Accounting Policies of Konkan Tyres Ltd. Company

Mar 31, 2012

(1) Accounting Convention :

The accounts are prepared on accrual basis under the historical cost convention in accordance with the applicable accounting standards and relevant provisions of the Companies Act, 1956.

(2) Fixed Assets :

All fixed assets are stated at cost less depreciation.

(3) Depreciation :

During the year no depreciation is provided as there is no manufacturing activity.

(4) Sales :

During the year there is Trading Sales and no Manufacturing Sales.

(5) Expenses and Income :

All expenses and incomes are accounted for on mercantile basis.

(6) Investments :

Investments are valued at cost.

(7) Inventories :

Inventories are valued at cost.

Finished Goods are valued at lower cost or realizable value.

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Mar 31, 2011

(1) Accounting Convention:

The accounts are prepared on accrual basis under the historical cost convention in accordance with the applicable accounting standards and relevant provisions of the Companies Act, 1956.

(2) Fixed Assets :

All fixed assets are stated at cost less depreciation.

(3) Depreciation:

During the year no depreciation is provided as there is no manufacturing activity.

(4) Sales:

During the year there is Trading Sales and no Manufacturing Sales.

(5) Expenses and Income :

All expenses and incomes are accounted for on mercantile basis.

(6) Investments:

Investments are valued at cost.

(7) Inventories:

Inventories are valued at cost.

Finished Goods are valued at lower cost or realizable value.

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Mar 31, 2010

(1) Accounting Convention:

The accounts are prepared on accrual basis under the historical cost convention in accordance with the applicable accounting standards and relevant provisions of the Companies Act, 1956.

(2) Fixed Assets :

All fixed assets are stated at cost less depreciation.

(3) Depreciation:

During the year no depreciation is provided as there is no manufacturing activity.

(4) Sales:

During the year there is Trading Sales and no Manufacturing Sales.

(5) Expenses and Income :

All expenses and incomes are accounted for on mercantile basis.

(6) Investments:

Investments are valued at cost.

(7) Inventories:

Inventories are valued at cost.

Finished Goods are valued at lower cost or realizable value.

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Mar 31, 2009

(1) Accounting Convention :

The accounts are prepared on accrual basis under the historical cost convention in accordance with the applicable accounting standards and relevant provisions of the Companies Act, 1956.

(2) Fixed Assets:

All fixed assets are stated at cost less depreciation.

(3) Depreciation:

During the year no depreciation is provided as there is no manufacturing activity.

(4) Sales:

During the year there is Trading Sales and no Manufacturing Sales.

(5) Expenses and Income:

All expenses and incomes are accounted for on mercantile basis.

(6) Investments:

Investments are valued at cost.

(7) Inventories:

Inventories are valued at cost.

Finished Goods are valued at lower cost or realisable value.

(ID Notes on Balance Sheet & Profit & Loss Accounts