India's S L Narayanan dumped Steven Rojas of South Africa and became the first player to qualify to the round of 128 in the first set of tie-break games of the FIDE World Cup 2025 that ended here on Monday. Playing the Sicilian defense in the first game as black, Narayanan
Bira 91 Auditor Raises Red Flag On Fair Value Of Assets
Bira 91 Auditor Raises Red Flag On Fair Value Of Assets
The auditor of B9 Beverages, the privately held maker of Bira 91 beer, has flagged serious concerns over the company's financial health and asset valuation, Economic Times reported.
In its audit report for FY24, Walker Chandiok & Co, a network firm of Grant Thornton International, said B9 Beverages “is exposed to market risk, credit risk, and liquidity risk which may impact the fair value of its financial instruments." The auditor also noted that the company's net worth has been fully eroded.
The Delhi-based brewer has yet to file its FY25 financials. For FY24, B9 Beverages reported a negative cash flow of Rs 84 crore and accumulated losses of Rs 1,904 crore, with liabilities exceeding assets by Rs 619.6 crore as of March 31, 2024.
“These events and conditions indicate the existence of material uncertainty that may cast significant doubt about the group's ability to continue as a going concern, with current liabilities far exceeding current assets," the audit report said, according to ET.
Founder Ankur Jain, responding to ET's queries, said: “It is not unusual for businesses at the growth stage to have current liabilities exceed current assets at this stage of the business."
Separately, it was earlier reported that the Ministry of Corporate Affairs (MCA) has advised B9 Beverages “to be careful in the future and ensure timely compliance" after the company sought an extension to hold its AGM for FY25, citing “difficulties." The Registrar of Companies granted a three-month extension on September 4 to submit the FY25 financials.
Jain told ET that the MCA's note was “standard boilerplate language" used in such procedural permissions and consistent with similar cases.
In its audit report, Walker Chandiok & Co said the management remains confident of meeting obligations “based on future cash flow projections and infusion of funds subsequent to year-end, along with expected capital infusion from prospective investors."
Once among India's most celebrated craft beer startups since its 2015 debut, Bira 91 now faces mounting challenges, including job cuts and halted production. Last month, over 250 employees wrote to the company's board and investors — including Kirin Holdings, Peak XV Partners, and Anicut Capital — seeking a leadership change, citing delays in salary and reimbursement payments.
Source: News18
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India's S L Narayanan dumped Steven Rojas of South Africa and became the first player to qualify to the round of 128 in the first set of tie-break games of the FIDE World Cup 2025 that ended here on Monday. Playing the Sicilian defense in the first game as black, Narayanan
4 months ago
