| 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
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