Disposal
The company is in the process of selling off its remaining land in Rajasthan, following a previous land sale in the state. Additionally, BIL Vyapar Limited has entered into an agreement to sell its immovable property in Ahmedabad, which is expected to result in a loss of Rs 33.51 lakh.
As BIL Vyapar Limited grapples with financial challenges and ongoing legal issues, the company's future remains uncertain. The continued support from its promoter and the potential realization of assets may provide some relief, but significant hurdles remain in achieving financial stability.
Historical Stock Returns for Bil Vyapar
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.21% | +1.49% | +17.70% | +29.83% | -35.09% | +13.77% |
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