Accounting Policies of Bharat Line Ltd. Company

Mar 31, 2015

A The financial statements are prepared under the historical cost convention, on an accrual basis of accounting. The statement complies with the Accounting Standard prescribed by the ICAI and also complies with the Section 133 of the Companies Act, 2013. The accounts are prepared as a going concern.

B Fixed Assets are stated at cost less depreciation.

C Depreciation is provided on Written down Value method (WDV), over the estimated useful life of the assets.

During the Year, the company depreciates its fixed Assets over the useful life in the manner and rates prescribed in Schedule XIV of Companies act, 1956 as per the Notification No.GSR 627(E) dated 29th August 2014. Depreciation on the Fixed Assets added during the year has been provided on pro -rata basis with reference to the month of addition.

D Long term Investments are stated at cost. Permanent diminution, if any, is provided for

E All Income & Expenditure are accounted on accrual basis except Bonus which is accounted as an when paid.

F Gratuity: Provision for Gratuity is made on the basis of Actuarial valuation

G Tax Provisions:

(I) Provision for Income tax is made on the basis of Taxable Income for the Current Accounting Year in accordance with Income tax Act, 1961.

(ii) The Deferred Tax Asset /Liability is recognized at the applicable rate of tax based on timing differences between Book Profit and Taxable Income

H Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2014

A "The company prepares its accounts on accrual basis under the historical cost convention and in accordance with the Notified accounting standard by Companies Accounting Standard Rules, 2006 and the relevant provision of the companies Act, 1956.

B Fixed Assets are stated at cost less depreciation.

C "Depreciation on Land & Building is taken on straight line method and on other assets on W.D.V. basis at the rate provided by Schedule XIV of the Companies Act, 1956.

D Long term investment axe valued at cost. However, provision for diminution in value is made to recognice a decline other than temporary in the value of investment. Current investment are value, determined by category of investment.

E "All Income & Expenditure are accounted on accrual basis except bounus which is accounted as an when paid.

F Gratuity: Provision for Gratuity is made on the basis of Actuarial valuation

G Tax Provisions:

(i) "Provision for Income tax is made on the basis of taxable income for the current accounting year in accordance with Income tax Act, 1961.

(ii) "The Deferred Tax Asset /Liability is recognized at the applicable rate of tax based on timing differences between Book Profit and Taxable Income

H Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2013

A "The company prepares its accounts on accrual basis under the historical cost convention and in accordance with the Notified accounting standard by Companies Accounting Standard Rules, 2006 and the relevant provision of the companies Act, 1956.

B Fixed Assets are stated at cost less depreciation.

C "Depreciation on Land & Building is taken on straight line method and on other assets on W.D.V. basis at the rate provided by Schedule XIV of the Companies Act, 1956.

D Long term investment are valued at cost. However, provision for diminution in value is made to recognice a decline other than temporary in the value of investment. Current investment are value,determined by category of investment.

E "All Income & Expenditure are accounted on accrual basis except bounus which is accounted as an when paid.

F Gratuity: Provision for Gratuity is made on the basis of Actuarial valuation

G Tax Provisions:

(i) "Provision for Income taxis made on the basis of taxable income for the current accounting year in accordance with Income tax Act, 1961. .

(ii) "The Deferred Tax Asset /Liability is recognized at the applicable rate of tax based on timing differences between Book Profit and Taxable Income

H Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2012

A The company prepares its accounts on accrual basis under the historical cost convention and in accordance with the Notified accounting standered by Companies Accounting Standered Rules'2006 and the relevant provision of the companies Act'1956.

B Fixed Assets are stated at cost less depreciation.

C Depreciation on Land & Building is taken on straight line method and on other assets on W.D.V. basis at the rate provided by Schedule XIV of the Companies Act' 1956.

D Investments are stated at cost of Acquisition or Book Value.

E All Income & Expenditure are accounted on accrual basis except for Dividend which are accounted as an when received.

F Gratuity : Provision for Gratuity is made on the basis of Actuarial valuation

G Tax Provisions

(i) Provision for Income taxis made on the basis of taxable income for the current accounting year in accordance with Income tax Act' 1961.

(ii) The Deferred Tax Asset /Liability is recognized at the applicable rate of tax based on timing differences between Book Profit and Taxable Income

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Mar 31, 2010

(i) The company prepares its accounts on accrual basis under the historical cost convention and in accordance with the Notified accounting standered by Companies Accounting Standered Rules,2006 and the relevant provision of the companies Act,1956.

(ii) Fixed Assets are stated at cost less depreciation.

(iii) Depreciation on Land & Building is taken on straight line method and on other assets on W.D.V. basis at the rate provided by Schedule XTV of the Companies Act, 1956.

(iv) Investments are stated at cost of Acquisition or Book Value.

(v) All Income & Expenditure are accounted on accrual basis.except for Dividend which are accounted when received.

(vi) Gratuity : Provision for Gratuity is made on the basis of Actuarial valuation

(vii) Tax Provisions:

(a) Provision for Income tax & Fringe Benefit Tax is made on the basis of taxable income for the current accounting year in accordance with the Income tax Act, 1961.

(b) The Deferred Tax Asset /Liability is recognized at the applicable rate of tax based on timing differences between Book Profit and Taxable Income