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 spca@sardapareek.com .

_ 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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