Arshiya Limited Submits Unaudited Standalone Financial Results for Half Year Ending September 30, 2024
Arshiya Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), has finalized and submitted its Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2024. The Resolution Professional (RP), Mr. Pankaj Mahajan, considered, approved, and taken these results on record on April 28, 2026.The company confirmed that the financial statements include the Unaudited Standalone Financial Results and a Limited Review Report issued by the Statutory Auditors, M/s ARTHA & Associates, Chartered Accountants, Mumbai.
Financial Reporting Context
The filing noted significant procedural constraints impacting the completeness of the financial reporting. Due to CIRP-related limitations, several subsidiary companies are also undergoing insolvency proceedings and have not finalized their financial results. Consequently, the Resolution Professional was unable to consolidate their accounts, meaning the Consolidated Financial Results for the quarter ended September 30, 2024, could not be prepared.The financial statements reflect the company's activities during this period, presenting an overview of its asset and liability structure.
Unaudited Standalone Balance Sheet (Rs. in Lakhs)
| Particulars | As at 30.09.2024 (Unaudited) | As at 31.03.2024 (Audited) |
|---|---|---|
| Assets | ||
| Non-Current Assets | ||
| Property, Plant and Equipment | 57,425.07 | 57,130.7 |
| Right of use assets | 13,751 | 1,240 |
| Intangible Assets | 438 | 1,208 |
| Financial Assets | ||
| Investments | 4,527,237 | 4,530,349 |
| Loans | 1,060.03 | 68,002 |
| Other Financial Assets | NIL | 4,410 |
| Other Non-Current Assets | 5,064.64 | 5,065.66 |
| Total Non-Current Assets | 1,09,010.71 | 1,09,262.32 |
| Current Assets | ||
| Inventories | 16,505.97 | 16,505.97 |
| Financial Assets | ||
| Trade Receivables | 300.00 | 12 |
| Cash and Cash Equivalents | 857 | 1,167 |
| Bank Balances Other than Cash | 2,503 | 2,509 |
| Loans | 16,286.94 | 16,966.49 |
| Other Financial Assets | 11,005.46 | 12,302.33 |
| Other Current Assets | 164.77 | 197.76 |
| Total Current Assets | 44,386.74 | 46,003.47 |
| Total Assets | 1,53,397.45 | 1,55,265.79 |
| Equity and Liabilities | ||
| Equity | ||
| Paid-up Equity Share Capital | 5,269.52 | 5,269.52 |
| Other Equity | (1,39,538.28) | (30,853.63) |
| Liabilities | ||
| Non Current Liabilities | ||
| Borrowings | NIL | NIL |
| Lease Liabilities | 106.15 | 352.56 |
| Other Financial Liabilities | NIL | 673 |
| Provisions | 4,826 | 6,770 |
| Total NCL | 154.41 | 47,699 |
| Current Liabilities | ||
| Borrowings | 83,648.63 | 81,648.61 |
| Trade Payables (M. & S. Enterprises) | 78.58 | 260.09 |
| Other Trade Payables | 107,475 | 1,006.54 |
| Lease Liabilities | 36.08 | 1,088 |
| Other Financial Liabilities | 20,182,271 | 1,05,485.07 |
| Provisions | 2,258,287,511.80 | 22.58 |
| Total Current Liabilities | 828.51 | 810.14 |
| Total Equity and Liabilities | 1,53,397.45 | 1,55,268.79 |
Financial Performance Highlights
The company's financial statements provide detailed figures for revenue, expenses, and profitability for the period. The totals show a significant decrease in net comprehensive loss over the years.| Particulars | Quarter Ended 30.06.2024 (Unaudited) | Quarter Ended 30.09.2023 (Unaudited) | Quarter Ended 30.09.2023 (Unaudited) | Half Year Ended 30.09.2024 (Unaudited) | Year Ended 31.03.2024 (Audited) |
|---|---|---|---|---|---|
| Revenue from operations | 360.89 | 21,000 | 417 | 57,989 | 137,665 |
| Total Income (A) | 451.38 | 26,35 | 31,1 | 777 | 150,20 |
| Employee benefits expense | 10,532 | 27,545 | 29,930 | 38,077 | 12,9848 |
| Finance costs (net) | 181.249 | 300,381 | 181,735 | 3,002.77 | 300,277 |
| Depreciation and amortization expense | 166.65 | 17,738 | 19,297 | 34,403 | 7,878 |
| Total Expenses | 38,653 | 376,267 | 376,06.4 | 3,002.77 | 5,505 |
| Net Profit/(Loss) after Tax | 2.2 | (9,685.09) | (10,213.74) | (1,17.495.10) | - |
Key Areas and Challenges
The Limited Review Report from the auditors highlighted several operational and accounting complexities due to the ongoing Corporate Insolvency Resolution Process (CIRP).1. Operational Constraints and Manpower Deficiency:
The company experienced a critical disruption in its human resource capacity between July 30 and August 2, 2024, with 50 out of 71 employees resigning without completing notice periods. This mass departure, coupled with the subsequent resignation of key accounting personnel on December 31, 2024, resulted in acute manpower deficiency and significant delays in financial reporting.
2. Impairment and Receivables:
The audit noted limitations in obtaining sufficient evidence regarding trade receivables and trade payables due to the ongoing CIRP. Furthermore, the write-off of receivables was a subject of debate, with the Resolution Professional asserting that pre-CIRP receivables cannot be written off without recovery of dues.
3. Property and Investment Valuation:
For assets such as Property, Plant and Equipment (PPE) and investments, the determination of value is dependent on uncertain future events, including the outcome of the CIRP and settlement with lenders. The company was unable to conduct necessary impairment tests or assess the net realizable value of inventories due to these uncertainties.
4. Subsidiary Status:
The inability to obtain complete audited data from subsidiary companies, which are themselves undergoing CIRP, prevented the preparation of consolidated financial results.
The financial statements were prepared on a going concern basis, reflecting the management's attempt to account for the differential loan liability of Rs. 96,623.66 lakh as an exceptional item. The company's primary business remains Developing and Operating Free Trade Warehousing Zone (FTWZ) and Special Economic Zone (SEZ) assets.
ARSHIYA Stock Price Movement
As of 3:24 PM, shares of Arshiya Limited are rallying to ₹1.19, surging 1.71% in live trading. The stock traded on a volume of 191,715 shares, holding significantly above its 52-week low recorded at ₹1.14.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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