I am not CA, but still could read the balance sheets of companies: The balance sheet of Vikas attached with Q4 results and last 3 year balance sheets reveal that company is financially in mess. Current assets/ receivable are consistently at 167 crores and in all proabability, they are not recoverable and are bad debts now. Company has long term debt of 130 crores, but they are not charging interest in Q4 and Q1 results (but in AR it was mentioned that the debt is interest free from the promoter himself) Company has tangible assets of 128 crore, but not charging depreciation in Q4 and Q1 Company has trade payable as 130 crore, How are they going to discharge this liability? These are some of the financial irregularities. But the positive thing is their new business The mining of stones and crushing them to proppants application for exports seems good one. Now one has to keep seeing the developments in this new venture.