Commex Technology Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019

1.From 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 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 30th May, 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 31st March,2019 are prepared in accordance with AS-21 and AS -27 notified under section 133of the Companies Act,2013.



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



6. The figures for the period ended 31-03-2019 are the balancing figures between audited figures of the full financial year ended 31st March, 2019 and published year to date IND AS figures upto third quarter 31st December, 2018.



7. Although as per the Balance sheet for the year ending on 31-03-2019 the share capital and general reserves of the company are fully errored due to past losses and write off of all obsolete assets during the year and Net Current Assets are 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 investment in the form of equity. The talks with investors are fairly at an advanced stage and 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