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Ace Integrated Solutions Limited Annual Report 2020
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Annual Report
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ACE INTEGRATED SOLUTIONS LIMITED
Regd. Office: B-13, DSIDC Complex, FIE, Patparganj Industrial Area, Delhi - 110092 Phone No.: 011-22162970, 22163632, 22156470 Fax: 011-22156374 e-mail:[email protected], [email protected]
CIN: L74140DL1997PLC088373
Ref.- ACE/STX/2020-21/17
T0
Dated: 31.07.2020
The Manager (Listing Department) National Stock Exchange of India Limited (NSE) Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai-400051 (Maharashtra)
Company Symbol: ACEINTEG Subject:- Outcome of the Board Meeting held on Friday, July 31, 2020.
Dear Sir/Madam,
This is to inform you that the Meeting of Board of Directors of the Company held today on Friday, the 31st day of July, 2020 at 02:00 p.m. at the registered office of the Company located at B-13, DSIDC Complex, Functional Industrial Estate, Industrial Area Patparganj, New Delhi - 110092.
The outcomes of the Board Meeting are as under:
-
- Approval of Audited Financial Statements of the Company for the year ended on March 31, 2020.
-
- Approval of Auditors Report on Audited Financial Statements of the Company for the year ended on March 31, 2020.
-
- Approval of Audited Financial Results of the Company for the half year and year ended on March 31, 2020.
-
- Approval of Auditors Report on Audited Financial Results of the Company for the half year and year ended on March 31, 2020.
-
- Appointment of M/s. Atiuttam Singh & Associates as Secretarial Auditor for the conducting the Secretarial Audit for the Financial year 2020-21.
In addition to the above, other matters were also discussed in the Board Meeting.
The Meeting was concluded at 08:45 p.m.
You are kindly requested to take the above information on your record. ED SOLU
For ACE-INTEGRATED SOLETIONS LIMITED RANJEET SI (Company Secretary & Compliance Officer)
Sadana & Co. 106, Vishal Chambers, Sector-18, Noida-201301
www.sadanaca.com e-mail: [email protected]
Ph.: 0120-4235368 Fax: 0120-4235368
Independent Auditor's Report (Unmodified Opinion) on Audited standalone Half yearly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF
M/S ACE INTEGRATED SOLUTIONS LTD. NEW DELHI Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone half yearly financial results of M/S Ace Integrated Solutions Ltd. or the half year ended 31/03/2020 and the year to date results for the period from 01/04/2019 to 31/03/2020 attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:
- are presented in accordance with the requirements of Regulation 33 of the Listing Ï. Regulations in this regard; and
- ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit/lossand other comprehensive income and other financial information for the half year ended 31/03/2020 as well as the year to date results for the period from 01/04/2019 to 31/03/2020
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our opinion is not modified in respect of this matter.
Management's Responsibilities for the Standalone Financial Results
These half yearly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process. Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
D Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
E Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
□ Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safequards.
For Sadana & Co. Chartered Accountants FRN: 011616N
(CA Amit Bansal) Partner M. No. 530584 UDIN. 20098966AAAACT2150 Date: 31th July, 2020
$-6416161$
M/S Ace Integrated Solutions Ltd.
Formerly known as Ace Integrated Solutions (P) Ltd.)Regd. Office: B-13, DSIDC Complex, Functional Industrial Estate, Patparganj Industrial Area, Delhi-110092CIN: L74140DL1997PTC088373, email:[email protected], Phone
| STATEMENT OF ASSETS AND LIABLITIES | ||
|---|---|---|
| (In Lakhs) | ||
| 12 Months | 12 Months | |
| Previous | ||
| Particulars | accounting | accounting |
| year ended | year ended | |
| (31/03/2020) | (31/03/2019) | |
| Audited | Audited | |
| I. EQUITY AND LIABILITIES | ₹ | ₹ |
| (1) Shareholder's Funds | ||
| (a) Share Capital | 680.00 | 680.00 |
| (b) Reserves and Surplus | 996.63 | 896.99 |
| (c) Money received against share warrants | ||
| (2) Share application money pending allotment | ||
| (3) Non-Current Liabilities | ||
| (a) Long-term borrowings | 90.25 | 93.09 |
| (b) Deferred tax liabilities (Net) | 13.59 | 20.43 |
| (c) Other Long term liabilities | ||
| (d) Long term provisions | ||
| (4) Current Liabilities(a) Short-term borrowings | 8.33 | 17.10 |
| (b) Trade payables (Non MSME) | 138.57 | 223.69 |
| (c) Trade Payables (MSME) | 74.75 | 72.90 |
| (d) Other current liabilities | 14.01 | 4.21 |
| (e) Short-term provisions | 56.48 | 41.28 |
| Total | 2,072.62 | 2,049.68 |
| II.Assets(1) Non-current assets | ||
| (a) Propety, Plant & Equipments(i) Tangible assets | 211.02 | 253.68 |
| (ii) Intangible assets | ||
| (iii) Capital work-in-progress | ||
| (iv) Intangible assets under development | ||
| (b) Non-current investments | 54.23 | 54.23 |
| (c) Deferred tax assets (net) | ||
| (d) Long term loans and advances | 595.93 | 634.96 |
| (e) Other non-current assets | ||
| (2) Current assets | 119.79 | 303.49 |
| (a) Current investments | ||
| (b) Inventories | 772.96 | 407.33 |
| (c) Trade receivables | 133.26 | 160.79 |
| (d) Cash and cash equivalents | 37.19 | 15.20 |
| (e) Short-term loans and advances(f) Other current assets | 148.24 | 219.99 |
| Total | 2,072.62 | 2,049.68 |
For ACE INTEGRATED SOLUTIONS LIMITED
Date: 31.07.2020 Place: Delhi
$\widetilde{\mathcal{L}}$ € Rohit Goel CFO
Chandra Shekhar Verma (MANAGING DIRECTOR) DIN: 01089951
| マンM/S Ace Integrated Solutions Ltd.(Formerly known as Ace Integrated Solutions (P) Ltd.)Regd. Office: B-13, DSIDC Complex, Furnism as Ace Integrated Solutions (P) Ltd.)CIN: L74140DL 1997PTC 08972 annound Industrial Estate, Patparganj Industrial Area, Delhi-110092CIN: L74140DL1997PTC088373, email:[email protected], Phone: 011-22162970 | ||||||
|---|---|---|---|---|---|---|
| Statement of Standalone Audited Financial Results for the Year ended on 31st March, 2020 | ||||||
| 12 Months | (In Lakhs) | |||||
| Particulars | 6 months ended(31/03/2020) | 6 months ended(30/09/2019) | 6 months ended(31/03/2019) | accounting yearended(31/03/2020) | 12 MonthsPreviousaccounting yearended(31/03/2019) | |
| (Unaudited) | (Audited) | (Audited) | (Audited) | |||
| (Audited) | ₹ | ₹ | ||||
| (a) Net sales/Income from Operations | 335.71 | 1.015.82 | 189.85 | 1,351.53 | 595.08 | |
| (b) Other Income (Int. on Income Tax Refund, Bank Interest & Rental Income) | 18.27 | 25.94 | 22.37 | 44.21 | 39.03 | |
| Total Income | 353.98 | 1,041.76 | 212.22 | 1,395.74 | 634.11 | |
| 2 Expenditure | 29.88 | 673.44 | ||||
| a) Expenses for Conduction of recruitment Examination | 33.42 | 640.03 | 44.38 | 96.70 | 159.85 | |
| b) Purchases | 89.50 | 7.20 | 58.57 | 141.61 | 95.86 | |
| c) Employee benefit expense | 79.16 | 62.45 | 23.15 | 47.20 | 95.13 | |
| d) Depreciation and amortization expense | 23.95 | 23.26 | 8.01 | 17.23 | 48.21 | |
| e) Finance Cost | 11.27 | 5.96 | 59.72 | 284.90 | 22.24 | |
| e) Other expenses | 74.92 | 209.97 | 153.41 | |||
| Total Expenditure | 312.22 | 948.87 | 223.71 | 1,261.09 | 574.70 | |
| 3 Profit from Operations before exceptional and extraordinary items and tax (1-2) | 41.76 | 92.89 | (11.49) | 134.65 | 59.41 | |
| 4 | Exceptional Items | $\sim$ | 134.65 | 59.41 | ||
| $\overline{5}$ | Profit before exceptional and extraordinary items and tax (3+4) | 41.76 | 92.89 | (11.49) | $\sim$ | |
| 6 | Extraordinery Items | $\sim$ | $\sim$ | 134.65 | 59.41 | |
| $\overline{7}$ | Profit before Tax | 41.76 | 92.89 | (11.49) | 35.01 | 23.40 |
| 8 | Tax Expenses including Deferred Tax Liability/Assets | 7.84 | 27.17 | 6.18(17.67) | 99.64 | 36.01 |
| 9 Profit (Loss) for the period from continuing operations (7-8) | 33.92 | 65.72 | $\sim$ | $\sim$ | ||
| 10 Profit (Loss) for the period from discontinuing operations | $\sim$ | $\bullet$ | $\sim$ | $\sim$ | reality. | |
| 11 Tax Expenses of Discontinuing Operations | $\overline{\phantom{a}}$ | $\overline{a}$ | $\sim$(17.67) | 99.64 | 36.01 | |
| 12 Profit & Loss for the period | 33.92 | 65.72 | (0.24) | 1.47 | 0.53 | |
| 19 Earning per share (EPS) (Basic & Diluted) | 0.50 | 0.97 | ||||
| Date: 31/07/2020Place: Delhi | $\frac{1}{\sqrt{2}}$Rohit Goel | For ACE INTEGRATED SOLUTIONS LIMITED | Chandra Shekhar Verma(MANAGING DIRECTOR) |
Note:
- Note:The above financial results for the year ended March 31, 2020 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors in its meeting held on July 31, 2020.The above Audited Financ $\mathbf{1}$ $\overline{c}$ Regulations, 2015. The Company operates only in one business segment. Hence, no separate information for segmant wise disclosure is given.3 The Company operates only in one business segment. Herclassified / recast wherever necessay to make
- of the figures of previous poroutly entired between and the computation increased the financial statement comparable.5 The figures of last half year are balancing figure between audited figures in respect of full financia
Date: 31/07/2020 Place: Delhi
لهمعر $\mathfrak h$ $\mathbb{Q}$ Chandra Shekhar Verma(MANAGING DIRECTOR) Rohit GoelCFC DIN: 01089951
For ACE INTEGRATED SOLUTIONS LIMITED
Ace Integrated Solutions Limited
Cash Flow Statement
For the year ended 31st March, 2020
| 2019-20 | 2018-19 | |
|---|---|---|
| A. CASH FLOW FROM OPERTING ACTIVITIES | ||
| Net Profit Before Tax as per Statement of Profit and Loss(After | ||
| Exceptional Items and Tax thereon) | 13,465,265 | 5,940,504 |
| Adjusted for: | ||
| (Profit)/Loss on sale/Discard of Property, Plant and Equipment (Net) | (141, 300) | |
| Depreciation/Amortisation and Depletion Expense | 4,720,302 | 4,821,072 |
| Interest Income | (3,880,113) | (3,580,904) |
| Finance Cost | 1,722,610 | |
| Operating Profit before Working Capital Changes | 15,886,764 | 2,224,211 |
| Adjusted for: | 9,404,883 | |
| Trade and Other Receivables | ||
| Trade and Other Payables | (13,217,329) | 59,299,642 |
| Cash Generated from Operations | (6,701,675) | (43, 143, 274) |
| Taxes Paid (Net) | (4,032,240) | 25,561,251 |
| Net Cash used in Operating Activities | (4, 185, 217) | (1,250,000) |
| (8, 217, 457) | 24,311,251 | |
| B. CASH FLOW FROM INVESTING ACTIVITIES | ||
| Purchase of Property, Plant and Equipment and Intengible Assets | (733, 367) | (1,598,250) |
| Proceeds from disposal of Property, Plant and Equipment and Intengible Assets | 420,000 | |
| Interest Income | 3,880,813 | 3,580,904 |
| Long Term Loans and Advances | 3,903,344 | (40, 158, 617) |
| Net Cash Flow from in Investing Activities | 7,470,790 | (38, 175, 963) |
| C. CASH FLOW FROM FINANCING ACTIVITES | ||
| Repayment of Borrowing - Non Current | (283, 761) | (1,507,552) |
| Interest and Charges Paid | (1,722,610) | (2,224,211) |
| Net Cash used in Financing Activities | $\mathbf{Y}^{1-\epsilon}$(2,006,371) | (3,731,763) |
| Net Decrese in Cash and Cash Equivalents | (2,753,038) | (17, 596, 475) |
| Opening Balance of Cash and Cash Equivalents | 16,079,306 | 33,675,781 |
| Closing Balance of Cash and Cash Equivalents (refer note 14) | 13,326,268k sir | 16,079,306 |
For ACE INTEGRATED SOLUTIONS LIMITED $\mathcal{L}$ Rohit Goel Chandra Shekhar verma
сғо31/07/2020
Managing Director
ACE INTEGRATED SOLUTIONS LIMITED
Regd. Office: B-13, DSIDC Complex, FIE, Patparganj Industrial Area, Delhi - 110092 Phone No.: 011-22162970, 22163632, 22156470 Fax: 011-22156374 e-mail:[email protected], [email protected] CIN: L74140DL1997PLC038373
Certification by Managing Director and Chief Financial Officer of the Company in terms of Regulation-33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the half year and year ended March 31, 2020.
We, Chandra Shekhar Verma, Managing Director of the Company and Rohit Goel, Chief Financial Officer of Ace Integrated Solutions Limited, do hereby certify that, we have reviewed audited financial results of the Company for the half year and year ended March 31, 2020 and to the best of our knowledge and belief:
- $(i)$ The Financial results do not contain any false or misleading statement or figures and do not omit any material fact which may make the statements or figures contained therein misleading.
- These Results together present a true and fair view of the company's affairs and are in $(ii)$ compliance with the existing accounting standards and/or applicable laws/regulations.
For ACE INTEGARTED SOLUTIONS LIMITED
Chandra Shekhar Verma (Managing Director)
Rohit Goel
(Chief Financial Officer)
Date: 31.07.2020 Place: Delhi
DIN: 01089951
ACE INTEGRATED SOLUTIONS LIMITED
Regd. Office: B-13, DSIDC Complex, FIE, Patparganj Industrial Area, Delhi - 110092 Phone No.: 011-22162970, 22163632, 22156470 Fax: 011-22156374 e-mail:[email protected], [email protected] CIN: L74140DL1997PLC088373
DECLARATION
Pursuant to the provision of Regulation-33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time, we hereby declare and confirm that M/s. Sadana & Co., Chartered Accountants (Firm Reg. No. 011616N), Statutory Auditors of the Company have issued an Auditor's Report with un-modified opinion on Standalone Audited Financial Results of the Company for the half year and year ended on March 31, 2020 which have been approved by the Board of Directors in their Meeting held on July 31, 2020.
For ACE INTEGRATED SOLUTIONS LIMITED
CHANDRA SHKEHAR VERMA (Managing Director) DIN: 01089951
ROHIT GOEL (Chief Financial Officer)
Date: 31.07.2020 Place: Delhi
To The Board of Directors ACE INTEGRATED SOLUTIONS LIMITED B-13, DSIDC Complex, Functional Industrial Estate, Patparganj Industrial Area, New Delhi - 110092
Dear Sir,
Sub: Consent to act as Secretarial Auditor
I hereby give my consent to act as Secretarial Auditor of the Company for the purpose of Secretarial Audit for the financial year 2020-21. I confirm that my appointment willl be within the limit prescribed for the same under applicable laws in force. My details are as follows:
Details
| Particulars | Appointment as Secretarial Auditor |
|---|---|
| Name of Firm | Atiuttam Singh & Associates |
| Name of Company Secretary | Atiuttam Prasad Singh |
| M. No. | F8719 |
| COP No. | 13333 |
| Office Address | A-97 and 98, UGF, Street No. 6, Madhu Vihar, Delhi |
| 110092 | |
| Phone No. | 9582064799 |
| E-mail ID | [email protected] |
| Professional Qualification | CS, MBA, LLB, IP & RV |
| Experience | 10 years |
| Field Expertise | Audit, Management, Consultancy & Compliances |
For Atiuttam Singh & Associates Company Secretaries
ATIUTTAM PRASAD SINGH SINGH
Digitally signed by ATIUTTAM PRASAD Date: 2020.06.23 17:35:23 +05'30'
Atiuttam Prasad Singh Proprietor Membership No.:F8719 CP No.-13333
Date: 23.06.2020 Place: New Delhi
-Address: A-97 & 98, UGF, Gali No.-6, Madhu Vihar, New Delhi – 110 092 : [email protected] : + 91 – 95820 64799
Brief Profile Secretarial Auditor Firm
| Particulars | Appointment as Secretarial Auditor | |
|---|---|---|
| Name of Firm | Atiuttam Singh & Associates | |
| Name of Company Secretary | Atiuttam Prasad Singh | |
| M. No. | F8719 | |
| COP No. | 13333 | |
| Office Address | A-97 and 98, UGF, Street No. 6, Madhu Vihar, Delhi-110092 | |
| Phone No. | 9582064799 | |
| E-mail ID | [email protected] | |
| Professional Qualification | CS, MBA, LLB, IP & RV | |
| Experience | 10 years' experience | |
| Field Expertise | Audit, Management, Consultancy & Compliances50L |