Ace Exports Annual Reports, Balance Sheet and Financials

Ace Exports Limited Standalone Balance Sheet (Rs. in Thousands)

Particulars	31-03-2025	31-03-2024
Non-Current Assets
Property, Plant & Equipment	27,089.18	28,645.44
Current Assets
Inventories	32,450.25	33,087.05
Trade Receivables	158.90	1,425.63
Cash and Cash Equivalents	376.88	412.41
Loans	2,395.78	1,665.74
Total Assets	62,470.98	65,236.27
Equity
Equity Share Capital	53,928.00	53,928.00
Other Equity	-43,240.84	-32,994.17
Non-Current Liabilities
Other Financial Liabilities	15,396.99	5,823.99
Current Liabilities
Borrowings	30,913.61	31,319.20
Trade Payables	1,918.28	3,724.06
Other Current Liabilities	5.46	70.96
Provisions	3,549.47	3,364.23
Total Equity & Liabilities	62,470.98	65,236.27

Ace Exports Limited Standalone Profit & Loss Statement (Rs. in Thousands)

Particulars	31-03-2025	31-03-2024
Revenue from Operations	2,663.38	9,920.68
Other Income	122.92	41.83
Total Revenue	2,786.29	9,962.51
EXPENSES
Cost of Materials Consumed	1,955.31	6,652.91
Stock in Trade	-	646.06
Employee Benefit Expenses	3,946.03	5,498.25
Finance Costs	3,082.75	2,881.46
Depreciation & Amortisation	1,698.35	1,860.35
Other Expenses	2,350.52	5,305.63
Total Expenses	13,032.96	22,844.66
Profit/(Loss) Before Tax	-10,246.67	-12,882.15
Tax Expense	-	-
Profit/(Loss) After Tax	-10,246.67	-12,882.15
Earnings Per Share
(Basic & Diluted)	-1.90	-2.39

Ace Exports Limited Standalone Cash Flow Statement (Rs. in Thousands)

Particulars	31-03-2025	31-03-2024
Cash Flow From Operating Activities
Net Profit/Loss before Tax	-10,246.67	-12,882.15
Adjustments:
Depreciation	1,698.35	1,860.35
Interest on Borrowings	3,082.75	2,881.46
Net Profit Before Working Capital Changes	-5,465.57	-8,140.34
Adjustment for Increase/Decrease in current Assets & Current liabilities:
Inventories	636.80	662.32
Trade Receivables	1,266.74	1,809.39
Short Term Loans & Advances	-730.03	-22.36
Short Term Borrowings	-405.60	4,685.49
Trade Payables	-1,805.77	1,378.83
Other Current Liabilities	-65.50	57.68
Short term provision	185.24	-676.87
Net Cash from Operating Activities	-6,383.69	-245.86
Cash Flow From Investing Activities
Purchase of Fixed Assets	-142.09	-19.64
Decrease in FDR	88.50	-
Net Cash from Investing Activities	-53.59	-19.64
Cash Flow From Financing Activities
Unsecured Loans	9,573.00	3,128.99
Interest Paid	-3,082.75	-2,881.46
Net Cash from Financing Activities	6,490.25	247.53
Net Increase/(Decrease) in Cash	52.97	-17.97
Opening Cash Balance	323.91	341.88
Closing Cash Balance	376.88	323.91

Summary of cash flow statement:

Cash Flow from Operating Activities

The company continues to report negative cash flow from operations, which is a concern. Although the net loss before tax improved from ₹12,882.15 thousand in 2024 to ₹10,246.67 thousand in 2025, operations are still loss-making. After adding back non-cash expenses like depreciation and interest, the operating loss reduces, but remains negative at ₹5,465.57 thousand.

Working capital changes had a mixed impact. Positive contributions came from reductions in inventories and receivables, indicating better stock and collection management. However, declines in trade payables and short-term borrowings reduced liquidity, as the company likely repaid obligations. Overall, net cash outflow from operations sharply increased to ₹6,383.69 thousand (from ₹245.86 thousand), suggesting that core business operations are not generating sufficient cash and may be under financial stress.

 

Cash Flow from Investing Activities

Investing activities show minimal cash movement, indicating limited expansion or capital expenditure. The company spent a small amount on fixed assets (₹142.09 thousand), slightly higher than the previous year. There was also a small inflow from reduction in fixed deposits (FDR). Overall, the net cash outflow from investing activities remained low at ₹53.59 thousand. This suggests the company is not aggressively investing in growth or asset expansion, possibly due to limited internal cash generation.

 

Cash Flow from Financing Activities

Financing activities are the primary source of cash inflow for the company. A significant increase in unsecured loans (₹9,573.00 thousand vs ₹3,128.99 thousand) indicates reliance on external funding to support operations. However, interest payments also remain substantial. Despite this, the company generated a net positive cash flow of ₹6,490.25 thousand, much higher than the previous year. This reflects that operations are being funded through borrowings rather than internal accruals, which may raise concerns about long-term financial sustainability.

 

Net Change in Cash Position

Despite heavy operating losses, the company managed to increase its cash balance slightly by ₹52.97 thousand, compared to a decrease in the previous year. This improvement is entirely due to financing inflows, which offset operational cash burn. It indicates that liquidity is being maintained artificially through external funds rather than business performance.

Financial Ratios of Ace Exports Limited

Particulars	31-03-2025
Current Ratio	0.97
Debt-Equity Ratio	4.85
Debt Service Coverage Ratio	0.86
Return on Equity Ratio	0.26
Inventory Turnover Ratio	0.06
Trade Receivables Turnover Ratio	3.36
Trade Payables Turnover Ratio	0.47
Net Profit Ratio	-3.68
Return on Capital Employed	-1.12
Return on Investment	-

Summary of financial ratios:

Current Ratio

The current ratio of 0.97 indicates that the company’s current assets are slightly less than its current liabilities. This reflects a weak liquidity position, suggesting that the company may face difficulty in meeting its short-term obligations on time.

 

Debt-Equity Ratio

The debt-equity ratio of 4.85 is high, showing that the company is heavily dependent on borrowed funds. This high leverage increases financial risk and indicates an unstable capital structure.

 

Debt Service Coverage Ratio

The DSCR of 0.86 is below 1, which means the company is not generating sufficient earnings to cover its debt servicing requirements. This raises concerns about its ability to repay loans and interest.

 

Return on Equity Ratio

The ROE of 0.26 is very low, indicating that the company is generating minimal returns for its shareholders. It reflects inefficient utilization of shareholders’ funds.

 

Inventory Turnover Ratio

The inventory turnover ratio of 0.06 is extremely low, suggesting that inventory is moving very slowly or lying unsold for long periods. This leads to blocking of working capital and inefficiency in inventory management.

 

Trade Receivables Turnover Ratio

The receivables turnover ratio of 3.36 indicates a moderate efficiency in collecting dues from customers. While not very strong, it shows that the company is managing its receivables better compared to other areas.

 

Trade Payables Turnover Ratio

The payables turnover ratio of 0.47 is low, which implies that the company is taking longer time to pay its suppliers. This may be due to liquidity constraints and can affect supplier relationships.

 

Net Profit Ratio

The net profit ratio of -3.68% shows that the company is incurring losses, meaning it is not able to convert its revenue into profit. This reflects poor overall profitability.

 

Return on Capital Employed

The ROCE of -1.12% indicates that the company is not generating returns from its total capital employed and is instead operating at a loss. This shows inefficient use of long-term funds.

 

Return on Investment

The ROI is negative (not specified), which suggests that the company is not earning adequate returns on its investments. This further highlights weak financial performance.