Home  »  Company  »  ACE Edutrend  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of ACE Edutrend Ltd.

Mar 31, 2014

Dear Members,

The Board of Directors of your Company has immense pleasure in presenting the 20th Annual Report of the Company along with Audited Accounts and the Auditors'' Report for the Financial Year ended March 31,2014.

FINANCIAL RESULTS

The highlights of the Financial Results of the Company for the Financial Year(s) 2012-13 and 2013-14 are as under:

Particulars Financial Year Financial Year 2013-14 2012-13

Sale & Other Income 2306.77 2238.77

Profit before Depreciation 402.62 365.70

Profit before Tax 134.94 155.60

Income Tax Provision 35.13 38.58

Deferred Tax liability 32.57 13.84

Profit after Tax 103.06 130.86

REVIEW OF PERFORMANCE

The Net Profit for the year ended 31 st March, 2014 was Rs.103.06 Lac. Your Company is planning for expansion of its business activities and new initiatives in diversifying fields. Your company is firmly looking for the business opportunity through the strategic alliances, tie ups and Joint venture in related business areas.

DIVIDEND

Keeping in view the future expansion plans and capital requirements of the Company, the Board of your Company decided to conserve cash flow by not recommending any Dividend for the period under review.

DIRECTORS

In the accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company, Mr. Sushil Aggarwal, Director will retire by rotation at the ensuing Annual General Meeting and being eligible offering himself for re appointment

The brief Resume of the Director proposed to be appointed/re-appointed, nature of their expertise in specific functional areas and names of companies in which they hold directorships and Memberships/Chairmanships of Board Committees and Number of Shares held in the Company, as stipulated under Clause 49 IV (G) of the Listing Agreement, are enclosed with the notice.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management''s Discussion and Analysis Report for the Year, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, is presented in a separate section forming part of the Annual Report.

FIXED DEPOSITS

During the Year under review, your Company has neither invited nor accepted any deposits from public within the meaning of Section 58A and 58AA of the Companies Act, 1956 read with Companies (Acceptance of Deposit) Rules, 1975

LISTING WITH STOCK EXCHANGES

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited. The Listing fees for the Financial Year 2013-14 have been paid to the Exchange.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS & OUTGO:

In view of the nature of activities which are being carried on by the Company, the particulars as prescribed under Section 217(1 )(e) of the Companies Act, 1956 read with Companies'' (Disclosures of Particulars in the Report of the Board of Directors) Rules, 1988 regarding Conservation of Energy and Technology Absorption are not applicable to the Company. The Company mainly deals in domestic market and has NIL sales on account of exports, thereby resulting Nil foreign exchange earnings and outgo during the Financial Year 2013-14.

PARTICULAR OF EMPLOYEES

During the year under review, none of the employees of the company was in receipt of remuneration for the Year which was more than the limit prescribed under Sub-Section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particular of Employees) Rules, 1975 and hence no particulars are required to be disclosed in this report

DIRECTORS'' RESPONSIBILITY STATEMENT

In terms of provisions of Section 217 (2AA) of the Companies Act, 1956, and Section 134(5) of the Companies Act, 2013 and to the best of their knowledge and belief and according to the information and explanation obtained by them and save as mentioned elsewhere in this Report, the attached Annual Accounts and the Auditors'' Report thereon, your Directors confirm that:

a) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, wherever applicable;

b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31,2014, and of the profit of the Company for the Year ended on that date.

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) The Directors have prepared the Annual Accounts for the Financial Year ended 31st March, 2014 on a ''going concern'' basis.

e) The directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CORPORATE GOVERNANCE

Your Company believes that the Corporate Governance is at the heart of the Shareholder value creation and committed to conduct the business of your Company with the highest level of integrity and transparency.

As per Clause 49 of the Listing Agreement with the Stock Exchange, as separate section on Corporate Governance forms part of the Annual Report.

A Certificate from Statutory Auditors confirming the conditions on compliance as mentioned under Clause 49 of the Listing Agreement is given as Annexure to the Corporate Governance Report.

AUDITORS

M/s PVR-N & Co., Chartered Accountants, retires as Statutory Auditors of the Company at the conclusion of the ensuing Annual General Meeting and being eligible, offers themselves for re-appointment.

The Company has received a certificate from the Auditors to the effect that their re-appointment if made would be in the limits prescribed under the Section 141 (3) (g) of the Companies Act, 2013 and they are not disqualified for appointment.

AUDITORS'' REPORT

The Observations of the Statutory Auditors in their report read together with the Notes on Accounts are self explanatory and therefore, do not call for any further explanation.

ACKNOWLEDGEMENTS

Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the Bankers, Regulatory Bodies, stakeholders including Financial Institutions, Distributors and other business associates who have extended their valuable sustained support and encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by all executives, officers and staff at all levels of the Company. We look forward to your continued support in the future.

For and on behalf of Board of Directors For ACE EduTrend Limited

Sd /-

Place: New Delhi Shweta Chaturvedi Dated: 10.07.2014 Company Secretary


Mar 31, 2012

To, The Members,

The Board of Directors of your Company has immense pleasure in presenting the 18th Annual Report of the Company along with Audited Accounts and the Auditors' Report for the Financial Year ended March 31, 2012.

FINANCIAL RESULTS

The highlights of the Financial Results of the Company for the Financial Year(s) 2010-11 and 2011-12 are as under:

(Amount in Lac) Particulars Financial Year Financia Year 2011-12 2010-11

Sale & Other Income 2042.17 2391.72

Profit before Depreciation 427.20 350.64

Profit before Tax 15.12 99.83

Income Tax Provision 30.26 23.66

Deferred Tax liability 29.34 12.89

Profit after Tax 11.80 63.28

REVIEW OF PERFORMANCE

The Company earned a Profit after Tax of Rs. 11.80 Lac during the year. Your Company is firmly looking for the business opportunities and diversification plans through the strategic alliances, tie ups and Joint venture in related business areas.

DIVIDEND

Your Directors feel that it is prudent to plough back the profits for future growth of the Company and do not recommend any dividend for the year ended 31st March, 2012.

DIRECTORS

Due to some pre-occupations, Prof. Y.D Pande, Independent Director has resigned from the Board w.e.f. 14th February, 2012. The Board placed on record their appreciation for the contribution made during the tenure.

In terms of the provisions of Section 260 of the Companies Act, 1956 and Articles of Association of the Company, Prof. H.P Garg, was appointed as an Additional Director of the Company w.e.f. 1st July, 2012 and shall hold office till the date of the ensuing Annual General Meeting. Your Company has received notices in writing proposing their candidature along with the requisite deposit pursuant to the provisions of Section 257 of the Companies Act, 1956.

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company, Mr. Sushil Aggarwal, Director will retire by rotation at the ensuing Annual General Meeting and being eligible offering himself for re appointment.

The brief Resume of the Directors proposed to be appointed / re-appointed, nature of their expertise in specific functional areas and names of companies in which they hold directorships and Memberships/Chairmanships of Board Committees and Number of Shares held in the Company, as stipulated under Clause 49 IV (G) of the Listing Agreement, are enclosed with the notice.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management's Discussion and Analysis Report for the Year, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, is presented in a separate section forming part of the Annual Report.

FIXED DEPOSITS

During the year under review, the Company has not accepted any deposit under Section 58A of the Companies Act, 1956, read with Companies (Acceptance of Deposits) Rules, 1975.

LISTING WITH STOCK EXCHANGES

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited. The Listing fees for the Financial Year 2012-13 have been paid to the Exchange.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS & OUTGO:

In view of the nature of activities which are being carried on by the Company, the particulars as prescribed under Section 217(1)(e) of the Companies Act, 1956 read with Companies' (Disclosures of Particulars in the Report of the Board of Directors) Rules, 1988 regarding Conservation of Energy and Technology Absorption are not applicable to the Company. The Company mainly deals in domestic market and has NIL sales on account of exports, thereby resulting Nil foreign exchange earnings and outgo during the Financial Year 2011-12.

PARTICULAR OF EMPLOYEES

During the year under review, none of the employees of the company was in receipt of remuneration for the Year which was more than the limit prescribed under Sub-Section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particular of Employees) Rules, 1975 and hence no particulars are required to be disclosed in this report.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of provisions of Section 217 (2AA) of the Companies Act, 1956, and to the best of their knowledge and belief and according to the information and explanation obtained by them and save as mentioned elsewhere in this Report, the attached Annual Accounts and the Auditors' Report thereon, your Directors confirm that:

a) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, wherever applicable;

b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2012, and of the profit of the Company for the Year ended on that date.

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) The Directors have prepared the Annual Accounts for the Financial Year ended 31st March, 2012 on a 'going concern' basis.

CORPORATE GOVERNANCE

Your Company believes that Corporate Governance report is a key element in improving efficiency, transparency, accountability and growth as well as enhancing investor confidence. As per clause 49 of the Listing Agreement with the Stock Exchange, a separate section on Corporate Governance forms part of the Annual Report.

A Certificate from Statutory Auditors confirming the conditions on compliance as mentioned under Clause 49 of the Listing Agreement is given as Annexure to the Corporate Governance Report.

STATUTORY AUDITORS

M/s PVR-N & Co., Chartered Accountants, retires as Statutory Auditors of the Company at the conclusion of the ensuing Annual General Meeting and being eligible, offers themselves for re- appointment.

The Company has received a certificate from the Auditors to the effect that their re-appointment if made would be in the limits prescribed under the Section 224(1B) of the Companies Act, 1956.

AUDITORS' REPORT

The Observations of the Statutory Auditors in their report read together with the Notes on Accounts are self explanatory and therefore, do not call for any further explanation.

ACKNOWLEDGEMENTS

Your Directors wish to place on record their gratitude to the Bankers, Shareholders, Stock Exchanges SEBI, Registrar of Companies, various other Government Departments and its valued business associates for their continuous support and co-operation extended at all levels Your Directors also acknowledge the constructive suggestions received from Statutory Auditors.

Your Directors would also like to take this opportunity to express their appreciation for hard work and the unstinting efforts by the employees of the Company and look forward for their continued support in future.

For and on behalf of Board of Directors

For ACE EduTrend Limited

Sd/-

Place : New Delhi Sushil Aggarwal

Date : 31.08.2012 Chairman


Mar 31, 2010

The Board of Directors of your Company have immense pleasure in presenting the 16th Annual Report of the Company along with Audited Accounts and the Auditors Report for the Financial Year ended March 31, 2010.

FINANCIAL RESULTS

The highlights of the financial results of the Company for the Financial Year(s) 2009-10 and 2008-09 are as under

(Amount in Rs.)

Particulars Financial Year Financial Year 2009-10 2008-09

Sale & Other Income 1,24,45,868 56,88,239

Profit before Depreciation 19,44,981 11,39,634

Profit before Tax 2,23,489 1,12,527

Income Tax Provision 36,844 12,626

FBT Provision - 3,859

Deferred Tax liability 25,390 6,02,951

Profit after Tax 1,61,255 (5,06,908)

REVIEW OF PERFORMANCE

During the year under review, Turnover went up from Rs. 56,88,239 (Fifty Six Lacs Eighty Eight Thousand Two hundred Thirty Nine only) in FY. 2008-09 to Rs. 1,24,45,868 (One Crore Twenty Four Lac Forty Five Thousand Eight hundred Sixty Eight only) in FY. 2009-10, recording a growth of 118 percent. The Profit before depreciation, is Rs 19,44,981 in F.Y. 2009-10, with an increase of 71 percent over the preceding year.

DIVIDEND

Keeping in view the future expansion plans and capital requirements of the Company, the Board of your company decided to conserve cash flow by not recommending any Dividend for the period under review.

CHANGE IN CONTROL OVER THE MANAGEMENT

During the period under review, pursuant to the provisions of Regulation 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the Change in control of the Management and affairs of your company is absolutely transferred to Mr Gajanand Gupta and Mr. Sushil Aggarwal in place of Mr. Ved Prakash Narula and Ms. Mamta Narula.

CHANGES IN CAPITAL STRUCTURE

During the Financial Year ended March 31, 2010, the Authorised Share Capital of the Company was re- classified on 26th March 2010, by cancelling 20,00,000 (Twenty Lacs) 16% Redeemable Preferences Shares of Rs. 10/- (Rs Ten Only) each aggregating to Rs. 2,00,00,000 (Rs Two Crores Only) and creating 20,00,000 (Twenty Lacs) Equity Shares of Rs. 10/- (Rs. Ten Only) each aggregating to Rs. 2,00,00,000 (Rs. Two Crores Only) which shall be ranking pari passu with the existing Equity Shares. Further, the Authorised Capital of the Company has also been increased to Rs. 25,00,00,000 (Rs Twenty Five Crore only) by creating 1,50,00,000 (One Crore Fifty Lacs) Equity Shares of Rs. 10/- (Rs. Ten Only) each aggregating Rs 15,00,00,000/- (Rs Fifteen Crore Only) which shall be ranking pari passu with the existing Equity Shares.

Further, the Board of Directors in their meeting held on 5th May, 2010 allotted 60,00,000 fully paid Equity Shares of Rs. 10/- (Rs. Ten Only) each to the various strategic investors on the conversion of warrants.

SHIFTING OF REGISTERED OFFICE OF THE COMPANY

The registered office of the Company has been shifted to 10178/304A, Ravindera Plaza, Abdul Aziz Road, New Delhi-110005 w.e.f 17th April, 2010. The members are requested to make communications with the Company at the new office of the Company.

VENTURING INTO NEW LINE OF BUSINESS ACTIVITIES & CHANGE IN OBJECT CLAUSE OF THE MEMORANDUM OF ASSOCIATION:

As you are aware that the Company had been doing the business of Media and your new management has decided to explore possibilities in Education sectors exploring new line of business activities relating to Higher and Vocational education. The Object Clause of the Memorandum of Association of the Company has been amended accordingly.

DIRECTORS

Consequent upon the change in control and management of your Company, Mr. Virender Kumar, Independent Director & Ms. Mamta Narula, Promoter Director, resigned from the directorship w.e.f 2nd April, 2010. Mr. V.P. Narula, has resigned from the office of Managing Director w.e.f. 10th April 2010.

Pursuant to the provisions of Section 255 of the Companies Act, 1956, Mr. Gajanand Gupta and Mr. Sushil Aggarwal were appointed as Director of the Company w.e.f.2nd April 2010.Further, pursuant to provisions of Section 255 and 256 of the Companies Act, 1956, Mr. V.P. Narula shall retire by rotation at the ensuing Annual General Meeting of your Company.

Pursuant to the Provisions of Section 260 of the Companies Act, 1956 and Articles of Association of the Company Mr.Yamuna Dhar Pande and Mr. Chandra Prakash Batra were appointed as Additional Directors of the Company and shall hold office until the date of the ensuing Annual General Meeting. Your Company has received a notice in writing proposing their candidature along with the requisite deposit pursuant to the provisions of Section 257 of the Companies Act, 1956.

The brief resume of the Directors proposed to be appointed or re-appointed, nature of their expertise in specific functional areas and names of companies in which they hold directorships and memberships/ chairmanships of Board Committees and number of shares held in the company, as stipulated under Clause 49 IV (G) of the Listing Agreement, are enclosed with the notice.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report for the Year, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, is presented in a separate section forming-part of the Annual Report.

FIXED DEPOSITS

Your Company has neither invited nor accepted any deposits from public within the meaning of Section 58A and 58AA of the Companies Act, 1956 read with Companies (Acceptance of Deposit) Rules, 1975 during the year under review.

LISTING WITH STOCK EXCHANGES

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited. The annual listing fees for the financial year 2010-11 has been duly paid to the Exchange.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

In view of the nature of activities which are being carried on by the Company, the particulars as prescribed under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosures of Particulars in the Report of the Board of Directors) Rules, 1988 regarding Conservation of Energy and Technology Absorption are not applicable to the Company.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Sr. Particulars For the Period ended For the Period ended No. 31st March, 2010 31st March, 2009

I Earning Nil Nil

II Outgo Nii Nil

The Company mainly deals in domestic market and has NIL sales on account of exports during the Financial Year 2009-10.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of provisions of Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:

a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, wherever applicable;

b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2010, and of the profit of the Company for the year.

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) The Directors have prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE

Your Company believes that the Corporate Governance is at the heart of the Shareholder value creation and committed to conduct the business of your company with the highest level of integrity and transparency. The commitment of your company is clearly reflected in the business activities of the company. The governance practices of your Company are described separately in the "Corporate Governance Report" section to this annual report and a certificate from Statutory Auditors on compliance with clause 49 of the Listing agreement with the stock exchanges and the same is attached with the "Corporate Governance Report" Section of this Annual Report.

AUDITORS

M/s PVRN & Co., Chartered Accountants, retires as Statutory Auditors of the Company at the conclusion of the ensuing Annual General Meeting and being eligible, offers themselves for re-appointment. The Company has received a certificate from the Auditors to the effect that their re-appointment if made would be in the limits prescribed under the Section 224(1 B) of the Companies Act, 1956.

AUDITORS REPORT

The observations of the Auditors in their report read together with the Notes on Accounts are self explanatory and therefore, in the opinion of the Directors, do not call for any further explanation.

STATEMENT OF EMPLOYEES

None of the Employees of the Company is in receipt of remuneration for the year which was more than the limit. prescribed under Sub-section (2A) of Section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) rules, 1975. Hence, there is no requirement of giving disclosure of employees particulars required under the provisions of Sub-section (2A) of Section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) rules, 1975.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the Bankers, Regulatory Bodies, stakeholders including Financial Institutions, Distributors and other business associates who have extended their valuable sustained support and encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by all executives, officers and staff at all levels of the Company. We look forward for your continued support in the future.

For & on behalf of Board of Directors

Place : New Delhi Sushil Aggarwal

Date : May 05, 2010 Chairman



 
Subscribe now to get personal finance updates in your inbox!