Mar 31, 2015
Dear Members,
The directors are pleased to present the twenty first Annual Report and
the Company's audited financial statement for the financial year ended
March 31, 2015.
FINANCIAL PERFORMANCE
The Company's financial performance, for the year ended March 31, 2015
is summarized below;
Sr.
No. Particulars Standalone
2014-15 2013-14
1. Revenue from operation 5,91,51,279/- 4,69,70,967/-
2. Other income 71,02,796/- 83,73,065/-
3. Total Revenue 6,62,54,075/- 5,53,25,532/-
4. Depreciation & Amortization 61,58,980/- 21,38,223/-
5. Employee Benefit expenses 1,99,64,017/- 1,49,72,088/-
6. Finance Cost 3,07,207/- 1,71,820/-
7. Other expenses 3,59,59,050/- 3,19,50,224/-
8. Profit/(loss) before tax (PBT) 38,64,821/- 60,93,177/-
9. Taxation (146) 5,341/-
10. Profit/(loss) After Tax (PAT) 38,64,967/- 60,87,836/-
Particulars Consolidated
2014-15 2013-14
Revenue from operation 5,91,69,079/- 4,69,70,967/-
Other Income 97,49,464/- 1,15,21,515/-
Total Revenue 6,89,18,543/- 5,84,92,482/-
Depreciation & Amortization 74,72,176/- 28,68,393/-
Emloyee Benefit expenses 1,99,64,017/- 1,49,72,088/-
Finance Cost 3,14,824/- 1,76,700/-
Other expenses 3,61,73,056/- 3,22,77,214/-
Profit/(loss) before tax (PBT) 49,94,470/- 81,98,087/-
Taxation 2,36,152/- 2,72,885/-
Profit/(loss) After Tax (PAT) 47,58,318/- 79,25,202/-
The highlights of the Company's Performance are as under:
Revenue from operations increased by 25.98% (Standalone)
Revenue from operations increased by 25.97% (Consolidated)
TRANSFER TO RESERVES:
The Company has not transferred any sum to the General Reserves.
DIVIDEND:
With a view to plough back profit of the year and in order to conserve
resources for operational purposes, the board of directors of your
company does not recommend any dividend for the year.
MATERIAL CHANGES AND COMMITMENTS:
No material changes and commitments have occurred after the close of
the year till the date of this Report, which affect the financial
position of the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS:
No significant and material orders passed by the regulators or courts
or tribunals impacting going concern status and Company's operations in
future.
FIXED DEPOSITS/DETAILS OF DEPOSIT
The Company has not accepted any fixed deposits and, as such, no amount
of principal or interest was outstanding as of the Balance Sheet date.
Accepted during the year Nil
Remained unpaid or unclaimed as at the end of the year Nil Whether
there has been any default in repayment of deposits or payment of
interest thereon during the year and if so, number of such cases and
the total amount involved N.A.
Details of Deposits which are not in compliance with the requirements
of Chapter V of the Act N.A.
EXTRACTS OF ANNUAL RETURNS:
Pursuant to Section 134(3) (a) of Companies Act, 2013, extract of the
annual return is appended as Annexure-1 to the Board's Report.
BOARD OF DIRECTORS AND MEETING:
Name of Directors
Founder Designation Age Qualification
and Executive/
Director
Mr. Vikram Sanghani Jt. Managing
Director 52 MBA (Finance)
DIN: 00183818
Mr. Sanjay Dhamsania Jt. Managing
Director 53 MS (Computer Science)
DIN: 00013892
Independent & Non Designation Age Qualification
Executive Director
Mr. Pratik C.
Dadhaniya Director 43 Graduate in Architecture
DIN: 02931106
Mr. Vimal L Kalaria Director 42 Post Graduate Diploma
DIN : 00029395 in Finance
Mr. Dharamibhai
R. Vadalia Director 63 Under Graduate
DIN : 00015165
Ms. Dhara S. Shah Additional
Director 26 B.Com, CS, LL.B
DIN: 06983857
Name of Directors Other Directorship
Mr Vikram Sanghani Ace Infoworld Pvt. Ltd.
Ace Infoway Pvt. Ltd.
Ace eEngineersonline Pvt. Ltd.
Ace Computer Education Pvt. Ltd.
Everest Office Owners Asso. Pvt. Ltd.
Ace Riverside Pvt. Ltd.
Mr Sanjay Dhamsania Ace infoworld Pvt. Ltd.
Ace Infoway Pvt. Ltd.
Ace eEngineersonline Pvt. Ltd.
Ace Computer Education Pvt. Ltd.
Everest Office Owners Asso. Pvt. Ltd.
Ace Riverside Pvt. Ltd.
Independent & Non
Executive Director Other Directorship
Mr Pratik C Dadhaniya -
Mr Vimal L Kalaria -
Mr Dharambihai R Vadalia Dipak Agro Oil Mill Pvt. Ltd.
Ace Infoworld Private Limited
Ms Dhara S Shah Mayur Floorings Limited
Vishal Fabrics Limited
Six board meetings were held during the year ended on March 31, 2015.
These were held on May 30, 2014, August 6, 2014, September 29, 2014,
November 14, 2014, February 12, 2015 and March 12, 2015.
Name of Directors Designation No. of
Meetings
Held Attended
Vikram Bhupatbhai Sanghani Jt. Managing Director 6 5
Sanjay Harilal Dhamsania Jt. Managing Director 6 4
Vimal Kalaria Independent Director 6 6
Dharamshi Vadalia Independent Director 6 6
Pratik Dadhania Independent Director 6 6
Dhara Shah* Additional Director 6 3
* Ms. Dhara Shah appointed as an additional director of the company on
September 29, 2014.
Pursuant to Schedule IV of the Companies Act, 2013 and the Rules made
thereunder, the independent directors of the Company shall hold at
least one meeting in a year, without the attendance of non independent
directors and members of the Management. All the independent directors
of the Company shall strive to be present at such meetings. The meeting
shall review the performance of non independent directors and the Board
as a whole; review the performance of the chairman of the Board, taking
into account the views of the executive directors and non-executive
directors; assess the quality, quantity and timeliness of flow of
information between the Management and the board that is necessary for
it to effectively and reasonably perform its duties. Meeting of
Independent Directors was held on March 12, 2015.
Terms and conditions of appointment of Independent directors uploaded
on the website of the company.
http://acesoftex.com/uploads/IndependentDirector/
Brief%20Profile%20and%20terms%20and%20conditions%20of%20appointment.pdf
COMMITTEE: Audit committee:
Audit Committee has been reconstituted as per the provision of section
177 of the Companies Act, 2013 and listing agreement.
The Audit Committee Meeting.
Four meetings were held during the year ended on March 31, 2015. These
were held on May 29, 2014, August 5, 2014, November 13, 2014 and
February 12, 2015.
Name Designation No. of Meetings
Held Attended
Vimal Kalaria (Non-Executive Independent
Director) Chairman 4 4
Dharamshi Vadalia (Non-Executive
Independent Director) Member 4 4
Pratik Dadhania (Non-Executive
Independent Director) Member 4 4
Nomination and Remuneration Committee (NRC) :
NRC identifies persons who are qualified to become directors and who
may be appointed in senior management in accordance with the criteria
laid down, recommend to the Board their appointment and removal and
carries out evaluation of every director's performance and works as per
the policy formulated thereof.
Four meetings were held during the year ended on March 31, 2015. These
were held on May 29, 2014, September 15, 2014, November 13, 2014 and
February 12, 2015.
Name Designation No. of Meetings
Held Attended
Vimal Kalaria (Non-Executive Independent
Director) Chairman 4 4
Dharamshi Vadalia (Non-Executive
Independent Director) Member 4 4
Pratik Dadhania (Non-Executive
Independent Director) Member 4 4
Details of Remuneration paid to executive directors, independent
directors and KMPs during the year is given under the Annexure -1
(Extract of Annual Return)
Stakeholders Relationship Committee
Constituted for considering and resolving grievances of security
holders and dissemination of information to shareholders Four meetings
were held during the year ended on March 31, 2015. These were held on
April 28, 2014, July 23, 2014, October 18, 2014 and February 12, 2015.
Name Designation No. of Meetings
Held Attended
Dharamshi Vadalia (Non-Executive
Independent Director) Chairman 4 4
Pratik Dadhania (Non-Executive
Independent Director) Member 4 4
Vikram Sanghani (Executive Director) Member 4 4
Sanjay Dhamsania (Executive Director) Member 4 4
AUDITORS
STATUTORY AUDITOR
Kalaria & Sampat, Chartered Accounts, Statutory Auditors of the
Company, hold office till the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment. They have confirmed their
eligibility to the effect that their re-appointment, if made, would be
within the prescribed limits under the Act and that they are not
disqualified for re-appointment.
The Notes on financial statement referred to in the Auditors' Report
are self-explanatory and do not call for any further comments. The
Auditors' Report does not contain any qualification, reservation or
adverse remark.
SECRETARIAL AUDITOR
Hemali S. Patel, Practicing Company Secretaries, was appointed to
conduct the secretarial audit of the Company for the financial year
2014-15, as required under Section 204 of the Companies Act, 2013 and
Rules thereunder.
The secretarial audit report for FY 2014-15 forms part of the Annual
Report as Annexure- 2 to the Board's report. The Auditors' Report does
not contain any qualification, reservation or adverse remark.
SUBSIDIARIES AND ASSOCIATES:
During the year, the Board of Directors ('the Board') reviewed affairs
of the subsidiaries. In accordance with section 129 (3) of the
Companies Act, 2013, we have prepared consolidated financial statements
of the company and all its subsidiaries, which form part of the Annual
Report. Further, a statement of our subsidiaries containing the salient
features of the financial statement of our subsidiaries in the
prescribed format AOC-1 is appended to the consolidated financial
statements and hence not repeated here for the sake of brevity.
DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received necessary declaration from each independent
director under Section 149(7) of the Companies Act, 2013, that he/she
meets the criteria of independence laid down in Section 149(6) of the
Companies Act, 2013 and other applicable provisions of the Listing
Agreement.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Loans, guarantees and investments covered under Section 186 of the
Companies Act, 2013 form part of the notes to the financial statements
provided in this Annual Report.
Nature of
transaction Name of person Amount of Loan
(In Rs.) Purpose of
loan
Loan Shriji Enterprise@ 10,00,000/-^ Business Purpose
Loan Rajkot Computer
Education LLP# 10,000/-* Business Purpose
Loan Jubilant Exim LLP# 10,000/-* Business Purpose
Loan Speedwell Engineers
LLP# 10,000/-* Business Purpose
Loan Cosmos Services LLP# 10,000/-* Business Purpose
Loan Citizen Solutions LLP# 10,000/-* Business Purpose
Loan Aspire Exim LLP# 10,000/-* Business Purpose
- Re-paid Rs. 3, 00,000/- during the year.
* Amount was repaid during the year
@ Being the third party, not covered under section 185 and 189 of the
companies act, 2013
# Wholly Owned Subsidiary.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be
disclosed under the Act, are provided here under.
(A) Conservation of energy
- the Steps taken or impact on conservation of energy Company is ever
mindful of the need for energy conservation, not only as a method of
cost reduction, but also because it is a global imperative.
We have ensured that the following measures are institutionalized
across all our facilities:
i. Optimal cooling of work areas and data centers.
ii. Switching off computers when not in use.
iii. Utilization of lights and stand alone air conditioners only when
required.
iv. Minimal usage of AC s and lights during weekend.
- the steps taken by the company for utilizing alternate source of
energy & Capital investment on energy conservation equipments
At present, Company has not utilized any alternate source of energy and
emphasize on the Conservation of energy and be frugal in utilizing the
energy.
- Impact of these measures:
Taking effective measurements in saving energy has significantly
benefitted the company.
(B) Technology absorption:-
- the efforts made towards technology absorption, benefit derives &
Research and Development
i. Company has made continues effort to develop technology for the
better out puts and reduction of cost. With the change of time it is
essential to be updated with the latest equipments and technology to
serve our client better. Company consistently strives to absorb latest
technology suitable to industry size and clients need. Company has not
incurred any expenses for research and development.
RISK MANAGEMENT:
The Company continues to use risk management frame work adopted by
board in (a) Overseeing and approving the Company's enterprise wide
risk management framework; and (b) Overseeing that all the risks that
the organization faces such as strategic, financial, credit, market,
liquidity, security, property, IT, legal, regulatory, reputational and
other risks have been identified and assessed and there is an adequate
risk management infrastructure in place capable of addressing those
risks. The Company's management systems, organizational structures,
processes, standards, code of conduct that governs how the Company
conducts the business and manages associated risks.
INTERNAL FINANCIAL CONTROLS:
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weakness in the design or operation
was observed.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Pursuant to section 135 of the Companies Act, 2013, every company
having net worth of Rs. 500 crore or more, or turnover of Rs. 1000
crore or more or a net profit of Rs. 5 crore or more during any
financial year shall constitute a Corporate Social Responsibility
Committee. Our company has not triggered any of the above limits;
hence, no committee in this regard has been constituted.
DETAILS OF DIRECTORS/KMP WHO WERE APPOINTED OR HAVE RESIGNED DURING THE
YEAR & LIABLE TO RETIRE BY ROTATION
During the financial year 2014-15 following directors/KMPs were
appointed or have resigned.
Name Designation Appointment/
Resignation Date of
Appointment
/Resignation
N. I. Thomas Company Secretary &
Compliance Officer Resignation 02.06.2014
Jayram K. Vachhani Company Secretary &
Compliance Officer Appointment 02.06.2014
Jyotin B. Vasavada Chief Financial Officer Appointment 02.06.2014
Dhara S. Shah Woman Director
(Additional
Director-Non Executive) Appointment 29.09.2014
RETIRE BY ROTATION
Pursuant to the provisions of section 152(6) of the Companies Act,
2013, Vikram Bhupatbhai Sanghani and Sanjay Harilal Dhamsania,
Directors are liable to retire by rotation and being eligible offer
themselves for re-appointment.
Further, Ms. Dhara S. Shah, additional director, appointed on
29.09.2014, whose tenure expires on the date of this Annual General
Meeting and a notice in writing has been received from a member under
section 160 of the Companies Act, 2013 proposing her candidature as an
independent director of the company for the term of 5 years. She has
furnished a declaration under section 149(6) of the Companies Act, 2013
and in the opinion of the Board she fulfils the conditions specified in
the Act and rules made thereunder and is independent of the management.
Appointment is recommended by Nomination and Remuneration Committee.
BOARD'S RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 134(5), of the Companies Act,
2013 with respect to Director's Responsibility Statements, it is hereby
confirmed that -
a) in the preparation of the annual accounts for the year ended March
31, 2015, the applicable accounting standards read with requirements
set out under Schedule III to the Act, have been followed and there are
no material departures from the same;
b) the Directors have selected such accounting policies and applied
them consistently and made judgements 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, 2015 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 the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d) the Directors have prepared the annual accounts on a 'going concern'
basis;
e) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
f ) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
FORMAL ANNUAL EVALUATION & POLICY RELATING TO REMUNERATION FOR THE
DIRECTORS, KEY MANGERIAL PERSONNEL AND OTHER EMPLOYEES
Nomination and remuneration committee has laid down the standard
procedure and method for evaluation of performance of each directors,
key managerial personnel and members of the committees.
Policy for Selection of Directors and determining Directors'
independence
1. Introduction
1.1 Ace Software Exports Limited (ASEL) believes that an enlightened
and combination of youth with experience Board consciously creates a
culture of leadership to provide a long-term vision and policy approach
to improve the quality of governance. Towards this, ASEL ensures
constitution of a Board of Directors with an appropriate composition,
size, diversified expertise and experience and commitment to discharge
their responsibilities and duties effectively.
1.2 ASEL recognizes the importance of Independent Directors in
achieving the effectiveness of the Board. ASEL aims to have an optimum
combination of Executive, Non-Executive and Independent Directors.
2. Scope and Exclusion:
2.1 This Policy sets out the guiding principles for the Nomination and
Remuneration Committee for identifying persons who are qualified to
become Directors and to determine the independence of Directors, in
case of their appointment as independent directors of the Company.
3. Terms and References:
In this Policy, the following terms shall have the following meanings:
3.1 "Director" means a director appointed to the Board of a company.
3.2 "Nomination and Remuneration Committee" means the committee
constituted by ASEL's Board in accordance with the provisions of
Section 178 of the Companies Act, 2013 and Clause 49 of the Equity
Listing Agreement, whenever applicable.
3.3 "Independent Director" means a director referred to in sub-section
(6) of Section 149 of the Companies Act, 2013 and Clause 49(II)(B) of
the Equity Listing Agreement, whenever applicable.
4. Policy:
4.1 Qualifications and criteria
4.1.1 The Nomination and Remuneration Committee (NRC), and the Board,
shall review on an annual basis, appropriate skills, knowledge and
experience required of the Board as a whole and its individual members.
The objective is to have a Board with diverse background and experience
that are relevant for the Company's global operations.
4.1.2 In evaluating the suitability of individual Board members, the
NRC may take into account factors, such as:
- General understanding of the Company's business dynamics, global
business and social perspective; Educational and professional
background Standing in the profession;
- Personal and professional ethics, integrity and values;
- Willingness to devote sufficient time and energy in carrying out
their duties and responsibilities effectively.
4.1.3 The proposed appointee shall also fulfill the following
requirements:
- Shall possess a Director Identification Number;
- Shall not be disqualified under the Companies Act, 2013;
- Shall give his written consent to act as a Director;
- Shall endeavour to attend all Board Meetings and wherever he is
appointed as a Committee Member, the Committee Meetings;
- Shall abide by the Code of Conduct established by the Company for
Directors and Senior Management Personnel;
- Shall disclose his concern or interest in any company or companies or
bodies corporate, firms, or other association of individuals including
his shareholding at the first meeting of the Board in every financial
year and thereafter whenever there is a change in the disclosures
already made;
- Such other requirements as may be prescribed, from time to time,
under the Companies Act, 2013, Equity Listing Agreements and other
relevant laws.
4.1.4 The NRC shall evaluate each individual with the objective of
having a group that best enables the success of the Company's business.
4.2 Criteria of Independence
4.2.1 The NRC shall assess the independence of Directors at the time of
appointment / re-appointment and the Board shall assess the same
annually. The Board shall re-assess determinations of independence
when any new interests or relationships are disclosed by a Director.
4.2.2 The criteria for appointment/re-appointment of independence is as
laid down in Companies Act, 2013 and Clause 49 of the Equity Listing
Agreement, whenever applicable.
4.2.3 The Independent Directors shall abide by the "Code for
Independent Directors" as specified in Schedule IV to the Companies
Act, 2013.
4.3 Other directorships / committee memberships
4.3.1 The Board members are expected to have adequate time and
expertise and experience to contribute to effective Board performance.
Accordingly, members should voluntarily limit their directorships in
other listed public limited companies in such a way that it does not
interfere with their role as directors of the Company. The NRC shall
take into account the nature of, and the time involved in a Director's
service on other Boards, in evaluating the suitability of the
individual Director and making its recommendations to the Board.
4.3.2 A Director shall not serve as Director in more than 20 companies
of which not more than 10 shall be Public Limited Companies.
4.3.3 A Director shall not serve as an Independent Director in more
than 7 Listed Companies and not more than 3 Listed Companies in case he
is serving as a Whole-time Director in any Listed Company.
4.3.4 A Director shall not be a member in more than 10 Committees or
act as Chairman of more than 5 Committees across all companies in which
he holds directorships.
For the purpose of considering the limit of the Committees, Audit
Committee and Stakeholders' Relationship Committee of all Public
Limited Companies, whether listed or not, shall be included and all
other companies including Private Limited Companies, Foreign Companies
and Companies under Section 8 of the Companies Act, 2013 shall be
excluded.
Remuneration Policy for Directors, Key Managerial Personnel and other
employees
1. Introduction
1.1 Ace Software Exports Limited (ASEL) recognizes the importance of
aligning the business objectives with specific and measurable
individual objectives and targets. The Company has therefore formulated
the remuneration policy for its directors, key managerial personnel and
other employees keeping in view the following objectives:
1.1.1 Ensuring that the level and composition of remuneration is
reasonable and sufficient to attract, retain and motivate, to run the
company successfully.
1.1.2 Ensuring that relationship of remuneration to performance is
clear and meets the performance benchmarks.
1.1.3 Ensuring that remuneration involves a balance between fixed and
incentive pay reflecting short and long term performance objectives
appropriate to the working of the company and its goals.
2. Scope and Exclusion:
2.1 This Policy sets out the guiding principles for the Nomination and
Remuneration Committee for recommending to the Board the remuneration
of the directors, key managerial personnel and other employees of the
Company.
3. Terms and References:
In this Policy, the following terms shall have the following meanings:
3.1 "Director" means a director appointed to the Board of the Company.
3.2 "Key Managerial Personnel" means
(I) the Chief Executive Officer or the managing director or the
manager;
(ii) the company secretary;
(iii) the whole-time director;
(iv) the Chief Financial Officer; and
(v) such other officer as may be prescribed under the Companies Act,
2013
3.3 "Nomination and Remuneration Committee" means the committee
constituted by ASEL's Board in accordance with the provisions of
Section 178 of the Companies Act, 2013 and applicable clause of the
Equity Listing Agreement.
4. Policy:
4.1 Remuneration to Executive Directors and Key Managerial Personnel
4.1.1 The Board, on the recommendation of the Nomination and
Remuneration Committee (NRC), shall review and approve the remuneration
payable to the Executive Directors of the Company within the overall
limits approved by the shareholders.
4.1.2 The Board, on the recommendation of the NRC, shall also review
and approve the remuneration payable to the Key Managerial Personnel of
the Company.
4.1.3 The remuneration structure to the Executive Directors and Key
Managerial Personnel shall include the following components: (i) Basic
Pay
(ii) Perquisites and Allowances
(iii) Stock Options
(iv) Commission (Applicable in case of Executive Directors)
(v) Retiral benefits
(vi) Annual Performance Bonus
4.1.4 The Annual Plan and Objectives for Executive Directors and Senior
Executives (Executive Committee) shall be reviewed by the NRC and
Annual Performance Bonus will be approved by the Committee based on the
achievements against the Annual Plan and Objectives.
4.2 Remuneration to Non-Executive Directors
4.2.1 The Board, on the recommendation of the NRC, shall review and
approve the remuneration payable to the Non- Executive Directors of the
Company within the overall limits approved by the shareholders.
4.2.2 Non-Executive Directors shall be entitled to sitting fees for
attending the meetings of the Board and the Committees thereof.
4.3 Remuneration to other employees
4.3.1 Employees shall be assigned grades according to their
qualifications and work experience, competencies as well as their roles
and responsibilities in the organization. Individual remuneration shall
be determined within the appropriate grade and shall be based on
various factors such as job profile, skill sets, seniority, experience
and prevailing remuneration levels for equivalent jobs.
PARTICULARS OF EMPLOYEES
The table containing particulars of employees in accordance with the
provisions of Section 197(12) of the Companies Act, 2013, read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is appended as Annexure -3 to the Board's
report. There are no employees in the Company drawing remuneration who
are in receipt of remuneration of Rs. 60 lakh or more, or employed for
part of the year and in receipt of Rs. 5 lakh or more a month, under
Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
DISCLOSURE AS REQUIRED UNDER SECTION 22 OF SEXUAL HARASSMENT OF WOMEN
AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
The Internal Complaints Committee ("ICC") has been set up to redress
the complaints received regarding sexual harassment. All employees are
covered under this policy.
The following is the summary of the complaints received and disposed
off during the financial Year 2014-15:
a) No. of complaints received: NIL
b) No. of complaints disposed off: NIL
VIGIL MECHANISM
The Company has established a whistle blower policy and also
established a mechanism for directors and employees to report their
concerns. The same has been uploaded on the website of the company link
to open the policy is http://acesoftex.com/VIGIL POLICY.pdf
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the
financial year were on an arm's length basis. There are no materially
significant related party transactions made by the Company with
Promoters, Directors, Key Managerial Personnel or other designated
persons which may have a potential conflict with the interest of the
Company at large.
The details of the related party transactions as required under Section
134(3)(h) of the Companies Act 2013, r/w Rule 8 of the Companies
(Accounts) Rules, 2014, is attached as Annexure - 4.
GENERAL INFORMATION
AGM held during the financial year: 9th August, 2014
Disclosure as per schedule V of the Companies Act, 2013
i) all elements of remuneration package is as given in the statement
pursuant to section 102 of the notice of the AGM (item no. 6 and 7)
ii) Remuneration is decided by the Board on recommendation of the
Nomination and Remuneration Committee and it is fixed component basis,
details of the remuneration given in past is elaborated in the
statement pursuant to section 102 of the notice of the AGM (item no. 6
and 7)
iii) Service contracts, notice period, Severance fees;(given in the
statement pursuant to section 102 of the notice of the AGM (item no.6
and 7) iv) Stock option: N.A.
ACKNOWLEDGEMENT:
Your Directors would like to express their appreciation for the
assistance and co-operation received from the investors, banks,
regulatory and governmental authorities. Your Directors also wish to
place on record their deep sense of appreciation for the committed
services by the executives, staff of the Company.
For & on behalf of Board of Directors
Sd/- Sd/-
Vikram B. Sanghani Pratik C. Dadhania
Jt. Managing Director Director
DIN : 00183818 DIN: 02931106
Date: 13.08.2015
Place: Rajkot
Mar 31, 2014
The Members,
Ace Software Exports Ltd.,
Rajkot.
The Directors are pleased to present the TWENTIETH ANNUAL REPORT
together with the Audited Financial Statements of your Company
for the Financial Year ended on 31st March, 2014 is
summarized below;
FINANCIAL RESULTS:
(Amt in Rs.)
Sr.
No. Particulars 2013-14 2012-13
1. Revenue from operation 4,69,52,467 3,75,08,634
2. Other Income 83,73,065 71,86,752
3. Total Revenue 5,53,25,532 4,46,95,386
4. Depreciation and Amortization 21,38,223 19,25,819
5. Employee Benefit Expenses 1,49,72,088 86,92,188
6. Finance Cost 1,71,820 2,14,675
7. Other Expenses 3,19,50,224 2,99,24,033
8. Profit/(loss) Before Tax (PBT) 60,93,177 39,38,671
9. Taxation 5,341 6,365
10. Profit/(loss) After Tax(PAT) 60,87,836 39,32,306
PERFORMANCE:
During the financial year 2013-14, your company has achieved total
Revenue from sale or Software Rs.4,69,52,467/- as compared to the
turnover of Rs.3,75,08,634/- of the previous year, the net profit of
the company stood at Rs.60,87,836/- as compared to Rs.39,32,306/-of the
previous year. TRANSFER TO RESERVES:
The company has not transferred any sum to the General Reserve.
DIVIDEND:
With a view to plough back profits of the year and in order to conserve
resources for operational purposes, the Board of Directors of your
company do not recommend any dividend for the year.
BOARD''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA), of the Companies
Act, 1956 with respect to Director''s Responsibility Statements, it is
hereby confirmed that -
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures ;
(ii) that the directors had 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 at the end of the financial year and of the
profit or loss of the company for that period ;
(iii) that the directors had 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 ;
(iv) that the directors had prepared the annual accounts on a going
concern basis.
The Board has taken sufficient care to maintain adequate accounting
records with provisions of Companies Act, 1956(to the extent
applicable) and the Companies Act, 2013 (to the extent notified), to
safeguard the assets of the Company and to prevent and detect fraud and
other irregularities.
TRADE RELATIONS:
The Board hereby places note of appreciation, Empower your account and
trade managers to improve customer value by increasing promotion, spend
efficiently and reducing the number of outstanding with held from our
account & trade promotion management solution. The Management
constantly endeavors to build strong and mutually respectable trade
relation with them.
DIRECTORS :
Pursuant to the provisions of Section 152(6) of the Companies Act, 2013
Shri Vikram B. Sanghani and Shri Sanjay H. Dhamsania, Directors are
liable to retire by rotation and being eligible, offer themselves for
re-appointment, further, the Board has proposed re-appointment of Shri
Vikram B. Sanghani and Shri Sanjay H. Dhamsania as Joint Managing
Director and revised remuneration of them, subject to approval of
Members at the ensuing Annual General Meeting. Members are requested
to re-appoint Directors and also approve revisions of remuneration and
re-appointment of Joint Managing Directors. Brief details of all
Directors are given in the Report of Board on Corporate Governance
forming part of this Report of Board of Directors.
CORPORATE GOVERNANCE:
Since inception, the Company laid emphasis on appropriate & timely
disclosure and transparency in all business dealings. ASEL has been
adhering to the corporate governance principles & practices since long.
Your Company is regularly submitting its Corporate Governance Reports
to Stock Exchanges where shares are listed. A details report on
Corporate Governance is also annexed to this report. Further, the
Certificate, in relation to compliance of the corporate governance
principles, obtained from M/s Kalaria & Sampat, Chartered Accountants,
and Statutory Auditors of the Company is annexed to this Report of
Board.
AUDITORS:
M/s Kalaria & Sampat, Chartered Accountants, and statutory Auditors of
the company, retire at this Annual General Meeting, and being eligible,
offer themselves to be re-appointment as such. The Company has
received letters from the auditors to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 141(3)(g) of the Companies Act, 2013 and that they are not
disqualified for re-appointment.
The Notes on Financial Statements referred to in the Auditors'' Report
are self-explanatory and do not call for any further comments.
SECRETARIAL AUDIT REPORT:
As directed by the Securities and Board of India (SEBI), Secretarial
Audit is being carried out at the specified periodicity by M/s MJP
Associates, Practicing Company Secretaries, Rajkot. The findings of the
Secretariat Audit were satisfactory.
SUBSIDIARIES COMPANIES:
At the beginning of the year, we had 7 subsidiaries. During the year,
we have converted following subsidiaries in to Limited Liability
Partnership (LLP) as per the provisions of the LLP Act, 2008, keeping
in mind the advantages of management, administration and suitability of
the LLP Act, 2008 for small organizations.
1. Rajkot Computer Education Pvt. Ltd. (Now, Rajkot Computer Education
LLP)
2. Aspire Exim Pvt. Ltd, (Now, Aspire Exim LLP)
3. Cosmos Services Pvt. Ltd. (Now, Cosmos Services LLP)
4. Citizen Solutions Pvt. Ltd. (Now, Citizen Solutions LLP)
5. Jubilant Exim Pvt. Ltd. (Now, Jubilant Exim LLP)
6. Speedwell Engineers Pvt. Ltd. (Now, Speedwell Engineers LLP)
The percentage interest and investment of ASEL after conversion in the
above companies remains the same. During the year, The Board of
Directors reviewed the affairs of the subsidiary companies. As per
section 212 of the Companies Act, 1956, we are required to attach the
Balance sheet, Statement of Profit and loss and other documents of
subsidiaries. The Ministry of Corporate Affairs, Government of India
vide its Circular No. 2/2011 dated February 8, 2011, exempted companies
from complying with section 212, provided such companies publish the
audited consolidated financial statements for the fiscal year 2014 and
same forms part of this Annual Report. Accordingly, this Annual Report
does not contain the financial statements of our subsidiaries. The
Statement pursuant to section 212 of the Companies Act, 1956,
highlighting the summary of the financial performance of our subsidiary
is annexed to this report.
The Audited financial statements and related information of
subsidiaries including the conversion of the subsidiaries to LLPs will
be available for inspection during the business hours at our registered
office.
PARTICULARS OF EMPLOYEES:
There are no employees in the Company drawing remuneration more than
the limits specified in the Companies (Particulars of Employees) Rules,
1975 as amended by the Companies (particulars of employees)(Amendment)
Rules, 2011.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The particulars relating to energy conservation, technology absorption,
foreign exchange earning and outgo, as required to be disclosed under
section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988 are annexed herewith and forms part of this Report.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
Pursuant to the provisions of the section 205A(5) and 205C of the
Companies Act, 1956 and corresponding section 124 of the Companies Act,
2013 which mandates that companies transfer dividend that has been
unclaimed for a period of seven years from the unpaid dividend account
to the to the Investor Education and Protection Fund. The company has
duly complied with the above provisions by transferring the amount of
unclaimed or unpaid dividend to the Investor Education and Protection
Fund within the due dates.
Pursuant to the provisions of the Investor Education and Protection
Fund (uploading of information regarding unpaid and unclaimed amounts
lying with the Company) as on 28th September, 2013 (date of last Annual
General Meeting) on the website of the Company (www.acesoftex.com) and
also on the website of Ministry of Corporate Affairs.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Certificate under clause 49(V) of listing agreement provided in the
Certification section of the Annual Report discusses the adequacy of
our internal control system and procedures.
ACKNOWLEDGEMENT:
Your Directors would like to express their appreciation for the
assistance and co-operation received from the investors, banks,
regulatory and governmental authorities and Apex Co vantage, LLC USA
for their continued co-operation during the year under review. Your
Directors also wish to place on record their deep sense of appreciation
for the committed services by the executives, staff of the Company.
Date:30.05.2014 (Vikram B. Sanghani) (Pratik C. Dadhaniya)
Place: Rajkot Jt. Managing Director Director
Mar 31, 2013
To, The Members of Ace Software Exports Ltd.,
Rajkot.
The Directors are pleased to present the NINE-TEENTH ANNUAL REPORT
together with the Audited Financial Statements of your Company for the
Financial Year ended on 31" March, 2013 is summarised below:
FINANCIAL RESULTS: (AmtlnRs.)
SR. PARTICULARS 2012-13 2011-12
No.
1. Revenue from Operation 3,75,08,634 254,57,739
2. Otherlncome 71,86,752 8033,103
3. Total Revenue(1 2) 4,46,95,386 3,35,40,842
4. Depreciation and Amortization 19,25,819 15,24,984
5. Employee Benefit Expenses 86,92,188 68,71,316
6. Finance Cost 2.14,675 45,676
7. Other Expenses 2,99,24,033 2,14,39.740
7. Profit/(Loss) Before Tax (PBT) 39,38,671 36,59,126
8. Taxation 6,365 2,000
9. Profit/(Loss) After Tax (PAT) 39.32,306 3657,126
10. Balance of Reserve* Surplus 9,91,91,728 9,52,59,422
In Balance sheet
PERFORMANCE:
During the financial year 2012-13, your Company has achieved total
Revenue from sale of Software Rs. 3,75.08,634 as compared to the
turnover of Rs. 2,54,57,739/- of the previous year. The Net Profit of
the Company stood at Rs. 39,32,306/- as compared to Rs. 36,57,125/- of
the previous year.
DIVIDEND :
With a view to plough back profits of the year and in order to conserve
resources for operational purposes, the Board of Directors of your
Company do not recommend any dividend for the year.
BOARD''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA), of the Companies
Act, 1956 with respect to Directors'' Responsibility Statements. K is
hereby confirmed that::
(a) in the preparation of the annual accounts for the year ended on
March 31, 2013, the applicable accounting standards, read with
requirements set out under Schedule VI to the Companies act., 1956,
have been followed and there are no material departures from the same.
(b) that 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 31.2013and of the profit of the
Company for the year ended on that date;
(c) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
(d) that the Directors have prepared the annual accounts on a ''going
concern'' basis.
TRADE RELATIONS:
The Board hereby places note of appreciation Empower your account and
trade managers to improve customer value by increasing promotion spend
efficiently and reducing the number of outstanding -with held from our
account & trade promotion management solution. The Management
constantly endeavors to build strong and mutually respectable trade
relations withthem.
DIRECTORS :
Shri Vikram B Sanghani, and Shri Dharamsibhai R Vadalia, Directors are
liable to retire by rotation and being eligible, offer themselves for
reappointment. Further, the Board had revised remuneration of Shri
Vikram Sanghani, and Shri Sanjay Dhamsania, -Joint Managing Directors
w.e.f. 29" March, 2013, subject to approval of Members at the ensuing
Annual General Meeting. Members are requested to reappoint Directors
and also approve revisions of remuneration of Joint Managing
Directors.At Brief details of all Directors are given in the Report of
Board on Corporate Governance forming part of this Report of Board of
Directors.
CORPORATE GOVERNANCE:
Since inception, the Company laid emphasis on appropriate & t''mety
disclosures arvi transparency in all business dealings. ASEL has been
adhering to the corporate governance principles & practices since long.
Your Company is regularly submitting its Corporate Governance Reports
to stock exchanges where shares are toed. A detailed report on
Corporate Governance is also annexed to this Report. Further, the
Certificate, in relation to compliance of the corporate governance
principles, obtained from M/s Kalaria & Sampat Chartered Accountants,
and statutory Auditors of the Company is annexed to this Report of
Board.
AUDITORS:
M/s. Kalaria & Sampat, Chartered Accountants, and statutory Auditors of
the Company, retire at this Annual General Meeting, and being eligible,
offer themselves to be reappointed as such. The Compafly has received
certificate from M/s. Kalaria & Sampat, Chartered Accountants,
declaring that their appointment will fall within limits prescribed
under Section 224(1 B) of the Companies Act, 1956.
SECRETARIAL AUDIT REPORT:
As directed by the Securities and Exchange Board of India (SEBI),
Secretarial Audit is being carried out at the specified periodicity by
M/s. MJP Associates, Practising Company Secretaries, Rajkot. The
findings of the Secretarial Audit were satisfactory.
SUBSIDIARY COMPANIES:
ASEL has Seven Subsidiary Companies. In accordance with the General
Circular issued by the Ministry of Corporate Affairs, Government of
India, the Balance Sheet, Statement of Profit and Loss Account and
other documents of the Subsidiary Companies are not being attached with
the Balance Sheet of the Company. However, the financial information of
the subsidiary companies is disclosed in the Annual Report in
compliance with the said circular. The Company will make available the
Annual Accounts of the subsidiary companies and the related detailed
information to any member of the Company who may be interested in
obtaining trie sarre. The annual account of the subsidiary companies
will also be kept open for inspections at the Registered Office of the
Company and that of the respectrve subsidiary companies. The
Consolidated Financial Statements presented by the Company include the
Financial results of its subsidiary companies.
Sr. Name of Subsidiary Percentage stake owned
No. companies & Location by Ace Software Exports Ltd. (%)
1 Ace Infoworld Pvt Ltd. Rajkot
(erstwhile Apex Advanced
Technology Pvt Ltd) 98.96%
2 Rajkot Computer Education Pvt
Ltd, Rajkot 100.00%
3 Aspire Exim PvL Ltd, Rajkot 100.00%
4 Cosmos Services Pvt. Ltd, Rajkot 100.00%
5 Citizen Solutions PvL Ltd, Rajkot 100.00%
6 Jubilant Exim PvL Ltd, Rajkot 100.00%
7 Speedwell Engineers Pvt. Ltd,
Rajkot 100.00%
PARTICULARS OF EMPLOYEES:
There are no employees in the Company drawing remuneration more than
the fimits specified in the Companies (Particulars of Employees) Rules,
1975 as amended by the Companies (Particulars of Employees) (Amendment)
Rules, 2011.
ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The particulars relating to energycc
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND :
Pursuant to the Provisions of the Section 205A (5) and 205 C of the
Companies Act 1956 relevant amounts which remained unpaid or unclaimed
for a period of 7 years have been transferred by the company, to the
Investor Education and Protection Fund.
Pursuant to the provisions of the Investors Education and Protect
regarding unpaid and unclaimed amounts lying with companies) Rules,
2012 the Company has uploaded the detais of unpaid and unclaimed
amounts lyingw*frKGmparr/ason29"Ser*ember. 2012 (date of last Annual
General Meeting) on the website of the Company (www.acesoftexcom) as
also on the Ministry of Corporate Affairs website.
ACKNOWLEDGEMENT :
Your Directors would Eke to express their appreciation for the
assistance and rco-operation received from the investors, banks,
regulatory and governmental authorities and Apex Co vantage, LLC USA
for their continued co-operation during the year under review. Your
Directors also wish to place on record their deep sense of appreciation
for the comrrdted services ty the executives, staff of the Company.
For and on behalf of Board of Directors,
(Sanjay H. Dhamsania) (Pratlk C. Dadhanlya)
Jt. Managing Director Director
At Rajkot, Dated 29" May, 2013
Mar 31, 2010
The Directors of the company have pleasure in presenting their
SIXTEENTH ANNUALREPORT together with the Audited Financial Statements
of your Company for the Financial Year ended on 31st March, 2010.
FINANCIAL RESULTS:
Your Companys performance for the year ended on 31st March, 2010 is
summarized as under:
(Amount in INR)
Particulars For the year For the year
ended on ended on
31st March, 2010 31st March, 2009
Sales & other income 2,42,10,206. 4,07,25,164
Profit (loss) before
depreciation (10,78,767) 60,79,383
Less:
- Depreciation 9,16,083 8,92,336
Net profit (loss)
before taxation (19,94,850) 51,87,047
Less:
-Taxation à 2,25,000
- Fringe benefit tax à 47,050
Net profit (loss) after
taxation (19,94,850) 49,14,997
Add: Profit & loss
account balance 7,70,50,971 7,16,62,066
brought forward
Excess provision of
earlier year (3,25,907) 76,896
written back
Excess provision of
dividend & Ã 3,97,011
DDT thereon
Balance carried to
Balance sheet 7,47,30,214 7,70,50,971
PERFORMANCE:
During the financial year 2009-10, your Company has achieved total
turnover of Rs. 2,42,10,206 as compared to Rs. 4,07,25,164 of previous
year. For the period under Report, your Company has incurred net loss of
Rs. 19,94,850 as compared to net profit of Rs. 49,14,997 in financial year
2008-09. The turnover of company has decreased considerably due to
global recessionary conditions, specifically the downtorn in the companys
main market U.S.A., which has adversely affected its bottom-line. The
company has plans to initiate marketing efforts to increase revenues
in coming months.
DIVIDEND:
With a view of loss during the year, the Board do not recommend any
dividend.
BOARDS RESPONSIBILITY STATEMENT
In pursuance of Section 217(2AA) of the Companies Act, 1956, the
Directors confirm:
a) That in the preparation of annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
b) That they 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 at the end of the, accounting year and of the profit and
loss account for that year;
c) That they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities;
d) That they have prepared the annual accounts on a going concern
basis. TRADE RELATIONS
The Board desires to place on record its appreciation for the support
and co-operation received from suppliers / vendors and authorized
dealers and all other associated with our Company. Company regards
them as partners in its progress and shares with them the fruits of
growth. The Management constantly endeavors to build strong and
mutually respectable trade relations with them.
DIRECTORS
Shri Sanjay Dhamsania and Shri Vimal Kalaria Directors are liable to
retire by rotation and being eligible offer themselves for
reappointment. Brief Resumes of Directors are attached with Notice of
the AGM. Members are requested to reappoint the Directors.
The Board of Directors of the Company appointed Shri Pratikkumar
Dadhania, as an Additional Director of the Company with effect from 30*
Januafy 2010, pursuant to section 260 of the Act read with provisions
of the Articles of Association of the Company. He is an independent &
non- executive Director of the Company. Under section 260 of the
Company Act, Shri Pratikkumar Dadhania ceases to hold office at this
Annual General Meeting but is eligible for appointment as a Director. A
notice under section 257 of Act has been received from a Member
signifying his intention to propose his appointment as a Director.
Members are requested to appoint Shri Pratikkumar Dadhania as Director.
Further, Ms. Trupti Lele, Independent & Non-Executive Director has
resigned from Directorship w.e.f. 30th January, 2010. The Board took
note of valuable contribution made by Mrs Lele during her tenureship as
Director. CORPORATE GOVERNANCE
Since inception, the Company laid a lot of emphasis on appropriate &
timely disclosures and transparency in all business dealings. ASEL has
been adhering to the corporate governance principles & practices since
long. Your Company is regularly submitting its Corporate Governance
Reports to stock exchanges where shares are listed. A detailed report
on Corporate Governance is also annexed to this Report. Further, the
Certificate, in relation to compliance of the corporate governance
principles, obtained from M/s Kalaria & Sampat, Chartered Accountants,
and statutory Auditors of the Company is annexed to this Report of
Board. AUDITORS
M/s Kalaria & Sampat, Chartered Accountants, and statutory Auditors of
the Company, retire at this Annual General Meeting, and being eligible,
offer themselves to be reappointed as such. The Company has received
certificate from M/s. Kalaria & Sampat, Chartered Accountants,
declaring that their appointment will fall within limits prescribed
under Section 224(1 B) of the Companies Act, 1956.
SECRETARIAL AUDIT
As directed by the Securities and Exchange Board of India (SEBI),
Secretarial Audit is being carried out at the specified periodicity by
M/s. MJP Associates, Practising Company Secretaries, Rajkot. The
findings of the Secretarial Audit were satisfactory. SUBSIDIARY
COMPANIES:
ASEL has below mentioned Seven Subsidiary Companies. The Annual Report
of Ace Software Exports Ltd. for the financial year 2009-10 includes
Directors Report, Auditors Report, Profit & Loss Account, Balance
Sheet and Notes to Accounts of Below mentioned subsidiary companies as
per Section 212 of the Companies Act, 1956
Sr. Name of Subsidiary Percentage stake owned
No. companies by Ace Software
Exports Ltd. (%)
1 Apex Advanced Technology
Pvt. Ltd, Hyderabad 98.96%
2 Rajkot Computer Education
Pvt. Ltd, Rajkot 100.00%
3 Aspire Exim
Pvt. Ltd, Rajkot 100.00%
4 Cosmos Services
Pvt. Ltd, Rajkot 100.00%
5 Citizen Solutions
Pvt. Ltd, Rajkot 100,00%
6 Jubilant Exim
Pvt. Ltd, Rajkot 100.00%
7 Speedwell Engineers
Pvt. Ltd, Rajkot 100.00%
PARTICULARS OF EMPLOYEES:
There are no Employees, whose details are required to be mentioned as
per section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
Disclosures with regards to Conservation of Energy, Technology
Absorption, Foreign Exchange
Earnings and Outgo as required under the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988 are
annexed herewith and forms part of this Report.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to thank all investors, banks,
regulatory and governmental authorities and Apex Covantage, LLC USA
for their continued co-operation during the year. Your Directors
sincerely acknowledges the significant contribution made by all the
employees for their dedicated services to the Company.
For & on behalf of Board of Directors,
(Vikram B. Sanghani)
Jt. Managing Director
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