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Commex Technology Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Sep 2019

Auditor and Management Disclosures and Notes for the quarterly results dated 30 Sep 2019

Notes:

1) The Company follows Indian Accounting Standards ('Ind AS') notified by the Ministry of Coporate Affairs and accordingly results (inculding comparatives for all periods presented) have been prepared in accordance with the Ind AS effective on the date of adoption of the results by the Board.

2) The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 7th November, 2019.

3) Disclosure of Segment-wise information is not applicable as Software Development is the Company's only business segment.

4) The consolidated financial statements for the year ended March 31, 2019 are prepared in accordance with AS-21 and AS-27 notified under setion 133 of The Companies Act. 2013.

5) Corresponding figures of the previous quarter/year have been regrouped, recasted and reclassified to make them comparable wherever necessary.

6) Although as per the Audited Balance Sheet of the Company for the year ending on 31-3-2019 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 earlier years 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 few strategic investors who are keen on making long term investments in the form of Equity. The talks with the investors are fairly at 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 2019-20. The Company also intends to resolve various issues with the current investors & lenders and come to an amicable settlement with them, paving 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.