Commex Technology Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Mar 2018
1. Form 1st April, 2016 the Company adopted Indian Accounting Standards (Ind AS') notified by the Ministry of Corporate Affairs and accordingly results (including 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 audited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 24th July, 2018.
3. Exceptional Item in standalone result for the year represents loss on writing off sundry balances, investments in subsidiaries, loans and advances amounting to Rs.5570.63 Lakhs.
Exceptional Item in consolidated result for the year represents loss on writing off sundry balances, loans and advances and capital work in progress amounting to Rs.4743.61 Lakhs.
4. Disclosure of Segment-wise information is not applicable as Software Development is tire Company's only business segment.
5. The consolidated financial statements for the year ended March 31, 2018 are prepared in accordance with AS-21 and AS-27 notified under section 133 of The Companies Act. 2013.
6. Corresponding figures of the previous quarter / year have been regrouped, recasted and reclassified to make them comparable wherever necessary.
7. The figure of current quarter and quarter ended 31st March, 2017 arc the balancing figures between audited figures of the full financial year ended 31st March, 2018 and 31st March, 2017 (Ind As) respectively and the published year to date Ind AS figures upto third quarter 31st December, 2017 and 31st December, 2016 respectively.
8. Although as per the Balance Sheet for the year ending on 31-3-2018 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 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 2018-19. 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.
9. The reconciliation of 'Net Profit after tax' and 'Equity' between financial results as per Ind AS and as previously reported under "Previous GAAP for the quarter and year ended 31st March, 2017 are as under: For Table, kindly refer Corporate Announcements on www.bseindia.com.