1.  There are Contingent Liabilities in respect of:
 
 a) Claims against the Company not acknowledged as debts:
 
 Particulars                           2010-11            2009-10
 
                                   (Rs. in lacs)      (Rs. in lacs)
 
 Sales Tax Cases                       261.71              278.95
 
 Excise and Service Tax Cases          116.40               56.54
 
 Income Tax Cases                      402.98              265.88
 
 Civil Cases                           212.47               31.82
 
 Total                                 993.56              633.19
 
 b) Bank Guarantees given by the Company and outstanding as on
 31.03.2011 amounting to Rs. 1,354.95 lacs (Previous YearRs. 1,814.29
 lacs).
 
 c) Letters of Credit issued on behalf of the Company by its bankers and
 outstanding as on 31.03.2011 amounting to Rs. 2,554.67 lacs (Previous
 Year Rs. 1,884.82 lacs).
 
 2.  Through issue of excise notification no 11/95 dated March 16, 1995
 Government sought to lapse Rs. 488 lacs out of Modvat Credit Receivable
 balance as on March 16,1995. Petition by the Company and others with
 the Delhi High Court challenging the said notification on grounds of
 law and equity was allowed by the Supreme Court vide order dated
 January 28,1999. The Finance Act, 1999 has, however, brought in
 retrospective amendment w.e.f. March 16,1995 in the Central Excise Act,
 empowering the Central Government to lapse such modvat. On legal advice
 obtained by the Company to seek redressal against the action of the
 Government, the Company has filed writ petition before the Delhi High
 Court on the ground that the Government action violates the doctrine of
 promissory estoppel/expectation principle beside other grounds. The
 Court has already admitted the petition. Accordingly, pending Company''s
 petition and decision thereupon, the amount of Rs. 488 lacs though
 adjusted in excise records has not been provided in the books of
 account.
 
 3.  Estimated amount of contracts remaining to be executed on capital
 account and not provided for (net of advances) Rs. 417.22 lacs
 (Previous Year Rs. 455.73 lacs).
 
 4.  (a) Market promotion expenses (Schedule K) includes Commission on
 Sales amounting to Rs. 53.40 lacs (Previous Year Rs. 159.16 lacs) 
 & Liquidated damages on execution of sales orders amounting to 
 Rs. 103.64 lacs (PreviousYearRs. Nil).
 
 5.  As the Company''s business activities fall within a single primary
 business segment, viz., Commercial Vehicles and Spares, the
 disclosure requirement of Accounting Standard (AS) -17 Segment
 Reporting is not applicable.
 
 6.  Raw Materials & Components Consumed:
 
 i) In view of varied nature of large number of items, it is not
 possible to furnish quantitative information on components.
 
 ii) The figure of others is a balancing figure based on total
 consumption shown in Schedule J and includes adjustments
 for excess/shortage found on physical verification.  
 
 iii) Quantities and values of all items represent issues from 
 stores made during the year.
 
 7.  There are no Micro and Small Enterprises, to whom the Company owes
 dues, which are outstanding for more than 45 days as at 31st March,
 2011. This information as required to be disclosed under the Micro,
 Small and Medium Enterprises Development Act, 2006 has been determined
 on the basis of information available with the Company.
 
 8.  The Company has a system for maintenance of information and
 documents as required by the transfer pricing regulation under Sections
 92-92F of the Income Tax Act, 1961, as applicable. Since the law
 requires existence of such information and documentation to be 
 contemporaneous in nature, the Company also updates its information 
 and documentation for international transactions entered into with 
 the associated enterprises during the financial year. The management 
 is of the opinion that its international transactions are at arms 
 length so that the aforesaid legislation will not have any impact 
 on the financial statements, particularly on the amount of tax 
 expense and that of provision for taxation.
 
 9. The Company has taken certain premises under operating lease
 arrangements. The lease period varies from 1 to 15 years with the
 option to extend the same with mutual consent. The total lease rental
 recognized as expense aggregate to Rs. 162.35 lacs (Previous Year
 Rs.151.73 lacs).
 
 *Notes:
 
 i.  Contribution to Provident and other funds does not include
 contribution towards gratuity & leave encashment, as these are
 actuarially valued for the Company as a whole.
 
 ii.  Other Perquisites does not include premium in respect of personal
 accident insurance, as the separate figures for the directors are not
 available.
 
 Note: The estimates of future salary increase, considered in actuarial
 variation, take account of inflation, seniority, promotion and other
 relevant factors such as supply and demand in the employment market.
 
 Short term employment benefits
 
 The undiscounted amount of short term employee benefits expected to be
 paid in exchange for services rendered by employees is recognized
 during the period when the employee renders the services. These
 benefits include compensated absences and performance incentives.
 
 The Company expects to contribute approximately Rs. 86.94 lacs to the
 Gratuity Fund during financial year 2011 -12.
 
 10.  Current tax expense comprise of Rs. Nil (Previous year Rs. 537.18
 lacs), charge for Minimum Alternate Tax under section 115JBof the
 Income Tax Act, 1961. The Company has recognized MAT Credit Entitlement
 of Rs. Nil (Previous year Rs. 537.18 lacs) grouped under Loans and
 Advances (Schedule G), in accordance with Guidance Note issued by the
 Institute of Chartered Accountants of India. During the year, the
 Company has utilized Rs. 192.00 lacs by way of setting it off against
 the tax liability arising under the normal provisions of Income Tax.
 Consequently, the amount of Rs. 192.00 lacs has been transferred from
 MAT Credit Entitlement to Advance taxes under head Loans & Advances.
 
 11.  Detail in respect of dividend remitted during the year in foreign
 currency:
 
 a) Number of Non-resident Shareholders: 1 (Previous Year 1 )
 
 b) Number of Shares held as on record date: 578,866 (Previous Year
 209,000)
 
 c) Amount remitted during the year: Rs. 2,315,464 (Previous Year Rs.
 313,500)
 
 d) Financial Year to which dividend pertains : 2009-10 ( Previous year
 2008-09)
 
 12.  Miscellaneous expenses include assets written off during the year
 Rs. 0.30 lacs (Previous year Rs. 2.39 lacs).
 
 13.  The Company had issued 3,984,946 Equity shares of Rs. 10 each at a
 premium of Rs. 190 per share on Rights basis on 26th March, 2010. The
 net proceeds (Net of issue expenses Rs. 118.52 lacs) of the Rights
 issue were utilized for repayment of Allahabad Bank Term Loan Rs.
 5,000.00 lacs and for general corporate purposes Rs. 1,051.37 lacs by
 March 31st, 2010. Out of balance proceeds of Rs. 1,800.00 lacs
 earmarked for financing the expansion project, Rs. 163.96 lacs have
 been utilized for ongoing Phase I of expansion project during the
 current year and the balance Rs. 1,636.04 lacs are placed with a
 scheduled commercial bank as fixed deposits as per terms of Letter of
 Offer (which is included in Fixed Deposit Balances under Cash and Bank
 Balances - Schedule G).
 
 14.  In respect of change of Company name from SWARAJ MAZDA LIMITED TO
 SML ISUZU LIMITED, the Registrar of Companies, Chandigarh has issued a
 fresh certificate of incorporation dated 3rd January, 2011.
 
 15.  Previous year figures have been regrouped / reclassified wherever
 considered necessary to conform to current year''s classification.