i.  Contingent Liabilities not provided for in respect of
 
                                                           Rs. in Lacs
 
                                         As at 31           As at 31 
                                       March 2011         March 2010
 
 a.  Demands against the                49.42                 92.56 
     company not acknowledged
      as debts.
 
 b.  Claim pending against the         116.45                 55.19 
     company not acknowledged
     as debts.
 
 c.  Import machinery under            288.32                280.58 
     EPCG Scheme
 
 d.  Bank Guarantees                     6.50                  6.50
 
 ii. Capital commitments outstanding (net of advances) and not provided
 for Rs.1617.01 lacs (previous year Rs.299.38 lacs).
 
 iii.  Government of India has promulgated an Act namely The Micro, Small
 and Medium Enterprises Development Act,
 2006 which came into force with effect from 02 October 2006. As per the
 Act, the company is required to identify the Micro, Small and Medium
 suppliers and pay them interest on overdue beyond the specified period
 irrespective of the terms agreed with the suppliers. The information
 related to their dues / overdue has been furnished by the company for
 those parties from whom the data is received towards the same.
 
 iv. Fixed Deposits with Banks are pledged against Letter of Credit and
 Guarantees by the company.
 
 v. In the opinion of the Management, Current Assets, Loans & Advances
 are approximately of the value stated, if realized in the ordinary
 course of business.
 
 vi. The company has changed the method of valuation of Inventories as
 compared to the method as adopted erstwhile by the company. The company
 has valued the stock by considering weighted average purchase price on
 the basis of rolling average due to wide fluctuation in purchase price,
 whereas, earlier Inventory had been valued by considering the weighted
 average price of goods for the entire period of relevant financial
 year. As a result of such change, value of inventory has increased by
 Rs.353.76 lacs and accordingly the profit for the period is higher with
 the similar amount
 
 vii. Deferred Revenue Expenditure has been amortised over a period of
 five years. A sum of Rs.971.71 lacs has been amortised for the current
 year. However, from the current financial year, the company has not
 allocated any sum toward Deferred Revenue Expenditure on account of
 sample development expenses (previous year Rs.1425.40 lacs including
 depreciation of Rs.255.40 lacs). If the company had continued the same
 practice, profit for the year would have been higher by Rs.1158.40 lacs
 and the Deferred Revenue Expenditure in the Balance Sheet would have
 been higher by the same amount.
 
 viii. Balances of some parties are subject to confirmation/
 reconciliations
 
 ix. The company operates in a single business segment i.e.
 manufacturing of Parabolic/Tapered leaf Spring and has its production
 facilities and all other assets in India. During the year Domestic
 Segment Revenue is Rs.89541.32 lacs (previous year Rs.60064.45 lacs) and
 International Segment Revenue is Rs.964.85 lacs (previous year Rs.538.05
 lacs).
 
 x. Jai Suspension Systems Ltd. was converted into Jai Suspension
 Systems LLP w.e.f. 21 October 2010.  Consequently the profit of Jai
 Suspension Systems Ltd.  upto 20 October 2010 agreegating to Rs.718.59
 lacs has been shown as Exceptional Items in the Profit & Loss Accounts.
 
 Actuarial Assumptions
 
 a) Economic Assumptions
 
 The principal assumptions are the discount rate and salary growth rate.
 The discount rate is generally based upon the market yields available
 on Government Bonds at the accounting date with a term that matches
 that of the liabilities and the salary growth rate takes account of
 inflation, seniority, promotion and other relevant factors on long term
 basis. Valuation assumptions are as follows which have been agreed by
 the company
 
 Actuarial Method
 
 a) Actuary has used the projected unit credit (PUC) actuarial method to
 assess the plan''s liabilities of exit employees for retirement,
 death-in-service and withdrawals (Resignations / Terminations).
 
 b) Under the PUC method a projected accrued benefit is calculated at
 the beginning of the period and again at the end of the period for each
 benefit that will accrue for all active member of the plan. The
 projected accrued benefit is based on the plan accrual formula and upon
 service as of the beginning or end of period, but using member''s final
 compensation, projected to the age at which the employee is assumed to
 leave active service. The plan liability is the actuarial present value
 of the projected accrued benefits as on the date of valuation.
 
 Actuarial Value
 
 Leave encashment is accounted on the basis of actual leaves outstanding
 to the credit of respective employees at the end of the financial year
 as per the company''s policy.
 
 Note:
 
 In Malanpur unit fund value as per the records of LIC is Rs.150.28 lacs.
 Since as per actuarial valuation total obligation of Rs.142.92 lacs is
 less than fund value with LIC, no provision for gratuity has been made
 during the year in Malanpur unit.
 
 xiv. Debtors includes debts of Jai Suspension Systems LLP to the extent
 of Rs.1393.25 lacs.
 
 xi. As required by Accounting Standard 28 on Impairment of Assets, the
 company has reviewed potential generation of economic benefits from
 fixed assets. Accordingly, the provision for impairment loss amounting
 to Rs. Nil (previous year Rs.17.01 lacs) has been made during the year.
 
 xii.  Related party disclosures
 
 Names of related parties and nature of related party relationships are
 as under: Companies/entities in which the company has substantial *Jai
 Suspension Systems Limited
 interest (i.e. more than 20% in voting power) *Jai Suspension Systems
 LLP
 
 Key Management Personnel and their relatives
 
 1.  Mr. B. S. Jauhar (Chairman)
 
 2.  Mr. R. S. Jauhar (CEO & Executive Director)
 
 3.  Mr. P. S. Jauhar (COO & Executive Director)
 
 4.  Mr. S. P. S. Kohli (President & Executive Director)
 
 5.  Mrs. Khem Kaur (W/o Mr. B. S. Jauhar)
 
 6.  Mrs. Sonia Jauhar (W/o Mr. R. S. Jauhar)
 
 7.  Mrs. Kiran Chadha (Relative of Mr. B. S. Jauhar, Mr. R. S. Jauhar
 and Mr. P. S. Jauhar)
 
 Entities over which key management personnel/their relatives are able
 to exercise significant influence
 
 1.  Jamna Agro Implements Pvt. Ltd.  (Mrs. Khem Kaur/ Mrs. Kiran
 Chadha)
 
 2.  S.W. Farms Pvt. Ltd.  (Mrs. Sonia Jauhar/Mr. R. S. Jauhar)
 
 3.  MAP Auto Ltd.  (Mr. B. S. Jauhar/ Mr. R. S. Jauhar/Mr. P. S.
 Jauhar)
 
 4.  Jai Suspension Systems Ltd Wholly owned subsidiary company
 
 5.  Jai Suspension Systems LLP Majority partner in LLP
 
 6.  Winthrop Marketing (Relative of Mr. S. P. S. Kohli)
 
 * (Jai Suspension Systems Ltd was converted into Jai Suspension System
 LLP w.e.f. 21 October 2010)
 
 xiii.  Previous year figures have been regrouped / rearranged wherever
 necessary to make them comparable with those of current year.