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.