The management of Ace Engitech Limited (Erstwhile Prem Somani Financial
Services Limited) is pleased to present its Management Discussion and Analysis Report
analyzing the Companys operations and Information Technology related Services. The report
also Contains expectations of the Companys business based on the current market trends.
INDUSTRY STRUCTURE AND DEVELOPMENT IN THE INDUSTRY
Although Information Technology Related Services Industry is amongst
the oldest industries in India and it is growing very rapidly.
It is an industry, which has evolved into a highly competitive and
innovative driven industry, characterized by the presence of various sizes of players
varying from solo-operators to small-to- medium sized niche players as well as established
big players operating in different spaces in the entire spectrum of services.
It is important to note that these forecasts will have to be
reconsidered in the light of the current global pandemic that has currently crippled most
of industries. Although we are still in development phase of the business and hence not
incurring any operating costs, but the company has taken cognisance that whenever the
business would stabilize, there would be renewed focus on values thereon and we are
actively evolving our development strategy accordingly.
OPPORTUNITIES AND THREATS
Information Technology related Services to be best opportunity for the
company. Tough competition, slow economic growth and many industries like the same
services are going on in market and it seem to be the biggest threats to the industry.
SEGMENT WISE AND PRODUCT WISE PERFORMANCE
The NBFC license of the company was cancelled by RBI on 18.10.2018
since the company couldnt reach the net worth of Rs. 200 lakhs. Thereafter, the
Company has not been engaged in any business activity. The Companys income pertains
to the interest earnings on previous investments.
The Company has incurred losses of Rs. 11.43/- Lakhs in financial year
2022-23 as compared to profits earned in Previous financial Year 2021-22 of Rs. 24.55/-
Lakhs during the reporting period.
OUTLOOK
Looking at good market sentiments steep rise is expected in near
future. As a result, the company has been changed its business activity from financial to
IT infrastructure related services will boost up and the Company is expected to show a
better performance in the upcoming financial years.
RISK & CONCERNS
Tough competition, slow economic growth, changed activities from
Financial to Information Technology related Services, rapid changing statues and
regulatory framework, etc. are the major risk areas in the Companys business. By using
our experience, we hope to perform better in the year to come in spite of these risks.
INTERNAL CONTROL SYSTEM & THEIR ADEQUACY
The Company had adequate internal control system commensurate with its
size and nature of business.
Your companys internal control procedures are adequate to ensure
compliance with various policies, practices and statutes. Your Company maintains a system
of internal controls designed to provide reasonable assurance regarding the following:
• Effectiveness and efficiency of operations
• Adequacy of safeguards for assets
• Prevention and detection of frauds and errors
• Accuracy and completeness of the accounting records
• Timely and accurate preparation of reliable financial
information
The Companys Internal Auditors have conducted periodic audits to
evaluate the adequacy & effectiveness of financial and operating internal controls, to
report significant findings to the Audit Committee of the Board and to provide reasonable
assurance that the Companys established systems, policies and procedures have been
followed.
The Audit Committee takes due cognisance of the observations made by
the auditors and gives their suggestions for improvement. The suggestions of the Audit
Committee further ensure the quality and adequacy of the control systems.
FINANCIAL & OPERATIONAL PERFORMANCE
The company has incurred a loss of Rs. (11,42,638)/- during the year
2022-23 as compared to Profit of Rs. 24,54,735 in the previous financial year. Management
periodically reviews the operational performance of your Company against the approved
plans across various parameters and takes necessary actions, wherever necessary.
MATERIAL DEVELOPMENT IN HUMAN RESOURCES AND INDUSTRIAL RELATIONS
Human resource development is paramount in every organization. The
management continues to lay emphasis on identifying and developing talent on organization
with a view to retain them and impart further training to those capable of handling
additional responsibilities. This works to increase employee satisfaction within the
organization, by providing employees with fresh challenges. Developing people and
harnessing their ideas of high priority for the Company.
The Company recognizes the importance of Human Resource as a key asset
instrumental in its growth. The Company believes in acquisition, retention and betterment
of talented team players. HRD activities are taken in the Company involving positive
approach to develop employees to take care of productivity, quality and customer needs.
The Company has well developed management information system giving daily, monthly and
periodical information to the different levels of management. Such reports are being
analysed and effective steps are taken to control the efficiency, utilization,
productivity and quality in the Company.
CHANGES IN RETURN ON NET WORTH
Return on Net Worth is computed as net profit divided by Net Worth. Net
Profit was Rs. 24.54 Lakhs in the previous financial year against net loss of Rs. 11.43
Lakhs in the current financial year. Due to this return on net worth is at -15.9 % as
compared to the previous financial year at 29.5%.
OTHER DISCLOSURES
Other Disclosures with respect to Management Discussion and Analysis
Report as required under Regulation 34(3) read with Schedule V of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, are either NIL or NOT APPLICABLE.
Date: September 01, 2023 Place: Jaipur
For and on behalf of the Board of Directors Ace Engitech Limited
(Erstwhile Prem Somani Financial Services Limited)
Sd/- Sd/-
Lionel Anthony Velloz Dinesh Kumar Bohra Managing Director Director and
CFO
DIN: 02675063 DIN: 02352022
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
OUTGO:
Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 is forming part of the boards report for the
financial year 2022-23.
A. Conservation of energy:
I. The steps taken or
impact on conservation of energy |
• The operations of
your company are energy intensive. However adequate measures have been initiated to reduce
energy consumption. Your Company continuously strives to conserve energy, adopt
environment friendly practices and employ technology for more efficient operations.
• The office of the Company has been using infrastructure related
services and facilities. The Company has increased the usage of low electricity consuming
monitors in place of conventional monitors. The Company has started buying the new energy
efficient computers that automatically goes into low power ‘sleep mode or off-
mode when not in use. As a part of Green Initiative, a lot of paper work and Registered
Office has been reduced by increased usage of technology. |
II. The steps taken by
the company for utilizing alternate sources of energy |
NIL |
II. The capital
investment on energy conservation equipment |
NIL |
B. Technology absorption:
I. The efforts made
towards technology absorption |
The Company has been in
the forefront in Implementing latest information technologies & tools towards
enhancing our customer convenience and continues to adopt and use the latest technologies
to improve the productivity and quality of Its services. The Companys operations do not
require significant Import of Technology. |
ii. The benefits derived
like product improvement cost reduction, product development or import substitution |
Improvements in yield and
product quality and cost effectiveness. |
ii. Technology Imported
during the last three years |
N.A. |
• The details of technology
imported |
N.A. |
• The year of import •
Whether the technology been fully absorbed |
N.A. |
|
• If not fully absorbed, areas where absorption has not taken place,
and the reasons thereof |
N.A. |
V. The expenditure
incurred Research and Development |
Company has not incurred any
expenditure on research and development during the year under review. |
C. Foreign exchange earnings and Outgo
Foreign exchange earnings and outgo is reported to be NIL during the
financial year under review.
Date: September 01, 2023
Director
Place: Jaipur
For and on behalf of the Board of
Ace Engitech Limited (Erstwhile Prem Somani Financial Services Limited)
SD/- SD/-
Lionel Anthony Velloz Managing Director DIN: 02675063
Dinesh Kumar Bohra Director and CFO DIN: 02352022
CEO/CFO CERTIFICATION TO THE BOARD
[Regulation 17(8) of SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015]
We, Mr. Lionel Anthony Velloz, Managing Director and Mr. Dinesh Bohra
Chief Financial Officer (CFO) of Ace Engitech Limited (Erstwhile Prem Somani Financial
Services Limited) ( appointed in terms of provision of Companies Act 2013, certify to
the Board that:
A. We have reviewed the financial statements and the cash flow
statement for the financial year ended on March 31, 2023 and that to the best of our
knowledge and belief:
1) These statements do not contain any materially untrue statement or
omit any material fact or contain statements that might be misleading;
2) These statements together present a true and fair view of the
Companys affairs and are in compliance with existing accounting standards,
applicable laws and regulations;
B. There are, to the best of our knowledge and belief, no transactions
entered into by the Company during the financial year ended on March 31, 2023 which are
fraudulent, illegal or violative of the Companys code of conduct;
C. We accept responsibility for establishing and maintaining internal
controls and that we have evaluated the effectiveness of the internal control systems of
the Company and we have disclosed to the auditors and the Audit Committee, deficiencies in
the design or operation of the internal control, if any, of which we are aware of and the
steps we have taken or propose to take to rectify these deficiencies.
D. We have indicated to the Auditors and the Audit Committee:
1) Significant changes in internal control over the financial reporting
during the financial year 2022-23.
2) Significant changes in accounting policies during the financial year
2022-23 and that the same have been disclosed in the notes to the financial statements;
and
3) Instances of significant fraud of which we have become aware and the
involvement therein, if any, of the management or an employee having a significant role in
the Companys internal control system over the financial reporting.
Date: May 29, 2023 For and on behalf of the Board of Directors
Place: Mumbai Ace Engitech Limited
(Erstwhile Prem Somani Financial Services Limited)
Sd/- Sd/-
Lionel Anthony Velloz Dinesh Kumar Bohra Managing Director Director and
CFO
DIN: 02675063 DIN: 02352022
+91-9892691696
