CMI Limited Reports FY24 Audited Results Undergoing CIRP
CMI Limited submitted its audited financial results for FY24, reporting a net loss of ₹8.33 crore. The company is under Corporate Insolvency Resolution Process (CIRP). Auditors issued a modified opinion due to issues like eroded net worth and non-compliance with accounting standards. Results approved on October 7, 2024.
The company is in CIRP with a modified audit opinion and significant financial distress, which has a high impact on its operations and future prospects.
The company is undergoing CIRP, has a modified audit opinion, significant accumulated losses, and has eroded its net worth, indicating a negative financial situation.
CMI Limited has submitted its audited financial results for the quarter and year ended March 31, 2024. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP) initiated by Canara Bank, with Mr. Deepak Maini appointed as the Resolution Professional.
Due to the ongoing CIRP, the powers of the Board of Directors are suspended. Consequently, the financial results, which have been audited with a modified opinion by J Madan & Associates, were approved by the Board (with suspended powers) under the authorization of the Resolution Professional. The company currently lacks a Chief Financial Officer and an Audit Committee Chairman.
The audited financial results for the year ended March 31, 2024, show a total income of ₹29.08 crore and total expenses of ₹39.81 crore, resulting in a net loss of ₹8.33 crore for the period. The company's accumulated losses as of March 31, 2024, stand at ₹151.54 crore, which has eroded its net worth. The auditors have highlighted several issues, including the going concern concept, non-compliance with certain IND-AS disclosures, and uncertainties related to litigations and unconfirmed account balances.
The financial statements were approved on October 7, 2024, following a board meeting that commenced at 3:00 PM and concluded at 5:45 PM. The company has also provided a statement on the impact of audit qualifications, detailing the modified opinion expressed by the auditors.
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CMI Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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