Bench Mark Infotech Services Limited reported bank-book gaps

Bench Mark Infotech Services Limited disclosed bank-book gaps in quarterly stock and book-debt statements submitted to Punjab National Bank. The largest stated difference was Rs 21.4968 crore for book debts in the third quarter of FY 2024-25, when its books recorded Rs 33.0983 crore and the bank statement recorded Rs 11.6015 crore.

How did Bench Mark Infotech’s bank-book gaps arise?

Bench Mark Infotech said the differences principally arose because some information was submitted using provisional books, while provisions were adjusted when financial statements were finalised. The disclosure concerns borrowings secured by current assets, meaning stock and book debts, or amounts receivable from customers, were relevant to quarterly information submitted to Punjab National Bank.

The company’s regulatory statement says quarterly returns and year-end statements of current assets filed with banks or financial institutions agree with its books. However, the detailed tables list differences in FY 2023-24, FY 2024-25 and FY 2025-26. Bench Mark Infotech attributed the Rs 30.08 lakh Q1 FY 2025-26 stock difference to provisional books, and attributed the Rs 15.8087 crore Q1 FY 2025-26 book-debt difference to provisions adjusted on finalisation of financial statements.

The explanations do not cover every line item. Bench Mark Infotech said Punjab National Bank had not requested stock statements for Q2 and Q3 of FY 2025-26 and for Q2 and Q3 of FY 2024-25. The Q4 FY 2025-26 stock row showed a Rs 2.3416 crore difference without a stated reason, while the book-debt row included only the words “Financial statements.”

How large were the book-debt gaps reported to Punjab National Bank?

Bench Mark Infotech’s largest stated book-debt difference was Rs 21.4968 crore in Q3 FY 2024-25. The reported amount to Punjab National Bank was lower than the books figure in that quarter, as it was in Q1 FY 2023-24, Q4 FY 2024-25 and Q1 FY 2025-26.

The largest stated gap fell from Rs 21.4968 crore in FY 2024-25 to Rs 15.8087 crore in FY 2025-26. Yet book-debt rows with reported amounts appeared in every FY 2025-26 quarter. The Q2 and Q3 FY 2025-26 stated differences of Rs 2.6478 crore do not arithmetically match the printed books and quarterly-statement amounts, and the annexure does not explain those apparent inconsistencies.

The Q3 FY 2024-25 stated difference can be compared with current assets, while recognising that the measures relate to different dates. Bench Mark Infotech reported current assets of Rs 52.1489 crore at March 31, 2025 and Rs 64.0419 crore at March 31, 2026. The Rs 21.4968 crore Q3 FY 2024-25 difference equalled about 41% of the March 31, 2025 current-assets figure, although the company did not publish that calculation.

Were stock statements to Punjab National Bank also different?

Bench Mark Infotech also reported stock-statement differences, whose largest stated amount was lower than the largest book-debt gap. The largest stock difference was Rs 3.2159 crore in Q3 FY 2024-25, when books showed Rs 3.9833 crore of stock and the Punjab National Bank statement showed Rs 76.74 lakh.

The direction of stock gaps varied by period. In Q1 FY 2023-24, the books recorded Rs 25.42 lakh of stock against Rs 51.44 lakh in the Punjab National Bank statement, producing a stated difference of Rs 26.02 lakh. In Q4 FY 2023-24, books showed Rs 22.43 lakh and the bank statement showed Rs 2.0764 crore, with a stated difference of Rs 1.8521 crore.

For FY 2025-26, Bench Mark Infotech listed stock differences of Rs 30.08 lakh in Q1, Rs 98.48 lakh in Q2, Rs 98.48 lakh in Q3 and Rs 2.3416 crore in Q4. It linked the Q1 difference to provisional financial information and said no stock statement had been requested in Q2 and Q3. The disclosure does not state whether any difference changed the borrowing facility, collateral assessment or a lender decision.

What does the disclosure say about working-capital funding and records?

Bench Mark Infotech reported additional net borrowings of Rs 1.9280 crore in FY 2025-26 to support increased working-capital requirements. Working capital is the funding needed for day-to-day current assets and current liabilities. Its relevance is explicit because the company says bank borrowings were secured by current assets.

At March 31, 2026, the capitalisation statement reported total debt of Rs 2.7064 crore, comprising Rs 1.9032 crore of short-term debt and Rs 80.32 lakh of long-term debt, including current maturities. It also recorded shareholders’ funds of Rs 26.5511 crore and a total-debt-to-shareholders’-funds ratio of 0.10. These year-end measures do not reconcile or validate a particular quarterly stock or book-debt statement because they cover different measures and dates.

The operating ratios show changes in receivables and inventory measures from FY 2024-25 to FY 2025-26. Trade receivables turnover declined to 1.30 from 1.57, while inventory turnover declined to 29.46 from 83.83. Bench Mark Infotech said average inventory increased from Rs 31.24 lakh to Rs 73.50 lakh, but it did not link the ratio changes to the Punjab National Bank reporting differences.

Conclusion

Bench Mark Infotech’s annexure provides quarterly collateral-reporting information that is separate from year-end current-assets totals. It records substantial stated differences between figures submitted to Punjab National Bank and books later finalised, led by the Rs 21.4968 crore Q3 FY 2024-25 book-debt gap and followed by a Rs 15.8087 crore Q1 FY 2025-26 gap.

The next point to watch is whether a later disclosure gives a clearer reconciliation for the Q2 and Q3 FY 2025-26 book-debt rows, whose stated Rs 2.6478 crore differences do not match the printed figures. Bench Mark Infotech’s explanation relies on provisional reporting and finalisation adjustments, so continued alignment would depend on those processes and on the bank’s requests for statements producing consistent figures.