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ACE Software Exports Ltd. Company History and Annual Growth Details

Ace Software Exports Limited was incorporated on 17th
August 1994 as a public limited company by Mr. Sanjay
Dhamsania, Mr. Vikram Sanghani and Mr. Jay Sanghani. The
company received certificate of commencement of business
dated September 23, 1994 from Registrar of Companies,
Gujarat, Dadra and Nagar Haveli. They were engaged in the
business of database creation since October 1992 under the
Partnership Firm, Ace Software Exports. Ace Software
Exports, the Partnership Firm has exported 100% of its
production to Apex Data Services Inc., U.S.A. since
inception.

Ace Software Exports Limited has acquired the fixed assets
and the running business of the Partnership Firm. The
Company has signed a fresh Agreement with Apex Data
Services Inc. for buy-back of 100% of its production.

There is no agreement for takeover of business from Ace
Software Exports. The Assets acquired by the company from
the firm and the basis of transfer is as under.

Computer and office equipments of Rs.48.07 lacs have been
acquired by the company. These have been sold by the firm
at book value without any revaluation.

240 Equity shares each of Rajkot Computer Education Pvt.
Ltd. and Ace Computer Education Pvt. Ltd. acquired at a
cost of Rs.15 lacs and Rs.25 lacs respectively. These
companies have been promoted by the promoters and are under
the same management. These have been transferred at book
value which represents cost of acquisition to the
partnership firm.

* 240 Equity Shares (Face value Rs.100/-) 15,00,000
of Rajkot Computer Education Pvt. Ltd.,
Rajkot. The valuation of 240 shares acquired by the company
is arrived at by the company on the following basis which
was done on March 31, 1995

I - Equity Capital 50,000
II - Reserves and Surplus 1,27,471
III - Capital Expenditure written off in the
books upto 31/03/95 (Approx. Value)

a. Software 40,000
b. Technical Know-how 95,000
c. Technical Reference Material 1,00,000
d. Courseware Material 35,000

2,70,000
IV - Differential cost of replacement of
fixed assets

a. Furniture 5,41,848
b. Plant and Machinery and office
equipments 1,94,853
c. Building 15,86,812

23,23,513

V - Goodwill 6,00,000

Total 33,70,984

Net Asset Value Per Share (33,70,984/500) is Rs.6,742/-
Cost of purchase per share (15,00,000/240) is Rs.6,250/-

* 240 Equity Shares (Face value Rs.100/-) of 25,00,000
Ace Computer Education Pvt. Ltd., Ahmedabad.

The valuation of 240 shares acquired by the company is
arrived at by the company on the following basis which was
done on March 31, 1995

I - Equity Capital 50,000
II - Reserves and Surplus 5,61,565
III - Capital Expenditure written
off in the books upto
31/03/95 (Approx. Value)

a. Software 6,65,000
b. Technical Know-how 1,95,000
c. Technical Reference
Material 2,50,000
d. Courseware Material 1,50,000

12,60,000
IV - Differential cost of
replacement of fixed
assets

a. Furniture 6,47,909
b. Plant and Machinery
and office equipments 2,94,550
c. Building 23,59,000
33,01,459

V - Goodwill 8,00,000

Total 59,73,024

Net Asset Value Per Share (59,73,024/500) is Rs.11,946/-
Cost of purchase per share (25,00,000/240) is Rs.10,417/-

PRESENT BUSINESS OF THE COMPANY

The main area of operations which were carried out in the
Partnership Firm, which now will be carried out by the
Company has been the development of Software as per the
clients' specifications. In software, the Company's
specialisation has been in creation of databases.

The Promoters have earlier handled a large number of
assignments which include creation of Regulatory and Legal
Databases, Financial Reports, Historical Literary databases
for systems ranging from PC based CD-ROM Products to
On-Line Mainframe products including workstation based Full
- text search and Retrieval Systems for entities based in
the United States, viz. Nuclear Power Plants, Leading
Corporations, CD-ROM manufacturers etc.

The Company has perfected the technology for delivering
quality products to its clients. It guarantees 99.995%
accuracy, less than one error in twenty thousand, and
routinely delivers 100% accurate work.

MAIN OBJECTS OF THE COMPANY

The main objects of the Company as stated in the Memorandum
& Articles of Association of the Company are:

1. To carry on the business of Exporters, Importers,
Lenders and Hirers, Traders, Dealers, Buyers, Sellers,
Commission Agents, Contractors, Sub-Contractors, Repairers
of Computer Software and Hardware, Data Processing,
Computer Aided Designs [CAD], Computer Aided Manufacturing
[CAM], Conversion of all types of Engineering/Drawings to
Electronic Media and other allied peripherals and media
products of all types and telecommunication.

2. To establish and run data processing/computer centers
and to offer consultancy and data processing and other
services that are normally offered by data
processing/computer centers to industrial, business and
other types of customers and to import training on
electronic data processing computer software and hardware,
to customers and others. To conduct seminars, conferences
for all matters relating to computer hardware, software and
other related matters.

The present and the proposed activities of the company as
laid out above are within the purview of the Objects of the
company as set out in the main objects clause of the
Memorandum of Association of the Company.

SUBSIDIARY

The company does not have any subsidiary.

2003

-Board of Directors approves buyback of shares
 
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