ACE SOFTWARE EXPORTS Share price

Ace Software Exports Limited was incorporated on 17thAugust 1994 as a public limited company by Mr. SanjayDhamsania Mr. Vikram Sanghani and Mr. Jay Sanghani. Thecompany received certificate of commencement of businessdated September 23 1994 from Registrar of CompaniesGujarat Dadra and Nagar Haveli. They were engaged in thebusiness of database creation since October 1992 under thePartnership Firm Ace Software Exports. Ace SoftwareExports the Partnership Firm has exported 100% of itsproduction to Apex Data Services Inc. U.S.A. sinceinception.Ace Software Exports Limited has acquired the fixed assetsand the running business of the Partnership Firm. TheCompany has signed a fresh Agreement with Apex DataServices Inc. for buy-back of 100% of its production.There is no agreement for takeover of business from AceSoftware Exports. The Assets acquired by the company fromthe firm and the basis of transfer is as under.Computer and office equipments of Rs.48.07 lacs have beenacquired by the company. These have been sold by the firmat book value without any revaluation.240 Equity shares each of Rajkot Computer Education Pvt.Ltd. and Ace Computer Education Pvt. Ltd. acquired at acost of Rs.15 lacs and Rs.25 lacs respectively. Thesecompanies have been promoted by the promoters and are underthe same management. These have been transferred at bookvalue which represents cost of acquisition to thepartnership firm.* 240 Equity Shares (Face value Rs.100/-) 1500000of Rajkot Computer Education Pvt. Ltd. Rajkot. The valuation of 240 shares acquired by the companyis arrived at by the company on the following basis whichwas done on March 31 1995 I - Equity Capital 50000 II - Reserves and Surplus 127471III - Capital Expenditure written off in the books upto 31/03/95 (Approx. Value) a. Software 40000 b. Technical Know-how 95000 c. Technical Reference Material 100000 d. Courseware Material 35000 270000 IV - Differential cost of replacement of fixed assets a. Furniture 541848 b. Plant and Machinery and office equipments 194853 c. Building 1586812 2323513 V - Goodwill 600000 Total 3370984Net Asset Value Per Share (3370984/500) is Rs.6742/-Cost of purchase per share (1500000/240) is Rs.6250/-* 240 Equity Shares (Face value Rs.100/-) of 2500000Ace Computer Education Pvt. Ltd. Ahmedabad.The valuation of 240 shares acquired by the company isarrived at by the company on the following basis which wasdone on March 31 1995 I - Equity Capital 50000 II - Reserves and Surplus 561565III - Capital Expenditure written off in the books upto 31/03/95 (Approx. Value) a. Software 665000 b. Technical Know-how 195000 c. Technical Reference Material 250000 d. Courseware Material 150000 1260000 IV - Differential cost of replacement of fixed assets a. Furniture 647909 b. Plant and Machinery and office equipments 294550 c. Building 2359000 3301459 V - Goodwill 800000 Total 5973024Net Asset Value Per Share (5973024/500) is Rs.11946/-Cost of purchase per share (2500000/240) is Rs.10417/-PRESENT BUSINESS OF THE COMPANYThe main area of operations which were carried out in thePartnership Firm which now will be carried out by theCompany has been the development of Software as per theclients'' specifications. In software the Company''sspecialisation has been in creation of databases.The Promoters have earlier handled a large number ofassignments which include creation of Regulatory and LegalDatabases Financial Reports Historical Literary databasesfor systems ranging from PC based CD-ROM Products toOn-Line Mainframe products including workstation based Full- text search and Retrieval Systems for entities based inthe United States viz. Nuclear Power Plants LeadingCorporations CD-ROM manufacturers etc.The Company has perfected the technology for deliveringquality products to its clients. It guarantees 99.995%accuracy less than one error in twenty thousand androutinely delivers 100% accurate work.MAIN OBJECTS OF THE COMPANYThe main objects of the Company as stated in the Memorandum& Articles of Association of the Company are:1. To carry on the business of Exporters ImportersLenders and Hirers Traders Dealers Buyers SellersCommission Agents Contractors Sub-Contractors Repairersof Computer Software and Hardware Data ProcessingComputer Aided Designs [CAD] Computer Aided Manufacturing[CAM] Conversion of all types of Engineering/Drawings toElectronic Media and other allied peripherals and mediaproducts of all types and telecommunication.2. To establish and run data processing/computer centersand to offer consultancy and data processing and otherservices that are normally offered by dataprocessing/computer centers to industrial business andother types of customers and to import training onelectronic data processing computer software and hardwareto customers and others. To conduct seminars conferencesfor all matters relating to computer hardware software andother related matters.The present and the proposed activities of the company aslaid out above are within the purview of the Objects of thecompany as set out in the main objects clause of theMemorandum of Association of the Company.SUBSIDIARYThe company does not have any subsidiary.