It would depend upon whether your company has completed five years from the date of incorporation. Because, there is an examption from paying Bonus for the first five years. Further you Company should have been making provisions for future liabilities in the Books of Accounts for liabilities such as Gratuity, and Statutory Bonus.
As per law, your Company would have to pay the Statutory Bonus @ 8.33% of Basic Wages.
I would suggest that if your Company is in real deep losses, try talking to the Workmen representatives, to have a deffered Bonus payment option, i.e. in 2 or 3 installments, and if agreeable, then convey to them in writing that as the Company has sufferred losses, the Company would be paying bonus in installments.
In my opinion, there are always means to resolve an issue peacfully, than to fall falt incase of non compliances, and face litigations and court cases.