Bil Vyapar Limited (formerly Binani Industries Limited) has reported concerning financial results for the half-year ended September 30, 2025, raising questions about the company's future operations. The company's board of directors approved the unaudited financial results in a meeting held on November 12, 2025.

Financial Performance

The company's financial situation has deteriorated significantly compared to the previous year:

Liquidation Basis Accounting

In a significant development, BIL Vyapar's financial results have been prepared on a liquidation basis rather than a going concern assumption. This change in accounting approach is due to:

1. The absence of a concrete business plan
2. The operational support commitment from the promoter, Triton Trading Company Private Limited

Legal Proceedings

The company is facing ongoing legal challenges:

• Punjab National Bank has initiated proceedings at the National Company Law Tribunal (NCLT) Kolkata
• The case concerns the recovery of outstanding dues
• A hearing took place on September 15, 2025, with the matter currently reserved for order

Financial Provisions

BIL Vyapar has made provisions for potential financial obligations:

• Rs 2,149.00 lakh set aside for loss allowances
• These allowances relate to corporate guarantees and letters of comfort given to former subsidiaries

The company's financial health remains precarious, with total liabilities significantly exceeding its assets. The shift to liquidation basis accounting signals serious concerns about BIL Vyapar's ability to continue as a going concern, despite the operational support commitment from its promoter.

Investors and stakeholders should closely monitor further developments, particularly the outcome of the NCLT proceedings and any potential restructuring plans that may be announced in the future.

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:

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.