Ace Software Exports Ltd Directors Report.

Dear Members,

Your directors are pleased to present the Twenty Seventh Annual Report and the Companys audited financial statement for the financial year ended March 31, 2021.


The Companys financial performance, for the year ended March 31, 2021 is summarized below;

(Rs. Lacs)

Sr. No. Particulars



2020-21 2019-20 2020-21 2019-20
1. Revenue from operation 839.59 734.68 885.00 914.24
2. Other income 49.52 98.13 66.01 102.33
3. Total Revenue 889.11 832.81 951.01 1016.57
4. Depreciation & Amortization 18.38 22.29 64.17 67.23
5. Employee Benefit expenses 271.84 275.20 299.86 431.67
6. Finance Cost 1.01 1.04 10.61 9.77
7. Other expenses 667.89 790.45 667.90 831.29
8. Profit/(loss) before tax (PBT) (69.46) (205.19) (90.98) (272.42)
9. Taxation 0 0 4.90 0
10. Profit/(loss) After Tax(PAT) (69.46) (205.19) (95.88) (272.42)

• Standalone Revenues of the Company during financial year 2020-21 was Rs. 839.59 Lacs, an increase of 14.28% from the previous year.

• Consolidated Revenues of the Company during financial year 2020-21 was Rs. 885.00 lacs, a decrease of 3.20% from the previous year


The Novel Corona virus (‘COVID-19) pandemic has continued to cause substantial disturbance globally and in India, resulting in considerable slowdown of economic activity. The COVID-19 pandemic has emerged as a global challenge, creating disruption across the world. Global solutions are needed to overcome the challenges - businesses & business models have transformed to create a new work order. The physical and emotional wellbeing of employees continues to be a top priority for the Company. The COVID challenge is not over yet; there are uncertainties about the onset of the third wave and the age group it is going to hit the most. Vaccination is the best tool available to help us overcome the challenge. Ace Software Exports Limited has been closely monitoring the COVID-19 situation, and our response to COVID-19 is a showcase of our business agility, keeping our employees safe and our customers businesses and their employees connected.

Key Initiatives that were taken by Company were:

• Safe Workplace - ensuring that offices are geared up for Social Distancing and new hygiene requirements

• Availability of masks, sanitizers, and temperature measurement instruments

• Restriction on visitors and new compliance process

• Compliance with new rules and directions from the government

• 100% Business Continuity - Many innovative approaches, ground up thinking and tireless work went in to make sure that every employee of the Company is able to work seamlessly even when lockdown happens.

We are constantly scanning the environment to catch changes and recognize new opportunities early.

Although, the situation we are in is unprecedented and the future is uncertain however, we are gearing ourselves to be agile enough to respond to fast unfolding situation. The Companys policy to maintain sufficient liquidity and initiatives taken in cost optimization would help in navigating any challenges ahead.


The Company has not transferred any sum to the General Reserves.


The board of directors of your company does not recommend any dividend for the year.


As per Regulation 33 of the Securities and Exchange Board Regulations, 2015 (hereinafter referred to as "Listing Regulations") and applicable provisions of the Companies Act, 2013 read with the Rules issued there under, the Consolidated Financial Statements of the Company for the financial year 2020-21 have been prepared in compliance with applicable Accounting Standards and on the basis of audited financial statements of the Company and its subsidiaries, as approved by the respective Board of Directors.

The Consolidated Financial Statements together with the Auditors Report form part of this Annual Report.


There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and till the date of this Report, which affect the financial position of the Company. There has been no change in the nature of business of the Company.


No significant and material orders passed by the regulators or courts or tribunals impacting going concern status and Companys operations in future.


The Company has not accepted any fixed deposits under chapter V of companies Act, 2013 and, as such, no amount of principal or interest was outstanding as of the Balance Sheet date.


Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2021 is available on the Companys website on


Name of Directors Founder and Executive/Director Designation Age Qualification Other Directorship in Company Membership of Committee in other Public Limited Companies
Mr. Vikram B. Sanghani Jt. Managing 58 MBA (Finance) Ace Infoworld Pvt. Ltd. -
DIN:00183818 Director Ace Infoway Pvt. Ltd
Ace Computer Education Pvt. Ltd.
Everest Office Owners Asso. Pvt. Ltd.
Ace Riverside Pvt. Ltd.
Neorajkot Foundation
Mr. Sanjay H. Dhamsania DIN:00013892 Jt. Managing Director 59 MS (Computer Science) Ace Infoworld Pvt. Ltd. -
Ace Infoway Pvt. Ltd
Ace Computer Education Pvt. Ltd.
Everest Office Owners Asso. Pvt. Ltd.
Ace Riverside Pvt. Ltd.
Mr. Pratik C. Dadhania DIN:02931106 Director 49 Graduate in Architecture - -
Mr. Vimal L. Kalaria DIN :00029395 Director 48 Post Graduate Diploma in Finance - -
Mr.Dharamshibhai R. Vadalia DIN :00015165 Director 69 Under Graduate Dipak Agro Oil Mill Pvt. Ltd. Ace Infoworld Pvt. Ltd. -
Ms. Dhara S. Shah Director 32 B.Com, CS, LL.B Vishal Fabrics Limited Vishal Fabrics Ltd.
DIN: 06983857 Mayur Floorings Limited Audit Committee
Fairdeal Components Limited NRC (Chairperson) SRC, CSR
Mayur Floorings Ltd.
Audit Committee
NRC (Chairperson)
SRC (Chairperson)

Four board meetings were held during the year ended on March 31,2021. These were held on June 30, 2020, August 14, 2020, November 12, 2020 and February 13, 2021.

No. of Meetings

Whether attended last AGM held on September 10,2020
Name of Directors Designation Held Attended
Vikram B. Sanghani Jt. Managing Director 4 4 Yes
Sanjay H. Dhamsania Jt. Managing Director 4 4 Yes
Vimal L. Kalaria Independent Director 4 4 No
Dharamshi R. Vadalia Independent Director 4 4 No
Pratik C. Dadhania Independent Director 4 4 Yes
Dhara Shah Independent Director 4 3 No

Pursuant to Schedule IV of the Companies Act, 2013 and the Rules made there under, 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 10, 2021.

Terms and conditions of appointment of Independent directors uploaded on the website of the company.


Audit committee:

The Committees composition and terms of reference are in compliance with provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. Members of the Audit Committee possess requisite qualifications.

Four meetings of Audit Committee were held during the year ended on March 31, 2021. These were held on June 30, 2020, August 14, 2020, November 12, 2020, and February 13, 2021.

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):

The Committees composition and terms of reference are in compliance with provisions of the Companies Act, 2013, Regulation 19 of the Listing Regulations.

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 directors performance and works as per the policy formulated thereof.

Four meetings were held during the year ended on March 31,2021. These were held on June 30, 2020, August 14, 2020, November 12, 2020, and February 13, 2021.

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

Stakeholders Relationship Committee

The Committees composition and terms of reference are in compliance with provisions of the Companies Act, 2013 and Regulation 20 the Listing Regulations. 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 31,2021. These were held on June 30, 2020, August 14, 2020, November 12, 2020, and February 13, 2021.

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
Saniay Dhamsania(Executive Director) Member 4 4



H. B. Kalaria & Associates, Chartered Accountants (Firm Reg. no. 104571W) appointed as Auditors of the Company, for a term of 5 (five) consecutive years, at the Annual General Meeting held on September 23, 2017. They have confirmed that they are not disqualified from continuing as Auditors of the Company. The requirement to place the matter relating to appointment of auditors for ratification by Members at every AGM has been done away by the Companies (Amendment) Act, 2017 with effect from May 7, 2018. Accordingly, no resolution is being proposed for ratification of appointment of statutory auditors at the ensuing AGM and a note in respect of same has been included in the Notice for this AGM.

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, adverse remark or disclaimer.


Sheikh Bhalotia Mishra & Associates, Practicing Company Secretaries, was appointed to conduct the secretarial audit of the Company for the financial year 2020-21, as required under Section 204 of the Companies Act, 2013 and Rules there under.

The secretarial audit report for FY 2020-21 forms part of the Annual Report as Annexure-1 to the Boards report. The Auditors Report does not contain any qualification, reservation or adverse remark.


During the year under review, the Statutory Auditors and Secretarial Auditors have not reported any instances of frauds committed in the Company by its officers or employees to the Audit Committee under section 143(12) of the Companies Act, 2013 details of which needs to be mentioned in this Report.


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. Further, pursuant to the provisions of section 136 of the Act, the financial statements along with relevant documents and separate audited accounts in respect of subsidiaries, are available on the website of the company.

Further the Company has adopted a Policy in line with the requirements of the Listing Regulations. The objective of this policy is to lay down criteria for identification and dealing with material subsidiaries and to formulate a governance framework for subsidiaries of the Company. The policy on Material Subsidiary is available on the website of the Company


The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors and ‘General Meetings, respectively, have been duly followed by the Company.


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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the year, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than the sitting fees for the purpose of attending meetings of the Company.


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. Loan given to the below mentioned parties during the F.Y. 2020-21 at a prevailing rate of interest for business purpose.

Name Loan amount (in lacs)
Hitesh Vora 53.42
Ace Nature Cure LLP 15.00
Cuisinec Nutrition Private Limited 211.00

From the above, Ace Nature Cure LLP is subsidiary of the company as falls under the section 189 of the Companies Act, 2013.

Details of investment are provided in the note no. 4 and 7 of Financial Statements.


The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are as 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 standalone 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 utilize 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. The Company continues to use the latest technologies for improving the productivity and quality of its services and products. The Companys operations do not require significant import of technology. Company has not incurred any expenses for research and development.

(C) Foreign exchange earnings and outgo:-

Particulars 2020-21 2019-20
Foreign Exchange earning (USD 11,05,155.64) (USD 10,12,662.86)
(INR 8,19,87,959.80) (INR 7,13,11,255.00)
Foreign Exchange Outgo (GBP 6,963) (GBP 7,548)
(INR 6,81,358) (INR 6,86,237)


The Company continues to use risk management frame work adopted by board in (a) Overseeing and approving the Companys 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 Companys management systems, organizational structures, processes, standards, code of conduct that governs how the Company conducts the business and manages associated risks.


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.


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.


Pursuant to the provisions of section 203 of the Companies Act, 2013, the key managerial personnel of the Company are

Mr. Vikram B. Sanghani Jt. Managing Director
Mr. Sanjay H. Dhamsania Jt. Managing Director
Mr. Jyotin B. Vasavada Chief Financial Officer
Ms. Mansi D. Patel Company Secretary & Compliance Officer


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.

Appointment is recommended by Nomination and Remuneration Committee.


Pursuant to the requirement under section 134(5), of the Companies Act, 2013 with respect to Directors Responsibility Statements, it is hereby confirmed that -

a. in the preparation of the annual accounts for the year ended March 31,2021, 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 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 31,2021 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. Based on the framework of internal financial controls and compliance system established and maintained by the Company, work performed by the internal, statutory and secretarial auditor and external consultants audit of financial reporting by the statutory auditor, and reviews performed by management and audit committee, the board is of the opinion that the Companys internal financial controls were adequate and effective during FY 2020-21.


The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Act and SEBI Listing Regulations.

The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc.

The above criteria are based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017

In a separate meeting of independent directors, performance of non-independent directors, the board as a whole and the Chairman of the Company were evaluated, taking into account the views of executive directors and nonexecutive directors.

The Board and the Nomination and Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

In the board meeting that followed the meeting of the independent directors and meeting of Nomination and Remuneration Committee, the performance of the board, its committees, and individual directors was also discussed.

Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.

The Company has devised a Policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which includes criteria for performance evaluation of the Non-executive Directors and Executive Directors.

The link of policy of the company on directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under sub-section (3) of Section 178 of the Companies Act, 2013, is as under;

There has been no change in the policy since the last fiscal year. We affirm that the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the company.

The evaluation of all the directors and the board as a whole was conducted based on the criteria and framework adopted by the board. The board approved the evaluation results as collected by the nomination and remuneration committee.


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 -2 to the Boards report.

There are no employees in the Company drawing remuneration who are in receipt of remuneration of One Crore and Two lakh or more, or employed for part of the year and in receipt of Eight lakh and Fifty Thousand or more a month, under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company and has been uploaded on the website of the Company at Any shareholder interested in obtaining a copy of the same may write to the Company Secretary.


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 2020-21:

a) No. of complaints received: NIL

b) No. of complaints disposed off: NIL


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 POLICY.pdf


All related party transactions that were entered into during the financial year were on an arms length basis and prior approval of Audit Committee, Board of Directors and members were obtained whenever required.

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 -3.

There are no materially significant related party transactions that may have potential conflict with interest of the Company at large.


AGM held during the financial year 2020-21: 10th September, 2020 Stock Exchange where the shares of the company are listed: BSE Ltd.

Scrip Code of the Company: 531525

All the information related to companies, its policies, quarterly financial result, Annual Reports of the Company and its subsidiaries, shareholding pattern and other documents filed with BSE are uploaded on the website of the company i.e.



The pandemic which hit the world during the first quarter of calendar 2020 caused significant disruption. The healthcare infrastructure had to be augmented significantly and governments, businesses or consumers were engaged in coping with this unknown virus. Towards later part of 2020, after the first wave subsided and the treatment protocol was available, there was improvement in economic activity at a broader level. The second wave of the virus hit India hard during the past two months and it is hoped that we are near its peak. With the vaccine production being stepped up, the situation will improve with an increase in distribution of doses to cover a large part of the population. Most central banks have been infusing liquidity in the system to ensure availability of credit and address supply chain constraints.

After the initial impact faced by businesses in the first few months due to lockdowns, the businesses globally were quick to adjust to the new normal of remote working and adopted digital channels at an accelerated pace. The worldwide IT spends is expected to grow which will be majorly seen in digitization of internal processes, supply chain, customer and partner interactions and service delivery.

a. Industry Structure &Development:

Ace provides Document Management, Digital Publishing and Data Conversion solutions using optimal process engineering and cost-effective and flexible conversion systems. We are a major full-service digital content provider and are able to deliver digital content with 99.995% accuracy and 100% application based integrity.

Ace has been active in catering to the outsourcing needs of publishers and other organizations for 25 years. Over the years, we have adopted a seamless partnership approach. Our clients tend to work with Ace as true partners; often with the feeling that this is a virtual extension of their own operations. It is our strong belief that this integration is the cornerstone of the success of any business relationship.

The Companys business relates to database creation (E-Publishing) pertaining to Information technology enabled services. This includes creating large volume full text, image based databases.

b. Opportunity, Threats and Outlook Risk & Concerns

As the businesses started adjusting to the disruption caused by the pandemic, the technology sector responded quickly and decisively to support their customers across the globe. They successfully pivoted into working from home mode, reconfigured supply chain and accelerated digital transformation enabling their customers to continue their operations despite several constraints. With a sharp increase in technology adoption, tech companies will play a leading role in the new ecosystem not just as enablers but also in designing solutions and creating new business models. The consumers have also embraced ordering goods and services online, whether it is less frequently bought goods like car tyres or more frequently purchased items like tea and coffee. This created a significant need for aligning the business processes with the help of technology.

Ace is well positioned to take advantage of the opportunities to support its new and existing customers. The company will continue to focus on enhancing its capabilities and invest in new innovative growth platform going forward. The Company has always maintained healthy and long - standing relationship with its clients in partnering them as their IT solution provider and adding value to their businesses. These have resulted in minimal impact to the overall business of the company.

c. Segment/Product wise performance:

The companys operation falls under single segment namely "Computer Software and Services Exports", therefore segment wise performance is not furnished.

d. Internal control systems and their adequacy:

The company has an effective internal control system in place and this is periodically reviewed for its effectiveness. There are well defined Power and Authority limits to ensure that assets of the Corporate Policies. The company has a cross -functional internal Audit team with pre-determined roles, responsibility and authorities. The team ensures an appropriate information flow and effective monitoring.

e. Discussion on financial performance with respect to operation performance:

The Financial Performance of the company, during the year under review, has been given separately in the Directors Report.

f. Material developments in Human Resources / Industrial Relations front, including number of people employed.

The human resource (HR) function of the Company is focused around providing its 41 employees a meaningful and compelling environment. This positive and inspiring environment fosters innovation, stimulates performance culture and motivates employees to develop themselves personally and professionally.

g. Ratio Analysis

In accordance with the SEBI (Listing Obligations and Disclosure Requirements 2018) (Amendment) Regulations 2018, the company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in key sector specific financial ratios.

The company has identified the following ratios as key financial ratios;



Unit F.Y. 2020-21 F.Y. 2019-20 F.Y. 2020-21 F.Y. 2019-20
Ratios - Financial Performance
Operating Profit Margin % 7.76 4.04 8.36 0.20
Net Profit Margin % (8.28) (27.93) (10.83) (29.80)
Ratios - Balance Sheet
Debt-Equity Ratio Times 0.01 0.03 0.09 0.14
Current Ratio Times 6.06 4.69 4.24 3.79
Return on net worth % (3.93) (11.76) (4.69) (13.34)
Ratios - Per Share
EPS Rs. (1.38) (4.38) (2.05) (5.82)
Price Earnings Ratio, end of year Times (9.06) (3.88) (610) (2.92)


Company is not required to maintain the cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.


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
Vikram B. Sanghani Sanjay H. Dhamsania
Jt. Managing Director Jt. Managing Director
Date: 14.08.2021 DIN:00183818 DIN: 00013892
Place: Rajkot