The financial statements have been prepared and presented under the
 historical cost convention on the accrual basis of accounting in
 accordance with the generally accepted accounting principles (GAAP) in
 India and comply with the Accounting Standards (AS) prescribed by the
 Central Government, in consultation with National Advisory Committee on
 Accounting Standards, under the Companies (Accounting Standards)
 Rules, 2006 and with the relevant provisions of the Companies Act,
 1956, (''the Act'') to the extent applicable. The significant accounting
 policies are as follows :
 
 (a) Use of Estimates
 
 The preparation of financial statements in accordance with Generally
 Accepted Accounting Principles (''GAAP''), requires management to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities and the disclosure of contingent liabilities on the
 date of the financial statements Actual results could differ from those
 estimates.  Any revision to the accounting estimates is recognised
 prospectively in current and future periods.
 
 (b) Fixed assets and Depreciation/ Amortization
 
 Fixed assets are stated at cost of acquisition less accumulated
 depreciation/amortisation and provision for impairment. The cost of
 acquisition includes inward freight, duties, taxes and other directly
 attributable incidental expenses, net of cenvat credit and excluding
 foreign exchange fluctuation gains / (loss) on imported assets.
 
 Depreciation is provided on the straight line method, at the rates
 specified in Schedule XIV to the Companies Act, 1956 or based on the
 estimated useful lives of the assets, whichever is higher. The rates of
 depreciation used by the Company are as follows :
 
                                       Rate per annum (%)
 
 Buildings                             1.63 / 3.34
 
 Plant, Machinery and Tools            4.75 / 10.34 / 16.21
 
 Furniture, Fixture and Office 
 Equipment                             4.75 / 6.33
 
 Vehicles                              9.50 / 18.00
 
 Intangible Assets                     33.33
 
 Assets individually costing less than Rs 5,000 are depreciated at the
 rate of 100% per annum.
 
 Capital Work in Progess includes Advances paid to acquire Fixed Assets
 and the cost of Fixed Assets that were not put to use for their
 intended use.
 
 (c) Intangible assets
 
 Acquired intangible assets representing software is recorded at its
 acquisition price and is amortised over its estimated useful life on a
 straight line basis, commencing from the date the asset is available
 for its use. The management has estimated the useful life for such
 software as three years. The useful life of the asset is reviewed by
 the management at each Balance Sheet date.
 
 (d) Impairment of Assets
 
 In accordance with AS 28 - Impairment of Assets, the carrying amounts
 of the Company''s assets including intangible assets are reviewed at
 each Balance Sheet date to determine whether there is any indication of
 impairment. If any such indications exist, the assets recoverable
 amount is estimated, as the higher of the net selling price and the
 value in use. An impairment loss is recognised whenever the carrying
 amount of an asset or its cash generating units exceeds its recoverable
 amount. If at the Balance Sheet date, there is an indication that a
 previously assessed impairment loss no longer exists, the recoverable
 amount is reassessed and the asset is assessed at the recoverable
 amount subject to a maximum of depreciable historical cost.
 
 (e) Borrowing Costs
 
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalised as part of the cost
 of such assets. A qualifying asset is one that necessarily takes
 substantial period of time to get ready for intended use.  All other
 borrowing costs are charged to Profit and Loss Account.
 
 (f) Inventories
 
 Inventories are valued at the lower of cost and net realisable value.
 Cost is determined at Standard Cost adjusted on a FIFO basis for
 variances. Cost includes all cost of purchase and cost incurred in
 bringing the inventories to their present location and condition.
 Excise Duty is included in the value of Finished Products.
 
 (g) Revenue Recognition
 
 (i) Sale of goods is recognised on despatch to customers. ''Net Sales''
 exclude amounts recovered towards excise duty, sales tax, VAT, octroi
 and freight and is net of discounts.
 
 (ii) Service Income is recognised on the completion of activity
 relating to services.
 
 (iii) Export Incentives are recognised when the right to receive credit
 as per the terms of Incentives is established in respect of the exports
 made and when there is no significant uncertainty regarding the
 ultimate collection of the relevant export proceeds.
 
 (iv) interest income is recognised on time proportion base taking into
 account the amount outstanding and the rate applicable.
 
 (h) Warranties
 
 Warranty costs are estimated by the Management on the basis of a
 technical evaluation and past experience. Provision is made for
 estimated liability in respect of warranty cost in the year of sale.
 
 (i) Employee Benefits
 
 (i) Short term employee benefits
 
 Employee benefits payable wholly within twelve months of rendering the
 service are classified as short term employee benefits and are
 recognised in the period in which the employee renders the related
 service.
 
 (ii) Post employment benefits (defined benefit plans)
 
 The employees gratuity scheme is a defined benefit plan. The present
 value of the obligation under such defined benefit plan is determined
 at each Balance Sheet date based on an actuarial valuation carried out
 by an independent actuary using the projected unit credit method. The
 liability for gratuity is funded annually to a gratuity fund maintained
 with an approved trust managed by the Company. Actuarial gains and
 losses and past service costs are recognised immediately in the Profit
 and Loss Account.
 
 Employees who are members of SKF India Limited Provident Fund Scheme
 (''The Trust'') receive benefits from provident fund, which is a defined
 benefit plan. Both the employee and the Company make monthly
 contributions to the provident fund plan equal to a specified
 percentage of the employee''s salary. The Company contributes a part of
 the contribution to The Trust. The rate at which the annual interest is
 payable to the beneficiaries by the trust is being administered by the
 government. The Company has an obligation to make good the shortfall,
 if any, between the return from the investments of the Trust and the
 notified interest rate.
 
 For other employees, both the Company and employee contribution is paid
 to Regional Provident Fund Commissioner (RPFC) on a monthly basis.
 
 (iii) Post employment benefits (defined contribution plans)
 Contributions to the Provident Fund and Superannuation Fund which are
 defined contribution schemes, are recognised as an expense in the
 Profit and Loss Account in the period in which the contribution is due.
 
 (iv) Long term employee benefits
 
 Long term employee benefits comprise of compensated absences. These are
 measured based on an actuarial valuation carried out by an independent
 actuary using the projected unit method at each Balance Sheet date
 unless they are insignificant.  Actuarial gains and losses and past
 service costs are recognised immediately in the Profit and Loss
 Account.
 
 (v) Voluntary Retirement Scheme costs are charged off to Profit and
 Loss Account in the year in which they are incurred.  (j) Foreign
 Currency Transactions Foreign currency transactions are recorded at the
 rate of exchange prevailing on the date of the respective transactions.
 Monetary foreign currency assets and liabilities remaining unsettled at
 the Balance Sheet date are translated at the rates of exchange
 prevailing on that date.
 
 (j) Gains / losses arising on account of realisation / settlement of
 foreign exchange transactions and on translation of foreign currency
 assets and liabilities are recognised in the Profit and Loss Account.
 
 (k) Income Tax
 
 Income tax expense comprises current tax (i.e. amount of tax for the
 period determined in accordance with the income-tax law) and deferred
 tax charge or credit (reflecting the tax effects of timing differences
 between accounting income and taxable income for the period).
 
 The deferred tax charge or credit and the corresponding deferred tax
 liabilities or assets are recognised using the tax rates that have been
 enacted or substantively enacted by the Balance Sheet date.
 
 Deferred tax assets are recognised only to the extent that there is
 reasonable certainty that the assets can be realised in future; however
 where there is unabsorbed depreciation or carried forward losses under
 taxation laws, deferred tax assets are recognised only if there is a
 virtual certainty of realisation of such assets. Deferred tax assets
 are reviewed at each Balance Sheet date and written down or written-up
 to reflect the amount that is reasonably/ virtually certain (as the
 case may be ) to be realised.
 
 (l) Provisions and Contingencies
 
 Provision is recognised in the Balance Sheet when, the Company has a
 present obligation as a result of a past event; it is probable that an
 outflow of economic benefits will be required to settle the obligation;
 and a reliable estimate of the amount of the obligation can be made. A
 disclosure by way of a contingent liability is made when there is a
 possible obligation or a present obligation that may, but probably will
 not, require an outflow of resources. Where there is a possible
 obligation or a present obligation that the likelihood of outflow of
 resources is remote, no provision or disclosure is made (m) Earnings
 per share
 
 The basic earnings per share is computed by dividing the net profit
 attributable to the equity shareholders for the period by the weighted
 average number of equity shares outstanding during the reporting
 period. Diluted EPS is computed by dividing the net profit attributable
 to the equity shareholders for the year by the weighted average number
 of equity and equivalent diluted equity shares outstanding during the
 year, except where the result would be anti dilutive.