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AA, Melstar Information Technologies Limited ME | ST. \ [2 CIN : L99999MH1986PLC040604
Under Corporate Insolvency Resolution Process (CIRP)
13.02.2020
BOMBAY STOCK EXCHANGE LIMITED NATIONAL STOCK EXCHANGE OF INDIA
P. J. TOWERS, LIMITED DALAL STREET, Exchange Plaza,
MUMBAI - 400 001 Bandra Kurla Complex,
Bandra (East),
Mumbai — 400 051
SCRIP CODE 532307 MELSTAR
Dear Sirs,
SUB: UNAUDITED FINANCIAL RESULTS & LIMITED REVIEW REPORT FOR THE
THIRD QUARTER AND NINE MONTHS ENDED ON 31.12.2019
Pursuant to Regulation 30 and Regulation 33 of SEBI (LODR) Regulations, 2015, we wish to
inform you that the Board of Directors at its meeting held today i.e. 13 February, 2020 have
inter—alia Considered and Approved the Unaudited Standlone Financial Results for the
third Quarter & Nine Months Ended on 31th December 2019.
Pursuant to Regulation 33 of SEBI (Listing Obligation and Disclosure Requirement)
Regulation, 2015, we enclosed herewith copy of the following Documents:
a) A Copy of Un-audited Standalone Financial Results for the for the third Quarter &
Nine Months Ended 31! December 2019 as approved by Board of Directors and
Resolution Professional.
b) Copy of Limited Review Report from the Auditor of the Company of Unaudited
Standlone Financial Results for the third Quarter & Nine Months Ended 31°
December 2019.
Kindly take note of the same.
Thanking you,
Yours faithfully,
For MELSTAR INFORMATION TECHNOLOGIES LIMITED
Under Corporate Insolvency Resolution Process (Cl
K, ~
ny SIRISH KUMARSAHOO CA Nee Director Resolution Professional
DIN: 08052666
Registered Office : 159, 5th Floor, Industry House, Reclamation, Churchgate, Mumbai 400 020. INDIA.
Phone : + 91(22) 6235 6400, Fax : + 91(22) 6235 6402, URL : www.melstar.com
“Wahavir Apartments Third Floor, 598, M. G. Road, Near Suncity Cinema, Vile Parle (East), Mumbai 400 057 SAR DA & PAREE K
B91 22 2610 1124-26,
B91 22 26134015, Kj [email protected] .
_ Branches at INDORE, BHARUCH CHARTERED ACCOUNTANTS
Independent Auditor’s Review Report on unaudited standalone quarterly
financial results of Melstar Information Technologies Limited pursuant to the
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015
To
The Resolution Professional,
Melstar Information Technologies Limited
Mumbai
1. We have reviewed the accompanying statement of unaudited financial
results (“the Statement”) of M/s Melstar Information Technologies Limited
(“the company”) for the quarter ended December 31, 2019, being submitted
by the Company pursuant to the requirement of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended.
2. The company is undergoing Corporate Insolvency Resolution Process (CIR
Process) under the provisions of the Insolvency and Bankruptcy Code 2016
(Insolvency Code) w.e.f. lst October, 2019 in terms of orders passed by
Hon'ble National Company law Tribunal (NCIT), Mumbai. Bench. As per
Section 20 of the Insolvency Code, management & operations of the
Company are being managed by Resolution Professional Mr. Neehal Pathan,
on a Going Concern Basis.
3. This statement is the responsibility of the Company’s Management and has
been approved by the Board of Directors & Resolution Professional as stated
in note 1 & 2 of the accounts has been prepared in accordance with the
recognition and measurement principles laid down in the Indian Accounting
Standard 34 ‘Interim Financial Reporting’ prescribed under Section 133 of
Companies Act, 2013 read with relevant rules issued there under and other
accounting principles generally accepted in India. Our responsibility is to
express a conclusion on the Statement based on our review.
4. We conducted our review of the Statement in accordance with the Standard
on Review Engagements (SRE) 2410 “Review of Interim Financial Information
Performed by the Independent Auditor of the Entity”, issued by the Institute
of Chartered Accountants of India. This standard requires that we plan and
perform the review to obtain moderate assurance as to whether the financial
statements are free of material misstatement. A review is limited primarily to
inquiries of company personnel and analytical procedures applied to
financial data and thus provide less assurance than an audit. We have not
performed an audit and accordingly, we do not express an audit opinion.
Emphasis of Matter:
5. The Company has incurred a net loss of Rs. 29.30 Lakhs for the quarter
ended December 31, 2019 and Rs.288.52 Lakhs for the nine months ended
December 31, 2019, as of that date, the Company’s current liabilities
exceeded its Current assets by Rs.380.61 Lakhs and it has accumulated
losses of Rs.1609.06 Lakhs which has resulted in complete Erosion of the
net worth of the company. In spite of these events or conditions which may
cast a Doubt on the ability of the company to continue as a going concern,
the management is of the Opinion that going concern basis of accounting is
appropriate. and having regards to the Note. 5 of The Unaudited standalone
financial results which results on going concern basis for the reasons Stated
therein. The appropriateness of assumption of going concern is dependent
upon realization of the various Initiatives undertaken by the Company
and/or the Company’s ability to raise requisite Finance/generate cash flows
in future to meet its obligations.
6. We draw attention to note no. 6 to the accompanying statement of
Unaudited Standalone Financial Results which describes the ongoing
Corporate Insolvency Resolution Process of the Company under Insolvency
and Bankruptcy Code, 2016 (‘the Code’) and related matters.
Our report is not modified in respect of these matters.
7. Based on our review conducted nothing has come to our attention that
causes us to believe that the accompanying Statement, prepared in
accordance with the recognition and measurement principles laid down in
the aforesaid Indian Accounting Standard and other accounting principles
generally accepted in India, has not disclosed the information required to be
disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, including the manner in which
it is to be disclosed, or that it contains any material misstatement.
Our conclusion on the Statement is not modifies in respect of the above matter.
Place: Mumbai
Date: February 13, 2020
For SARDA & PAREEK
Chartered Accountants
FRN- 109262W
Gaurav Sarda
Partner ee
Membership No- 110208 ©
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