Commex Technology Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 30 Jun 2018
1. The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14th August, 20l8.The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results.
2. Disclosure of Segment-wise information is not applicable as Software Development is the Company's only business segment.
3. The figures for the proceeding quarter ended 31st March, 2018 are the balancing figures between audited figures in respect of full financial year ended 31st March, 2018 and the published unaudited year to date figures upto third quarter 31st December, 2017.
4. Corresponding figures of the previous quarter / year have been regrouped, recasted and reclassified to make them comparable wherever necessary.
5. Exceptional item in March 2018 result for the year represents loss on writing off sundry balances, investments in subsidiaries, loans and advances amounting to Rs 5570.63 Lakhs.
6. Although as per the Balance Sheet for the year ending on 30-6-2018, the Share Capital and General Reserves of the Company are fully eroded due to past losses and write off of all the obsolete assets during the year and Net Current Assets are in the negative, due to short term liabilities being heavy, the Company intends to revive its business and continue its market activities as a Software Developer. The Company is in talks with the strategic investors who are keen on making long term investments in the form of Equity. The talks with the investors are fairly to an advanced stage and the Management is confident that the proposed investments are likely to fructify in the third or fourth quarter of the current Financial Year 2018-19. The Company also intends to resolve various issues with the current investors & lenders and come to an amicable settlement with them paying way for the revival of the Company very soon. Hence, in the opinion of the Management of the Company, the Company can be treated as Going Concern.