Notes to Accounts of Autolite (India) Ltd.

Mar 31, 2018

NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2018

GENERAL INFORMATION:

Autolite (India) Limited, Jaipur, is a manufacturer and exporter of automotive head lamps and halogen lamps. Company''s product is exported to more than 50 countries. Company is supplying its product to leading OEM i.e. Tata Motors, Mahindra & Mahindra, Swaraj Mazda, Escort Yamaha, Ashok Leyland, V.E Commercial, etc. and supplying in replacement market through its Dealer Distributors Network in India. Company has been awarded STAR EXPORT HOUSE status by Ministry of Commerce, Government of India. The company''s equity shares are actively traded on the Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.

BASIS OF PREPARATION:

Statement of compliance

These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to section B3 of the Companies Act, 20B read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 205 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

These financial statements for the year ended 3M arch 2018 are the C. first financial statement under Ind AS. For all periods upto and including the year ended 31st March 2017, the Company prepared its financial statements in accordance with the accounting standards notified under the section B3 of the Companies Act 20B, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (hereinafter referred to as ''Previous GAAP'') used for its statutory

reporting requirement in India immediately before adopting Ind AS. The financial statements for the year ended 31 March 2017 and the opening Balance Sheet as at 1 April 206 have been restated in accordance with Ind AS for comparative information. Reconciliations and explanations of the effect of the transition from Previous GAAP to Ind AS on the Company''s Balance Sheet, Statement of Profit and Loss and Statement of Cash Flows are provided in note 59.

The financial statements have been prepared accrual and going concern basis. The account ing policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1 April 2016 being the ''date of transition to Ind AS''.

These financial statements were authorized for issue by Board of Directors on 2nd June 2018

B. Functional and presentation currency

These financial statements are presented in Indian Rupees (INR), which is the Company''s functional currency. All financial information presentechi INR has been rounded to the nearest lacs, except as stated other wise.

Basis of measurement

The financial statements have been prepared on the historical cost basis except for below:

D. Use of estimates and judgements

In preparing these financial statements, management has made, judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual result may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospect ively. Judgments

Information about judgments made in applying accounting policies that have the most significant effon the amounts recognised in the financial statements is included in the following notes: Lease classification -Note 46

Leases: whether an arrangement contains a lease -Note 46 Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the subsequent period financial statements is included in the following notes:

Estimated useful life of property, plant and equipment -Note 3 (B)

Estimation of defined benefit obligatioon Note 40

Measurement and likelihood of occurrence of provisions and contingencies -Note 3 (L)

Impairment of trade receivables -Note 42

Items	Measurement Basis
Certain financial assets and liabilities	Fair Value
Net defined benefit(asset)/liability	Fair value of plan assets less present value of defined benefit obligations

E. Measurement of fair values

Company''s accounting policies and disclosures require the measurement of fair values, for both financial and non- financial assets and liabilities.

The Company has an established control framework with respect to the measurement of fair values. This includes a team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the controller.

The team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified.

Fair values are categorized in to different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

- Levl 1 quoted prices (unadjusted) in active markets for identical assets or liabilities.

- Level 2 inputs other than quoted price included in Level that are observable for the assets or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible the inputs used to measure the fair value of an asset or a liability fall into different level: of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognizes transfer between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

3. SIGNIFICANT ACCOUNTING POLICIES:

A. Current and non-current classification

All assets and liabilities have been classifias current or non-current as per the Company''s normal operating cycle and other criteria as set out in the Division II of Schedule III to the Companies Act, 2018.

Based on the nature of services and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

B. Property, plant and equipment

Property, plant and equipment is stated at asquisition cost net of accumulated depreciation and accumulated impairment losses, if any. Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will

flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of profit and loss during the period in which they are incurred.

Property, plant and equipment which are not ready for intended use as on the date of balance sheet are disclosed as Capital work-in-progress."

Cost of any item of property, plant and equipment comprises the cost of material and direct labour, any other cost directly attributable to bringing the item of working condition for its intended use.

Property, plant and equipment is derecognized when it is estimated that Company will not receive future economic benefits from their use or upon their disposal. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized in the statement of profit and loss.

Depreciation is provided on a pro-rata basis on theight aline method for Halogen Lamp Unit, Dies & Mould Division & Machine Building Division on single shift basis and on the Written down value (WDV) method for Headlamp Division.

The property, plant and equipment acquired under finance lease and leasehold improvements are depreciated over the assets useful life or over the shorter of the asset''s useful life and lease term.

Depreciation method, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate ueful lives has been determined based on technical evaluation done by the management expert which are higher than those specified by Schedule II to the Companies Act, 20B in order to reflect the actual usage of the assets.

Upon first-time adoption of Ind AS, the Company has elected to selectively fair value its leasehold building and all other remaining property, plant and equipment and intangible assets are carried at cost which is recomputed retrospectively as per principles of Indian Accounting Standard E

C. Intangible assets

Intangible assets that are acquired by the company, that have finite useful lives, are stated at acquisition cost, net of accumulated amortization and accumulated impairment losses, if any.

Subsequent expenditures related to an item of intangible assets are added to its carrying amount when it is probable that future economic benefits deriving from the cost incurred will flow to the enterprise and the cost of the item can be measured reliably.

An intangible asset is derecognized hence no future economic benefits are expected from their use or upon their disposal. Gains and losses on disposal of an item of intangible assets are determined by comparing the proceeds from disposal with the carrying amount of intangible assets and are recognized in the statement of profit and loss.

Finite life intangible assets are amortised on a straight line basis over the period of their expected useful lives.

Upon first-time adoption of Ind AS, the Company has elected to measure its intangible assets at the Previous GAAP carrying amount as its deemed cost on the date of transition to Ind AS i.e., 1 April 2016

D. Impairment of non-financial assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less cost of disposal and value in use. For the purpose of assessing impairment, assets are grouped at lowest levels for which there are separately identifiable cash inflow which are very independent of the cash inflow from other assets or group of assets.

E. Investment in subsidiary

Investment in subsidiary is carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of investment in subsidiary, the difference between net disposal proceeds and the carrying amounts are recognized in the statement of profit and loss.

F. Financial Instruments i. Financial assets

Financial assets are recogonise when the Company becomes a party to the contractual provisions of the instrument All financial assets are recognised at fair value on initial recognition. Financial assets are subsequently classified as

measured at:

• amortised cost

• fair value through profit and loss (FVTPL)

• fair value through other comprehensive income (FVTOCI)

Financial assets are not reclassified subsequent to their recognition, except if and in the period the Company changes its business model for managing financial assets.

Debt Instruments

Debt instruments are initially measured at amortised cost, fair value through other comprehensive income (''FVOCI'') or fair value through profit or loss (''FVTPL'') till derecognition on the basis of (i) the entity''s business model for managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.

Measured at amortised cost:

Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost using the effective interest rate (''EIR'') method less impairment, if any. The amortisation of EIR and loss arising from impairment, if any is recognised in the statement of profit and loss.

Measured at fair value through other comprehensive income:

Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at value through other comprehensive income. Fair value movements are recognized in the other comprehensive income (OCI).

Measured at fair value through profit or loss:

A financial asset not classified as either amortised cost or FVOCI, is classified as FVTPL. Such financial assets are measured at fair value with all changes in fair value is recognised as ''other income'' in the statement of profit and loss.

Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the contractual rights to receive the cash flows from the asset.

Impairment of financial assets

The Company recognises loss allowances for expected crisies on:

Financial assets measured at amortised cost;

At each reporting date, the Company assesses whether financial assets carried at amortised cost A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

The Company measures loss allowances at an amount equal to lifetime expected credit losses, except for the following, which are measured as 12 month expected credit losses:

Debt securities that are deter mined to have low credit risk at the reporting date; and

Other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Loss allowances for trade receivables are always measured at an amount equal to lifetime expected credit losses.

12-month expected credit losses are the portion of expected credit losses that result from fault events that are possible within 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company''s historical experience and informed credit assessment and including forward looking information.

Measurement of expected credit losses

Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Company in accordance with the contract and the cash flows that the Company expects to receive).

Presentation of allowance for expected credit losses in the balance sheet

Loss allowances for financial assets measured at amortised cost are

ii.

deducted from the gross carrying amount of the assets.

Write-off

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Financial liabilities

Financial liabilities are recognised when the Company becomes a party to the contractual"visions of the instrument. Financial G. liabilities are initially measured at the amortised cost unless at initial recognition, they are classified as fair value through profit and loss.

Financial liabilities are subsequently measured at amortised cost

using the effective interest rate (EIR) method Financial liabilities

carried at fair value through profit or loss are measured at fair value

with all changes in fair value recognised in the Statement of Profit Currenttax

and Loss.

Derecognition

A financial liability is decegnised when the obligation specified in the contract is discharged, cancelled or expires.

iii. Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business in the •

event of default, insolvency or bankruptcy of the Company or the counterparty.

iv. Income/loss recognition

• Interest income

Interest income from debt instruments is recognised using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses.

• Borrowing cost

Borrowing cost includes interest expense as per effective interest rate (EIR) and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

General and specific borrowing costs that are directly attributable to the acquisition, construction of a qualifying asset are dispose during the period of time that is required to complete and prepare the asset for its intended use or sale.

Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.

EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses.

Income tax

Income tax comprises current and deferred tax. It is recognised in statement of profit or loss except to the extent that it relates to an item recognised directly in equity or in other comprehensive income.

Current tax comprises the expected tax payable or receivable on the taxable income for the year and any adjustment the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or substantively enacted by the report ing date.

Current tax assets and current tax liabilities are offset only if there is legally enforceable right to set off the recognised amounts, and it is intended to realisd the asset and settle the liability on a net basis or simultaneously.

Deferred tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognized in respect of carried forward tax losses and tax credits. Deferred tax is not recognized for:

- Temporary differences arising on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss at the time of transaction;

- Temporary differences related to investment in subsidiary to the extent that the Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilized. The existence of unused tax losses is strong evidence that future taxable profit may not be available. Therefore, in case of a history of recent losses the Company recognizes a deferred tax asset only to the extent that it has sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable profit will be available against which such defer red tax asset can be realized. Deferred tax assets- unrecognized or recognized, are reviewed at each reporting date and are recognized/reduced to the extent that it is probable/no longer probable respectively that the related tax benefit will be realized.

Minimum Alternate Tax (''MAT'') credit is recognised as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the specified period. Such asset is reviewed at each balance sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specified period.

H. Inventories

Inventories are valued at the lower of cost and realizable value. Cost includes cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on first in first out (FIFO) basis. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

I. Cash and cash equivalents

Cash and cash equivalent include cash in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the exchange rate at the date of transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit and loss accounted for at the exchange rates prevailing at the date of transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies as on the reporting date are recognized in the statement of profit and loss.

Non-monetary items are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

K. Employee benefits

i. Defined benefit obligations

(a) Post-employment benefits (Gratuity):

The liability recognised in balance sheet in respect of gratuity (unfunded) is the present value of defined benefit obligation at the end of reporting period less fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using projected unit credit method.

Remeausement actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are M. included in retained earnings in the statement if changes in equity and in the balance sheet.

(b) Other employee benefits:

The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the period

in which the employees render the related service. They are therefore measured as present value of expected future payments to be made in respect of services provided by employees up to the end of reporting period using the projected unit credit method.

ii. Defined contribution plan:

Company pays contributions to provident fund, employee pension scheme and employee state insurance as per statutes/ amounts as advised by the Authorities. The Company has no further obligations once the contributions have been paid. The contributions are accounted for as defined contribution plan and the contributions are recognised as employee benefit expense when they are due.

iii. Short-term benefits:

Liabilities for salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of reporting period in which the employees rendered the related services are recognised in respect of employee''s service up to the end of reporting period and are measured at the amount expected to be paid when the liabilities are settle. These liabilities are presented as current employee benefit obligations in the balance sheet.

L. Provision, contingent liabilities and contingent assets

The Company sets up a provision when there is a present legal or constructive obligat ion as a result of a past event and it will probably requires an outflow of resources to settle the obligation and a reliable estimate can be made. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current mark assessments of the time value of money and the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation.

A disclosure for a contingent liability is made where there is a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or where reliable estimate of the obligation cannot be made. Contingent liabilities are disclosed on the basis of judgment of the management/independent experts. These are reviewed at each balance sheet date and are adjusted to reflect the current management estimate.

Contingent assets are neither recognized nor disclosed. Revenue

Revenue is measured at fair value of the consideration received or receivable upon performance of the services, in accordance with the terms of contract and is recognized net of statutory tax, rebates and discounts provided to customers.

Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will

flow to the entity and specific criteria have been met. Revenue from sale of goods

R.

Leases

Determining whether an arrangement contains a lease

Company generally recognizes revenue on sale of automotive products when the significant risks and rewards of ownership have been transferred to buyer, recovery of consideration is probable, there is no continuing effective control over, or managerial involvement with, the goods, and the amount of revenue can be measured reliably.

N. Recognition of dividend income, interest income or expense

Dividend income is recognised in profit or loss on the date on which the Company''s right to receive payment is establised..

Interest income or expense is recognised using the effective interest method.

O. Government grants

Grants from government are recognised at their fair value where there is reasonable assurance that the grant will be received and the Company will comply with all attached conditions.

Government grants relating to income are deferred and recognised in the statement of profit and loss account over the period necessary to match them with the costs that they are intended to compensate and presented within other time..

Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a straight line basis over the expected lives of the related assets and presented within other income.

P. Cost of product sold

It includes the product price paid to suppliers, net of any incentives, rebates and purchase discounts received from the suppliers. Cost of product also consists of provision for inventory losses and writedowns, shipping and handling costs.

S. Q. Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company''s other components, and for which discrete financial information is available. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (''CODM'').

The Company''s Director Head has been identified as the CODM who is responsible for financial decision making and assessing performance. The Company has a single operating segment as the operating results of the Company are reviewed on an overall basis by the CODM.

At inception of an arrangement, it arrangement is or contains a lease. is determined whether the

At inception or on reassessment of the arrangement that contains a lease, the payments and other consideration required by such an arrangement are separated into those for the lease and those for other elements on the basis of their relative fair values. If it is concluded for a finance lease that it is impracticable to separate the payments reliably, then an asset and a liability are recognised amount equal to the fair value of the underlying asset. The liability is reduced as payments are made and an imputed finance cost on the liability is recognised using the incremental borrowing rate.

As lessee

Accounting for finance lease

Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the lease inception at the fair value of the leased property or, if lower, the present value of minimum else payments. The corresponding rental obligations, net of finance charges, are included in other financial liabilities. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to statement of profit and loss over the lease period so as to produce a constant periodic interest on the remaining balance of the liability for each period.

Accounting for operating lease

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified operating leases. Payments and receipts under such leases are recognised to the Statement of Profit and Loss on a straight-line basis over the term of the lease unless the lease payments to the lessor are structured to increase in line with expected general inflation to compensate for the lessor''s expected inflationary cost increases, in which case the same are recognised as an expense in line with the contractual term.

Earnings per share

Basic earnings per equity share is computed by dividing the net profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the financial year.

Diluted earnings per equity share is computed by dividing the net profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potentially shares.

STATE OF CHANGE IN EQUITY
(All amounts are in Rupees Lakhs, Unless Otherwise stated)
(A) Equity share capital As at 31 March 2018
Particulars	Balance as at 1 April 2017				Changes during the year			Balance as at 31 March 2018
Equity share capital	1,118.85				-			1,118.85
As at 31 March 2017 Particulars	Balance as at 1 April 2016				Changes during the year			Balance as at 31 March 2017
Equity share capita	1,058.85				60.00			1,118.85
(B) Other equity
Reserves & surplus
Particulars	Capital reserve	Capital redemption reserve	Securities premium account	Utilized Investment Allowance Reserve	Utilized Export Development Reserve	General reserve	Retained earnings	Money Received against share warrant	Total
Balance as at 1 April 2017	814.40	25.00	3,726.15	3.39	121	496.22	(2294.44)	-	2,771.93
Profit for the year	-	-	-	-		-	48.65	-	48.65
Other comprehensive income	-	-	-	-		-	27.93	-	27.93
Total comprehensive income	-	-	-	-	-	-	76.58	-	76.58
Adjustment during the year
Transfer to retained earnings	-	-	-	-		-		-	-
Transfer from retained earnings	-	-	-	-		-		-	-
Dividends paid 2017-18 (refer note xx)	-	-	-	-		-		-	-
Dividend Distribution Tax	-	-	-	-		-		-	-
Interim dividend 2017- 18 (refer note xx)	-	-	-	-		-		-	-
Tax on interim dividend	-	-	-	-		-		-	-
Balance as at 31 March 2018	814.40	25.00	3,726.15	3.39	1.21	496.22	(2,217.86)	-	2,848.51
For the year ended 31 March 2017

Reserves & surplus
Particulars	Capital reserve	Capital redemption reserve	Securities premium account	Utilized Investment Allowance Reserve	Utilized Export Development Reserve	General reserve	Retained earnings	Money Received against share warrant	Total
Balance as at 1 April 2016	814.40	2500	3,678.15	3.39 121		49622	(2354.63	) 27.00	2j690.74
Profit for the year	-	-	-	-		-	6102	-	6102
Other comprehensive income	-	-	-	-		-	(Q83)	-	(Q83)
Total comprehensive income	-	-	-	-	-	-	60.19	-	60.19
Adjustment during the year
Security Premium received conversion of share warrants in equity shares		-	48.00	-	-	-	-	(27.00)	2100
Dividend Paid 2015- 17 (refer note xx)		-	-	-	-	-	-	-	-
Dividend Distribution Tax		-	-	-		-		-	-
Balance as at 31 March 2017	814 .40	25.00	3,726.15	3.39	1.21	496.22	(2,294.44)	-	2,771.93

For and on behalf of the Board of Directors of Autolite (India) Limited
For Madhukar Garg & Co	sd/-	sd/-		sd/-
Chartered Accountants	M.P. Gupta	Adarsh Mahipal Gupta		I.B. Son!
ICAI Firm Regn. No. 000866C	Chairman & Managing Director	Director		Chief Financial Officer
sd/-
( Sunil Shukla )
Partner	sd/-		sd/-
Membership No -71179	Pawan Agarwal		Vishal Agarwal
Chief Manager (Accounts)			Company Secretary
Place : Jaipur
Date : 02.06.2018

---

Mar 31, 2016

1. Rights, preferences and restrictions attached to shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts in the proportion to their share holding.

2. The Company has not made any remittance in foreign currency on account of dividend during the year and does not have information as to the extent to which remittance in foreign currency on account of dividend have been made by or on behalf of non-resident shareholders. The particulars of dividend (after tax) on account of non-resident shareholders are as under:

3. There are no Micro, Small & Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs.302.65 Lakhs has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

5. Accounting Standard 17 - "Segment Reporting”

The Company is engaged in Production of Automotive Head Lamps and Halogen Bulbs. For Management purposes, company is organized into major operating activity of the Automotive Head Lamps and Bulbs besides manufacturing of Dies and Machines. Revenue from Dies and Machines of the year is less than 10% of the total revenue. The Company has no activity outside India except export of Automotive Head Lamps and Bulbs manufactured in India. Thereby no geographical segment and no segment wise information is reported.

6. Related Party Information

7. Relationship.

8. Wholly owned Subsidiary Autopal Inc, USA.

9. Enterprises in which the company is having substantial interest/significant influence directly or indirectly.

Autopal MPG Marketing Pvt. Ltd (Formerly known as Alwar Auto Pvt. Ltd)

10. Key Management Personnel

Shri M.P. Gupta (Chairman & Managing Director)

Shri Amit MahipalGupta (Whole Time Director)

Shri Adarsh Mahipal Gupta (Whole Time Director)

Shri I. B. Soni (Chief Financial Officer)

Shri Vishal Agarwal (Company Secretary)

11. Relatives of Key Management Personnel with whom transactions have taken place.

Smt. Anubha Gupta Smt. Usha Gupta Smt. Sneha Goel Smt. Bhawna Gupta Adarsh Gupta HUF

12. Enterprises over which persons described in (c) or (d) above alongwith their relatives are ble to exercise significant influence, where transaction has taken place.

Palsoft Infosystems Ltd.

Mamraj Sons (Auto) Ltd.

Autolite Manufacturing Ltd.

Anusika Industries Ltd Tanishka Auto components Pvt.Ltd.

Parvati Seva Sansthan Autopal Industries Ltd Autolite Marketing Pvt. Ltd Siyaram Auto Polymers ,LLP High Street Lighting Pvt. Ltd.

Automax Technologies

Note :- Related party relationship is as identified by the company and relied upon by the Auditors.

13. DISCLOSURE REGARDING LEASE

14. Finance Lease

There is no Finance Lease taken by the Company during the year.

15. Operating Lease

16 The total of future minimum lease payment under non cancelable operating lease for each of the following periods:-

17. Not later than one year : Nil

18. Later than one year and not later than five years : Nil

19. Later than five years : Nil

20 Lease payments recognized in the statement of profit and loss for the year ended on 31.03.2016 Rs.0.66 Lakhs (7.50 Lakhs)

21. The Company has not given any assets on sub-lease during the year.

22. The Company has credited Rs. 308.68 Lakhs in earlier years for export incentives and other incentives in Profit and Loss Account on estimated basis. The concerned department has not accepted the claim. The Company is in the process to provide desired information Further no payment has been received up to 31.03.2016 against export incentive so credited.

23. The Company has entered into an agreement with Anusika Industries Limited in financial year 2010-11 to recover the advance given for Job work of Manufacturing Head Lamps by exclusive use of Manufacturing facilities of the said Company. The aforesaid Company is registered with Board for Industrial & Financial Reconstruction (BIFR),but doing Job work for Autolite (India) Limited for last 14 years. However no amount has been recovered during financial year 2015-16 according to the agreement. In the opinion of the Management, recovery of outstanding balance of Rs 606.72 Lakhs is doubtful. As there is uncertainty of the amount recoverable from party in the absence of order of BIFR the management has not provided any amount in the books.

24. (i) The Company has lodged claims for development cost for Rs.252.00 Lakhs and for dues against supplies for Rs.3.16 Lakhs on Pal Peugeot Limited, Mumbai, before Receiver, High Court of Mumbai on 03.06.2004 under Suit No. 3636 CR 1999 and further the claim was also filed before Official Liquidator, Mumbai on 23.09.2006 As per the information received the land of Pal Peugeot Limited is disposed-off by the Receiver/Official Liquidator and amount realized is Rs.726 Crore and settlement of claim process will start soon.

25. The Company has lodged criminal suit for loss on account of Debit of Duty Free Licenses and clearing charges for Rs.62 Lakhs on M/s. Megha Enterprises, Mumbai.

In view of the above, the Management, on the basis of legal opinion, is of the view that on Conservative basis Rs.90 Lakhs (which has been credited in earlier years) is expected to be recovered from both the parties and accordingly considered as claim receivable, but no amount has been recovered till date.

26. As explained in accounting policies given in Note No. 2 (viii) no amount has been amortized in current year and the Company has treated Deferred Revenue Expenditure for Rs 199.40 Lakhs as Asset in Balance Sheet. These expenditure are related to years upto 31.03.2013. The accounting policy adopted by the Company is contrary to the treatment prescribed in AS-26 (Intangible Assets) which require such expenditure to be written off in Profit & Loss Statement in the year of expenditure incurred.

27. The Company has entered into an agreement with Autopal MPG Marketing Pvt Ltd (formerly known as Alwar Auto Private Ltd) in F.Y. 2011-12 to recover the Advance given for Capital goods and in F.Y. 2012-13 to recover the balance lying in books as Receivable in a phased manner. However no amount has been recovered during F.Y. 2015-16 in accordance to the agreement. The Management is hopeful for the recovery of due amount in financial year 2016-17.

28. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

29. The Balances of Suppliers, Sundry Debtors and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

30. Figures in brackets denote for previous year.

31. Figures for Previous year are regrouped or rearranged wherever considered necessary.

---

Mar 31, 2015

1. GENERAL INFORMATION:

Autolite (India) Limited, Jaipur, is a manufacturer and Exporter of Automotive Head lamps and Halogen lamps. Company's product is exported to more than 50 countries. Company is supplying its product to leading OEM i.e Tata Motors, Mahindra & Mahindra, Swaraj Mazda, Escort Yamaha, Ashoka Leyland, V.E Commercial, etc. and supplying in India in replacement market through its Dealer Distributors Network. Company has been awarded "STAR EXPORT HOUSE" status by Ministry of Commerce, Government of India. The company's equity shares are actively traded on the Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.

2. Rights, preferences and restrictions attached to shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10/* per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts in the proportion to their share holding.

3. CONTINGENT LIABILITIES

(i) Demand under disputes

a. Excise duty 363.52 355.63

(Amount deposited with Excise Authorities Rs. 36.21 Lacs)

b. Sales tax 3.18 3.18

(Amount deposited with Sales tax Authorities Rs.3.18 Lacs)

c. Income tax 138.29 0.00

(ii) Bank Guarantee 142.88 117.88

(iii) Foreign bills /Cheque purchase / discounted 187.09 215.82

(iv) Letter of credit 144.89 176.49

4. CAPITAL AND OTHER COMMITMENTS

a. Capital commitments

Estimated amount of contracts remaining to be executed on

capital account (Net of Advance) 105.97 105.97

Other commitments - -

5. The Company has not made any remittance in foreign currency on account of dividend during the year and does not have information as to the extent to which remittance in foreign currency on account of dividend have been made by or on behalf of non*resident shareholders. The particulars of dividend (after tax) on account of non*resident shareholders are as under:

(i) No. of Non*resident shareholders 35

(30)

(ii) No. of Shares held by them 26927

(25743)

(iii) Amount of Net Dividend NIL

(NIL)

6. There are no Micro, Small & Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs.240.47 Lacs has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

8. The Company did not have convertible/partly convertible debentures as on 31st March 2015.

9. Defined Benefit Plans(Unfunded)*As per actuarial valuation as on 31st March 2015.

10. Accounting Standard 17 * "Segment Reporting"

The Company is engaged in Production ofAutomotive Head Lamps and Halogen Bulbs. For Management purposes, company is organized into major operating activity of the Automotive Head Lamps and Bulbs besides manufacturing of Dies and Machines. Revenue from Dies and Machines of the year is less than 10% of the total revenue. The Company has no activity outside India except export of Automotive Head Lamps and Bulbs manufactured in India. Thereby no geographical segment and no segment wise information is reported.

11. Related Party Information

1. Relationship.

a. Subsidiary of the company

Autopal Inc, USA.

b. Enterprises in which the company is having substantial interest/significant influence directly or indirectly.

Alwar Auto Pvt.Ltd

c Key Management Personnel

Shri M.P. Gupta (Chairman & Managing Director)

Shri Amit MahipalGupta (Whole Time Director)

Shri Adarsh Mahipal Gupta (Whole Time Director)

Shri I. B. Soni (Chief Financial Officer)

Shri Vishal Agarwal (Company Secretary)

d Relatives of Key Management Personnel with whom transactions have taken place.

Smt. Anubha Gupta

Smt. Usha Gupta

Smt. Sneha Goel

Smt. Bhawna Gupta

M. P. Gupta HUF

Amit Gupta HUF

Adarsh Gupta HUF

e. Enterprises over which persons described in (c) or (d) above alongwith their relatives are able to exercise significant influence, where transaction has taken place.

Palsoft Infosystems Ltd.

Mamraj Sons (Auto) Ltd.

Autolite Manufacturing Ltd.

Anusika Industries Ltd

Tanishka Autocomponents Pvt.Ltd.

Parvati Seva Sansthan

Autopal Industries Ltd

Autolite Marketing Pvt. Ltd

12. Related party relationship is as identified by the company and relied upon by the Auditors.

13. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancelable operating lease for each of the following periods:*

(a) Not later than one year : Nil

(b) Later than one year and not later than five years : Nil

(c) Later than five years : Nil

b) Lease payments recognized in the statement of profit and loss for the year ended on 31.03.2015 Rs.7.50 lacs (Rs. 5.93Lacs).

c) The Company has not given any assets on sub*lease during the year.

14. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs.52.75 Lacs, Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax Assets/Liability on Profit and Loss Account and Balance Sheet. However provision for Current Tax (with interest) has been made for Rs. 12.75 Lacs as per provisions of Income Tax Act 1961.

15. The Company has credited Rs. 308.68 Lacs in earlier years for export incentives and other incentives in Profit and Loss Account on estimated basis.The concerned department has not accepted the claim. The Company is in the process to provide desired information Further no payment has been received upto 31.03.2015 against export incentive so credited.

16. The Company has entered into an agreement with Anusika Industries Limited in financial year 2010-11 to recover the advance given for Job work of Manufacturing Head Lamps by exclusive use of Manufacturing facilities of the said Company.

The aforesaid Company is registered with Board for Industrial & Financial Reconstruction (BIFR), but doing Job work for Autolite (India) Limited for last 13 years. However no amount has been recovered during financial year 2014*15 according to the agreement. In the opinion of the Management, recovery of outstanding balance of Rs 610.99 Lacs is doubtful. As there is uncertainty of the amount recoverable from party in the absence of order of BIFR the management has not provided any amount in the books.

17. (i) The Company has lodged claims for development cost for Rs.252.00 Lacs and for dues against supplies for Rs.3.16 Lacs on Pal Peugeot Limited, Mumbai, before Receiver, High Court of Mumbai on 03.06.2004 under Suit No. 3636 CR 1999 and further the claim was also filed before Official Liquidator, Mumbai on 23.09.2006.

As per the information received the land of Pal Peugeot Limited is disposed-off by the Receiver/ Official Liquidator and amount realized is Rs.726 Crore and settlement of claim process will start soon.

(ii) The Company has lodged criminal suit for loss on account of Debit of Duty Free Licenses and clearing charges for Rs.62 Lacs on M/s. Megha Enterprises, Mumbai.

To recover the above amount the Company has lodged an FIR before the authorities.

In view of the above, the Management, on the basis of legal opinion, is of the view that on Conservative basis Rs.90 Lacs (which has been credited in earlier years) is expected to be recovered from both the parties and accordingly considered as claim receivable.

18. As explained in accounting policies given in Note No. 2 (viii) no amount has been amortized in current year and the Company has treated Deferred Revenue Expenditure for Rs 199.40 Lacs asAssets in Balance Sheet. These expenditure are related to years upto 31.03.2013. The accounting policy adopted by the Company is contrary to the treatment prescribed inAS-26 (Intangible Assets) which require such expenditure to be written off in Profit & Loss Statement in the year of expenditure incurred.

19. The Company has entered into an agreement with Alwar Auto Private Ltd in F.Y. 2011-12 to recover the Advance given for Capital goods and in F.Y. 2012*13 to recover the balance lying in books as Receivable in a phased manner.

However no amount has been recovered during F.Y. 2014*15 in accordance to the agreement. The Management is hopeful for the recovery of due amount in financial year 2015-16.

20. The Company has received permission from Company Law Board vide order dated 27.04.2011 in respect of amount payable for Public Fixed Deposits and interest accrued on such Public Fixed Deposit to be paid as per revised schedule extended till Financial year 2013*14. The Company has made complete payment to FDR holders in compliance of the said order except Rs 71.56 Lacs against which several Cheques/ DD returned undelivered and several Cheques not deposited by FDR Holders. The company has transferred the said amount to Investor Education & Protection Fund on 25th September 2014.

21. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other CurrentAssets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

22. The Balances of Suppliers, Sundry Debtors and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

23. The Company has provided Depreciation on the basis of re*assessed useful life of tangible assets w.e.f. April 1,2014 as per the provisions of the Companies Act 2013. This has resulted in lower depreciation amounting to Rs. 136.67 Lacs for the year ended 31st March 2015.

24. Figures in brackets denote for previous year.

25. Figures for Previous year are regrouped or rearranged wherever considered necessary.

---

Mar 31, 2014

1. GENERAL INFORMATION:

Autolite (India) Limited, Jaipur, is a manufacturer and Exporter of Automotive Head lamps and Halogen lamps. Company''s product is exported to more than 50 countries. Company is supplying its product to leading OEM i.e Tata Motors, Mahindra & Mahindra, Swaraj Mazda, Escort Yahama, Ashoka Leyland, V.E Commercial, etc. and supplying in India in replacement market through its Dealer Distributors Network. Company has been awarded "STAR EXPORT HOUSE" status by Ministry of Commerce, Government of India. The company''s equity shares are actively traded on the Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.

(a) Rights, preferences and restrictions attached to shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation ,the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts in the proportion to their share holding.

2. CONTINGENT LIABILITIES

(i) Demand under disputes

a. Excise duty 355.63 331.96 (Amount deposited with Excise Authorities Rs.39.04 Lacs)

b. Sales tax 3.18 5.08

(Amount deposited with Sales tax Authorities Rs.3.18 Lacs)

c. Income tax 0.00 25.04 (The Company has preferred appeals/revision against all the demands mentioned above)

(ii) Bank Guarantee 117.88 117.88

(iii) Foreign bills /Cheque purchase / discounted 215.82 133.86

(iv) Letter of credit 176.49 150.93

3. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs.215.42 Lacs has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

4. The Company did not have convertible/partly convertible debentures as on 31st March 2014.

5. Defined Benefit Plans(Unfunded)-As per actuarial valuation as on 31st March 2014

6. Accounting Standard 17 - "Segment Reporting"

The Company is engaged in Production of Automotive Head Lamps and Halogen Bulbs. For Management purposes, company is organized into major operating activity of the Automotive Head Lamps and Bulbs besides manufacturing of Dies and Machines. Revenue from Dies and Machines of the year is less than 10% of the total revenue. The Company has no activity outside India except export of Automotive Head Lamps and Bulbs manufactured in India. Thereby no geographical segment and no segment wise information is reported.

7. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancelable operating lease for each of the following periods:-

(a) Not later than one year : Nil

(b) Later than one year and not later than five years : Nil

(c) Later than five years : Nil

b) Lease payments recognized in the statement of profit and loss for the year ended on 31.03.2014 Rs. 5.93 Lacs (Rs. 5.02 Lacs).

c) The Company has not given any assets on sub-lease during the year.

8. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs. 80.49 Lacs, Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax Assets/Liability on Profit and Loss Account and Balance Sheet. However provision for Current Tax has been made for Rs. 17.00 Lacs as per provisions of Income Tax Act 1961.

9. The Company has credited Rs. 308.68 Lacs in earlier years for export incentives and other incentives in Profit and Loss Account on estimated basis. The concerned department has not accepted the claim. The Company is in the process to provide desired information Further no payment has been received upto 31.03.2014 against export incentive so credited.

10. The Company has entered into an agreement with Anusika Industries Limited in financial year 2010-11 to recover the advance given for Job work of Manufacturing Head Lamps by exclusive use of Manufacturing facilities of the said Company.

The aforesaid Company is registered with Board for Industrial & Financial Reconstruction (BIFR), but doing Job work for Autolite (India) Limited for last 11 years. However no amount has been recovered during 2013-14 according to the agreement. In the opinion of the Management, recovery of outstanding balance of Rs 575.79 Lacs is doubtful. As there is uncertainty of the amount recoverable from party in the absence of order of BIFR the management has not provided any amount in the books.

11. (i) The Company has lodged claims for development cost for Rs.252.00 Lacs and for dues against supplies for Rs.3.16 Lacs on Pal Peugeot Limited, Mumbai, before Receiver, High Court of Mumbai on 03.06.2004 under Suit No. 3636 CR 1999 and further the claim was also filed before Official Liquidator, Mumbai on 23.09.2006.

As per the information received the land of Pal Peugeot Limited is disposed-off by the Receiver/ Official Liquidator and amount realized is Rs.726 Crore and settlement of claim process will start soon.

(ii) The Company has lodged criminal suit for loss on account of Debit of Duty Free Licenses and clearing charges for Rs.62 Lacs on M/s. Megha Enterprises, Mumbai.

To recover the above amount the Company has lodged an FIR before the authorities.

In view of the above, the Management, on the basis of legal opinion, is of the view that on conservative basis Rs.90 Lacs (which has been credited in earlier years) is expected to be recovered from both the parties and accordingly considered as claim receivable.

12. As explained in accounting policies given in Note No. 2 (viii) the Company has treated Deferred Revenue Expenditure for Rs 199.39 Lacs as Assets in Balance Sheet. These expenditure are related to years upto 31.03.2013. The accounting policy adopted by the Company is in contrary to the treatment prescribed in AS-26 (Intangible Assets) which require such expenditure to be written off in Profit & Loss Statement.

13. The Company has received permission from Company Law Board vide order dated 27.04.2011 in respect of amount payable for Public Fixed Deposits and interest accrued on such Public Fixed Deposit to be paid as per revised schedule extended till Financial year 2013-14. The Company has made complete payment to FDR holders in compliance of the said order except Rs 71.56 Lacs against which several Cheques/ DD returned undelivered and several Cheques not deposited by FDR Holders. The company has kept said amount in a separate bank account to meet the liability. Further the company has filed an application before the Company Law Board seeking direction in this regard.

14. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

15. The Balances of Suppliers, Sundry Debtors and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

16. Figures in brackets denote for previous year.

17. Figures for Previous year are regrouped or rearranged wherever considered necessary.

---

Mar 31, 2013

1. GENERAL INFORMATION :

Autolite (India) Limited, Jaipur, is a manufacturer and Exporter of Automotive Head lamps and Halogen lamps. Company''s product is exported to more than 50 countries. Company is supplying its product to leading OEM i.e Tata Motors, Mahindra & Mahindra, Swaraj Mazda, Escort Yahama, Ashoka Leyland, V.E Commercial, etc. and supplying in India in replacement market through its Dealer Distributors Network. Company has been awarded "STAR EXPORT HOUSE" status by Ministry of Commerce, Government of India. The company''s equity shares are actively traded on the Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.

2. The Company has not made any remittance in foreign currency on account of dividend during the year and does not have information as to the extent to which remittance in foreign currency on account of dividend have been made by or on behalf of non-resident shareholders. The particulars of dividend (after tax) on account of non-resident shareholders are as under :

3. There are no Micro, Small & Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs. 254.17 Lacs has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

5. Pursuant to the AS-29-Provisions, Contingent Assets and Contingent Liabilities, the disclosures relating to the provisions made in the accounts for the year ended 31st March 2013 are as follows :

6. Accounting Standard 17 – "Segment Reporting"

The Company is engaged in Production of Automotive Head Lamps and Halogen Bulbs. For Management purposes, company is organized into major operating activity of the Automotive Head Lamps and Bulbs besides manufacturing of Dies and Machines. Revenue from Dies and Machines of the year is less than 10% of the total revenue. The Company has no activity outside India except export of Automotive Head Lamps and Bulbs manufactured in India. Thereby no geographical segment and no segment wise information is reported

7. Related Party Information 1. Relationship.

a. Subsidiary of the company

Autopal Inc, USA.

b. Enterprises in which the company is having substantial interest/significant influence directly or indirectly.

Alwar Auto Pvt.Ltd

c. Key Management Personnel

Shri M. P. Gupta (Chairman & Managing Director) Shri Amit Mahipal Gupta (Whole Time Director) Shri Adarsh Mahipal Gupta (Whole Time Director)

d. Relatives of Key Management Personnel with whom transactions have taken place.

Smt. Anubha Gupta Smt. Usha Gupta Smt. Sneha Goel

e. Enterprises over which persons described in (c) or (d) above alongwith their relatives are able to exercise significant influence, where transaction has taken place.

Palsoft Infosystems Ltd.

Mamraj Sons (Auto) Ltd.

Autolite Manufacturing Ltd.

Autopal Glass Pvt. Ltd.

Seth Chittarmal Tarachand Mahawar Vaish Memorial Charitable Trust

Tanishka Autocomponents Pvt.Ltd.

Parvati Seva Sansthan

Suyash Finance Pvt. Ltd.

8. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancellable operating lease for each of the following periods:- (i) Not later than one year : Nil

(ii) Later than one year and not later than five years : Nil (iii) Later than five years : Nil

b) Lease payments recognized in the statement of profit and loss for the year ended on 31.03.2013 Rs. 5.02 Lacs (Rs. 4.77 Lacs).

c) The Company has not given any assets on sub-lease during the year.

9. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs. 84.08 Lacs, Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax/Liability on Profit and Loss Account and Balance Sheet. However provision for Current Tax has been made for Rs.17.50 Lacs as per provisions of Income Tax Act 1961.

10. The Company has credited Rs.317.52 Lacs in earlier years and Rs.59.83 Lacs in 2012-13 for export incentives and other incentives in Profit and Loss Account on estimated basis which are related to earlier year as well as for current year. The concerned department has not accepted the claim. The Company is in the process to provide desired information. Further no payment has been received upto 31.03.2013 against export incentive so credited.

11. The Company has entered into an agreement with Anusika Industries Limited in financial year 2010-11 to recover the advance given for Job work of Manufacturing Head Lamps by exclusive use of Manufacturing facilities of the said Company.

The aforesaid Company is registered with Board for Industrial & Financial Reconstruction (BIFR), but doing Job work for Autolite (India) Limited for last 11 years. However no amount has been recovered during 2012-13 according to the agreement. In the opinion of the Management, recovery of outstanding balance of Rs. 560.04 Lacs is doubtful. As there is uncertainty of the amount recoverable from party in the absence of order of BIFR the management has not provided any amount in the books.

12. The Company has received permission from Company Law Board vide order dated 27.04.2011 in respect of amount payable for Public Fixed Deposits and interest accrued on such Public Fixed Deposit to be paid as per revised schedule extended till Financial year 2012-13. The Company has made complete payment to FDR holders in compliance of the said order except Rs. 92.67 Lacs against which several Cheques/DD returned undelivered and several Cheques not deposited by FDR Holders. The Company has kept said amount in a seperate bank account to meet the liability. Further the company has filed an application before the Company Law Board seeking direction in this regard.

13. (i) The Company has lodged claims for development cost for Rs.252.00 Lacs and for dues against supplies for Rs.3.16 Lacs on Pal Peugeot Limited, Mumbai, before Receiver, High Court of Mumbai on 03.06.2004 under Suit No. 3636 CR 1999 and further the claim was also filed before Official Liquidator, Mumbai on 23.09.2006.

As per the information received the land of Pal Peugeot Limited is disposed-off by the Receiver/ Official Liquidator and amount realized is Rs.726 Crore and settlement of claim process will start soon.

(ii) The Company has lodged criminal suit for loss on account of Debit of Duty Free Licenses and clearing charges for Rs.62 Lacs on M/s. Megha Enterprises, Mumbai.

To Recover the above amount the Company has lodged an FIR before the authorities.

In view of the above, the Management, on the basis of legal opinion, is of the view that on conservative basis Rs.90 Lacs (which has been credited in earlier years) is expected to be recovered from both the parties and accordingly considered as claim receivable.

14. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

15. The Balances of Suppliers, Sundry Debtors, and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

16. Figures in brackets denote for previous year.

17. Figures for Previous year are regrouped or rearranged wherever considered neccessary.

---

Mar 31, 2012

1. GENERAL INFORMATION:

Autolite (India) Limited, Jaipur, is a manufacturer and Exporter of Automotive Head lamps and Halogen lamps. Company's product are exported to more than 50 countries. Company is supplying its product to leading OEM i.e Tata Motors, Mahindra & Mahindra, Swaraj Mazda, Escort Yahama, Ashoka Leyland, Eicher Motors, etc. and supplying in India in replacement market through its Dealer Distributors Network. Company has been awarded “STAR EXPORT HOUSE" status by Ministry of Commerce, Government of India. The company's equity shares are actively traded on the Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.

(a) Rights, preferences and restrictions attached to shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation ,the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts in the proportion to their share holding.

2. The Company has not made any remittance in foreign currency on account of dividend during the year and does not have information as to the extent to which remittance in foreign currency on account of dividend have been made by or on behalf of non-resident shareholders. The particulars of dividend (after tax) on account of non-resident shareholders are as under:

3. There are no Micro, Small & medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs.89.12 Lacs has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

5. The Company did not have convertible/partly convertible debentures as on 31st March 2012.

6. Accounting Standard 17 - “Segment Reporting"

The Company is engaged in Production of Automotive Head Lamps and Halogen Bulbs. For Management purposes, company is organized into major operating activity of the Automotive Head Lamps and Bulbs besides manufacturing of Dies and Machines. Revenue from Dies and Machines of the year is less than 10% of the total revenue. The Company has no activity outside India except export of Automotive Head Lamps and Bulbs manufactured in India. Thereby no geographical segment and no segment wise information is reported

7. Related Party Information

1. Relationship.

a. Subsidiary of the company

Autopal Inc, USA.

b. Enterprises in which the company is having substantial interest/significant influence directly or indirectly.

Alwar Auto Pvt.Ltd

c. Key Management Personnel

Shri M.P. Gupta (Chairman & Managing Director)

Shri Amit M.Gupta (Whole Time Director)

Shri Adarsh M. Gupta (Whole Time Director)

d. Relatives of Key Management Personnel with whom transactions have take place.

Smt. Anubha Gupta Smt. Usha Gupta Smt. SnehaGoel

e Enterprises over which persons described in (c) or (d) above along with their relatives are able to exercise significant influence, where transaction has taken place.

Palsoft Infosystems Ltd.

Mamraj Sons (Auto) Ltd.

Autolite Manufacturing Ltd.

Autopal Glass Pvt.Ltd.

Seth Chittarmal Tarachand Mahawar Vaish Memorial Charitable Trust Tanishka Auto components Pvt.Ltd.

Autopal Marketing Pvt.Ltd.

Suyash Finance Pvt.Ltd.

8. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancelable operating lease for each of the following periods:-

(i) Not later than one year : Nil

(ii) Later than one year and not later than five years : Nil

(iii) Later than five years : Nil

b) Lease payments recognized in the statement of profit and loss for the year ended on 31.03.2012 Rs. 4.77 Lacs (Rs. 4.02 Lacs).

c) The Company has not given any assets on sub-lease during the year.

9. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs. 70.34 Lacs, Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax/Liability on Profit and Loss Account and Balance Sheet. However provision for Current Tax has been made for Rs. 14.00 Lacs as per provisions of Income Tax Act 1961.

10. The Company has credited Rs.315.88 Lacs in earlier years and Rs.49.30 Lacs in 2011-12 for export incentives and other incentives in Profit and Loss Account on estimated basis which are related to earlier year as well as for current year. The concerned department has not accepted the claim. The Company is in the process to provide desired information .Further no payment has been received upto 31.03.2012 against export incentive so credited.

11. The Company has entered into an agreement with Anusika Industries Limited to recover the advance given for Job work of Manufacturing Head Lamps by exclusive use of Manufacturing facilities of the said Company.

The aforesaid Company is registered with Board for Industrial & Financial Reconstruction, but doing Job work for Autolite (India) Limited for last 10 years. According to the agreement Autolite (India) Limited have recovered Rs.60.24 lacs during 2011-12 and in the opinion of the Management Balance Amount will be recovered in phased manner from party.

12. The Company has received permission from Company Law Board vide order dated 27.04.2011 in respect of amount payable for Public Fixed Deposits and interest accrued on such Public Fixed Deposit to be paid as per revised schedule extended till Financial year 2012-13.

13. (i) The Company has lodged claims for development cost for Rs.252.00 Lacs and for dues against supplies for Rs.3.16 Lacs on Pal Peugeot Limited, Mumbai, before Receiver, High Court of Mumbai on 03.06.2004 under Suit No. 3636 CR 1999 and further the claim was also filed before Official Liquidator, Mumbai on 23.09.2006.

As per the information received the land of Pal Peugeot Limited is disposed-off by the Receiver/ Official Liquidator and amount realized is Rs.726Crore and settlement of claim process will start soon.

(ii) The Company has lodged criminal suit for loss on account of Debit of Duty Free Licenses and clearing charges for Rs.62 Lacs on M/s. Megha Enterprises, Mumbai.

To Recover the above amount the Company has lodged an FIR before the authorities.

In view of the above, the Management, on the basis of legal opinion, is of the view that on conservative basis Rs.90 Lacs (out of which Rs.60 Lacs has been credited in earlier year) is expected to be recovered from both the parties and accordingly considered as claim receivable.

14. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

15. The Balances of Suppliers, Sundry Debtors, and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

16. Figures in brackets denote for previous year.

17. Previous year figure:

The financial statements for the year ended March 31,2011 had been prepared as per the then applicable pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956 the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified or rearranged to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

---

Mar 31, 2010

1. CONTINGENT LIABILITIES NOT PROVIDED FOR:

(a) Estimated amount of contracts remaining to be executed on capital account (net of advances) Rs. 2,97,97,517/- (Previous year Rs. 3,16,75,540/-).

(b) Bank Guarantee issued by the Bankers on behalf of the Company Rs. 45,00,000/- (Previous year Rs. 32,12,000/-)

(c) Foreign Bill/Cheque Purchase/Discounted by the Bankers on behalf of the Company Rs. 2,41,23,638/- (Previous year Rs. 7,96,39,115/-).

(d) L/C issued by the Bank on behalf of the Company Rs. 2,53,82,476/- (Previous year Rs. 2,68,02,850/-)

(e) Demands under dispute:

(i) Excise duty Rs.3,95,95,1467- (Amount deposited with Excise Authorities Rs. 39,04,1867-).

(ii) Sales Tax Rs. 6,77,915.67 (Amount deposited with Sales Tax Authorities Rs. 5,66,667.67).

(iii) Income Tax Rs. 31,51,623/- (Amount deposited with Income Tax Authorities Rs. 31,51,623/-).

The company has preferred appeals/revision against all the demands mentioned above.

2. Excise duty payable on finished goods is accounted for on clearance of goods from factory. The amount of excise duty payable on Finished goods of stocks lying in factory as at 31st March 2010 is estimated at Rs. 14.37 Lacs (Rs.13.75 Lacs).

3. The Company has a separate division for manufacturing Machines, Dies & Moulds. In the absence of necessary records the costing of such machines, dies & moulds for Rs. 1,46,42,806/- has been evaluated by Chartered Engineer & certified by the Management on which we have relied upon. These machines, dies & moulds have been shown as Inter unit Sales in respective divisions and transferred to Fixed Assets as Captive Consumption.

4. Impairment of Assets

In line with rapid technological changes in Automotive sector, the company has also been changing its product mix to ensure better quality to its customers and higher margin products. In the changed scenario, Glass project of the company has become redundant for the company.

The Company has obtained a valuation report of Glass Project from approved valuer as on 31.3.2009. The management was of the view that the carrying amount of Glass project did not exceeds the recoverable amount. Hence no provision for Impairment of Assets was required as on 31.3.2009. During the year 2009-10 The Company has disposed off assets of glass project and suffered a loss of Rs. 90.13 Lacs which is shown as Extra ordinary item in the profit & loss account.

5. SEGMENT INFORMATION

C. Other Disclosure

I. Segments have been identified in line with the Accounting Standard AS-17 "Segment Reporting^ (AS-17) taking into account the Organization Structure as well as the differing risks and returns.

2 Company has disclosed business segment as the primary segment.

3. Composition of the business segment:

Name of Segment Comprises of

a. Head Lamps Head lamp, Seated beam,

Reflectors, Tail Lamps,

Indicator Lamps and

Miscellaneous lamps.

b. Halogen Bulbs Halogen Bulbs,Capsules

& Bulb Components.

c. Traded Goods Automotive Bulbs,

Capsules & Components.

d. Machine Building Machines Fabrication

Division work.

e. Dies & Moulds Dies & Moulds

Division manufacturing.

4. Inter segment revenues are recognized at sale price.

5. The Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.

6. The Segment revenue in the geographical seg- ment considered for disclosure are as follows:

a. Revenue within India includes sales to customers located within India and earnings in India.

b. Revenue outside India includes sales to Customers located outside India and earn- ings outside India.

6. Related Party Information

1. Relationship.

a. Subsidiary of the company

Autopal Inc, USA.

b. Enterprises in which the company is having substantial interest/significant influence directly or indirectly.

Autopal Industies Ltd

Alwar Auto Pvt.Ltd



c. Key Management Personnel

Shri D.R Gupta (Chairman & Managing Director)

Shri Y.P. Gupta (Whole Time Director)

Shri J.P. Gupta (Whole Time Director)

Shri MP. Gupta (Whole Time Director)

Shri R.P. Gupta (Whole Time Director)

Shri Amit M. Gupta (Whole Time Director)

Shri Adarsh M. Gupta (Whole Time Director)



d. Relatives of Key Management Personnel with whom transactions have taken place.

Shri Adarsh M.Gupta

Smt. Lata Gupta

Smt. Laxmi Gupta

Smt. Anubha Anup Gupta

Smt. Sheela Gupta

Smt. Uma Gupta

e. Enterprises over which person described in (c) or (d) above are able to exercise significant influence, where transaction has taken place.

Anusika Industries Ltd.

Palsoft Infosystems Ltd.

Autolite Marketing PvtLtd.

Mamraj Sons (Auto) Ltd.

Autolite Manufacturing Ltd.

Autopal Glass PvtLtd.

Seth Chittarmal Tarachand Mahawar Vaish Memorial Charitable Trust

7. DISCLOSURE REGARDING LEASE

1. Finance Lease

There is no Finance Lease taken by the Company during the year.

2. Operating Lease

a) The total of future minimum lease payment under non cancelable operating leases for year : Within one year.

b) Lease payments recognized in the state- ment of profit and loss for the year ended on 31.03.2010 Rs.5,00,000/- (Rs..7,50,000/-).

c) The Company has not given any assets on sub-lease during the year.

8. ACCOUNTING FOR TAXES ON INCOME

In spite of Profit for the year of Rs.54.72 Lacs Deferred Tax Assets are not recognized on account of unabsorbed depreciation and carry forward of losses and other timing differences under tax laws. In the view of the Management as there is no convincing evidence to support that the sufficient future taxable income will be available against which deferred tax assets can be realized. In the absence of information we are unable to quantify the impact of Deferred Tax/Liability on Profit and Loss Account and Balance Sheet.

9. The Company has credited Rs. 180.78 Lacs in 2008-09 and Rs. 234.15 Lacs in 2009-10 for Export Incentives and other Incentives in Profit & Loss Account on estimated basis which are related to earlier years as well as for current year. The concerned department has not accepted the claim due to non furnishing of necessary grounds and details. The company is in the process to provide desired details and explanations. Further, no payment has been received during the 2009- 10 against export incentives of Rs. 180.78 Lacs credited in 2008-09.

10. In the opinion of the management and to the best of their knowledge and belief the value of realization of advances and other Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

11. The Balances of Suppliers, Sundry Debtors, and Loans & Advances are as per books of accounts and subject to confirmation and reconciliation with respective parties.

12. Figures for previous year have been regrouped and rearranged and reclassified wherever considered necessary.

13. Figures in brackets denote for previous year.