| 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.
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