Liquidity

Ranked adverse first, then watch, then the tests that came back clean; within a class by the finding’s figure as a share of the company’s revenue for the period, largest first. A balance sheet that does not tie, or a company no rate is held for, outranks any share.

A share is of that company’s own revenue for FY 2026-27 to date, in the currency it keeps its books in; nothing is ranked by an amount across two currencies. A covenant breached, a week below nought, an instalment past due or a forecast off the books outranks any share.

Cash and the day counts are stated at 31 Aug 2026, the month the bar names. The forecasts, the facilities, the covenants, the ageings and the schedule are as the books hold them today, the forecasts from 31 Aug 2026, and each of those panels says so in its foot.

Tested, at every company: every covenant on a committed facility against the limit it was last tested at; the thirteen week forecast for a week cash on its own goes below nought, and for a shortfall only an uncommitted line would cover; the forecast’s opening against the books’ cash; collection, payment and cycle days against the range published for the company’s pillar; every facility for a maturity inside the thirteen weeks; every unpaid instalment against its due date at 31 Aug 2026, never at today; every receivable against the market register for exchange control.

One check did not run: collection, payment and cycle days against the range published for the company’s pillar, at every company — not at Sixteen Frames Music (Sixteen Frames Music states no cash cycle for Aug 2026, and only a ranged count is tested), Blushell Marine (no range is published for the seafood pillar). Anything it would have found is not here; the read is named under Data quality.

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 limit the lender last tested it at. Interest cover is at 1.94 against a limit of at least 2.50 on Wio Bank’s letter of credit, tested 30 Jun 2026. A covenant that has broken is a default today on a line somebody is relying on next month, and a healthy bank balance does not answer it.

Cash below nought in week 8 · Arkan Distribution · 0.10% of Arkan Distribution’s revenue for FY 2026-27 to date. Closing cash on its own in the week beginning 19 Oct 2026, week 8 of 13, drawing nothing. The committed headroom of 26,000,000 USD covers it.

Cash cycle below pillar range · Sixteen Frames Films · 333% below the bottom of the range published for the film pillar. Cash cycle of (140) at Aug 2026, against 60 to 180 for the film pillar. Judged against that pillar and never against the group: what is normal in one business is alarming in another.

Facility matures within the quarter · Sixteen Frames Live · 34.0% of Sixteen Frames Live’s revenue for FY 2026-27 to date. Indian bank’s overdraft, committed, matures on 30 Sept 2026, inside the forecast’s horizon to 29 Nov 2026. A line that matures inside the quarter is headroom only until it does.

One row a company: its weekly closes as bars against nought, in the signal ink where the cash is below it, on its own scale in the currency of its books, with the closing figure at the right opening its week and the first week below nought labelled on the bars. Arkan Distribution leads, 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.

Each company’s committed headroom is a figure under Detail and never a band over its bars; nothing is added across the rows, because an amount in one company’s books does not order against an amount in another’s.

The cash runway of six companies, read from Zoho Books and Tally Prime. Each closing balance is the view’s own running total for that company — opening cash plus every week to this one — and nothing on this screen accumulates it a second time or adds it to another company’s.

Six rows rather than one drawing of the tightest company, because the question on the group screen is which company to look at first and the rows answer it in order; bars against nought rather than lines, because 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.

One row a committed facility, every company: the drawn part in ink, the undrawn in the light tone, and the limit the row’s extent. Every row is on its own scale in the currency the facility was agreed in, so nothing is translated and nothing is added across rows.

Only committed facilities are counted as liquidity. An uncommitted line is not liquidity: a lender may decline it on the morning it is needed.

1 uncommitted line is not drawn and is listed under Detail: Arkan Distribution’s invoice discounting with Regional bank.

The facilities of six companies, read from Zoho Books and Tally Prime. Each facility in the currency it was agreed in, at that currency’s own scale, on its own row. The limit and the drawn balance are the register’s; the undrawn balance is the one less the other.

A bar a facility, drawn to its own limit, because what a treasurer reads off a line is how much of it is left; the figure at the right is what is drawn. The uncommitted lines are in the drawer and not in the drawing: drawn beside the committed ones they would read as headroom, and they are a hope.

Arkan Distribution: Regional bank invoice discounting, uncommitted, limit 28.0m drawn 15.4m USD, matures 31 Dec 2026; Wio Bank letter of credit, committed, limit 62.0m drawn 41.8m USD, matures 31 Mar 2027; Wio Bank overdraft, committed, limit 16.0m drawn 10.2m USD, matures 31 Mar 2027.

Arkan Technologies: Wio Bank overdraft, committed, limit 6.0m drawn 1.4m AED, matures 31 Mar 2027.

Sixteen Frames Films: Film financier production loan, committed, limit 2,600.0 lakh drawn 1,860.0 lakh INR, matures 30 Jun 2027; Indian bank overdraft, committed, limit 400.0 lakh drawn 220.0 lakh INR, matures 31 Mar 2027.

Sixteen Frames Music: Indian bank overdraft, committed, limit 150.0 lakh drawn 0.0 lakh INR, matures 31 Mar 2027.

Sixteen Frames Live: Indian bank overdraft, committed, limit 120.0 lakh drawn 36.0 lakh INR, matures 30 Sept 2026; Indian bank term loan, committed, limit 240.0 lakh drawn 80.0 lakh INR, matures 31 Mar 2028.

Blushell Marine: Emirates NBD overdraft, committed, limit 6.0m drawn 3.1m AED, matures 31 Mar 2027; Emirates NBD letter of credit, committed, limit 38.0m drawn 22.4m AED, matures 31 Mar 2027.

Arkan Distribution’s interest cover sits below its covenant; the other four hold

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.

Arkan Technologies, Sixteen Frames Music, Sixteen Frames Live, Blushell Marine carry no covenant: a facility without a tested covenant is not necessarily unconditional; it may simply not have been tested yet.

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. The limit is the dashed rule, and a bar that crosses it is drawn in the signal ink: a covenant that has broken is a default today on a line somebody is relying on next month, and a healthy bank balance does not answer it.

Five covenants across four facilities, tested 30 Jun 2026; one breached. Arkan Distribution interest cover 1.94 against at least 2.50, breached; Arkan Distribution current ratio 1.54 against at least 1.10, holds; Arkan Distribution net debt to ebitda 0.66 against no more than 3.00, holds; Sixteen Frames Films current ratio 3.64 against at least 1.20, holds; Sixteen Frames Films interest cover 7.55 against at least 2.00, holds.

Tested: each covenant’s figure against its limit on the side its operator names — a floor is breached from below, a ceiling from above.

One row a company: cash at each month end, the twelve months to Aug 2026, in the currency it keeps its books in and on its own scale, with the last balance at the right. The rows do not share a scale, because an amount in one company’s books does not compare with an amount in another’s; what compares is the shape.

The monthly summary of six companies, the twelve months to Aug 2026, read from Zoho Books and Tally Prime. Cash at each month end, each company in its own books. Nothing here is added.

The shape of the year behind each tile on the strip and behind each forecast above: a company that has been drawing its cash down all year reads differently from one that reached the same balance from below, and the forecast to the right looks forward from the last of these points.

Arkan Distribution · twelve month ends · opened 14,587,829, closed 3,737,454 USD · lowest 3,737,454 at Aug 2026.

Arkan Technologies · twelve month ends · opened 15,619,560, closed 32,177,756 AED · lowest 15,619,560 at Sept 2025.

Sixteen Frames Films · twelve month ends · opened 86,97,81,168, closed 1,50,85,01,183 INR · lowest 86,97,81,168 at Sept 2025.

Sixteen Frames Music · twelve month ends · opened 5,21,97,442, closed 8,82,07,679 INR · lowest 5,21,97,442 at Sept 2025.

Sixteen Frames Live · twelve month ends · opened 2,27,75,000, closed 5,32,92,500 INR · lowest 2,27,75,000 at Sept 2025.

Blushell Marine · twelve month ends · opened 21,898,653, closed 20,092,640 AED · lowest 17,936,158 at Mar 2026.

Days as at 31 Aug 2026: collection and stock days above the line, payment days beneath it, and the heavy rule across each bar the cash conversion cycle as the ratio definitions state it, not the three segments added up here. Days compare across currencies where an amount does not, which is why every company stands beside every other here.

Sixteen Frames Music reports quarterly; its next statement is due Sept 2026. Its day count is not drawn: a day count on a month with no revenue is arithmetic, not a fact.

The ratio definitions of six companies, 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. Each company is judged against the range published for its own pillar, never against the group.

The published benchmark ranges. The range that is normal for each company’s pillar, where one is published.

Three legs and a rule, one bar a company: 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.

Five companies at 31 Aug 2026: Arkan Distribution collection 67, stock 60, payment 85, cycle 42; Arkan Technologies collection 103, stock 0, payment 63, cycle 40; Sixteen Frames Films collection 67, stock 0, payment 207, cycle (140); Sixteen Frames Live collection 76, stock 0, payment 88, cycle (13); Blushell Marine collection 93, stock 112, payment 51, cycle 154.

Sixteen Frames Music reports quarterly; its next statement is due Sept 2026. Its day count is not drawn: a day count on a month with no revenue is arithmetic, not a fact.

Arkan Distribution: cash cycle 30.0000 to 60.0000, inside.

Arkan Technologies: cash cycle 30.0000 to 60.0000, inside.

Sixteen Frames Films: cash cycle 60.0000 to 180.0000, below.

Sixteen Frames Music: cash cycle 60.0000 to 110.0000, unbenchmarked.

Sixteen Frames Live: cash cycle -40.0000 to 0.0000, inside.

Blushell Marine: no range published for the seafood pillar.

One bar a company, its bands as shares of its own total outstanding, because a share compares across three currencies where an amount does not. Drawn: Arkan Technologies 11,601,954 AED, 100% past ninety days.

Not drawn: Arkan Distribution (61 to 90 days and 91 to 180 days below nought); Sixteen Frames Films (31 to 60 days and 61 to 90 days and 91 to 180 days below nought); Sixteen Frames Live (91 to 180 days below nought); Blushell Marine (91 to 180 days below nought). The view nets a credit balance into a band, so a band exceeds the total and a share of it is arithmetic rather than a finding; the amounts by band stand on each company’s own screen.

Sixteen Frames Music: nothing outstanding carrying a counterparty.

The receivable ageing of six companies, read from Zoho Books and Tally Prime. Banded by how long each posting has been outstanding, from the voucher date and not from a due date, to 180 days and beyond. As the books hold it today, whatever month the bar names. Each bar is one company’s bands as shares of that company’s own total; nothing is added across companies.

Shares rather than amounts, because the rows are in three currencies and a stacked bar of amounts would set unlike things beside one another as though they compared. A company whose bands net a credit is named rather than drawn: drawing a share of a total the bands exceed would be drawing arithmetic as a finding.

The provision each company carries against these balances is the panel to the right, as a share of its receivables.

Arkan Distribution · 61 counterparties · 15,007,241 USD outstanding · by band current 0, 31 to 60 days 2,412,997, 61 to 90 days (3,108,659), 91 to 180 days (75,287), over 180 days 15,778,190 · past ninety days not stated.

Arkan Technologies · two counterparties · 11,601,954 AED outstanding · by band current 0, 31 to 60 days 0, 61 to 90 days 0, 91 to 180 days 11,601,954, over 180 days 0 · past ninety days 100%.

Sixteen Frames Films · seven counterparties · 12,24,71,375 INR outstanding · by band current 0, 31 to 60 days (9,67,41,154), 61 to 90 days (98,68,687), 91 to 180 days (1,18,57,815), over 180 days 24,09,39,031 · past ninety days not stated.

Sixteen Frames Live · one counterparty · 4,93,50,000 INR outstanding · by band current 0, 31 to 60 days 0, 61 to 90 days 1,41,00,000, 91 to 180 days (22,50,000), over 180 days 3,75,00,000 · past ninety days not stated.

Blushell Marine · ten counterparties · 13,895,450 AED outstanding · by band current 0, 31 to 60 days 921,358, 61 to 90 days 1,769,336, 91 to 180 days (1,471,036), over 180 days 12,675,792 · past ninety days not stated.

One bar a company, its bands as shares of its own total outstanding, because a share compares across three currencies where an amount does not. Drawn: Arkan Technologies 1,922,900 AED, 92% past ninety days; Sixteen Frames Music 4,84,58,400 INR, 92% past ninety days; Sixteen Frames Live 7,59,32,429 INR, 85% past ninety days.

Not drawn: Arkan Distribution (31 to 60 days below nought); Sixteen Frames Films (31 to 60 days below nought); Blushell Marine (61 to 90 days below nought). The view nets a credit balance into a band, so a band exceeds the total and a share of it is arithmetic rather than a finding; the amounts by band stand on each company’s own screen.

The payable ageing of six companies, read from Zoho Books and Tally Prime. Banded by how long each posting has been outstanding, from the voucher date and not from a due date, to 90 days and beyond. As the books hold it today, whatever month the bar names. Each bar is one company’s bands as shares of that company’s own total; nothing is added across companies.

Shares rather than amounts, because the rows are in three currencies and a stacked bar of amounts would set unlike things beside one another as though they compared. A company whose bands net a credit is named rather than drawn: drawing a share of a total the bands exceed would be drawing arithmetic as a finding.

No provision is made against a payable: a provision estimates money that will not arrive, and this is money the group owes.

Arkan Distribution · one counterparty · 5,679,499 USD outstanding · by band current 0, 31 to 60 days (3,559,601), 61 to 90 days 3,721,469, over 90 days 5,517,631 · past ninety days not stated.

Arkan Technologies · one counterparty · 1,922,900 AED outstanding · by band current 0, 31 to 60 days 80,500, 61 to 90 days 80,500, over 90 days 1,761,900 · past ninety days 92%.

Sixteen Frames Films · six counterparties · 41,98,74,986 INR outstanding · by band current 0, 31 to 60 days (1,70,13,327), 61 to 90 days 1,74,55,704, over 90 days 41,94,32,609 · past ninety days not stated.

Sixteen Frames Music · five counterparties · 4,84,58,400 INR outstanding · by band current 0, 31 to 60 days 18,30,000, 61 to 90 days 18,30,000, over 90 days 4,47,98,400 · past ninety days 92%.

Sixteen Frames Live · five counterparties · 7,59,32,429 INR outstanding · by band current 0, 31 to 60 days 11,66,429, 61 to 90 days 1,05,99,286, over 90 days 6,41,66,714 · past ninety days 85%.

Blushell Marine · six counterparties · 6,516,688 AED outstanding · by band current 0, 31 to 60 days 4,275,406, 61 to 90 days (888,454), over 90 days 3,129,736 · past ninety days not stated.

One row a company: the provision the band matrix produces as a share of that company’s receivables outstanding, with the two amounts in the currency of its books in the caption. Arkan Distribution 9,765,325 of 15,007,241 USD, 65%; Arkan Technologies 1,392,234 of 11,601,954 AED, 12%; Sixteen Frames Films 8,10,59,858 of 12,24,71,375 INR, 66%; Sixteen Frames Live 1,34,19,000 of 4,93,50,000 INR, 27%; Blushell Marine 4,344,597 of 13,895,450 AED, 31%.

Sixteen Frames Music: no receivable carrying a counterparty, so nothing to provide against.

The loss rates are each company’s own estimate. They rest on how its counterparties have paid historically and on what is expected of them; they are not observed losses.

The expected credit loss of six companies. Each counterparty’s ageing bands multiplied by that band’s loss rate from that company’s own provision matrix, added — the IFRS 9 simplified approach — and stated here as a share of that company’s receivables outstanding. A provision is an estimate of what will not arrive, not a write-off of what has gone.

The provision matrix of six companies. Five bands a company, each with its own loss rate.

A share rather than an amount, because the rows are in three currencies; the amounts are in the caption and under each company’s own screen, band by band. The share opens the two figures it is made of.

Arkan Distribution · current 0.9%, 31 to 60 days 2.7%, 61 to 90 days 7.2%, 91 to 180 days 21.6%, over 180 days 63.0% · 61 counterparties.

Arkan Technologies · current 0.5%, 31 to 60 days 1.5%, 61 to 90 days 4.0%, 91 to 180 days 12.0%, over 180 days 35.0% · two counterparties.

Sixteen Frames Films · current 0.5%, 31 to 60 days 1.5%, 61 to 90 days 4.0%, 91 to 180 days 12.0%, over 180 days 35.0% · seven counterparties.

Sixteen Frames Live · current 0.5%, 31 to 60 days 1.5%, 61 to 90 days 4.0%, 91 to 180 days 12.0%, over 180 days 35.0% · one counterparty.

Blushell Marine · current 0.5%, 31 to 60 days 1.5%, 61 to 90 days 4.0%, 91 to 180 days 12.0%, over 180 days 35.0% · ten counterparties.

The next 12 instalments due across the register, from 31 Aug 2026, each in the currency of its facility: the due date, the company, the lender and the facility, principal and interest, and whether it is due or past due. None is past due at that date.

No total: the rows are in more than one currency, and a total across them would be an addition of unlike things. Each company’s own screen totals its own schedule in the currency of its books and keeps its paid instalments under Detail; this screen reads the unpaid ones only.

The debt schedule against the facilities. The unpaid instalments of every facility on the register, each in the currency of its facility. Whether an instalment is past due is judged at 31 Aug 2026, the month end the bar names, and not at today.

A table rather than a drawing: a maturity is a date and an amount, and both are read off a row more exactly than off a bar. The twelve nearest dates are what a treasurer acts on this quarter; the rest are under Detail in the same order.

The unpaid instalments only, because the whole schedule is past the read’s ceiling on production and a read that answered short would drop instalments and say nothing.