CMI Limited Board Approves Q2 FY25 Results Amidst Ongoing Insolvency Process
CMI Limited's Board approved Q2 FY25 unaudited financial results on October 29, 2025, amidst ongoing CIRP. The company reported a net loss of ₹633.26 lakhs, with accumulated losses eroding net worth. Auditors issued a disclaimer due to significant financial uncertainties.
The high impact is due to the company being under CIRP, significant financial losses leading to eroded net worth, and the auditor's inability to express an opinion on the financial statements. These factors signal major risks and uncertainties for investors and stakeholders.
The company reported substantial losses for the quarter, with accumulated losses eroding its net worth. The ongoing Corporate Insolvency Resolution Process (CIRP) and the auditor's disclaimer, citing significant uncertainties and inability to form an opinion, indicate severe financial distress and operational challenges.
CMI Limited's Board of Directors (with suspended powers), authorized by the Resolution Professional, approved the Unaudited Financial Results for the quarter and half year ended September 30, 2024, at a meeting held on October 29, 2025. This approval comes amidst the ongoing Corporate Insolvency Resolution Process (CIRP) initiated by Canara Bank on August 3, 2023.
Key financial highlights for the quarter ended September 30, 2024, are: * Revenue from Operations: ₹3,013.22 lakhs * Total Income: ₹3,053.36 lakhs * Net Loss for the period: ₹633.26 lakhs * Basic and Diluted Earnings Per Share (EPS): (₹0.40)
The company's accumulated losses as of September 30, 2024, amounted to ₹16,407.74 lakhs, which has entirely eroded its net worth, against a paid-up capital of ₹1,603.07 lakhs.
The Statutory Auditors, Bagchi & Gupta, issued a Limited Review Report with significant observations, highlighting: * The company's going concern status is questionable due to accumulated losses and eroded net worth. * Non-compliance with INDAS for certain disclosures. * Liabilities from litigation with income tax, TDS, and GST departments could not be ascertained. * Lack of a fixed assets register and need for physical verification. * Unconfirmed loan, bank, and investment accounts, subject to reconciliation. * Quantitative details of stock are unavailable; value is taken at book value. * Balances of current assets and liabilities are subject to confirmation, and recovery from current assets is unascertained. * Certain confirmations, reconciliations, and valuations were not made available. * Pending litigations were not independently verified.
Due to the significance of these matters, the auditors were unable to obtain sufficient appropriate audit evidence and therefore do not express an audit opinion on these financial statements.
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