CMI Ltd

Insolvency status

• CMI Limited is undergoing CIRP; board powers suspended; Deepak Maini appointed as IRP/RP.
• NCLT order dated 28 July 2023 initiated CIRP; liquidation plan ongoing discussion.

Auditor’s opinion & going concern

• Auditors issue a qualified opinion on standalone financial statements.
• Going concern risk due to net-worth erosion of Rs 17,383.08 lakhs versus paid-up Rs 1,602.74 lakhs.
• No separate reporting segment; accumulated losses persist.

Key audit qualifications

• Gratuity and leave encashment not identified or disclosed (Ind AS 19).
• Fixed asset register incomplete; PPE carried at old values; no physical verification.
• Inventories lack quantitative confirmation; valuations taken at prior-year book values.
• Lease disclosures not provided as required under Ind AS 116.

Internal controls & other auditor notes

• Internal financial controls not evaluated; disclaimer on adequacy.
• Audit trail in accounting software existed but was not operated throughout the year.

Other regulatory & financial notes

• No dividend declared during the year; no separate segment reporting per Ind AS 108.
• CIRP claims process continues; liquidation plan pending before adjudicating authority.

Business overview

• CMI Limited manufactures cables and supplies to customers globally.

Key financials & CIRP status

• Board approved unaudited results for quarter and nine months ended 31 December 2025 with limited review.
• Company is under CIRP; proceedings initiated under IBC by Canara Bank.
• Accumulated losses at 31 Dec 2025: Rs 17,043.21 lakhs; net worth eroded.
• Paid-up capital Rs 1,603.07 lakhs.
• Auditors disclaimer; no express opinion due to CIRP.
• Financial statements prepared under Indian GAAP; IND AS not followed due to going concern.
• Fixed assets register not available; asset valuation pending.
• Bank and investment confirmations not available; balances subject to reconciliation.
• Inventory valuation lacks quantitative details; stock valued at book value.
• Litigation and contingent liabilities disclosure incomplete; details not available.
• Audit scope limited; auditor unable to obtain sufficient evidence.
• Losses have eroded net worth; going concern issue flagged.

CoC meeting schedule

• Forty-Eighth Meeting of the Committee of Creditors scheduled on Tuesday, 15 September 2026.

Financials & audit status

• Accumulated losses as of 30 Sep 2025: Rs 16,863.91 lakhs.
• Paid-up capital: Rs 1,603.07 lakhs.
• Losses have totally eroded the net worth.
• Company is under CIRP under the IBC.
• Financial statements prepared under Indian GAAP; IND AS not followed.
• Limited Review Report issued; due to CIRP, no audit opinion.
• Going concern concerns noted.
• Inventory details unavailable; stock valued at book value.
• Fixed assets register not available; physical verification needed.
• Bank and investment confirmations not available; balances require reconciliation.
• Review conducted under SRE 2410; moderate assurance.
• Unaudited results for quarter and half-year ended 30 Sep 2025.

Financial status & insolvency

• Accumulated losses ₹16,375.79 lakhs; paid-up capital ₹1,603.07 lakhs.
• Net worth fully eroded; company in CIRP under IBC.
• Results prepared under GAAP; IND AS not followed due to CIRP.
• Auditors' limited review; disclaimer due to insufficient evidence while CIRP ongoing.
• Board approved unaudited results and Limited Review Report for quarter ended 30 June 2025.

Audit observations & disclosures

• Fixed assets register not available; valuation at book value.
• Bank and investment confirmations not available; balances subject to reconciliation.
• Inventory valuation details unavailable; stock value at book value.
• Pending litigations not independently verified; disclosures needed.
• Audit scope limited; financials prepared under GAAP, not IND AS.

Meeting Details

• Date: 16 September 2026; Time and venue not disclosed.

Key Agenda Items

• Consider and approve audited financial results for the quarter and year ended 31 March 2026.

Other Notes

• Insolvency resolution process under IBC; Board powers suspended; Resolution Professional authorized to sign and approve audited financial results.

Meeting Details

• Date: 15 September 2026.
• Time and venue not disclosed.

Key Agenda Items

• Authorize signing/approval of unaudited quarterly results for quarter ended 31 December 2025.

Other Notes

• CIRP initiated under IBC; Canana Bank as financial creditor.
• Resolution Professional Deepak Maini authorized to sign unaudited results.
• Power suspended.

Meeting Details

• Date: 14 September 2026; time and venue not disclosed.

Key Agenda Items

• Approval of unaudited results for Q2 and H1 ended 30 September 2025.
• Resolution Professional authorized the board to sign and approve the unaudited results on 14 September 2026.
• CIRP initiated against CMI Ltd; Canana Bank is the financial creditor.

Other Notes

• Board powers suspended under CIRP; Resolution Professional may sign and approve results.
• Status: Corporate Insolvency Resolution Process ongoing.

Meeting Details

• Date of meeting: 11 September 2026; time and venue not disclosed.

Key Agenda Items

• Board authorized to sign unaudited results for quarter ended 30 June 2025.
• Resolution Professional (Power Suspended) authorized to sign unaudited results.
• Signing date scheduled for 11 September 2026.

Other Notes

• Company is in corporate insolvency resolution process; Power suspended.