Reading the books.
Six companies in three currencies. Every figure is stated in the books that recorded it; nothing is added across them.
Arkan Distribution USD · Arkan Technologies AED · Sixteen Frames Films INR · Sixteen Frames Music INR · Sixteen Frames Live INR · Blushell Marine AED · combined, never totalled · read from 3 in Zoho Books, 3 in Tally Prime
Read from 3 in Zoho Books, 3 in Tally Prime. Every figure on this screen opens its own workings, down to the vouchers behind it.
FY 2026-27 to date, the group combined and translated into AED. Combined, not consolidated. No intercompany balance has been eliminated: a charge from one group company to another is in these figures twice. All 6 companies are in these figures. Each company's own figures, in its own currency, are further down this screen.
Twelve months to Aug 2026 beneath each figure, each month combined and translated the same way, and drawn only where every company on the strip is in it.
Combined and translated into AED, as at 31 Aug 2026. Leverage, collection days and payment days are not here: a group ratio is judged against nothing, and each company's own are on its Ratios screen.
Translated at USD 3.6725 · INR 0.04252732, as at 31 Aug 2026, at rates the books hold. Earnings take the average rate for the period; balances take the close.
| Figure | Arkan DistributionUSD | Arkan TechnologiesAED | Sixteen Frames FilmsINR | Sixteen Frames MusicINR | Sixteen Frames LiveINR | Blushell MarineAED |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Gross profit | ||||||
| EBITDA | ||||||
| Profit before tax | ||||||
| As at 31 Aug 2026. | ||||||
| Cash | ||||||
| Net working capital | ||||||
Each company in the currency it keeps its books in. Nothing is added across them.
As at 31 Aug 2026. These are balances and are not added across the period.
The monthly summary, FY 2026-27 to date against Apr 2025 to Aug 2025. The comparative sits beside each figure rather than beneath it, so a reader compares along a row and not down a column. Earnings are the sum of 5 months and open a trace listing every one of them; the balances beneath are read once, as at 31 Aug 2026. Each company is stated in the currency it keeps its books in, and no two are added together — there is no translation view, and no column combines them for the same reason. Every figure here opens its own workings down to the vouchers behind it.
A table rather than a drawing: six companies in three currencies share no axis, and the figures a CFO reads first are read as figures. Nothing here is translated; the combined figures are on the strip above.
Six of six companies answered for FY 2026-27 to date, in three currencies; five months added for the earnings, the two balances stated as at 31 Aug 2026.
Read for each company: revenue, gross profit, EBITDA and profit before tax, and at the month end cash and net working capital. Each opens the month it was read from.
Ranked by standing first — what is already true before what is still ahead — then by the finding’s figure as a share of that company’s revenue for the period, largest first. A shortfall or a breach outranks any share.
Never by amount: these figures are in more than one currency and do not order against one another. A share of the company’s own revenue does.
Tested: the period for a loss before tax; the thirteen week forecast for a week when cash on its own runs out; every covenant against the limit it was last tested at.
And for this business: statement receipts that could not be matched to a recording; events committed to more than the client contracted to pay; related-party charges against the mark-up policy sets for them.
A production is tested for none of its own: the budget by department is held per production and cannot be read without first reading the productions, so it is not tested here. It is on the production screen.
Six rows at most, in two columns, adverse first: what needs acting on before what needs watching, and a clear row only where a test ran and found nothing. The rest is under Data quality at the foot of the screen, so the face never grows past what a reader can act on in a glance.
Interest cover below covenant · Arkan Distribution · 22.5% beyond the headroom the lender last measured. Interest cover with Wio Bank, last tested against a limit of at least 2.50, on 30 Jun 2026. It does not meet the limit. Open the covenants
The period is a loss · Sixteen Frames Music · 38.0% of revenue for FY 2026-27 to date. Profit before tax for FY 2026-27 to date, on revenue of . Open the statements
The period is a loss · Sixteen Frames Live · 32.2% of revenue for FY 2026-27 to date. Profit before tax for FY 2026-27 to date, on revenue of . Open the statements
Statement receipts unmatched · Sixteen Frames Music · 5.9% of everything the statements reported. The largest of 36 statement lines, out of 6499, that could not be matched to a recording and are held unallocated. From Instagram and Facebook, no recording identifier on the statement line. Open the unmatched pool
Cost of sales takes 89% of revenue; overhead takes most of what is left
AED million, FY 2026-27 to date, the group combined.
The monthly summary, FY 2026-27 to date. Combined and translated into AED at the rates on the strip above, which is where the basis and the companies in it are stated. Every step opens the same workings its tile opens.
A bridge rather than four tiles: the strip states the subtotals, and the steps between them are where the arithmetic is. Each step is the combined line the strip is drawn from, so a bar and a tile that share a name are one figure with one set of workings.
Nine steps over six of six companies, FY 2026-27 to date: revenue, cost of sales, gross profit, overhead, EBITDA, depreciation, finance cost and profit before tax, with the add-back drawn where there is one.
Amortisation added back, 13,207,417 AED: a company carrying its amortisation inside cost of sales — Sixteen Frames Films, its amortisation of film cost — has it added back on the way to EBITDA, as the monthly summary adds it back. Without the step, gross profit less overhead is not EBITDA.
Tested: revenue less cost of sales is gross profit; gross profit less overhead, plus any add-back, is EBITDA; EBITDA less depreciation and finance cost is profit before tax — each within one unit, on every reading.
4 of 6 companies are earning less than they were 12 months ago, Sixteen Frames Music by 100 per cent
Twelve months to Aug 2026. Each row carries its own scale and its own unit.
Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: its month figure is an absence, not a nought, and its line keeps the months it reported.
The monthly summary, the twelve months to Aug 2026. Revenue at each month end.
One sparkline a company, each on its own scale: the companies keep their books in different currencies and share no axis, and the shape of a year is what a reader wants from twelve months of revenue. The figure at the right of each row is the month the table above states.
These rows are in different currencies, so their heights are not comparable. Their shapes are, which is what a small multiple is for.
Six rows over twelve months to Aug 2026; no companies without two months to draw.
Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: its month figure is an absence, not a nought, and its line keeps the months it reported.
The reading counts the companies whose last month is below their first, and names the steepest fall among those on a monthly cadence.
Arkan Technologies carries the strongest net margin and Sixteen Frames Live the weakest
Net margin filled, gross margin open, as at 31 Aug 2026. Profit before tax as a share of revenue, against gross profit as a share of it; the distance between the two is what overhead and depreciation take. Ordered, so the outliers announce themselves.
Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: a margin on no revenue is not a margin.
The ratio definitions, Aug 2026. A margin is comparable across currencies where an amount is not, which is why this chart exists and a revenue chart across these companies does not. Across is the word doing the work: the compositions below draw revenue, and each of them is drawn inside one currency, where an amount is an amount and a share of it is ordinary arithmetic. What has no total is the five of them together, and it still has none — there is no ring across the group and no rate is applied anywhere on this screen.
The pair on one axis, net filled and gross open: the distance between them is what overhead and depreciation take, and two panels could not show the gap where two axes could not be compared. A margin compares across currencies where an amount does not, which is what makes it a group reading.
Five companies ranked by net margin as at 31 Aug 2026; five with a gross margin beside it.
Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: a margin on no revenue is not a margin.
Sixteen Frames Films holds 71% of the group's INR revenue
FY 2026-27 to date, as a share of the group's INR revenue.
Revenue for FY 2026-27 to date, as a share of what these 3 companies earned between them. These companies keep their books in one currency, so their revenue adds and a share of the sum means something. The group as a whole does not: three currencies, no translation on this screen, and no ring that could honestly be drawn across them.
The monthly summary, FY 2026-27 to date. 64,54,10,163 INR.
The monthly summary, FY 2026-27 to date. Each company's own books, in INR, with no rate applied to any of them — a share within one currency needs none, and a ring that needed one would be a ring drawn across two.
A ring within one currency needs no rate, and a ring across two would be a ring drawn at one. The two rings are the register’s two most-held currencies, and this one is INR.
Three companies with revenue in INR for FY 2026-27 to date, 64,54,10,163 INR between them; no named and not drawn.
Blushell Marine holds 50% of the group's AED revenue
FY 2026-27 to date, as a share of the group's AED revenue.
Revenue for FY 2026-27 to date, as a share of what these 2 companies earned between them. These companies keep their books in one currency, so their revenue adds and a share of the sum means something. The group as a whole does not: three currencies, no translation on this screen, and no ring that could honestly be drawn across them.
The monthly summary, FY 2026-27 to date. 83,702,000 AED.
The monthly summary, FY 2026-27 to date. Each company's own books, in AED, with no rate applied to any of them — a share within one currency needs none, and a ring that needed one would be a ring drawn across two.
A ring within one currency needs no rate, and a ring across two would be a ring drawn at one. The two rings are the register’s two most-held currencies, and this one is AED.
Two companies with revenue in AED for FY 2026-27 to date, 83,702,000 AED between them; no named and not drawn.
71 per cent of channel revenue is realised where cash cannot be freely moved
FY 2026-27 to date, as a share of Arkan Distribution's revenue.
Revenue for FY 2026-27 to date, as a share of what Arkan Distribution earned. Every account of type income carrying that market, netted debit against credit, over the months of the period. Not the sales lines by market and model, which are a narrower read on the Dealership screen: those exclude income carrying no model and cannot represent a credit note, so their total is not this company’s revenue. A bubble’s area is its revenue rather than its width, so a market earning twice another is drawn twice the area and not twice across.
Income by market, FY 2026-27 to date. 107,510,945 USD.
Income by market of Arkan Distribution, FY 2026-27 to date, read from Zoho Books. The markets add to the revenue stated for this company above, exactly, and the screen checks it before drawing — where they disagree the map is withheld and says by how much. Stated in the company’s own books; no rate is applied, and a market’s own settlement currency is not read here.
Bubble area is revenue, not width.
The 4 in the signal ink cannot move cash out freely.
A map states shares of a whole, so it is not drawn until the parts add to the revenue this screen already reports. The amounts are on the Dealership screen either way.
Five markets, four restricted; the markets come to 107,510,945 USD against revenue of 107,510,945.
Tested: the markets add to the revenue the strip states, every market is on the register and can be placed, and the read reached the end of the register.
Blushell Marine waits 154 days for its cash; every other company under 42
Days, as at 31 Aug 2026. Receivable and stock days above the line, payable days beneath it. Days compare across currencies where an amount does not, which is why these companies stand beside one another here and no chart on this screen sets their revenue side by side.
The heavy rule across each bar is the cycle.
The heavy rule across each bar is the cash conversion cycle as the ratio definitions states it, and not the three segments added up here.
Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: a day count on a month with no revenue is arithmetic, not a fact.
The ratio definitions, Aug 2026. Every figure is computed where the ledger is. A cycle is stated by the view and never added up on this screen, so a disagreement between the rule and the segments under it is visible rather than averaged away.
Three legs and a rule: receivable and stock days above the line, payable days beneath it, and the cycle drawn across each bar as the ratio definitions state it rather than as the three added up here, so a disagreement between the rule and the segments shows on the drawing. Days compare across currencies where an amount does not.
Five companies as at 31 Aug 2026: Arkan Distribution 42 days; Arkan Technologies 40 days; Sixteen Frames Films -140 days; Sixteen Frames Live -13 days; Blushell Marine 154 days.
Sixteen Frames Music posted no revenue in Aug 2026. It is not drawn: a day count on a month with no revenue is arithmetic, not a fact.
Arkan Distribution’s interest cover sits below its covenant; the other four hold
Committed facilities, as tested 30 Jun 2026. The rule is the limit.
Each covenant against the limit its own facility agreement sets, as last tested on 30 Jun 2026. Committed facilities only: an uncommitted line is not liquidity but a hope, so headroom measured against one is not headroom. Every row is on its own scale — a leverage multiple and an interest cover are not the same measure and do not share an axis.
The facility agreements, 30 Jun 2026. The figure, the limit and the comparison between them are the agreement’s own, as the lender last tested it. Nothing here re-measures a covenant against the ledger: the two would disagree, and the one that matters is the one the lender used. The thresholds themselves are assumed — the facility agreements are not held.
A bullet a covenant, each on its own scale: a leverage multiple and an interest cover are different measures and do not share an axis. Committed facilities only, because headroom against a line a lender may decline is not headroom. The limit is the dashed rule, and a bar that crosses it is drawn in the signal ink.
Five covenants across four facilities, tested 30 Jun 2026; one breached.
Every covenant on a committed facility carries a figure and a limit.
Tested: each covenant’s figure against its limit on the side its operator names — a floor is breached from below, a ceiling from above.
Cash on its own goes below nought in week 8
USD m, from 31 Aug 2026.
Closing cash at the end of each week, in USD m, from 31 Aug 2026. Thirteen weeks, which is the horizon the forecast is built to. The undrawn committed facility is the figure in the foot, as the forecast states it; no band is drawn above the bars.
The tightest of six: nought in week 8. Chosen by cover and never by amount. First the weeks until cash on its own goes below nought, so a shortfall outranks any amount of headroom; then the low point as a share of that company's own opening cash; then the register's order, so the answer is the same every time. These companies keep their books in three currencies and nothing on this screen translates them, so a closing balance in one does not order against a balance in another. A number of weeks is a count and a low point over its own opening is a ratio; both mean the same thing whichever books they came out of.
No line: every close is within one per cent of a straight line.
No line is drawn. Every one of the 13 closes lies within one per cent of the straight line from the first to the last — the largest departure is 0.8% of the line's range — so the drawing would be a ruler: the forecast's receipts and payments move in step, and the net is the same each week to a ripple the drawing cannot show. The three figures in the sentence are the whole of what the line would have said, and each opens its workings.
The bars are the 13 weekly closes against nought, in the signal ink where the cash is below it; the opening and the closing figures stand on the ends and each opens its week.
The cash runway of Arkan Distribution, read from Zoho Books. The closing balance is the view’s own running total — opening cash plus every week to this one — and nothing on this screen accumulates it a second time. The headroom above the line is committed facility only, and the view states that sum too.
Bars against nought rather than a line: the finding is the week the cash goes under, and a bar below the line says it where a line crossing it has to be read. The committed headroom is the figure in the foot rather than a band above the bars, so the bars keep their own scale.
No line is drawn. Every one of the 13 closes lies within one per cent of the straight line from the first to the last — the largest departure is 0.8% of the line's range — so the drawing would be a ruler: the forecast's receipts and payments move in step, and the net is the same each week to a ripple the drawing cannot show. The three figures in the sentence are the whole of what the line would have said, and each opens its workings.
13 weeks from 31 Aug 2026, in USD m; committed facility undrawn 26,000,000 USD. Tested: the first week cash on its own goes below nought, and the low point as a share of the opening balance.
The forecast is a constant weekly net of m from m; cash reaches nought in week .
8 action · 4 watch · 4 clear.
Ranked by standing first — what is already true before what is still ahead — then by the finding’s figure as a share of that company’s revenue for the period, largest first. A shortfall or a breach outranks any share.
Never by amount: these figures are in more than one currency and do not order against one another. A share of the company’s own revenue does.
Read from 3 in Zoho Books, 3 in Tally Prime. 19 reads were made for this screen and 19 answered. Every figure on this screen opens its own workings, down to the vouchers behind it.
Tested: the period for a loss before tax; the thirteen week forecast for a week when cash on its own runs out; every covenant against the limit it was last tested at.
And for this business: statement receipts that could not be matched to a recording; events committed to more than the client contracted to pay; related-party charges against the mark-up policy sets for them.
A production is tested for none of its own: the budget by department is held per production and cannot be read without first reading the productions, so it is not tested here. It is on the production screen.
Tested for FY 2026-27 to date: the seafood stock on the balance sheet against every lot the register still capitalises; every lot in the cold store against the 20 days the slowest sale on these books took; every lot that has sold, for a sale invoiced after the day the register says it expired; the write-down account for the period; every lot’s cost charged plus stock held against what it cost to land, to the fil; and every shipment on the register for a ledger line naming it. Read at 31 Aug 2026. Not tested: the margin. It is one figure on every lot that has ever sold, so a check against it could only come back clean, and the constancy is stated on the face of the cold store instead. Adverse, then watch, then clear; within a class by the finding’s figure as a share of Blushell Marine’s revenue for the period.
Interest cover below covenant · Arkan Distribution · 22.5% beyond the headroom the lender last measured. Interest cover with Wio Bank, last tested against a limit of at least 2.50, on 30 Jun 2026. It does not meet the limit. Open the covenants
The period is a loss · Sixteen Frames Music · 38.0% of revenue for FY 2026-27 to date. Profit before tax for FY 2026-27 to date, on revenue of . Open the statements
The period is a loss · Sixteen Frames Live · 32.2% of revenue for FY 2026-27 to date. Profit before tax for FY 2026-27 to date, on revenue of . Open the statements
Statement receipts unmatched · Sixteen Frames Music · 5.9% of everything the statements reported. The largest of 36 statement lines, out of 6499, that could not be matched to a recording and are held unallocated. From Instagram and Facebook, no recording identifier on the statement line. Open the unmatched pool
The period is a loss · Sixteen Frames Films · 0.99% of revenue for FY 2026-27 to date. Profit before tax for FY 2026-27 to date, on revenue of . Open the statements
Recharge with no policy held · Arkan Distribution · the charge, which no policy prices. Warehouse and logistics recharge charged to Arkan Technologies carries no mark-up policy, so nothing here can say whether it is charged at arm’s length. Only one side has recognised it, so consolidation cannot rely on it either. Open the related-party arrangements
Recharge with no policy held · Sixteen Frames Films · the charge, which no policy prices. Music and publishing rights sold to the label charged to Sixteen Frames Music carries no mark-up policy, so nothing here can say whether it is charged at arm’s length.
Cash below nought in week 8 · Arkan Distribution · 0.03% of the receipts forecast for the thirteen weeks. Closing cash on its own in the week beginning 19 Oct 2026, week 8 of the forecast, before anything is drawn on a facility. Open the thirteen week forecast
Stock the register cannot name · Blushell Marine · 23.2% of Blushell Marine’s revenue for FY 2026-27 to date. The balance sheet carries 35,095,784 of seafood stock and the consignment register accounts for 25,295,784 of it. The difference, 9,800,000, came into these books as an opening balance at 1 April 2024, carried from the audited balance sheet at 31 March 2024. The register starts the same day and does not itemise it: it has no lot, no species, no landing date and no expiry, so no screen can age it, band it or say when it will sell. Every days-left figure on this screen is about the 72 lots the register does name, and this is the rest of the stock account.
Lots expire inside the selling window · Blushell Marine · 2.3% of Blushell Marine’s revenue for FY 2026-27 to date. 4 lots in the cold store, 952,996 at landed cost, have fewer days left than the longest this company has ever taken to sell one — 20 days, read off the ledger rather than chosen. The nearest is BM-202509-028, Vannamei shrimp 21/25, which the register says is out of date on 1 Sept 2026. Every write-down these books hold was taken on the day the register said the lot expired, so this is what the next one would be.
Shelf life contradicted by the ledger · Blushell Marine · 49% of Blushell Marine’s revenue for FY 2026-27 to date sits in the store these shelf lives age. 255 of the 720 lots that have sold were invoiced after the day the register says they expired — every one of them chilled, the worst by 14 days and the middling one by 7. Three things do that, and this screen has no evidence to choose between them: the assumed shelf life may be too short; the invoice date may not be the dispatch date, so the fish may have left the cold store days before the invoice was raised; or the fish may have been sold out of date. The store that has not moved is aged on the register's own shelf lives, because that is the only figure there is for stock nobody has invoiced, and reading it against a longer life nobody can evidence would state a store with more time left than anybody can show. No finding is raised about the lots that sold: they are invoiced, paid and gone, and the question belongs to the seller and the warehouse.
Stock written off in the period · Blushell Marine · 1.8% of Blushell Marine’s revenue for FY 2026-27 to date. 755,754 was written off over FY 2026-27 to date, across 4 lots in 3 of 5 months. Every write-down in these books is the whole of what the lot cost to land, taken on the day the register says it expired — so this is not a judgement anybody made about the fish, it is the assumed shelf life running out. The charge goes to the inventory provision and never touches the stock account, which is why the cost of an expired lot is still on the balance sheet.