Home  »  Company  »  Commex Technology  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Commex Technology Ltd.

Mar 31, 2015

A. Terms/rights attached to equity shares

The company has only one class of the shares having a par value of Rs, 2/- per shares. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

b. Terms/rights attached to Global Depository Receipt (GDIO

The Global Depository Receipts ("GDRs") represented by this certificate are each issued in respect of 50 equity Shares of par value Rs,2/- each (the "Shares") in Commex Technology Ltd. (formerly known as IT People (India) Limited(the "Company")) pursuant to and subject to a depository agreement dated 18th May 2009, and made between the Company and Deutsche Bank Trust Company Americas depository and/or any other depository which may from time to time be appointed under the agreement (the "Depository") (such agreement, as amended from time to time, being hereinafter referred to as the "Deposit Agreement").

As per records of the company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

1. The Company is engaged in the Information Technology Solutions Services, which cannot be expressed in any generic unit. Hence it is not possible to give quantitative details of sales and certain.

2. Expenditure in Foreign Currency: Nil (Previous Year Nil)

3. In the opinion of the management, Current Assets, Loans and advances and Capital Work In Progress are realizable at the values represented in accounts.

4. During the year, the Company has created provision of Rs. 12,75,087/- towards Corporate Social Responsibility expenditure. The details for incurring CSR expenditure is covered in the Directors report.

5. The balance of Trade Receivables, Trade Payables, Loans & advances, Deposits, etc are subject to confirmation.

6. As per the information available with the Company, there are no small-scale industrial undertakings to whom an amount of Rupees one lakh or more was outstanding for more than 30 days.

7. The company had recorded investments in subsidiaries and other investments which were recorded during the merger of erstwhile Orient Information Technology LLC (merged entity) as provision for diminution in the value of investment which amount to Rs. 2,176.82 Lakh and same has been separately shown in Reserves & surplus. The Company has been following this practice consistently.

8. The company has unpaid VAT Liability of Rs. 1.1 crores shown under statutory liability under other current liabilities as Company has been advised that VAT is not applicable on sale of software.

9. During the previous year, the company intended to declare a dividend in the Board meeting, however, considering the company's growth and financial situation, the board decided not to propose dividend in the previous year. However, the company had inadvertently shown this as proposed dividend in the previous year's financial year. The proposed dividend shown in reserves and surplus has now been reversed.

10. Capital Work-in-Progress is recorded as a result of erstwhile merger with Orient Information Technology LLC FZ. Subsequently, the company has incurred expenses on Research & Development for developing various software required for different segment of industries. The company is in the process of commercially exploiting this software on successful testing of the software this CWIP would be capitalized.

11. Previous Year's figures are regrouped/ restated wherever necessary to confirm with this year's classification.


Mar 31, 2014

1. Corporate Information

Commex Technology Limited (Formerly known as IT People (India) Ltd.) is a Company promoting software products and solutions to the capital and commodities markets and IT Consulting Services and solutions to companies worldwide. The Company is listed at the Bombay Stock Exchange Limited (BSE).

Software products includes products, solutions and services division for the financial and capital markets addressing Stock and Commodities Exchange, intermediary Brokerage House, Merchant banking Operation and Financial services in India and Overseas.

Incorporation and Registration

"Commex Technology Limited" was originally incorporated as a Private Limited Company with the name "Global e-Com (India) Private Limited" on 24th January 2000, under Companies Act, 1956, and was issued a certificate of incorporation bearing number 11-123796 of 2000 by the Registrar of Companies Maharashtra. The Company became a Public Limited Company on 8th February 2000 and the name of the Company was changed to "Global e-Com (India) Limited", thereafter, on 11th April 2000 the name of the Company was again changed to "Balwas e-Com India Limited".

The Company subsequently on 28th October 2003 changed its name to "Starmax Infomedia Limited" and was issued with a fresh certificate of Incorporation consequent upon change of name on its acquisition by "IT People Private Limited".

The Company subsequently on 22nd November, 2004 changed its name to "IT People (India) Limited" and was issued a fresh certificate of Incorporation consequent upon change of name bearing number L72900MH2000PLC123796 by the registrar of Companies, Maharashtra. Further on 14th November, 2011 the name of the Company was again changed to "Commex Technology Limited".

Note NO. 2

1. The Company is engaged in the Information Technology Solutions Services, which cannot be expressed in any generic unit. Hence it is not possible to give quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act, 1956.

2. Expenditure in Foreign Currency: Nil (Previous Year Nil)

3. In the opinion of the management, Current Assets, Loans and advances are realizable at the values represented in accounts.

4. The balance of Trade Receivables, Trade Payables, Loans & advances, Deposits, etc are subject to confirmation.

5. As per the information available with the Company, there are no small- scale industrial undertakings to whom an amount of Rupees one lakh or more was outstanding for more than 30 days.

6. Previous Year''s figures are regrouped/ restated wherever necessary to confirm with this year''s classification.


Mar 31, 2013

1. Corporate Information

Commix Technology Limited (Formerly know as IT People (India) Ltd) is a company promoting software products and solutions to the capital and commodities markets and IT Consulting services and solution to companies worldwide The company is listed at the Bombay stock Exchange Limited (BSE)

Software products includes products solutions and services division for the financial and capital markets addressing stock and commodities Exchange intermediary Brokerage House Merchant banking operation and financial services in India and Overseas.

Incorporation and Registration

Commix Technology Limited was originally incorporated as a private limited company with the name global e-com (India) private limited on 24th January 2000 under companies Act,1956 and was issued a certificate of incorporation bearing number 11-123796 of 2000 by the Register of companies Maharashtra The company become a public limited company on 8th February 2000 and the name of the company was changed to global e-com (India) limited thereafter on 11th April 2000 the name of the company was again to bawls'' e-com India limited.

The company subsequently on 28th October 2003 changed its name to stomas info media limited and was issued with a fresh certified of incorporation consequent upon change of name on its acquisition by IT people private limited.

The company subsequently on 22nd November.2004 changed its name to IT people (India) limited and was issued a fresh certified of incorruption consequent upon changed of name bearing number L72900MH2000PLC123796 by the register of companies Maharashtra further on 14th November 2011 the name of the company was again changed to commix technology limited.

Note No. 2

The Company is engaged in the information Technology Solutions Services, which cannot be expressed in any generic unit. Hence it is not possible to give quantitative details of safes and certain information as required under paragraphs 3r 4C and 4D of part the of Schedule VI to the Companies Act, 1956.

3. Expenditure in Foreign Currency; Nil (Previous ear Nil}

4. In the opinion of the management. Current Assets. Loans and advances are realizable at the values represented ran accounts,

5. The balance of Trade Receivables, Trade Payables, Loans & advances, Deposits, etc are subject to confirmation.

6. As per the information available wit h t he Com pan y, the re a re no sma11 - scale nutria under takings to whom an amount of Rupees one lakh or more was outstanding for mo re than 30 days.

7. Previous Year''s figures are regrouped/ restated wherever necessary to confirm with this /ear''s classification


Mar 31, 2012

Note No.1

1. Corporate Information

Commex Technology Limited is a Company promoting software products and solutions to the capital and commodities markets and IT Consulting Services and solutions to companies worldwide. The Company is listed at the Bombay Stock Exchange Limited (BSE).

Software products includes products, solutions and services division for the financial and capital markets addressing Stock and Commodities Exchange, intermediary Brokerage House, Merchant banking Operation and Financial services in India and Overseas.

Incorporation and Registration

"Commex Technology Limited" (formally known as IT People (India) Limited) was originally incorporated as a Private Limited Company with the name "Global e-Com (India) Limited" on 24th January 2000, under Companies Act, 1956, and was issued a certificate of incorporation bearing number 11-123796 of 2000 by the Registrar of Companies Maharashtra. The Company became a Public Limited Company on 8th February 2000 and the name of the Company was changed to "Global e-Com (India) Limited", thereafter, on 11th April 2000 the name of the Company was again changed to "Balwas e-Com India Limited".

The Company subsequently on 28th October 2003 changed its name to "Starmax Infomedia Limited" and was issued with a fresh with a certificate of Incorporation consequent upon change of name on its acquisition by "IT People Private Limited".

The Company subsequently on 22nd November, 2004 changed its name to "IT People (India) Limited" and was issued a fresh certificate of Incorporation consequent upon change of name bearing number L72900MH2000PLC123796 by the registrar of Companies, Maharashtra. Further on 14th November, 2011 the name of the Company was again changed to "Commex Technology Limited".

NOTE NO. 2. SHARE CAPITAL

b Terms/rights attached to equity shares

The company has only one class of the shares having a par value of Rs.2/- per shares. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company,the holders of equity shares will be entitled to receive remaining assets of the company,after distribution of all prefrential amounts.The distribution will be in proporation to the number of equity shares held by the shareholders.

C Terms/rights attached to Global Depository Receipt (GDR)

The Global Depositary Receipts ("GDRs") represented by this certificate are each issued in respect of 50 equity Shares of par value Rs. 2/- each (the "Shares") in Commex Technology Limited (Formerly known as IT People (India) Limited (the "Company") pursuant to and subject to a depositary agreement dated 18th May, 2009, and made between the Company and Deutsche Bank Trust Company Americasas depositary and/or any other depositary which may from time to time beappointed under the agreement (the "Depositary") (such agreement, asamended from time to time, being hereinafter referred to as the "Deposit Agreement")

D Details of sharesholders holding more than 5% shares in the company

As per records of the company, including its register of shareholders/ members and other declrations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares

Note NO. 3

1. The Company is engaged in the Information Technology Solutions Services, which cannot be expressed in any generic unit. Hence it is not possible to give quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act, 1956.

3. Expenditure in Foreign Currency: Nil (Previous Year Nil)

4. In the opinion of the management, Current Assets, Loans and advances are realizable at the values represented in accounts.

5. The balance of Sundry Debtors, Creditors, Loans & advances, Deposits, etc are subject to confirmation.

6. As per the information available with the Company, there are no small- scale industrial undertakings to whom an amount of Rupees one lakh or more was outstanding for more than 30 days.

9. Contingent Liabilities:

Value of unexpired Bank Guarantee issued by the Bankers in favour of the Commissioner of Customs and Excise, Government of India is Rs. 1,70,000/- (Previous Year Rs.1,70,000/-).

10. Previous Year's figures are regrouped/ restated wherever necessary to confirm with this year's classification.


Mar 31, 2011

1. The Company is engaged in the Information Technology Solutions Services, which cannot be expressed in any generic unit. Hence it is not possible to give quantitative details of sales and certain information as required under paragraphs 3,4C and 4D of part II of Schedule VI to the Companies Act, 1956.

2. Expenditure in Foreign Currency: Nil (Previous Year Nil)

3. In the opinion of the management, Current Assets, Loans and advances are realizable at the values represented in accounts.

4. The balance of Sundry Debtors, Creditor, Loans and advances, Deposits, etc are subject to confirmation.

5. As per the information available with the Company, there are no small- scale industrial undertakings to whom an amount of Rupees one lakh or more was outstanding for more than 30 days.

6. Related Party Disclosures :

A. Particulars of Related parties :

Sr. No. Name of Related Party Nature of Relationship

I IT People Pvt. Ltd. Associate Company - Share Holding

II Mr. Ketan Sheth Key Managerial Person

III Subsidiaries As under

IT Capital Services Pvt. Ltd. Wholly Owned Subsidiary

Universal Commodity Exchange Subsidiary

Orient Information Technology FZ LLC Wholly Owned Subsidiary

Orient Information Technology INC Wholly Owned Subsidiary

Orient Infotech Limited UK Wholly Owned Subsidiary

Information Technology People WLL Wholly Owned Subsidiary


Mar 31, 2010

1. The Company is engaged in the Information Technology Solutions Services, which cannot be expressed in any generic unit. Hence it is not possible to give quantitative details of sales and certain information as required under paragraphs 3,4C and 4D of part II of Schedule VI to the Companies Act, 1956.

2. Expenditure in Foreign Currency: Nil (Previous Year Nil)

3. Issue of Global Depository Receipt (GDR) during the Year:

During the Year the Company has made issue of 19,06,790 Global Depository Receipt (GDR) @ US $ 5.24 Per GDR, representing 9,53,39,500 Equity Shares of Face Value of RS.2/-Per Share. On conversion of the said GDR in INR calculated @1USD=INR.50.53 works out to RS.5.30 Per Share forming part of the GDR. Accordingly the Company has received in aggregate a sum of USD 99,91,580/- (including Premium on GDR of USD 62,16,135/-) subject to compliance with, and as permitted under, applicable laws and regulations, the Company intends to use the net proceeds of this offering for (i) Payment of current acquisitions (i.e. Marketplace Technologies Pvt. Ltd.) and investment & loan to subsidiary (ii) New Product Initiatives (iii) Investment in Exchange Business & New acquisitions and (iv) General Corporate Expenses & Long term working capital requirements.

Details of Use of Proceeds

Expansion Plans:

IT People plans to capitalize on its existing brand equity in the Capital & Commodities market & IT Consulting space and the fast changing dynamics of the IT sector with special reference to the Exchange & Broking domains. It intends to scale up to take advantage of the various opportunities in the sector across various geographies. The company intends to be at the fore- front of providing the entire gamut of services.

The company intends to use approximately INR 250 Millions towards investment in the Exchange Business and for new product development initiatives. The company also intends to use approximately INR 150 Millions towards payment for current acquisitions and to use approximately INR 100 Millions towards Long term and general working capital.

4. In the opinion of the management, Current Assets, Loans and advances are realizable at the values represented in accounts.

5. As per the information available with the Company, there are no small- scale industrial undertakings to whom an amount of Rupees one lakh or more was outstanding for more than 30 days.

6. Contingent Liabilities:

Value of unexpired Bank Guarantee issued by the Bankers in favour of the Commissioner of Customs and Excise, Government of India is Rs. 170,000/- (Previous Year Rs.170,000/-).

7. Previous Years figures are regrouped/ restated wherever necessary to confirm with this years classification.


Mar 31, 2009

1 Background:

IT People (India) Ltd. has consolidated the financial statements for the year ended 31.3.2009, along with its four subsidiaries Orient Infotech. Ltd U.K., Orient Information Technology Inc. USA, Orient Information Technology FZ -LLC -UAE & Information Technology People WLL- Bahrain.

All the significant accounting policies for the purpose of consolidation are same as given in Schedule 15 to the Annual Accounts of the of IT People (India) Ltd., the parent Company except for -

2 Revenue Recognition:

Revenue for Software Development on a Time-and-materia! basis is recognized based on periodic Progress Reports as certified by the Client and based on this invoices are raised on the clients, as r per the terms of contracts. In the case of fixed-price contracts, revenue is recognized based on the milestones achieved, as specified in the Contracts, on a percentage of completion basis.

Contingent Liabilities and Capital Commitments:

Value of un-expired Bank Guarantees issued by the Bankers in favour of the Commissioner of Customs and Excise, Government of India is RS.i ,70,000/- (Previous year Rs, 1,70^,000/-).

2 Related Party Transactions:

The List of related parties, nature of relationship and transactions are given here-in-beiow:

List of related Parties Nature of relationship

A Subsidiaries

Orient information Technology FZ LLC Wholly Owned Subsidiary

Orient Information Technology Inc. Wholly Owned Subsidiary

Orient Infotech Limited-UK Wholly Owned Subsidiary

Orient Information Technology GmbH-Germany Wholly Owned Subsidiary

Information Technology People WLL-Bahrain Wholly Owned Subsidiary

B. Others

Ketan Sheth Key Management Person /

Adi Cooper Key Management Person

IT People Pvt. Ltd Associate Company-Shareholding

3 Segmental Reporting:

The company is engaged in providing Software Services globally and is considered to constitute a single segment in the context of Accounting Standard AS-17.

4 Figures for previous year have been regrouped or rearranged whenever necessary, to conform to current years presentation.

 
Subscribe now to get personal finance updates in your inbox!