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Accounting Policies of Ace Men Engg Works Ltd. Company

Mar 31, 2015

Corporate Review

Ace Men Engineering Works Ltd., (Formerly Known as Acumen Engineering Industries Limit incorporated on 18th November 1980, having its registered office at 19B B.B. Gangly Street 2nd Floor, Suite No,8 Kolkata -700012 and west Bengal The Directors of the company are Mr, Rajesh Kumar Sharma Mr, Mahesh Sharma Mr, Mulch and Gupta Ms, Sharma & Mr, Tarun Kumar Newatia.

1: Basis of Preparation of Standalone Financial Statements

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ("GAAP")in India GAAP companies mandatory accounting standards as prescribed under section 133 of Companies Act 2013 (the Act) read with Rule 7 of companies (Account) Rules 2014 the provisions of Companies (Accounts) Rules,2014, the provisions of the Act (to the have been consistently applied except where a newly-issued accounting to an existing accounting standard requires a change in the accounting policy hitherto in use.

2: Use of Estimates

The preparation of the standalone financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of asset and

3: Revenue Recognitions

Revenue in respect of finished goods is recognized on delivery during the accounting year.

4: Employee Benefits

All Employees benefits falling due wholly within twelve month of rendering the services are classified as short term employee benefits which include benefits like salary, wages, short are recognized as expense in the period in which the employee renders the related services.

5: Material Events after Balance Sheet date

Events which are of material nature after the balance sheet date are accounted for in the accounts.

6: Provisions and Contingencies

A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in and are determined based on the best estimate required to settle the obligation at the Balance Sheet date Balance Sheet date and adjusted to reflect the current best estimates The Company creates a provision when there is a present obligation as a result of past event that probably requires and outflows of resources and a reliable estimate can be made of the amount of obi Son A disclosure of contingent Liability is made when there is possible obligation or a present obligation probably not require outflow of resources or where a reliable estimate of obligation cannot be made.

7: Taxes on Income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.Minimum Alternate Tax (MAT) paid in accordance with the tax laws which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the company will pay normal income tax.

8: Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations.

9: Investment

Unquoted shares are valued at Cost.

10: Cash and Cash Equivalents

Cash and Cash equivalents comprise cash and cash on deposit with banks and corporations The Company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.

11: Cash Flow Statements

Cash Flow Statement has been prepared in accordance with Accounting Standard 3 issued by Institute of Chartered Accountants of India.


Mar 31, 2014

(i) The financial statement has been prepared on the histories cost convention and will generally accounting principles.

(ii) Items for profit & Loss a/c have been accounted for on accrual basis.

(iii) Investments have been made in unquoted shares and have been stated at cost.


Mar 31, 2013

(i) The financial statement has been prepared on the historical cost convention and with generally accepted accounting principles.

(ii) Items for Profit & Loss a/c have been accounted for on accrual basis.

(iii) Investments have been made in unquoted shares and have been stated at cost.

 
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