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Notes to Accounts of Atlas Cycles (Haryana) Ltd.

Mar 31, 2016

(b) TERMS/RIGHT ATTACHED TO EQUITY SHARES

The company has only one class of equity shares having a par value of '' 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and also has equal right in distribution of Profit/Surplus in proportions to the number of equity shares held by the shareholders.

d) Company has not issued any ESOP Plan,or Conversion of Bonds/Debentures

e) Company has not issued any shares by way of Bonus/ Right Shares and has not Buy-back any shares in the preceding five years

1 Term Loan from Central Bank Of India is secured against first pari passu charge on respective unit''s immovable property and future assets which it may acquire in future and carries interest @ 13% p.a and is repayable on 3 yearly equal installments.

2 The Company accepted fixed deposits from the public which carries interest @ 11% p.a. for FDRs less than '' 2,00,000/- for a period of one year and 11.5% p.a for more than one year irrespective of amount. However, company is repaying fixed deposit as and when becoming due for payment.

3 Vehicle loans are secured by way of hypothecation of vehicle concerned and carries interest from 8.5% p.a. to 13% p.a. on different loans and repayable in 36 / 48 equal installments.

1 Cash Credit Limit from Consortium banks is secured against Hypothecation of Inventory and Book Debts and Ist Charge over Fixed Assets of the Company which is repayable on demand and carries Interest @ 13.25% p.a.

2 Bills Discounting facility from SIDBI is fully secured by the stock against the bills discounted and IInd charge over the Fixed Assets of the Company and carries interest@13.50% pa

3 Overdraft Limit from HDFC Bank is Secured against the lien on the Mutual Funds and carries interest @12.25% which is repayable on demand.

4 Bill Discounting Facility from IDBI bank is secured against second charge on current and fixed assets of Malanpur Unit.

5 Unsecured Billl Discounting Facility from India Factoring Finance Limited carries interest@ 15% p.a.

# Rs, 15.50 Crores received as advance against sale of land of Rasoi Plant and Rs, 6.37 crores received as advance against sale of land of Bawal plant.

4 In the annual report of last financial year 2014-15, a sum of Rs, 3,41,07,212/- was shown recoverable. The said amount was recoverable against the unauthorized payment of rent made from the accounts of the company for residential accomodation availed by Mr Vikram Kapur and Mr Angad Kapur. Out of said amount, a sum of Rs, 1,40,00,000 (Rupees One Crore Fouty Lacs only) was received into the accounts of the company on 30th Sep 2015 and the balance recoverable amount is Rs, 2,01,07,212/-. The company has already initiated appropriate legal proceedings against Mr Vikram Kapur and Mr Angad Kapur for misappropriation of said amount and the matter is pending adjudication in the court of Magistrate, Saket Courts, New Delhi.

5 RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18 A. Name of associated parties and nature of related party relationship

i Associated Companies : Milton Cycles Inds Ltd, Janki Das & Sons (P) Ltd,Romer Engineering Works (P) Ltd

ii) Subsidiary Companies are: Atlas Cycles Sonepat Ltd, Atlas Cycles (Sahibabad) Ltd,

Atlas Cycles (Malanpur) Ltd.,

Directors & Employees (As at 31.03.2014) : Sh. I.D.Chugh,

Sh. H.K.Ahuja, Sh. H.L.Bhatia, Sh. Vikram Khosla, Sh. Kartik Roop Rai, Sh. Sanjiv Kavaljit Singh, Sh. Veena Buber, Sh. Vikram Kapur,

Sh. Salil Kapur, Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Rajiv Kapur, Sh. Angad Kapur, Sh. Rishav Kapur,

Sh. Prashant Kapur, Sh. Rahul Kapur,Sh.Sidhant Kapur,Sh.Abhinav Kapur,Sh.Ashwin Kapur.

C. Transactions with key managerial persons:

Remunerations: Rs, 483.64 Lacs (Previous Year '' 430.59 Lacs)

6 Figure of the Previous Year have been re-arranged, wherever necessary.


Mar 31, 2015

1. TERMS/RIGHT ATTACHED TO EQUITY SHARES

The company has only one class of equity shares having a par value of ' 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and also has equal right in distribution of Profit/Surplus in proportions to the number of equity shares held by the shareholders.

2 Cash Credit Limit from Consortium banks is secured against Hypothecation of Inventory and Book Debts and Ist Charge over Fixed Assets of the Company which is repayable on demand and carries Interest @ 13.25% p.a.

3 Bills Discounting facility from SIDBI is fully secured by the stock against the bills discounted and IInd charge over the Fixed Assets of the Company and carries interest@13.50% pa

4 Overdraft Limit from HDFC Bank is Secured against the lien on the Mutual Funds and carries interest @12.25% which is repayable on demand.

5 Bill Discounting Facility from IDBI bank is secured against second charge on current and fixed assets of Malanpur Unit.

6 Unsecured Billl Discounting Facility from India Factoring Finance Limited carries interest@ 15% p.a.

7 RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18

A. Name of associated parties and nature of related party relationship

i) Associated Companies : Milton Cycles Inds Ltd, Janki Das & Sons (P) Ltd,Romer Engineering Works (P) Ltd

ii) Subsidiary Companies are: Atlas Cycles (Sonipat) Ltd, Atlas Cycles (Sahibabad) Ltd,

Atlas Cycles (Malanpur) Ltd., Directors & Employees (As at 31.03.2014) : Sh. I.D.Chugh,

Sh. H.K.Ahuja, Sh. H.L.Bhatia, Sh. Vikram Khosla, Sh. Kartik Roop Rai, Sh. Sanjiv Kavaljit Singh, Sh. Veena Buber, Sh. Vikram Kapur, Sh. Salil Kapur, Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Rajiv Kapur, Sh. Angad Kapur, Sh. Rishav Kapur, Sh.Prashant Kapur, Sh. Rahul Kapur,Sh.Sidhant Kapur,Sh.Abhinav Kapur,Sh.Ashwin Kapur.

8 Figure of the Previous Year have been re-arranged, wherever necessary.


Mar 31, 2014

1 CONTIGENT LIABILITIES IN RESPECT OF 2014 2013

a) Surety bonds executed in favour of President of India through Customs & Excise authorities for payment of Central Excise/Custom duty 165.00 165.00

b) Two surety bonds in favour of government of Haryana for payment of Central & Local Sales Tax 30.40 30.40

c) Guarantees given by bank 563.05 564.75

d) In respect of Entry Tax matters 5.00 5.00

e) In respect of Excise matters 52.00 52.00

f) In respect of Sales Tax matters 568.07 568.07

2 LIST OF SMALL SCALE SUPPLIERS WHERE THE OUTSTANDING ARE OVER 30 DAYS:

Auto Fan (India), Advance Plastic Industries, Ark Enginnering Pvt. Ltd., Appu Cycles, Balbinder Mechenical Works, V.J Sales Corp., Bidar Engineering Co., Birdi International, Bharat Cycle Udyog, Chandan Industries, Chopra Engineers D.K.Industries, Ess Pee Industries, Emm Industries India, Fit Right Engineer, Govind cycles Pvt. Ltd., Great Gears Pvt.L. Hianken Industries, J.B. Industries, Jain International,Jai Shiva Trading Co., Kular Cycle Industries,Koon Cycle Industries, Kumar Enterprises, Kapson Industries,K.B. Kapoor Industries, Lion Industries, Label & Stcikers Industries, Meera Ind., Mukhtiar Engg. Works, Mandeep Products,Naveen Enterprises,Nitya Enterprises,Om Shivam Cycle India,Om Industries, Partap Cycle Ind.,Ranjeev Industries, Randhir Industrial Corp.,Ravi Industries, Rahul Enterprises, Rider Bikes Pvt. Ltd. Rana Enterprises, Seval Screw Co.,Sukhmani Steels,S.S.Product India, Shri Atamballabh Industrial Corp, Subhash & Sons, Sahil Enterprises, Vee Pee Industries,Visvakarma Industries Pvt. Ltd., Vinod Steel Craft, Watson Engg. Works, Watson Industries, Arihant Product Pvt. Ltd.,Appar Packaging Pvt. Ltd.,Bajrang Industries Carry Packers,Denzo Paints Pvt. Ltd., Laxmi Chemicals, Margo Ind. India, Margo Fastners, Punjab Plastic Ind. Parko Industries, Rishi Udyog, R.M. Industries, Amardeep Steel Industries, Anmol Industries, B.S. Lotey Brothers, Gupta Bikes Pvt. Ltd., Hindustan Tyers, Hightech Halftone, Joginder Singh Tejender Singh, Kamal Cycles Components, Mahaveer Steels, Durga Industries, H.K.Engineers, Jeet Enterprises.

3 During the year it was revealed that Mr.Salil Kapur, President of Malanpur Unit had advanced funds to the tune of Rs. 14,03,73,171/- including Rs. 11,05,36,111/- to himself and Rs. 2,98,37,060/- to private limited companies controlled by him. These advances had been granted without any approval of board of directors and without any interest and stipulated period. Board has taken serious view of this and efforts are being made to recover this amount.

4 RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18

A. Name of associated parties and nature of related party relationship

i) Associated Companies : Milton Cycles Inds Ltd, Janki Das & Sons (P) Ltd,Romer Engineering Works (P) Ltd

ii) Subsidiary Companies are: Atlas Cycles (Sonipat) Ltd, Atlas Cycles (Sahibabad) Ltd, Atlas Cycles (Malanpur) Ltd., Directors & Employees (As at 31.03.2014) : Sh. I.D.Chugh, Sh. H.K.Ahuja, Sh. H.L.Bhatia, Sh. Vikram Kapur, Sh. Salil Kapur, Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Rajiv Kapur, Sh. Angad Kapur, Sh. Rishav Kapur, Sh.Prashant Kapur, Sh. Rahul Kapur,Sh.Sidhant Kapur,Sh.Abhinav Kapur,Sh.Ashwin Kapur.

5 Figure of the Previous Year have been re-arranged, wherever necessary.

6 (a) TERMS/RIGHT ATTACHED TO EQUITY SHARES

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and also has equal right in distribution of Profit/Surplus in proportions to the number of equity shares held by the shareholders.

a) Company has not issued any ESOP Plan,or Conversion of Bonds/Debentures

b) Company has not issued any shares by way of Bonus/ Right Shares and has not By-back any shares in the preceding five years

7. 1 Term Loan from Central Bank Of India is secured against first pari passu charge on respective unit''s immovable property and future assets which it may acquire in future and carries interest @ 13% p.a and is repayable on 3 yearly equal installments.

2 The Company accepts fixed deposits from the public which carries interest @ 11% p.a. for FDRs less than Rs. 2,00,000/- for a period of one year and 11.5% p.a for more than one year irrespective of amount.

3 Vehicle loans are secured by way of hypothecation of vehicle concerned and carries interest from 8.5% p.a. to 13% p.a. on different loans and repayable in 36 / 48 equal installments.

4 Term loan from Bank is secured against first pari passu charge on immovable property and future assets which it may acquire in future and carries interest @ 15% p.a and is repayable on six monthly equal installments from the date of disbursement i.e October 2013.

8. 1 Cash Credit Limit from Consortium banks is secured against Hypothecation of Inventory and Book Debts and 1st Charge over Fixed Assets of the Company which is repayable on demand and carries Interest @ 15.25% p.a.

2 Bills Discounting facility from SIDBI is fully secured by the stock against the bills discounted and IInd charge over the Fixed Assets of the Company and carries interest @ 13.50% p.a.

3 Overdraft Limit from HDFC Bank is Secured against the lien on the Mutual Funds and carries interest which is repayable on demand and carries interest @ 12.25% p.a.

4 Short Term Corporate Loans carries interest @ 18% p.a..

5 Bill Discounting Facility from IDBI bank is secured against second charge on current and fixed assets of Malanpur Unit.

6 Unsecured Billl Discounting Facility from India Factoring Finance Limited carries interest @ 15 p.a.


Mar 31, 2013

1 SEGMENT REPORTING

Based on the guiding principles given in Accounting Standard -17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Companies business segment includes bicycle manufacturing and Steel tube manufacturing.

SEGMENT ACCOUNTING POLICIES

The accounting policies adopted for the segment reporting are in line with the accounting policies of the company with the following additional policies for the segment reporting.

(i) Inter segment revenue have been accounted on cost to the receiving segmental unit.

(ii) Expenses have been included to the segment on the basis of their relationship to the accounting activities of the segment. Expenses which relate to the enterprise as a whole and are not allocable to the segments on a reasonable basis, have been included under "unallocated corporate expenses."

(iii) Segments assets include all operating assets used by a segment and consist principally of operating cash, debtors, inventories and fixed assets and provisions, which are reported as direct offsets in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities.

2. LIST OF SMALL SCALE SUPPLIERS WHERE THE OUTSTANDING ARE OVER 30 DAYS:

Auto Fan (India), Advance Plastic Industries, Ark Enginnering Pvt. Ltd., Appu Cycles, Balbinder Mechenical Works, V.J Sales Corp., Bidar Engineering Co., Birdi International, Bharat Cycle Udyog, Chandan Industries, Chopra Engineers, D.K.Industries, Ess Pee Industries, Emm Industries India, Fit Right Engineer, Govind cycles Pvt. Ltd., Great Gears Pvt.Ltd., Hianken Industries, J.B. Industries, Jain International,Jai Shiva Trading Co., Kular Cycle Industries,Koon Cycle Industries, Kumar Enterprises, Kapson Industries,K.B. Kapoor Industries, Lion Industries, Label & Stcikers Industries, Meera Ind., Mukhtiar Engg. Works, Mandeep Products,Naveen Enterprises,Nitya Enterprises,Om Shivam Cycle India,Om Industries, Partap Cycle Ind.,Ranjeev Industries, Randhir Industrial Corp.,Ravi Industries, Rahul Enterprises, Rider Bikes Pvt. Ltd. Rana Enterprises, Seval Screw Co.,Sukhmani Steels,S.S.Product India, Shri Atamballabh Industrial Corp, Subhash & Sons, Sahil Enterprises, Vee Pee Industries,Visvakarma Industries Pvt. Ltd., Vinod Steel Craft, Watson Engg. Works, Watson Industries, Arihant Product Pvt. Ltd.,Appar Packaging Pvt. Ltd.,Bajrang Industries Carry Packers,Denzo Paints Pvt. Ltd., Laxmi Chemicals, Margo Ind. India, Margo Fastners, Punjab Plastic Ind. Parko Industries, Rishi Udyog, R.M. Industries, Amardeep Steel Industries, Anmol Industries, B.S. Lotey Brothers, Gupta Bikes Pvt. Ltd., Hindustan Tyers, Hightech Halftone, Joginder Singh Tejender Singh, Kamal Cycles Components, Mahaveer Steels, Durga Industries, H.K.Engineers, Jeet Enterprises.

3. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18

A. Name of associated parties and nature of related party relationship

i) Associated Companies : Milton Cycles Inds Ltd, Janki Das & Sons (P) Ltd,Romer Engineering Works (P) Ltd Exotic Flora (P) Ltd ii) Subsidiary Companies are: Atlas Cycles (Sonipat) Ltd, Atlas Cycles (Sahibabad) Ltd, Atlas Cycles (Malanpur) Ltd. Directors & Employees (As at 31.03.2013) : Sh. I.D.Chugh, Sh. H.K.Ahuja, Sh. H.L.Bhatia, Sh. P.R. Chawla, Sh. Vikram Kapur, Sh. Salil Kapur Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Rajiv Kapur, Sh. Angad Kapur, Sh. Rishav Kapur, Sh.Prashant Kapur, Sh. Rahul Kapur, Sh.Sidhant Kapur,Sh.Abhinav Kapur,Sh.Ashwin Kapur.


Mar 31, 2012

1 Long term loan from Tamilnand Mercentile bank limited is secured against first charge on specific assets against which loan taken and carries interest @ 12.50% p.a.

2 Term Loan from Central Bank Of India is secured against first pari passu charge on respective units immovable property and future assets which it may acquire in future and carries interest @ 13% p.a and is repayable on 3 yearly equal installments.

3 The Company accepts fixed deposits from the public which carries interest @ 11% p.a. for FDRs less than Rs 2,00,000/- for a period and 11.5% p.a for more than one year irrespective of amount.

4 Vehicle loans are secured by way of hypothecation of vehicle concerned and carries interest from 8.5% p.a. to 13% p.a. on different loans and repayable in 48 equal installments.

1 Cash Credit Limit from Consortium banks is secured against Hypothecation of Inventory and Book Debts and Ist Charge over Fixed Assets of the Company which is repayable on demand and carries Interest @ 15.25% p.a.

2 Bills Discounting facility from SIDBI is fully secured by the stock against the bills discounted and IInd charge over the Fixed Assets of the Company and carries interest @ 13.50% p.a.

3 Overdraft Limit from HDFC Bank is Secured against the lien on the Mutual Funds and carries interest which is repayable on demand and carries interest @ 11.25% p.a.

4 Credit Facilities from YES Bank is secured against Subserveint/Residual Charge on Current and Fixed Assets of the Malanpur Unit & carries interest @ 14%

5 Unsecured Short Term loan availed from HDFC Bank carries interest @ 12.75% p.a.

6 Short Term Corporate Loans carries interest @ 18% p.a..

7 Bill Discounting Facility from IDBI bank is secured against second charge on current and fixed assets of Malanpur Unit.

8 Unsecured Billl Discounting Facility from India Factoring Finance Limited carries interest@ 15% p.a.

9 Unsecured Loans from Birla Global Finance against Promoters personal guarantee carries interest @ 18%.

2012 2011 Rs. Rs.

1. CONTIGENT LIABILITIES IN RESPECT OF

a) Surety bonds executed in favour of President of India through Customs & Excise authorities for payment of Central Excise/Custom duty 165.00 165.00

b) Two surety bonds in favour of government of Haryana for payment of Central & Local Sales Tax 30.40 30.40

c) Guarantees given by bank 1324.89 1509.72

d) In respect of Entry Tax matters 6.31 5.00

e) In respect of Excise matters 52.00 52.00

f) In respect of Sales Tax matters 608.38 601.49

2 SEGMENT REPORTING

Based on the guiding principles given in Accounting Standard -17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Companies business segment includes bicycle manufacturing and Steel tube manufacturing.

SEGMENT ACCOUNTING POLICIES

The accounting policies adopted for the segment reporting are in line with the accounting policies of the company with the following additional policies for the segment reporting.

(i) Inter segment revenue have been accounted on cost to the receiving segmental unit.

(ii) Expenses have been included to the segment on the basis of their relationship to the accounting activities of the segment. Expenses which relate to the enterprise as a whole and are not allocable to the segments on a reasonable basis, have been included under "unallocated corporate expenses."

(iii) Segments assets include all operating assets used by a segment and consist principally of operating cash, debtors, inventories and fixed assets and provisions, which are reported as direct offsets in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities.

3. LIST OF SMALL SCALE SUPPLIERS WHERE THE OUTSTANDING ARE OVER 30 DAYS:

Kanwal Engg.Works,Hansa Tubes Pvt Ltd,Nagpal Enterprises,S.K.Aggarwal & co,Hansa Mettallics Ltd, Suriendra Cycles Pvt Ltd,Aditya Industries, Advance Plastics Industries,Gobind Cycles Pvt Ltd, Gupta Bikes Pvt Ltd,Jeet Enterprises,Jsts,K.S.Munjal Industries, Lion Industries, New Modern Steels Industries,Rana Enterprsies,Rider Bikes Pvt Ltd,Rolex Cycles Pvt Ltd,S.K.Sons,Sabharwal Enterprises ,Sandow Balls (India),Sood Industries,Sukhmani Steels, Sunny Cycles Pvt Ltd,Swastik Packaging,Swastik Polythene Industries, Synergy India,Vishal Cycles Pvt ltd, Vishal Udyog Pvt Ltd,Vts Creations ,Amrit Industries,Shree Krishna Steels,Evershine Plastics Industries, Rishi Udyog,Pagan Paints & Chemical Pvt Ltd,Shree Thakur Engg. Works, Kamal Cycles Components, Auto Fans (India),Ark Engg. Pvt Ltd, Appu Cycles, Balbinder mechanical Works, V.J.Sales Corp.,Bider Engg. Co.,Birdi International, Bharat Cycles Udyog,Chandan Industries, Chopra Engineers,D.K.Industries, Ess Pee Industries,Emm Industries,Fit Right Engineer,Great Gear Pvt Ltd,Hainkain Industries,J.B.Industries,jain International, Jai Shiva Trading Co.,Kular Cycles Industries,Koon Cycles Industries,Kumar Enterprises,Kapson Industries,K.B.Kapoor Industries,Label &Sticker Industries,Meera Industries,Mukhtier Engg. Works, Mandeep Products,Naveen Enterprises, Nitya Enterprises,Om Shivam Cycles India,Om Industries,Partap Cycles Industries,Ranjeev Industries,Randhir Industrial Corp. Rahul Enterprises,S.S,Products India,Shree Attam Vallabh Industrial corp., Sahil Enterprises, Vee Pee Industries, Visvakarma Industries Pvt Ltd,Vinod Steel Craft, Arihant Product Pvt Ltd,Appar Packaging Pvt Ltd,Bajrang Industries, Carry Packers, Denzo Paints Pvt Ltd, Laxmi Chemicals, Margo Inds. India, Margo Fastners, Punjab Plastics Inds,Parko Industries, R.M.Industries,Amardeep Steels Industries.

4 RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18

A. Name of associated parties and nature of related party relationship

i) Associated Companies : Milton Cycles Inds Ltd, Janki Das & Sons (P) Ltd,Romer Engineering Works (P) Ltd ExoticFlora(P) Ltd

ii) Subsidiary Companies are: Atlas Cycles (Sonipat) Ltd, Atlas Cycles (Sahibabad) Ltd, Atlas Cycles (Malanpur) Ltd. Directors & Employees (As at 31.03.2012) : Sh. I.D.Chugh, Sh. H.K.Ahuja, Sh. H.L.Bhatia, Sh. PR. Chawla, Sh. Vikram Kapur, Sh. Salil Kapur Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Rajiv Kapur, Sh. Angad Kapur, Sh. Rishav Kapur, Sh.Prashant Kapur, Sh. Rahul Kapur, Sh.Sidhant Kapur,Sh.Abhinav Kapur,Sh.Ashwin Kapur.


Mar 31, 2011

2011 2010

Rs. Rs.

1. CONTINGENT LIABILITIES IN RESPECT OF

a) Surety bonds executed in favor of President of India through Customs & Excise authorities for payment of Central Excise/Custom duty 1,64,99,412 1,64,99,412

b) Two surety bonds in favour of government of Haryana for payment of Central & Local Sales Tax 30,40,000 30,40,000

c) Guarantees given by bank 15,09,72,561 14,01,77,319

d) In respect of Entry Tax matters 5,00,000 2,79,000

e) In respect of Excise matters 52,00,000 56,20,000

f) In respect of Sales Tax matters 6,01,49,000 6,59,65,000

2. SEGMENT REPORTING

Based on the guiding principles given in Accounting Standard -17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Companies business segment includes bicycle manufacturing and Steel tube manufacturing.

SEGMENT ACCOUNTING POLICIES

The accounting policies adopted for the segment reporting are in line with the accounting policies of the company with the following additional policies for the segment reporting.

(i) Inter segment revenue have been accounted on cost to the receiving segmental unit.

(ii) Expenses have been included to the segment on the basis of their relationship to the accounting activities of the segment. Expenses which relate to the enterprise as a whole and are not allocable to the segments on a reasonable basis, have been included under "unallocated corporate expenses."

(iii) Segments assets include all operating assets used by a segment and consist principally of operating cash, debtors, inventories and fixed assets and provisions, which are reported as direct offsets in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities.

3. LIST OF SMALL SCALE SUPPLIERS WHERE THE OUTSTANDING ARE OVER 30 DAYS:

Kanwal Engg.Works,Hansa Tubes Pvt Ltd,Nagpal Enterprises,S.K.Aggarwal & co,Hansa Mettallics Ltd,Suriendra Cycles Pvt Ltd,Aditya Industries, Advance Plastics Industries,Gobind Cycles Pvt Ltd, Gupta Bikes Pvt Ltd,Jeet Enterprises,Jsts,K.S.Munjal Industries, Lion Industries, New Modern Steels Industries,Rana Enterprsies,Rider Bikes Pvt Ltd,Rolex Cycles Pvt Ltd,S.K.Sons,Sabharwal Enterprises ,Sandow Balls (India),Sood Industries,Sukhmani Steels, Sunny Cycles Pvt Ltd,Swastik Packaging,Swastik Polythene Industries, Synergy India,Vishal Cycles Pvt ltd, Vishal Udyog Pvt Ltd,Vts Creations ,Amrit Industries,Shree Krishna Steels,Evershine Plastics Industries, Rishi Udyog,Pagan Paints & Chemical Pvt Ltd,Shree Thakur Engg. Works, Kamal Cycles Components, Auto Fans (India),Ark Engg. Pvt Ltd, Appu Cycles, Balbinder mechanical Works, V.J.Sales Corp.,Bider Engg. Co.,Birdi International, Bharat Cycles Udyog,Chandan Industries, Chopra Engineers,D.K.Industries, Ess Pee Industries,Emm Industries,Fit Right Engineer,Great Gear Pvt Ltd,Hainkain Industries,J.B.Industries,jain International, Jai Shiva Trading Co.,Kular Cycles Industries,Koon Cycles Industries,Kumar Enterprises,Kapson Industries,K.B.Kapoor Industries,Label &Sticker Industries,Meera Industries,Mukhtier Engg. Works, Mandeep Products,Naveen Enterprises, Nitya Enterprises,Om Shivam Cycles India,Om Industries,Partap Cycles Industries,Ranjeev Industries,Randhir Industrial Corp. Rahul Enterprises,S.S,Products India,Shree Attam Vallabh Industrial corp., Sahil Enterprises, Vee Pee Industries, Visvakarma Industries Pvt Ltd,Vinod Steel Craft, Arihant Product Pvt Ltd,Appar Packaging Pvt Ltd,Bajrang Industries, Carry Packers, Denzo Paints Pvt Ltd, Laxmi Chemicals , Margo Inds. India, Margo Fastners, Punjab Plastics Inds,Parko Industries, R.M.Industries,Amardeep Steels Industries,Anmol Industries, B.S.Lotey Brothers, Hindustan Tyres, Hightech Halftone, Mahaveer Steels, Durga Industries,H.K. Engineers,

4. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD

5 A. Name of associated parties and nature of related party relationship

I) i) Associated companies: Milton Cycles Inds Ltd,

Janki Das & sons (P) Ltd,

Janki Das & Co.,

Roamer Engineering Works (P) Ltd.,

Exotic Flora (P) Ltd..

ii) Subsidiary Companies are: Atlas Cycles (Sonipat) Ltd, Atlas Cycles (Sahibabad) Ltd, Atlas Cycles (Malanpur) Ltd.

II) Directors & Employees (As on 31.03.2011) :

Sh. I.D. Chugh,

Sh. H.K. Ahuja,

Sh. H.L. Bhatia,

Sh. J.N. Sawhney,

Sh. P.R. Chawla,

Sh. Jai Dev Kapur,

Sh. Vikram Kapur,

Sh. Salil Kapur

Sh. Gautam Kapur,

Sh. Girish Kapur,

Sh. Sanjay Kapur,

Sh. Rajiv Kapur,

Sh. Angad Kapur,

Sh. Rishav Kapur,

Sh. Prashant Kapur,

Sh. Rahul Kapur,

Sh.Sidhant Kapur,

Sh.Abhinav Kapur,

Sh. Ashwin Kapur.

6 EXTRAORDINARY ITEMS - LEGAL & PROFESSIONAL

In order to recover the damage and loss which has been perpetrated by the ex. Malanpur Head, the legal actions initiated by the company in the recovery and its fight for its patent rights has caused the company legal expenses amounting to Rs.67.65 lacs (Previous Year Rs. 57.14 lacs).

7. Figure of the Previous Year have been re-arranged, wherever necessary.


Mar 31, 2010

2010 2009 Rs. Rs.

1. CONTINGENT LIABILITIES IN RESPECT OF

a) Surety bonds executed in favor of President of India through Customs & Excise authorities for payment of Central Excise/Custom duty

1,64,99,412 1,64,99,412

b) Two surety bonds in favour of government of Haryana for payment of Central & Local Sales Tax 30,40,000 30,40,000 c) Guarantees given by bank 14,01,77,319 12,01,16,448

d) In respect of Entry Tax matters 2,79,000 7,61,000

e) In respect of Excise matters 56,20,000 56,02,000

f) In respect of Sales Tax matters 6,59,65,000 5,87,21,000

2. SEGMENT REPORTING

Based on the guiding principles given in Accounting Standard -17 "Segment Reporting" issued by the Institute of Chartered Accoun- tants of India, the Companies business segment includes bicycle manufacturing and Steel tube manufacturing.

SEGMENT ACCOUNTING POLICIES

The accounting policies adopted for the segment reporting are in line with the accounting policies of the company with the following additional policies for the segment reporting.

(i) Inter segment revenue have been accounted on cost to the receiving segmental unit.

(ii) Expenses have been included to the segment on the basis of their relationship to the accounting activities of the segment. Expenses which relate to the enterprise as a whole and are not allocable to the segments on a reasonable basis, have been included under "unallocated corporate expenses."

(iii) Segments assets include all operating assets used by a segment and consist principally of operating cash, debtors, inventories and fixed assets and provisions, which are reported as direct offsets in the balance sheet. Segment liabilities include all operat- ing liabilities and consist principally of creditors and accrued liabilities.

3. LIST OF SMALL SCALE SUPPLIERS WHERE THE OUTSTANDING ARE OVER 30 DAYS:

Alag Cycle Inds, Aarti Steel Ltd, Amber Inds, Bharat Intl, Bharat Udyog, Charu Auto Inds, Gobind Cycles (Pvt) Ltd, Goel Interprises, Govind Steel, Hindustan Tyres, , Active Cycle Industries, B.J.Sales Corp, Hargobind Mach Works, Meera Inds, New Modern Steel, Sabarwal Interprises, Brosis Intl, Vishal Udyog Pvt Ltd, Vishal Cycles Pvt Ltd, Auto Fan (India) Appu Intl, Sukhmani Steel, D.K.Inds, Kamal Cycles, Metro Tyres, Pinki Plastics, Prestige Polyfolds, Ravi Inds, Rana Enterprises, Rolex, Rahul Interprises. Atam Ballabh, Vishwakarma Inds, Alled Strips, Bajrang Inds, D.K.Enterprises, Sony Inds, Harnek Singh & Co, Om Shivam Cycles, Amar Chand & Sons, Batla Corp, H.K.Engg, Randhir Paints, Kashmir Min & Paint Ltd, Simple Paints, Ason Bikes, Field Marshal Products, Great Gearts Pvt Ltd, Gupta Bikes, Jeet Enterprises, Margo Expots, Nagpal Enterprises, Parko Sunrise Enterprises, Syndicate Tyres, Khular Cycles, Lions inds, Nitya Enterprises, Pratab Cycle Inds, Rider Bike Pvt Ltd, Sewak Screw, Enn Gee Industrial Corp, Ess Pee Inds, Fit Right Organics, Rana Enterprises, Salana Cycle Inds, Ess Ess Products of india, Atul Metal Inds, Cargo International Packing, Crown Products, Durga Industries, Industrial Sales Promoters, Punjab Poly Pack, Rishi Udyog, Raj Impex, Saurashtra Indl Products, Saif Product, Sharda Packing, Chandan Inds, S.J.Cycle Inds, Speedo Expots, Active Cycle Inds, Amardeep Steel Inds, Balbinder Mech Works, Joginder Singh Tejinder Singh, Kid Ride Inds, Vee Pee Inds, Navin Enterprises, Jain Inds, Bansal Inds, J.B.Inds, Mankoo Steels, Randhir Indl Corp, Rajeen Inds, Watson Engg, Singh Packers, Advance Plastic, Ark Engg Works, Ravi Industries,.Globe Inds.

4. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18 A. Name of associated parties and nature of related party relationship

I) i) Associated companies: Milton Cycles Inds Ltd, Janki Das & sons (P) Ltd, Janki Das & Co., Roamer Engineering Works

(P) Ltd., Exotic Flora (P) Ltd..

ii) Subsidiary Companies are: Atlas Cycles (Sonipat) Ltd, Atlas Cycles (Sahibabad) Ltd, Atlas Cycles (Malanpur) Ltd.

II) Directors & Employees (As at 31.03.2009) : Sh. I.D.Chugh, Sh. H.K.Ahuja, Sh. H.L.Bhatia, Sh. J.N.Sawhney, Sh. P.R. Chawla, Sh. Jai Dev Kapur, Sh. Vikram Kapur, Sh. Salil Kapur, Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Rajiv Kapur, Sh. Angad Kapur, Sh. Rishav Kapur,Sh.Prashant Kapur,Sh.Rahul Kapur,Sh.Sidhant Kapur, Sh. Abhinav Kapur.

5 EXTRAORDINARY ITEMS - LEGAL & PROFESSIONAL

In order to recover the damage and loss which has been perpetrated by the ex. Malanpur Head, the legal actions initiated by the company in the recovery and its fight for its patent rights has caused the company legal expenses amounting to Rs.57.14 lacs (Previous Year Rs. 34.48 lacs).

6. Figure of the Previous Year have been re-arranged, wherever necessary.

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