Atlus Cycles Project Report 2013

1
ATLAS CYCLES (HARYANA) LIMITED

SONEPAT-131001
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BOARD OF DIRECTORS :
Shri Prithvi Raj Chawla, (Non Executive Director)
Shri Hari Krishan Ahuja, (Non Executive Director)
Shri Hira Lal Bhatia, (Non Executive Director)
Shri I. D. Chugh, (Whole Time Director)
COMPLIANCE OFFICER
Shri I. D. Chugh
REGISTERED OFFICE :
Atlas Road
Industrial Area
Sonepat 131001
(Haryana)
STATUTORY AUDITORS :
Messers Mehra Khanna & Co.
Chartered Accountants, Delhi
BANKERS :
Central Bank of India
Punjab National Bank
Bank of Baroda
BOARD COMMITTEES :
Audit Committee
Shri Hari Krishan Ahuja Chairman
Shri Prithvi Raj Chawla Member
Shri Hira Lal Bhatia Member
Shareholders/ Investor
Grievances Committee
Shri Prithvi Raj Chawla Chairman
Shri I. D. Chugh Member
SAHIBABAD UNIT
Plot No. 55, Site-IV
UPSIDC, Industrial Area,
Sahibabad 201010 (U.P.)
MALANPUR UNIT
Plot No. U-16, 17, 21 & 22
Malanpur Industrial Area
Near Gwalior, Distt. Bhind (M. P.)
REGISTRAR AND SHARE
TRANSFER AGENTS :
Mas Services Limited
T-34, 2nd Floor, Okhla Industrial
Area, Phase-2, New Delhi-110020
Tel: (011) 26387281, 82, 83
STOCK EXCHANGE(S) WHERE
COMPANYS SECURITIES ARE
REGISTERED
National Stock Exchange
Bombay Stock Exchange
Delhi Stock Exchange
E-MAIL
companylaw@atlascyclesonepat.com
WEBSITE
www.atlasbicycles.com
PARTICULARS Page No.
Notice 2
Directors Report 4
Corporate Governance Report 7
Management Discussion & Analysis 15
Auditors Report 17
Balance Sheet 18
Statement of Profit & Loss 19
Notes to Financial Statement 20
Cash Flow Statement 35
Consolidated Balance Sheet 47
Consolidated Statement of Profit & Loss 48
Consolidated Notes to Financial Statement 49
Attendance Slip & Proxy 67
2
NOTICE
TO THE SHAREHOLDERS
Notice is hereby given that the Sixty Second Annual General Meeting of the
members of Atlas Cycles (Haryana) Limited will be held at the Registered
Office of the Company in the Industrial Area, Sonepat on Monday, the 30th
September 2013 at 4.00 P.M. (I.S.T.) to transact the following business(es):-
ORDINARY BUSINESS
1. To receive, consider and adopt the Audited Balance Sheet as at 31st
March, 2013 and the Profit and Loss Account for the year ended on that
date along with the reports of the Board of Directors and Auditors thereon.
2 To declare final dividend at the rate of 45% (Rs. 4.50) per Equity Share
of face value of Rs. 10/- each.
3. To appoint a director in place of Shri Prithvi Raj Chawla who retires by
rotation and being eligible offers himself for re-appointment.
4. To appoint auditors for the current year and fix their remuneration, Messers
Mehra Khanna & Co., Chartered Accountants, the present auditors, offer
themselves for re-appointment.
SPECIAL BUSINESS
1. To consider and, if thought fit, to pass the following resolution, with or
without modification, as an ordinary resolution:-
RESOLVED THAT pursuant to the provisions of Section 269 read with
Schedule XIII, Section 309 and other applicable provisions, if any, of the
Companies Act, 1956 and subject to the approval as may be required,
the consent of the Board be and is hereby granted to the re-appointment
of Mr. Ishwar Das Chugh as Whole Time Director of the Company for a
period of 5 years with effect from 31st March, 2013 to 30th March, 2018
upon the terms and subject to the conditions set out in the explanatory
statement annexed to this notice with liberty to the Board of Directors to
alter or vary the terms and conditions of the said reappointment within
the limits specified in Schedule XIII of the Companies Act, 1956 or any
amendments thereto.
EXPLANATORY STATEMENT UNDER SECTION 173 OFTHE COMPANIES
ACT, 1956
1. At the meeting held on 28th March, 2013 the Board of Directors approved
the renewal of appointment of Mr. I.D. Chugh, as a Whole Time Director
for a further period of five years from 31st March, 2013 on revised terms
as set out below; approval of the members is requested to the same.
1. PERIOD:- 31st March, 2013 to 30th March, 2018.
2. REMUNERATION:-
SALARY: Between Rs. 86,177/- and Rs. 1,20,000/- per month as may
be decided by the Board from time to time inclusive of D.A. and other
allowance and payments, if any.
COMMISSION:- At the rate of 0.5% of annual net profits of the Company
computed in accordance with the provisions of the Companies Act, 1956 or
subject to the such limits as may be placed by the Board on the quantum
of such commission from time to time whichever is less.
MEDICAL EXPENSES: Expenses incurred for self and family, as per
Companys rules subject to such ceiling as may be decided by the Board
from time to time but not exceeding, in any case, one month salary per
year or three months salary in a periods of three years.
LEAVE TRAVEL CONCESSION:- For self and family once in a year in
accordance with the rules of the Company.
PROVIDENT FUND: As per rules of the Company, but not exceeding
12.33% of the Salary.
SUPERANNUATION: As per rules of the Company provided, however, that
Companys contribution to such fund shall not together with Companys
contribution to provident fund exceed 25% of the Salary.
GRATUITY: As per the payment of Gratuity Act, 1972.
TELEPHONE: Reimbursement of the actual expenses incurred on
telephone at his residence for the business of the Company, personal
long distance call charges will be borne by Mr. I.D. Chugh.
CAR: Expenses on use of car on Companys business will be reimbursed
to Mr. I.D. Chugh, subject to ceiling to be decided by the Board from time
to time.
CLUB FEES:- Annual Membership fee of Rotary Club, Ghaziabad.
MINIMUM REMUNERATION:- In the case of absence or inadequacy of
profits in any year, the minimum remuneration payable to Mr. I.D. Chugh,
shall be restricted as per Section 11 of Schedule XIII of the Companies
Act, 1956 as amended.
OTHER CONDITIONS:-
(i) The terms and conditions of the said appointment may be altered and
varied from time to time by the Board, as it may, as its discretion, deem
fit as not to exceed the limits specified in Schedule XIII of the Companies
Act, 1956 or any amendments made thereafter in that regard.
(ii) Mr. I.D. Chughs employment may be terminated by either party giving a
notice.
(iii) Mr. I.D. Chugh is re-appointed a whole time director of the Company by
virtue of his employment in the Company and if at any time he ceases to
be in the employment of the Company, for any reason whatsoever, he
ceases to be a director of the Company.
(iv) He shall not be entitled to any sitting fee for attending the meeting of the
Board of Directors or Committees thereof.
NATURE OF DUTIES:
Mr. I.D. Chugh will be Factory Manager of the Companys factory at Sahibabad
and OCCUPIER under the Factories Act, 1948 of this and other units of the
Company in which capacity he will devote whole Time attention to the affairs
of the Company, he will also perform such duties as may be assigned to him
from time to time by the Board of Directors.
Mr. I.D. Chugh has been associated with the Company for over 36 years in
various capacities from time to time. Currently he is the whole time director
of the Company.
Mr. I.D. Chugh holds a Masters Degree in Business administration and has
over fifty five years business and industrial experience.
The Board considers that Mr. I.D. Chughs re-appointment as whole time
director is in the interest of the Company and accordingly recommends his
re-appointment.
The above may also be treated as an abstract under section 302 of the
Companies Act, 1956 of the terms of appointment of Mr. I.D. Chugh as a
whole time director of the company.
Your Directors recommend the resolution for approval. None of the Directors
except Mr. I.D. Chugh is interested in this resolution.
By order of the Board of Directors
For ATLAS CYCLES (HARYANA) LTD.
(I.D. Chugh)
COMPLIANCE OFFICER
Sonepat: the 14th August, 2013
3
NOTES :-
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL
GENERAL MEETING (THE MEETING) IS ENTITLED TO APPOINT A
PROXY TO ATTEND AND VOTE ON A POLL INSTEAD OF HIMSELF
/ HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE
COMPANY. IN ORDER TO BE EFFECTIVE, THE INSTRUMENT
APPOINTING PROXY SHOULD BE DULY COMPLETED, STAMPED
AND SIGNED AND MUST BE DEPOSITED AT THE REGISTERED
OFFICE OF THE COMPANY NOT LESS THAN FORTY EIGHT HOURS
BEFORE THE COMMENCEMENT OF THE MEETING. THE PROXY
SO APPOINTED SHALL NOT HAVE ANY RIGHT TO SPEAK AT THE
MEETING.
2. Corporate Members intending to send their authorized representative to
attend the meeting are requested to send a certified copy of the board
resolution authorizing their representative to attend and vote on their
behalf at the meeting.
3. Members attending the meeting are requested to bring with them
the attendance slip attached to the notice duly filled in and signed
and handover the same at the entrance place of the meeting. Proxy /
Representative of a member should mark on the Attendance Slip as
Proxy or Representative as the case may be. Members holding shares
in electronic form and desirous of attending the meeting are required
to bring along with them their Client ID and DP ID Numbers for easy
identification.
4. The Register of Members and Share Transfer Books of the Company will
remain closed from Monday, 23.09.2013 to Monday, 30.09.2013 (both
days inclusive). Duly completed and valid applications for transfer of
shares received in order at the Registered Office of the Company before
23.09.2013 will be registered in time for transferees to become eligible
for dividend.
5. The dividend when declared will be paid through the company's bankers.
The dividend warrants will be posted on or before 30.10.2013 to the
Registered Addresses of the shareholders or their mandates whose names
stand in the register of members on 30.09.2013.
6. Members may get any change in their address/ their mandates registered
with the Company before 23.09.2013.
7. As per the amended Section 205A (5) of the Companies Act, 1956, with
effect from 31st October, 1998, dividends remaining unclaimed for a period
of 7 years from the date it became due for payment, shall be transferred
by the Company to the Fund established by the Central Government and
no claim thereof shall lie against the Fund of the Company on the expiry
of the said period of seven years. Members who have not encashed their
dividend warrants for the year ended 31.03.2006 onwards are requested
to send unpaid dividend warrants to the Registered Office of the Company
for payment in lieu thereof.
8. In terms of notification issued by Securities and Exchange Board of India,
the companys shares are being traded compulsory in demat form.
9. As an austerity measure, copies of the Annual Report will not be distributed
at the Annual General Meeting. Members are requested to bring with them
their copies of the Annual Report at the meeting.
10. Members who are holding shares in identical names in more than one
folio are requested to write to the Company to enable the Company to
consolidate their holdings in one folio.
11. The securities and Exchange Board of India has made it mandatory for all
companies to use the bank account details furnished by the depositories
for depositing dividend through Electronic Clearing Services (ECS) to
investors wherever ECS and bank details are available. In the absence of
ECS facilities, the Company will print the bank account details, if available,
on the payment instrument for distribution of dividend.
12. Shareholders who wish to obtain payment of dividend through ECS may
please send ECS forms duly filled in. These forms will be sent by the
Company on request from the shareholders. Shareholders, who have
already availed this facility last year, may send us ECS form in case there
is any change in the particulars furnished earlier.
13. We are sending herewith all the documents required under section 219(1)
of the Companies Act. However, pursuant to the requirement of proviso
(B) (iv) to section 219 (1) of the Companies Act, 1956 the said Directors'
Report along with all Annexure is available for inspection at Company's
Registered Office, Industrial Area, Sonepat during working hours from
today till 30.09.2013.
14. In terms of Section 109A of the Companies Act, 1956, the Shareholder(s)
of the Company may nominate a person in whose name(s) the shares
held by him/her shall vest in the event of his/her death. Shareholder(s)
desirous of availing this facility may submit nomination in Form 2B. (Copy
of Form 2B is enclosed with this Annual Report).
15. At the ensuing Annual General Meeting Shri Prithvi Raj Chawla, Director,
liable to retire by rotation and being eligible offer himself for re-appointment
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchange(s), the information about the Directors seeking appointment /
re-appointment in the forthcoming Annual General Meeting is as follows:
Name of Director Shri Prithvi Raj Chawla
Date of Birth 10th May, 1925
Relationship with other Directors
inter-se
None
Date of appointment
06th Aug, 1990
Expertise in specic functional area
In export business for over fty two
years
Qualication Commerce Graduate
No. of equity shares held in the
company
NIL
List of Public Companies (other than
Atlas Cycles (Haryana) Limited) in
which directorship held as on 31st
March, 2013
Atlas Cycles (Sonepat) Limited
Atlas Cycles (Sahibabad Limited)
Atlas Cycles (Malanpur) Limited
Chairman/ Member of the Commit-
tees of the Board of Public Companies
in which he is a director as on 31st
March, 2013
Membership
Audit Committee (Atlas Cycles (Hary-
ana) Limited)
Shareholder/Investor Grievance
Committee (Atlas Cycles (Haryana)
Limited)
NOTES :-
The ministry of corporate Affairs has taken a "Green Initiative" in the Corporate
Governance by allowing paperless Compliances by the companies and has
issued circular stating that services of notice/documents including Annual
Report can be sent by email to its members. To support this green initiative
of the Government in full measure, members who have not registered their
e-mail addresses, so far, are requested to register their e-mail addresses,
in respect of electronic holdings with the Depository Participants and also
register their e-mail ID at our Registrar and share Transfer Agents viz." M/s
Mas Services Limited "at the website www.masserv.com, in case you have
not already registered the same. Further for detail in this regard please refer
the last page of this Annual Report.
By order of the Board of Directors
For ATLAS CYCLES (HARYANA) LTD.
(I.D. Chugh)
COMPLIANCE OFFICER
Sonepat: the 14th August, 2013
4
DIRECTORS REPORT
TO THE MEMBERS:-
Your directors are delighted to present Sixty Second Annual
Report of your Company along with the audited statement of
accounts for the year ended 31st March 2013.
FINANCIAL HIGHLIGHTS (Rs. in Lacs)
PARTICULARS 2012-13 2011-12
OPERATING PROFITS/(LOSSES) 2411.10 2976.76
ADD : PROFIT ON SALE OF ASSETS 01.48 35.40
ADD : PROFIT ON SALE OF 83.66 109.24
MUTUAL FUND
ADD : DIVIDEND INCOME 24.78 109.92 23.21 167.85
2521.02 3144.61
LESS : FINANCE COST 1459.94 1946.24
DEPRECIATION 706.82 2166.76 694.52 2640.76
354.26 503.85
LESS : PROVISION FOR TAX 77.00 150.00
277.26 353.85
ADD : PROFIT BROUGHT FORWARD 143.68 159.91
420.94 513.76
DIVIDEND
Based on the Companys performance your directors recommend
for approval of the members a final dividend @ 45% i.e. Rs.
4.50 per share for the financial year 2012-2013 on the capital of
32,51,919 equity shares of Rs. 10/- each.
The final dividend on the equity shares, if approved by the
members, would involve cash outflow of Rs. 146.34 lacs excluding
dividend tax. (Previous year Rs. 146.34 lacs).
PRODUCTION
26,88,047 bicycles were produced during the period under
consideration.
SALES
Sales during the year amounted to Rs. 678.31 Crore including
the sales to foreign countries.
EXPORTS
During the period under consideration your Company exported
bicycles and bicycle components to several countries thereby
earning valuable foreign exchange of Rs. 2197.07 Lacs.
The company continued its efforts to increase sales in export
market due to which it achieved better export earning than last
year, despite stiff competition.
PERFORMANCE OF THE UNITS
Sahibabad Unit continued to do well in terms of sales & market share.
Paint Plant was enhanced by putting up another Disc Paint Plant
of latest technology of fine painting to cater to the growing demand
for larger numbers and better esthetics.
Sonepat Unit has also enhanced capacity of the Paint Plant by
putting up a Disc Paint Plant which is supposed to be of latest
technology (French Make) to cater to the growing demand from
large customers and give better esthetics to the bicycles.
Further Sonepat plant has put up a Powder Coating paint plant
along with an oven for faster and higher output.
These disc plants are of world class quality to meet todays
customer requirement. Market has responded to these
Improvements and sale volumes have grown.
To improve the quality in tubular shop in Sahibabad unit has also
taken up the installation of 45 Tons chilling plant for debrassing
to maintain temperature of chemicals thereby reducing related
quality problems.
During the year Company introduced number of new models in all
segments like fancy gents, ladies and kids. A number of process
improvements have been done resulting in improvement in quality
and cost reduction.
CAPITAL EXPENDITURE
During the year, the Company acquired capital assets worth Rs.
713.67 lacs as against Rs. 1017.49 lacs in the previous year. This
includes capital assets worth Rs 135.84 lacs under construction/
installation as against Rs. 34.03 lacs in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under
review, as stipulated under clause 49 of the Listing Agreement
with the Stock Exchange, is presented in a separate section
forming part of the Annual Report.
DIRECTORS
Shri Prithvi Raj Chawla is retiring by rotation at this Annual General
Meeting and, being eligible, offer himself for reappointment.
Further, pursuant to clause 49 (IV) (E) (iv) of the Listing Agreement,
the shareholders may take note that Shri Prithivi Raj Chawla Non
Executive Director of the Company holds NIL equity shares in the
Company as on the date of this report.
Your directors like to take the opportunity to place on record their
appreciation of the contribution made by employees at all levels.
DEPOSITS (INCLUDING LOANS FROM MEMBERS)
a) Total number of depositors on 31.03.2013 who have not
claimed their deposits after the date on which their deposits
became due for payment -53.
b) The aggregate amount of deposits due to the depositors on
31.03.2013 who have not claimed their deposits, including
interest accrued, if any, after the dates on which their deposits
became due for payment is Rs. 16.91 lacs.
Deposits aggregating Rs. 6.72 lacs pertaining to 19 depositors
have since either been renewed or paid. Further unclaimed
deposits aggregating to Rs. 28,616 have since been credited
to investors Education and Protection Fund. The remaining
depositors whose deposits, including interest, amount to Rs.
16.91 lacs have not sent any instructions for the disposal
of their matured deposits. These will be renewed or repaid
as soon as instructions are received from the concerned
depositors.
TRANSFER TO RESERVES
The Company proposes to transfer Rs. 100/- lacs to the General
Reserve out of the amount available for appropriations and an
amount of Rs. 149.73/- lacs is proposed to be retained in the
Profit and Loss Account.
CORPORATE GOVERNANCE
The Company complies with the clauses of Listing Agreement
entered into with the National Stock Exchange, Bombay Stock
Exchange and Delhi Stock Exchange where the Companys
shares are listed. Further, in terms of the provisions of Clause
49 of the Listing Agreement, your Company has complied
with the requirements of Corporate Governance and a Report
on Corporate Governance together with certificate from the
5
Companys Auditors confirming compliance, is set out in a
statement, which forms part of this Annual Report.
AUDITORS
M/s Mehra Khanna & Co., Chartered Accountants, retire at the
forthcoming Annual General Meeting and, being eligible, offer
themselves for re-appointment.
HUMAN RESOURCE DEVELOPMENTAND INDUSTRIAL
RELATION
Your Company strives to provide the best working environment
with ample opportunities to grow and explore. Your Company
maintains a work environment that is free from physical, verbal
and sexual harassment. Every initiative and policy of the Company
takes care of welfare of all its employees. The human resource
development function of the Company is guided by a strong
set of values and policies. The details of initiatives taken by the
Company for the development of human resource are given in
Management Discussion and Analysis Report. The Company
maintained healthy, cordial and harmonious industrial relations
at all levels throughout the year.
PARTICULARS OF EMPLOYEES
The information required under section 217 (2A) of the Companies
Act, 1956 and the rules framed hereunder relating to particulars
of employees is given in the annexure to this report.
PERSONNEL AND PARTICULARS OF EMPLOYEES
The industrial relations with the workers and staff of the Company
remained cordial throughout the year. There was unity of
objective among all levels of employees, continuously striving
for improvement in work practices and productivity. Training
and development of employees continue to be an area of prime
importance.
Particulars of the employees as required under section 217 (2A)
of the Companies Act, 1956 read with the Companies (Particulars
of the Employees) Amendment Rules, 2011 are not applicable
since, none of the employee of the Company was drawing more
than Rs. 60,00,000/- p.a or Rs. 5,00,000/- p.m. for the part of the
year. Statement to this effect is as follows:
Benets derived as a result of the above efforts
Loop Tube Bending Tool will help improve productivity and result
in cost reduction and improved aesthetics of the product and new
assembly tool will help improve productivity. New Tubular fork
will improve strength of fork.
FOREIGN EXCHANGE EARNING AND OUTGO
Total foreign exchange earned : Rs. 2197.07 lacs
Total foreign exchange used : Rs. 116.01 lacs
Statement pursuant to Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees)
Amendment Rules, 2011 and forming part of the Directors Report for the nancial year ended 31st March, 2013
Sr.
No.
Name Designation &
Nature of Duties
Remuneration
Gross (Rs.)
Qualifications Date of appointment Age
in years
Last employment
------------------NIL----------------
LISTING OF COMPANYS EQUITY SHARE
Your Companys shares continue to be listed on Delhi, Bombay
and National Stock Exchanges. The annual listing Fee for the
year 2013-2014 has been paid to all the three stock exchanges.
SUBSIDIARY COMPANIES
Statement of Accounts of the subsidiaries together with statement
under section 212 of the Companies Act, 1956, are annexed
herewith.
CONSERVATION OF ENERGY
SONEPAT UNIT
The following measures were taken for Conservation of
energy:-
a) New OLTC Type transformers of rating 1600 KVA has been
installed in place of two old transformers of 1250 KVA and
1000 KVA to reduce the losses.
b) Installed fuel efficient 1500 KVA Diesel engine in place of old
500 KVA slow speed Diesel engine.
c) Installation of Natural wind Air exhaust to replace exhaust
fans in Granodising Area.
d) Root Blowers of 5HP capacity has been installed in place of
25HP capacity.
SAHIBABAD UNIT
energy:-
a) Fire Tubes of 1.5 Ton Boiler were replaced with new-one to
reduce consumption of fuel and increase efficiency.
b) V.F.D. two nos. were installed on conveyors to save
energy.
c) One more Capacitor was added to improve Power Factor to
save energy.
MALANPUR UNIT
energy:-
a) Gas burners for New Paint Plant have been installed which
are highly fuel efficient.
b) The Disc Plant installed and it is working most efficiently
resulting in better finish & high paint efficiency.
c) Trials are underway to convert brazing furnace to Gas for
better fuel efficiency. New technology is also under study to
improve brazing operation.
d) Computerized Controls have been installed for better fuel
efficiency.
6
TECHNOLOGY ABSORPTION
1. Specific areas in which R & D carried out by the
Company:-
During the year under review, Sonepat Unit, worked mainly
on design and development of new models of bicycles and
upgrading/revamping of existing models and on improvement
of manufacturing processes and quality.
Sahibabad Unit designed and developed more models to
fulfill the requirement of the markets and Phosphating Plant
was redesigned for 12 Tanks system instead of 10 Tanks
system to improve quality of the product.
Malanpur Unit introduced new models of bicycles in all
categories of bicycles and planning to acquire latest
technology in metal finishing during the next year.
2. Benets derived as a result of the above R & D :-
New and upgraded models were introduced in the market
during the year. Cost reduction measures and improvement
in the manufacturing processes and quality controls have
helped in increasing the Companys market for fancy and
conventional bicycles.
With the installation of new Disc Paint Plant, production
capacity increased to meet the increased demand and to
compete in the market for fancy and conventional bicycles.
3. Future Plan of action :-
Development of new models, revamping of existing
models, and improvement in development of manufacturing
processes which would increase productivity at minimum cost
without compromising on quality.
Technology absorption, adaptation and innovation:-
1. Efforts, in brief, made towards technology absorption,
adaptation and innovation:-
a) New gas fired (Highly Fuel efficient) burners fitted in paint
shop.
b) Installation of Belt Conveyer for carton packing.
c) Brazing furnaces converted to Gas firing with latest technology
from Wesmans Gas train, Controllers and Burners.
d) Introduction of Pneumatic Wrench in assembly in place of
manual operations.
e) Installation of Automatic Tapping machine.
f) Starting of Automatic Rim Hole Punching Machines.
g) Conversion of Air Start Gen sets to self start Gen sets.
h) 4-Wheel conveyor installed for transportation of frames to
increase productivity.
i) One more line of Brazing & Machining was added to arrest
Rust to improve the quality of Painting items in Paint-Shop.
J) Drying oven was installed in Paint-Shop to improve quality
of phosphated component.
k) Better Exhaust system was installed in Disc Painting Plant
for better working environment in Paint-Shop.
l) All analog temperature gauges of new phosphating have been
replaced by digital temperature indicators having rugged and
high durability.
AWARDS & CERTIFICATES
During the year under review, your Company has earned
certificate from Department of Scientific and Industrial Research,
Government of India, Ministry of Science and Technology in
respect of In-house R&D Unit(s) of the Company
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 217 (2AA) of the
Companies Act, 1956, Directors hereby confirm that:
I. In the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper
explanation relating to material departures.
II. The directors had selected such accounting policies and
applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company as at 31st March
2013 and of the profit of the Company for that period.
III. The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of
the Company and for preventing and detecting fraud and
other irregularities, to the best of the knowledge and ability
of the Directors.
IV. The directors had prepared the Annual Accounts on a going
concern basis.
ACKNOWLEDGEMENT
The Board of Directors wishes to place on record its appreciation
for the commitment, dedication and hard work done by the
employees in the Company and the cooperation extended by
Banks, Government authorities, customers and shareholders of
the Company and looks forward to a continued mutual support
and co-operation.
HARI KRISHAN AHUJA
HIRA LAL BHATIA DIRECTORS
ISHWAR DAS CHUGH
Sonepat, the 14th August, 2013
}
7
CORPORATE GOVERNANCE REPORT
2012-2013
Corporate Governance is the set of policies, processes and
practices governing the affairs of a Company in pursuit of its
business goals. Corporate Governance is based on the principles
of integrity, fairness, equity, transparency, accountability and
commitment to values. Good governance practices stem from the
culture and mindset of the organization. As stakeholders across
the globe evince keen interest in the practices and performance
of companies, Corporate Governance has emerged on the centre
stage.
Over the years, governance processes and systems have
been strengthened and institutionalized at Atlas. Effective
implementation of these policies underpins the commitment of the
Company to uphold highest principles of Corporate Governance
consistent with the Company's goal to enhance shareholders'
value.
Keeping in view the Company's size, complexity, global operations
and corporate traditions, the Company's Governance framework
is based on the following main principles:

Constitution of Board of Directors of appropriate composition,
size, varied expertise and commitment to discharge their
responsibilities and duties.
Ensuring timely flow of information to the Board and its
Committees to enable them discharge their functions
effectively.

A sound system of risk management and internal control.
Independent verification and safeguarding integrity of the

Company's financial reporting.
Timely and balanced disclosure of all material information

concerning the Company to all stakeholders.
Transparency and accountability.
Fair and equitable treatment to all stakeholders including

employees, customers, shareholders and investors.
Compliance with all the rules and regulations.

The Company recognizes that good Corporate Governance is a
continuing exercise and is committed to follow the best practices
in the overall interest of the stakeholders.
In accordance with clause 49 of the Listing Agreement with
National Stock Exchange, Bombay Stock Exchange and Delhi
Stock Exchange and the best practices followed internationally
on Corporate Governance, the details of governance systems
and processes are as under:
Name of Director Designation Category of Shareholding in No. of other No. of
Directorship the company Director Committee
ships # Memberships
Member Chairman
Shri Hari Krishan Ahuja Director Non Executive 200 3 1 1
Independent
Shri Hira Lal Bhatia Director Non Executive NIL 3 1 NIL
Independent
Shri I. D. Chugh Whole Time Executive 60 4 1 NIL
Director Non-Independent
Shri Prithvi Raj Chawla Director Non Executive NIL 3 2 1
Independent
1. COMPANYS PHILOSOPHY ON CODE OF GOVERNANCE
Corporate Governance deals with the complex set of relationships
between the Company and its board of directors, management,
shareholders, and other stakeholders. Your Company believes
that changes are inevitable in the corporate world, whether
relating to laws, rules, regulations, standards, procedures,
public disclosures, thereby constantly posing challenges for the
corporate to meet with the highest set of standards of business
ethics and fair play. However adherence to Corporate Governance
practices at each such time shall lead the way to transparent and
just business operations.
Corporate Governance encompasses good practices, adherence
to laws, procedures, standards and implicit rules that enable the
management to take wise and sound decisions, whose results will
have an impact not only on its shareholders, creditors, associates,
employees and the government but society at large. The core
objective of Corporate Governance is to maximize shareholder
value through an open and transparent disclosure regime.
Corporate Governance practice enables every stakeholder to
have access to fullest information about the Company and its
functioning thereby achieving stakeholder's satisfaction.
In view of the above statement, your Company reaffirms its
commitment to excellence in Corporate Governance and
constantly strives and endeavors to attain the high standards of
business ethics and fair play, by employing the finest practices
of corporate values and ethics. Your Company also believes that
good Corporate Governance will also help to translate into being
a responsible corporate citizen.
2. BOARD OF DIRECTORS
Composition and category
The Board of Directors of the Company (the Board) provides
leadership and guidance to the Company's Management and
also supervises, directs and manages the performance of the
Company. The Board has constituted various committees of
Directors, for the matters requiring special attention and their
effective and efficient disposal.
Your Company's Board is represented by professionally qualified
Executive, Non-Executive and Independent Directors. The Board
as on date is comprised of one Executive director and three Non-
executive directors.
Details of the Directors constituting the Board, their category,
shareholding in the Company, number of Directorships in other
public limited companies etc. are as follows:
# excluding private limited companies and foreign companies.
8
The ratio between Executive and Non-Executive Directors and
Non-Independent Directors is 1:3
None of the Directors on the Board is a member of more than ten
Committees and Chairman of more than five Committees across
all companies in which they are Directors.
Board Procedure
The Board meets at least once in a quarter to review the quarterly
performance and the financial results. The Board Meetings are
generally scheduled in advance and the notice of each Board
Meeting is given in writing to each Director. All the items on
the agenda are accompanied by notes giving comprehensive
information on the related subject and in certain matters such as
financial/business plans, financial results, detailed presentations
are made.
The information as specified in Annexure I A to the Clause 49 of
the Listing Agreement is regularly made available to the Board.
To enable the Board to discharge its responsibilities effectively,
the members of the Board are briefed of every Board Meeting,
on the overall performance of the Company, with presentations
by business heads. Senior Management is invited to attend the
Board Meeting so as to provide additional inputs to the items
being discussed by the Board.
The Board's role, functions, responsibility and accountability are
clearly defined. In addition to statutory matters requiring Board's
approval, all major decisions involving policy formulation, strategy
and business plans, annual operating and capital expenditure
budgets, new investments, details of joint ventures, sale of
business unit/ division, compliance with statutory/ regulatory
requirements, major accounting provisions and write-offs are
considered by the Board.
Attendance of each director at the meetings of the Company
The detail of attendance of each Director of the Company in
Board Meetings held during the financial year 2012-13 is given
below:
Name of the Attendance of Meeting during 2012-13
Directors Board Meetings Last AGM
Shri Hari Krishan Ahuja 13 Yes
Shri Hira Lal Bhatia 13 Yes
Shri I. D. Chugh 13 Yes
Shri Prithvi Raj Chawla 12 Yes
Number of Board Meetings held and the dates on which held
Thirteen Board Meetings were held during the financial year 2012-13. The
Company has held at least one Board Meeting in every three months and
the maximum time gap between any two such meetings was not more
than four months.
The details of the Board Meetings are as under:
Date Board Strength No. of Directors
present
April 30, 2012
May 14, 2012
June 29, 2012
July 30, 2012
August 14, 2012
4
4
4
4
4
4
4
4
4
4
September 4, 2012
September 29, 2012
October 31, 2012
November 30, 2012
December 28, 2012
January 25, 2013
February 14, 2013
March 28, 2013
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
3
Agenda and Minutes
All the departments of the Company communicate to the
Company Secretary well in advance with regard to matters
requiring approval of the Board/Committees of the Board to enable
him to include the same in the agenda for the Board/Committee
meeting(s). Agenda papers are generally circulated to the Board/
Committee members well in advance before the meeting.
The Company Secretary while preparing the agenda and minutes
of the Board/Committee meeting has ensured adherence to the
applicable provisions of the law including the Companies Act,
1956. The applicable Secretarial Standards issued by the Institute
of Company Secretaries of India (ICSI) are also being followed
by the Company. The draft minutes of the proceedings of each
meeting duly initialed by the Chairman of the meeting are being
circulated to the members for their comments and thereafter,
confirmed by the Board/Committee in its next meeting. The Board
also takes note of the minutes of the Committee Meetings duly
approved by their respective Chairman.
All material information is incorporated in the agenda papers for
facilitating meaningful and focused discussions at the meeting.
The information regularly supplied to the Board inter-alia includes
the following:
Annual operating plans and budgets and any updates
thereon.
Capital budgets and updates, if any.
Quarterly results of the Company and its operating divisions

or business segments.
Minutes of meetings of Audit Committee and other committees

of the Board.
Legal compliance report and certificate
Information on recruitment, resignation and remuneration of

senior officers.
Show cause, demand, prosecution notices and penalty

notices issued, if any against the Company having material
impact.
Fatal or serious accidents, dangerous occurrences, material

effluent or pollution problems, if any.
Any material default in financial obligations to or by the

Company, or substantial non-recoveries against sale, if any.
Any issue, which involves possible public or product liability

claims of substantial nature, including any judgment or
order which, may have passed strictures on the conduct of
the Company or taken an adverse view regarding another
enterprise that can have negative implication on the
Company, if any.
9
Details of any joint venture or collaboration agreement, if any.
Transactions that involve substantial payment towards

goodwill, brand equity, or intellectual property, if any.
Significant labour problems and their proposed solutions.

Any significant development in human resources/industrial
relations front like signing of wage agreement, implementation
of Voluntary Retirement Scheme etc., if any.
Sale of material, nature of investment, subsidiaries, assets,

which is not in normal course of business, if any.
Quarterly details of foreign exchange exposures and the steps

taken by management to limit the risks of adverse exchange
rate movement, if material.
Non-compliance of any regulatory, statutory nature or listing

requirements and shareholders service such as delay in
share transfer, etc.
3. CODE OF CONDUCT
The Board of Directors of the Company has formulated a Code
of Conduct for all Board Members and Senior Management
Members of the Company. The Code of Conduct has been posted
on the website of the Company.
All the Directors and Senior Management Members have affirmed
compliance with the Code of Conduct as approved and adopted
by the Board of Directors. A declaration to that effect signed by
the Chief Executive Officer forms part of the Annual Report of
the Company.
4. AUDIT COMMITTEE
Broad Terms of Reference
The Audit Committee of the Board of Directors of the Company,
inter-alia, provides assurance to the Board on the adequacy of
the internal control systems and financial disclosures.
The Terms of Reference of the Audit Committee are wide enough
to cover the matters specified for Audit Committee under Clause
49 of the Listing Agreement as well as in Section 292A of the
Companies Act, 1956 and inter-alia includes:
a. oversight of the Company's financial reporting process and
the disclosure of its financial information to ensure that the
financial statement is correct, sufficient and credible;
b. recommending to the Board, the appointment, re-appointment
and, if required, the replacement or removal of the Statutory
Auditors and the fixation of audit fees;
c. reviewing, with the management, the annual financial
statement before submission to the Board for approval,
d. reviewing with the management, the quarterly financial
statements before submission to the Board for approval;
e. reviewing with the management, performance of statutory and
internal auditors, adequacy of the internal control systems;
f. discussion with internal auditors any significant findings and
follow up thereon;
g. discussion with statutory auditors before audit commences,
about the nature and scope of audit as well as post-audit
discussion to ascertain any area of concern;
In fulfilling the above role, the Audit Committee has powers to
investigate any activity within its terms of reference, to seek
information from employees and to obtain outside legal and
professional advice.
The Audit Committee, while reviewing the Annual Financial
Statements also reviewed the applicability of various Accounting
Standards (AS) referred to in sub-section (3C) of Section 211
of the Companies Act, 1956. Compliance of the Accounting
Standards as applicable to the Company has been ensured in
the Financial Statements for the year ended March 31, 2013.
Composition
The Audit Committee comprises of three Directors and all the
directors are Non -Executive. The Audit Committee is constituted
in accordance with the provisions of Clause 49(II)(A) of the Listing
Agreement and Section 292A of the Companies Act, 1956.
All these Directors possess adequate knowledge of corporate
finance, accounts and company law.
The Meetings of the Audit Committee are attended by the
Company Secretary. The Company Secretary acts as Secretary to
the Committee. The Minutes of the Audit Committee Meetings are
noted by the Board of Directors at the subsequent Board Meeting.
The constitution of Audit Committee comprised of the following:
Name of Member Designation Category
Shri Hari Krishan Ahuja
Shri Prithvi Raj Chawla
Shri Hira Lal Bhatia
Chairman
Member
Member
Non-executive Director
Meetings and attendance
The Audit committee held seven meetings during the financial
year ended March 31, 2013 and the gap between two meetings
did not exceed four months. The Audit Committee Meetings
were held on 30.04.2012, 14.05.2012, 30.07.2012, 14.08.2012,
04.09.2012, 31.10.2012 and 14.02.2013.
The attendance of the members at the Audit committee Meetings
are as under:
Name of Members No. of
meetings
held
No. of
meetings
attended
during
Leave of
absence
sought
7
7
7
7
7
7
NIL
NIL
NIL
5. REMUNERATION COMMITTEE
This Committee is yet to be formed.
Remuneration Policy
A. Whole Time Director
- Salary and commission within the limits prescribed under the
Companies Act, 1956.
- Annual increments depending upon individuals performance.
- No sitting fees.
Non-Executive Directors
- Sitting fees and out of pocket expenses for attending meetings.
10
The remuneration payable to Whole Time Director was decided
by the Board of Directors while renewing his appointment for five
years from 31.03.2008 shareholders' approval was obtained at
the Annual General Meeting held on 30.09.2008.
The remuneration payable to non- executive directors is decided
by the Board of Directors.
Details of remuneration paid during 2012-2013.
A. Whole Time Director
Name Shri I.D. Chugh
Salary
Long Service Allowance
Provident Fund Contribution
Leave Travel Assistance
Commission
Medical Expenses
1032305
2220
81038
56970
53670
163000
Total 13,89,203
B. Non-Executive Directors
Remuneration by way of sitting fees and out of pocket expenses
for attending the meetings of the Board and Committees.
Name of Director Sitting Fee
(Rs.)
Out of Pocket
Expences
(Rs.)
Total
(Rs.)
101000/-
101000/-
105500/-
32500/-
32500/-
34000/-
133500/-
133500/-
139500/-
6. SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE
Composition
The Shareholders'/Investors' Grievance Committee comprises
of Executive and Non-Executive & Independent Directors. The
composition of Shareholders'/Investors' Grievance Committee
is as follows:
Name of Member Designation Category
Shri Ishwar Das Chugh
Chairman
Member
Executive Director
Terms of Reference
The Shareholders'/Investors' Grievance Committee, inter
alia, oversees and reviews all matters connected with the
investor services in connection with applications received
and shares allotted in the Initial Public Offer, status of refund
account, conversion of partly paid shares into fully paid shares,
rematerialization and dematerialization of shares and transfer of
shares of the Company. The Committee oversees performance
of the Registrar and Transfer Agent of the Company and
recommends measures for overall improvement in the quality of
investor services.
The Secretarial Department of the Company and the Registrar
and Share Transfer Agent, Mas Services Limited attend to all
grievances of the shareholders and investors received directly
or through SEBI, Stock Exchanges, Ministry of Corporate Affairs,
Registrar of Companies etc.
The Minutes of the Shareholders'/Investors' Grievance Committee
are noted by the Board of Directors at the Board Meetings.
Continuous efforts are made to ensure that grievances are
more expeditiously redressed to the complete satisfaction of the
investors.
Meetings
Four Committee Meetings were held during the year on
30.04.2012, 30.07.2012, 31.10.2012 and 25.01.2013. The
attendance of each member as at 31st March, 2013 is as given
below:
Name of Members No. of
meetings
held
during
tenure
No. of
meetings
attended
during
tenure
Leave of
absence
sought
Shri I. D. Chugh
4
4
4
4
NIL
NIL
7. SHARE TRANSFER SUB-COMMITTEE
Shri I.D. Chugh, Whole Time Director of the Company has been
delegated the power to approve share transfers.
*There were no share transfers pending for registration for more
than 21 days as on the said date.
8. COMPLIANCE OFFICER
Mr. Gagan Singhal was the Company Secretary and Compliance
Officer of the Company till 19th June, 2013. However with effect
from 19th June 2013. Mr. I.D. Chugh, Whole Time Director has
been appointed as Compliance officer of the Company in Place
of Mr. Gagan Singhal for complying with the requirements of the
Listing Agreement with the Stock Exchange and requirements of
SEBI (Prohibition of Insider Trading) Regulation, 1992.
9. COMPLAINTS FROM INVESTORS
During the year 04 letters/complaints were received from
shareholders / debentureholders all of which were replied/
resol ved to the ful l sati sfacti on of the sharehol ders /
debentureholders.
10. SUBSIDIARY COMPANIES
The Company has three wholly owned Subsidiary Companies
viz. Atlas Cycles (Sonepat) Limited, Atlas Cycles (Sahibabad)
Limited and Atlas Cycles (Malanpur) Limited. The minutes of the
Board Meetings of the aforesaid Subsidiary Companies held on
30.04.2012, 30.07.2012, 04.09.2012, 29.09.2012, 28.12.2012 and
28.03.2013 were placed at the Board Meeting held on 30.07.2012,
04.09.2012, 29.09.2012, 28.12.2012, 28.03.2013 and 19.06.2013.
11. CORPORATE GOVERNANCE MANUAL
The Board of Directors of the Company approved and adopted
a comprehensive Corporate Governance Manual setting out
the procedures for effective functioning of the Board and its
Committees. It also incorporates the Code of Conduct and Ethics
for Directors and Senior Management. This policy is regularly
monitored and reviewed.
11
12. LEGAL COMPLIANCE REPORTING
As required under Clause 49 of the Listing agreement, the Board
periodically reviews compliance of various laws applicable to the
Company.
13. ANNUAL GENERAL MEETINGS
The details of last three Annual General Meetings of the Company
are given hereunder:
Year AGM Date Time Venue
Special
Resolution
passed
2009-10 59th
AGM
30th
September,
2010
4:00
p.m.
Atlas
Cycles
(Haryana)
Limited,
NIL
2010-11 60th
AGM
30th
September,
2011
4:00
p.m.
NIL
2011-12 61st
AGM
29th
September,
2012
4:00
p.m.
Industrial
Area,
Sonepat
NIL
14. POSTAL BALLOT
No special resolution was passed through Postal Ballot during
the financial year 2012-2013.
15. EXTRAORDINARY GENERAL MEETING
No Extraordinary General Meeting was held during the financial
year 2012-2013.
16. DISCLOSURES
a) Disclosure on materially significant related party
transactions that are not in conict with the interests of the
Company at large.
Related party transactions as per AS-18 have been dealt with
in scheduled 10 (Notes forming part of the accounts). However,
these transactions are not in conflict with the interest of the
Company.
b) Disclosure of Accounting Treatment
In the preparation of the financial statements, the Company has
followed the Accounting Standards referred in Section 211(3) (c)
of the Companies Act, 1956. The significant accounting policies
which are consistently applied are set out in Notes to Accounts.
c) Risk Management
Business risk evaluation and management is an ongoing process
within the Company. During the year under review, a detailed
exercise on 'Risk Assessment and Management' was carried out
covering the entire gamut of business operations and the Board
was informed of the same.
d) Details of non compliance by the Company, penalties, and
strictures imposed on the Company by Stock Exchange or
SEBI or any Statutory Authority, on any matter related to
capital markets, during the last three years.
The Company has complied with all the requirements of the
Listing Agreement entered into with National Stock Exchange,
Bombay Stock Exchange and Delhi Stock Exchange as well as
the regulations and guidelines of SEBI. Consequently, there
were no strictures or penalties imposed by either SEBI or the
Sock Exchange or any statutory authority for non-compliance of
any matter related to the capital market since the listing of the
Company.
17. MEANS OF COMMUNICATION
The Board of Directors of the Company approves and takes
on record the quarterly, half yearly and yearly financial
results, in the Performa prescribed by Clause 41 of the Listing
Agreement within the time prescribed by that clause.
The approved financial results are sent forthwith to the

National Stock Exchange, Bombay Stock Exchange and
Delhi Stock Exchange and are published in a National English
Newspaper, viz, Financial Express. In addition, the same are
published in a local language newspaper, viz., Dainik Tribune,
with in forty-eight hours of approval thereof.
The Company's financial results and official news releases

are being displayed on the Company's website i.e. www.
atlasbicycles.com.
No formal presentations or analysis were made to the

institutional investors during the year under review.
Management Discussion and Analysis forms part of the

Annual Report, which is posted to the shareholders of the
Company.
18. MANAGEMENT DISCUSSION & ANALYSIS REPORT
A detailed review of the progress of the project and the future
outlook of the Company and its business, as stipulated under
Clause 49 of the Listing Agreement with the National Stock
Exchange, Bombay Stock Exchange and Delhi Stock Exchange, is
presented in a separate section forming part of this Annual Report.
19. CORPORATE ETHICS
As a responsible corporate citizen, the Company consciously
follows corporate ethics in both business and corporate
interactions. The Company has framed various codes and
policies, which act as guiding principles for carrying business in
ethical way. Our policy is:
Code of Conduct for Directors and Senior Management

Personnel;
20. CEO/CFO CERTIFICATION
The Chief Executive Officer and the Chief Financial Officer(s)
have submitted the certificate to the Board as required under
Clause 49(V) of the Listing Agreement.
21. REPORT ON CORPORATE GOVERNANCE
The Company has submitted Quarterly Compliance Reports
to the Stock Exchange within 15 days from the close of each
quarter as per the format given in Clause 49, duly signed by the
compliance Officer.
22. GENERAL SHAREHOLDERS INFORMATION
Registered ofce Industrial Area,
Atlas Road, Sonepat- 131001
Annual General Meeting
Day, Date and Time Monday, 30th September, 2013,
4:00 p.m.
Venue Atlas Cycles (Haryana) Limited
I ndust ri al Area, At l as Road,
Sonepat-131001
12
Financial Calendar
Financial reporting for the : Middle of August, 2013

quarter June 30, 2013
Financial reporting for the half year : End October, 2013

ending September 30, 2013
Financial reporting for the quarter : End January, 2014

ending December 31, 2013
Financial reporting for the year : End April, 2014

ending March 31, 2014
Book Closure Period
September 23rd, 2013 to September 30th, 2013 (Both days
inclusive)
Dividend payment Date
Dividend payment will be made within 30 days of the date of
declaration to those shareholders whose names appear on the
Register of members on the date of Annual General Meeting.
Listing of Equity Shares on Stock Exchange(s)
National Stock Exchange of India Limited (NSE)
Exchange Plaza, Bandra-Kurla Complex
Bandra (E), MUMBAI 400051
Bombay Stock Exchange Limited, (BSE)
P. J. Towers, 25th Floor, Dalal Street,
Mumbai-400001,
Delhi Stock Exchange of India Limited (DSE)
DSE House, 3/1, Asaf Ali Road
NEW DELHI 110002
Listing Fees
Annual Listing Fee for the year 2013-2014 has been paid to
Stock Exchange where the equity shares of the Company are
listed, in the Month of April, 2013 i.e. within the stipulated time.
Stock Code
Scrip Code National Stock Exchange ATLASCYCLE
Bombay Stock Exchange 505029
Delhi Stock Exchange 01174
ISIN for Equity Shares INE446A01017
Stock Market Data
Monthly high and low prices of equity shares of Atlas Cycles
(Haryana) Limited at the National Stock Exchange (NSE) and
Bombay Stock Exchange Limited (BSE) during the year under
review in comparison to NSE and BSE (Sensex) are given
hereunder:
Month Equity Share Price on NSE and BSE
Share Price on NSE Share Price on BSE
HIGH LOW HIGH LOW
Rs. Rs. Rs. Rs.
April, 2012 374.90 312.35 367.75 315.00
May, 2012 336.05 276.35 328.65 287.02
June, 2012 365.00 296.00 357.20 307.95
July, 2012 445.00 350.60 419.10 358.65
August, 2012 440.00 366.00 425.70 391.90
Sep., 2012 455.25 365.00 421.05 394.90
Oct., 2012 444.00 390.00 435.65 402.85
Nov., 2012 416.00 375.00 405.35 377.30
Dec., 2012 420.00 368.00 395.95 369.95
Jan.,2013 396.90 332.50 387.05 346.70
Feb., 2013 366.50 281.55 350.15 288.80
Mar., 2013 316.00 234.35 298.50 238.95
Registrar and Share Transfer Agent
M/s Mas Services Limited, Delhi has been appointed as the
Registrar and Share Transfer Agent of the Company w.e.f.
01.02.2003 for handling the share transfer work both in physical
and electronic form. All correspondence relating to share transfer,
transmission, dematerialization, rematerialisation etc. can be
made at the following address:
MAS SERVICES LIMITED
T-34, IInd Floor,
Okhla Industrial Area,
Phase II, New Delhi 110020
Tel.: 011-26387281, 7282, 7283
Fax: 011-26387384
Contact Person: Mr. Sharwan Mangal (General Manager)
Timing Monday to Friday, 10.00 a.m. to 1.00 p.m. and 2.00
p.m. to 4.00 p.m.
Share Transfer System
Shares sent for transfer in physical form are processed and
transfer is completed by our Registrar and Share Transfer Agents
within a period of 15 days from the date of receipt provided all
the documents are in order. In case of shares in electronic form,
the transfers are processed by NSDL/CDSL through respective
Depository Participants. Share Transfer Requests under objection
are returned within two weeks.
Shareholders can trade in the Companys share only in electronic
form. The process for getting the shares dematerialized is as
follows:
Shareholder submits the share certificates along with

Dematerialization request Form (DRF) to Depository
Participant (DP).
DP processes t he DRF and generat es a uni que

Dematerialization Request No.
DP forwards DRF and share certificates to Registrar and

Share Transfer Agent (RTA).
RTA after processing the DRF confirms or rejects the request

to Depositories.
If confirmed by the RTA, Depositories give credit to

shareholder in his account maintained with DP.
This process takes approximately 10-15 days from the date of
receipt of DRF. As trading in shares of the Company can be done
only in electronic form, it is advisable that the shareholders who are
holding shares in physical form get their shares dematerialized.
13
Categories of Equity Shareholders as on March 31, 2013
Category of Shareholder No. of Percentage of
shares held shareholding
Promoters, Associates and Relatives 1487861 45.75
Mutual Funds/ UTI 953 0.03
Financial Institution 3796 0.12
Bodies Corporate 323705 9.96
General Public 1406682 43.25
Non-Resident Indian / OCB 6246 0.19
Clearing Member 22676 0.70
Trust 0 0.00
Total 3251919 100.00
Shareholding Pattern by size
The distribution of shareholding as on 31st March, 2013 is given
below:
No. of Shares Number of % to total No. of shares % to total
(Range) shareholders held
Upto 500 8945 95.38 577554 17.76
501-1000 212 2.27 158481 4.87
1001-2000 86 0.92 124270 3.82
2001-3000 34 0.36 86675 2.66
3001-4000 17 0.18 60335 1.87
4001-5000 13 0.14 59914 1.84
5001-10000 24 0.25 171426 5.27
100001 and Above 47 0.50 2013264 61.91
Total 9378 100.00 3251919 100.00
* 63 Holders are common in Demat and Physical.
Dematerialization of shares and liquidity
As on 31.03.2013 of the total equity share, 72.49% were held in
dematerialized Form and the balance 27.51% shares in physical
form. The Company has not issued any GDRs/ ADRs/ Warrants
or any convertible instruments which are pending for conversion.
Plant Locations
The company's plants are located at Sonepat, Sahibabd,
Malanpur, Bawal and Rasoi.
Nomination
Shareholders holding shares in physical form and desirous
of making nomination in respect of their shareholding in the
Company are requested to submit their request to Company in
Form 2B.
Address for Correspondence
(a) Investor Correspondence: For any query in relation to the
shares of the Company.
For Shares held in Physical Form:
MAS SERVICES LIMITED
T-34, IInd Floor,
Okhla Industrial Area,
Phase II, New Delhi 110020
Tel.: 011-26387281, 7282, 7283
Fax: 011-26387384
Contact Person: Mr. Sharwan Mangal (General Manager)
Timing Monday to Friday, 10.00 a.m. to 1.00 p.m. and 2.00 p.m.
to 4.00 p.m.
For Shares held in Demat Form:
To the Investors Depository Participant(s) and / or Mas Services
Limited at the above mentioned address.
(b) For grievance redressal and any query on Annual Report
Company Law Department Ph. No.: 0130-2200001 to 2200006
Atlas Cycles (Haryana) Limited Fax No. 0130-2200018
Industrial Area, Atlas Road, E-mail: companylaw@atlascyclesonepat.com
Sonepat 131001 Website: www.atlasbicycles.com
23. COMPLIANCE CERTIFICATE OF THE AUDITORS
The Statutory Auditors have certified that the Company has
complied with the conditions of Corporate Governance as
stipulated in Clause 49 of the Listing Agreement with Bombay
Stock Exchange and the same forms part of this Annual Report.
The Certificate from the Statutory Auditors will be sent to the
Bombay Stock Exchange along with the Annual Report of the
Company.
24. RECONCILIATION OF SHARE CAPITAL AUDIT
As stipulated by SEBI, a qualified Chartered Accountant or
Practicing Company Secretary carries out Reconciliation of Share
Capital Audit to reconcile the total admitted Capital with National
Securities Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL) and the total issued and listed
capital. This audit is carried out by M/s Mehra Khanna & Company,
Chartered Accountants and the report thereon is submitted to the
Stock Exchange.
The audit confirms that the total Listed and Paid-up Capital is in
agreement with the aggregate of the total number of shares in
dematerialized form (held with NSDL and CDSL) and total number
of shares in physical form.
25. OBSERVANCE OF THE SECRETARIAL STANDARDS
ISSUED BY THE INSTITUTE OF COMPANY SECRETARIES
OF INDIA
The Institute of Company Secretaries of India (ICSI) has issued
Secretarial Standards on important aspects like Board Meetings,
General Meetings, Maintenance of Registers and Records,
Minutes of Meetings and Transmission of Shares, etc. Though
these standards are recommendatory in nature, the Company
adheres to these standards voluntarily.
HARI KRISHAN AHUJA
HIRA LAL BHATIA DIRECTORS
ISHWAR DAS CHUGH

Date: the 14th August, 2013
Place: Sonepat
}
14
DECLARATION REGRADING COMPLIANCE BY BOARD MEMBERS AND
SENIOR MANAGEMENT MEMBERS WITH THE COMPANYS CODE OF CONDUCT
This is to confirm that the Company has adopted a Code of Conduct for its Directors and Senior Management Members.
The Code is available on the Companys website.
I confirm that the Company has in respect of the financial year ended March 31, 2013 received from the Directors and
Senior Management Members a declaration of compliance with the Code of Conduct as applicable to them.
For the purpose of this declaration, Senior Management Members means the members of Management Committee.
G.Iyer
Sonepat, the 14th August, 2013 CEO
CERTIFICATE FROM AUDITORS REGARDING COMPLIANCE OF CONDITIONS OF
CORPORATE GOVERNANCE TO THE MEMBERS OF ATLAS CYCLES (HARYANA) LIMITED
We have examined the compliance of condition of Corporate Governance by Atlas Cycles (Haryana) Ltd. for the year ended
March 31, 2013 as stipulated in clause 49 of the listing agreement(s) of the said company with the Stock Exchange(s).
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was
limited to procedures and implementation thereof adopted by the company for ensuring the compliance of the conditions
of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statement of the company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the company
has complied with the conditions of corporate governance as stipulated in the above mentioned Listing agreement(s).
We state that in respect of investor grievances received during the year ended March 31, 2013 no investor grievances
are pending for a period exceeding one month against the company as per the records maintained by the company.
We further state such compliance is neither an assurance as to the further viability of the company nor the efficiency or
effectiveness with which the management has conducted the affairs of the company.
For MEHRA KHANNA & CO.
CHARTERED ACCOUNTANTS
FR No:- 001141N
PLACE: DELHI CA. RAJIV BHASIN
DATE: the 14th August, 2013 (PARTNER)
Mem.No: - 093845
15
MANAGEMENT DISCUSSION & ANALYSIS
FORWARD LOOKING STATEMENTS
This report contains forward-looking statements, which may
be identified by the use of words like 'plans', 'expects', 'will',
'anticipates', 'believes', 'intends', 'projects', 'estimates' or other
words of similar connotation. All statements that address
expectations or projections about the future, including, but
not limited to statements about the Company's strategy for
growth, product development, market position, expenditures,
and financial results, are forward-looking statements. Forward-
looking statements are based on certain assumptions and
expectations of future events. The Company cannot guarantee
that these assumptions and expectations are accurate or will
be realized. The Company's actual results, performance or
achievements could thus differ materially from those projected
in any such forward looking statements. The Company assumes
no responsibility to publicly amend, modify or revise any forward
looking statement, on the basis of any subsequent developments,
information or events.
INDUSTRY OVERVIEW
India produces approximately 10% of the world annual bicycle
production, which is estimated at 125 Million units. The annual
domestic demand of bicycles in India is approximately 10 million
units, out of which around 2.5 million units is a government
demand for the various welfare schemes. Exports out of India are
largely to Africa and the less developed economies and negligible
to western markets. Today, the Indian bicycle manufacturing and
bicycle parts industry is widely recognized for its quality standards
in the international market.
The market for the premium or the lifestyle bikes targeted towards
the lifestyle consumer is just about emerging on account of
increasing individual incomes and higher aspiration levels of the
middle income group. Growth in the "specials segment" (Sport
Light Roadster, mountain terrain bike and children's bicycles) was
higher than in the "standard segment. The definition of high end
bikes itself is changing.
Not only are the price points changing but even definitions of the
segment are. Hitherto, cycles were simplistically segmented into
gents, ladies, kids and high end. But now the lifestyle bikes are
being segmented in line with the global trend that is based on
their usage. There are Road bikes, Mountain tarrain bikes and
Children bikes etc.
The demand for these cycles at this stage is very limited but is
set to grow at a frenetic pace in future. While the mass-market
segment is experiencing a sluggish growth of between 4-6%
annually the premium & lifestyle segment is growing at a CAGR
of over 30%. The market size for the lifestyle cycles is estimated
at not more than 0.25 million units annually but its only time that
this segment will form an important part of the industry
M/S Atlas Cycles (Haryana) Limited is a Public Limited Company
having presence in bicycles segment with a track record of more
than 62 Years, having established brand both in Indian as well
as International Market and ranks amongst the three largest
cycle manufacturers in the world. The company is engaged in
manufacturing of bicycles and its components and steel tubes
with units at Sonepat, Sahibabad, Malanpur, Bawal and Rasoi.
Apart from rising input costs, cheap Chinese bicycles are also
entering in domestic market.
OPPORTUNITY AND THREATS
The areas of strength are promoters having long track record,
rich experience and strong financial soundness, Atlas Brand is
well accepted both in Indian as well as International Market and
one of the largest cycle manufacturer in the world. However,
the areas of weaknesses: Rising input cost i.e. prices of sheets,
strips, Tyres, Tubes and other related chemicals are governed by
external forces including its trend in International Market. Product
obsolescence vis-a-vis non-acceptance of model could adversely
affect the revenue stream and profitability. Further these are the
major areas under business risk, promoters risk, and financial risk
and so on. Further volatile steel prices and a new burden of 2%
excise duty are a deterrent to the growth of the cycle industry.
PRODUCTWISE PERFORMANCE
The company has a recognized Research and Development
centre recognized by the Government of India which is
continuously working on development of new models and
upgrading the present models. The company has introduced a
number of new models in the market keeping in view the market
trend and customer preference for fancy bicycles. Introduction of
new models of fancy bicycle and E-bike has been continuously
followed and the sale in this segment has gone up significantly.
Further Atlas has widened its product range also.
OUT LOOK
Bicycle Industry is getting more and more competitive and to
compete with the world leaders in producing high class bicycles
and tapping export market the Indian bicycle industry needs to
incorporate the latest Research and Development facilities and
pay special attention to design development.
On the whole, the future of the bicycle industry is very challenging.
With the globalization, the domestic market is open to goods and
services from global companies because of low tariff. Thus the
bicycle industry is facing very challenging time.
Protection is a thing of the past. Only those companies will
survive which successfully structure and modernize technology
to combat global competitiveness in terms of quality, cost and
product development.
RISK AND CONCERNS
Small manufacturers in the unorganized sector have set up their
units which certainly pose a threat to the organized sector. Cheap
import from China supplying cheap and substandard products in
the market is also threatening our bicycle industry. Steel Prices
are changing on regular basis and there is a wide fluctuation
in chemical industry and other metals including Nickels, Brass
etc., which are governed by some external forces. Further as it
is the product of necessity, it is not easy to increase the price on
frequent intervals.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
To achieve effectiveness and efficiency of operation, reliability of
financial reporting and compliance with applicable laws, rules, and
regulations and compliance of significant policies, the Company
has a well defined system of internal control throughout the
16
organization. The internal audit department regularly probes the
deficiency in operation of internal control and suggest ways to
rectify such deficiencies. To improve efficiency and internal control
company has introduced Microsoft-Navision 2009, an Enterprise
Resource Planning (ERP) system. Due to the total integration,
there is a consistent flow of accurate and easy to access data
within all the departments. The company has adequate systems
of internal control to provide reasonable assurance that assets
are safeguarded and protected against loss from unauthorized
use or disposition and those transactions are authorized, recorded
and reported properly.
FINANCIAL PERFORMANCE
The company achieved a turnover 678.31 crores during the
year compared to Rs. 875.32 crores during the previous year.
Income from other sources is 1.83 crores as compared to Rs. 2.41
crores in previous year. Profit after taxation, is Rs. 2.77 crores as
compared to 3.54 crores in the previous year.
HEALTH SAFETY AND ENVIRONMENT
Atlas is fully committed to the safety, health and well-being
of its employees and to minimizing the environmental impact
on its business operations. A safe and healthy environment is
maintained, and appropriate steps are taken with the object
of minimizing the environmental impact on all processes and
practices. The Company has a range of policies, including
on quality, safety and health aspects to guide the employees
work practices, actions and decisions. The Company strives
to continuously improve the effectiveness of its policies and
the employees are encouraged to contribute their mite in this
direction. All employees are obliged to ensure that they fully
understand all policies and do fully comply with the requirements.
HUMAN RESOURCE AND INDUSTRIAL RELATIONS
One of the Key reasons for the exponential growth of Atlas is
undoubtedly its People. The Company has always provided
an open and challenging work environment wherein the staff
members get an opportunity to rapidly gain and assimilate
knowledge. Creativity and dedication of all the employees
represent the most precious assets of the Company. For the
growth of the organization, the human resource function has an
important role to play not only in identifying and recruiting suitable
individuals but also in developing and rewarding its employees.
As such, we have remained focused on strengthening human
capital through continuous training and development and by
upgrading skills of employees to meet the Company's objectives.
The Company has a union free environment and the industrial
relations scenario continued to be stable during the year.
CAUTIONARY STATEMENT
Statements in the Directors' Report & Management Discussion
and Analysis describing the Company's objectives, projections,
estimates, expectations or predictions may be forward-looking
statements within the meaning of applicable securities laws
and regulations. Actual results could differ materially from
those expressed or implied. Important factors that could make
a difference to the Company's operation include raw material
availability and prices, cyclical demand and pricing in the
Company's principal market, changes in Government regulations,
tax regimes, economic developments within India and the
countries in which the Company conducts business and other
incidental factors.
APPRECIATION
Your Directors express their warm appreciation to all the
employees working at various units for their diligence and
contribution. Your Directors also wish to record their appreciation
for the support and co-operation received from the dealers,
agents, suppliers, bankers and all other stakeholders.
I. D. CHUGH
HARI KRISHAN AHUJA DIRECTORS
HIRA LAL BHATIA

Sonepat, the 14th August, 2013
}
17
Independent Auditors Opinion
To the Members of Atlas Cycles (Haryana) Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Atlas Cycles (Haryana)
Limited (the Company), which comprise the Balance Sheet as at 31st March , 2013,
the Statement of Profit and Loss and the Cash Flow Statement for the year then ended,
and a summary of the significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This
responsibility includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with the Standards on Auditing issued
by the Institute of Chartered Accountants of India. Those Standards require that we
comply with the ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and the disclosures in the financial statements. The procedures selected depend on the
auditors judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers the internal control relevant to the Companys preparation and
fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given
to us, the financial statements give the information required by the Act in the manner
so required and give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st
March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the
year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003(the Order) issued
by the Central Government of India in terms of sub-section (4A) of section 227 of
the Act, we give in the Annexure a statement on the matters specified in paragraphs
4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by
the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and the Cash
Flow Statement comply with the Accounting Standards referred to in sub-
section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the directors as
on 31st March, 2013 taken on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2013 from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of the Act.
For Mehra Khanna & Co
Chartered Accountants
Firm Registration No: 001141N
CA. Rajiv Bhasin
Place: Delhi (Partner)
Date: the 14th August, 2013 Membership No:093845
I. ANNEXURE TO THE AUDITORS REPORT
Annexure referred to in paragraph 3 of Auditors Report to the Members of ATLAS
CYCLES (HARYANA) LIMITED on the accounts for the year ended 31st March 2013.
We report that
(i) (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) The management has carried out a physical verification of most of its
fixed assets during the year. In our opinion, the frequency of verification is
reasonable having regard to the size of the company and the nature of its fixed
assets. The discrepancies noticed on such verification were not material and
have been properly dealt with in the books of account.
(c) In our opinion and according to the information and explanations given to us
, a substantial part of fixed assets has not been disposed off by the company
during the year.
(ii) (a) During the year, the inventories have been physically verified by the
management except for inventory lying with third parties which have been
confirmed by the parties. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations given to us,
the procedure of Physical verification of stock followed by the management is
reasonable and adequate in relation to the size of the Company and the nature
of its business.
(c) On the basis of our examination of the record of inventories, we are of the
opinion that, the Company is maintaining proper records of inventories. The
discrepancies noticed on physical verification of inventories as compared to
books of records were not material and have been properly dealt with in the
books of account.
(iii) According to the information and explanations given to us, the company has
neither granted nor taken any loans, secured or unsecured to / from companies,
firms or other parties covered in the register maintained under section 301 of
the companies act, 1956. Accordingly, paragraphs 4 (iii) (b), (c) & (d) of the
order are not applicable.
(iv) In our opinion and according to the information and explanations given to us,
there are adequate internal control procedures commensurate with the size
of the Company and nature of its business with regard to the purchase of
inventories and fixed assets and with regard to sale of goods. Further, on the
basis of our examination and according to the information and explanations
given to us, we have neither come across nor have informed of any instance of
major weaknesses in the aforesaid internal control procedures.
(v) According to the information and explanations given to us, during the year,
there was no transaction that needed to be entered into the register maintained
under section 301 of the companies Act, 1956 .
(vi) In our opinion and according to the information and explanations given to us,
the company has complied with the provision of section 58A and provision of
section 58AA of the companies Act, 1956 and the companies (Acceptance of
Deposits) rules, 1975, with regard to the deposits accepted from the public.
As per information and explanations given to us, no order under the aforesaid
section has been passed by the company law board on the company.
(vii) In our opinion, the company has an internal audit system commensurate with
the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the company in
respect of products where pursuant to the rule made by the central government
the maintenance of the cost records has been prescribed under section 209(1)
(d) of the companies Act, 1956 and are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. We have
not however, made a determining whether they are accurate or complete.
(ix) (a) According to the information and explanations given to us and the records
of the company examined by us, the company has been generally regular
in depositing undisputed statutory dues including provident fund, investor
education protection fund, employees state insurance, income-tax, sales tax,
wealth tax, custom duty, excise duty, cess and other material statutory dues
applicable to it except few cases, we are informed that there are no undisputed
statutory dues as at the year end outstanding for a period of more than six
months from the date they become payable.
(b) Accordingly to the information and explanations given to us and the records of
the company examined by us, there are no undisputed dues of income tax,
wealth-tax, custom duty and cess matters. The detail of disputed sale-tax and
excise duty dues are as follows:-
Nature of the Nature of the Forum where which Amount Period to
Statue dues pending (in lac.) relates amount
Sales tax CST Appellate Board, Bhopal 3.68 1999-2000
Add. Commissioner, Gwl 14.68 2002-2003
Appellate Board, Bhopal 81.56 2003-2004
Dy. Commissioner, Gwl 280.81 2004-2005
Appleate Board, Bhopal 66.41 2005-2006
Dy. Commissioner 1.08 2006-2007
M.P.S.T. Appleate Board, Bhopal 4.14 1998-1999
(x) The Company does not have accumulated losses at the end of the financial
year march 31, 2013. Further, the company has not incurred any cash losses
during the financial year ended march 31, 2013 and in the preceding financial
year ended March 31, 2012.
(xi) According to the records of the company examined by us and the information
and explanations given to us, the company during the year has delayed in
repayment of dues to financial institutions, banks in few instances.
(xii) As the company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other securities,
paragraph 4 (xii) of the order is not applicable.
(xiii) The provision of any special statute as specified under paragraph 4 (xiii) of the
Order are not applicable to the company.
(xiv) The company has maintained proper records of transactions and contracts in
respect of trading in mutual funds and timely entries have been made there in.
All investments have been held in the name of the company.
(xv) In our opinion and according to the information and explanations given to us
the company has not given guarantees during the year for loans taken by
others from banks and financial institutions.
(xvi) In our opinion and according to the information and explanations given to us,
the terms loans taken during the year have been applied for the purpose for
which they were obtained.
(xvii) According to the information and explanations given to us on an overall
Examination of the balance sheet of the company, we report that short term
funds have not been used to finance long term investments and vice versa.
(xviii) As the company has not been made any preferential allotment of shares during
the year, paragraph 4 (xix) of the order not applicable.
(xix) During the year, since the company has not issued any debentures paragraph,
4 (xix) of the order not applicable.
(xx) During the year, since the company has not raised any money by way of public
issue, paragraph 4 (xx) of the order is not applicable.
(xxi) Based upon the audit procedures performed and information and explanations
given by the management, we report that no fraud on or by the company has
been noticed or reported during the course of our audit for the year ended 31st
March, 2013.
CA. Rajiv Bhasin
18
BALANCE SHEET AS AT 31ST MARCH, 2013
(` in Lacs)
D E S C R I P T I O N Note No. 31.03.2013 31.3.2012
EQUITY AND LIABILITIES
SHAREHOLDERS FUNDS
Share Capital 2 325.19 325.19
Reserves and Surplus 3 12,304.46 12,198.41
12,629.65 12,523.60
SHARE APPLICATION MONEY PENDING ALLOTMENT
NON-CURRENT LIABILITIES
Long-term borrowings 4 905.16 554.02
Deferred tax liabilities (net) 5 854.00 847.00
Other Long term liabilities 6 152.16 150.53
Long-term provisions 7 72.50 60.36
1,983.82 1,611.91
CURRENT LIABILITIES
Short-term borrowings 8 7,990.71 7,328.90
Trade payables 9 12,174.24 13,175.03
Other current liabilities 10 6,720.82 7,078.86
Short-term provisions 7 4,198.46 3,976.39
31,084.23 31,559.18
TOTAL 45,697.70 45,694.69
ASSETS
NON-CURRENT ASSETS
Fixed Assets 11
Tangible assets 9,094.49 9,238.50
Intangible assets - -
Capital work-in-progress 418.34 316.17
Intangible assets under development - -
Non-current investments 12 166.26 156.08
Deferred tax assets (net) 5 - -
Long-term loans and advances 13 2,359.46 2,180.29
Other non-current assets 14 10.63 42.07
12,049.18 11,933.11
CURRENT ASSETS
Current investments 12 1,353.47 1,081.00
Inventories 15 11,274.27 11,352.71
Trade receivables 16 13,602.84 14,888.43
Cash and Bank Balances 17 1,562.13 1,321.67
Short-term loans and advances 13 5,845.28 5,067.52
Other current assets 18 10.53 50.25
33,648.52 33,761.58
TOTAL 45,697.70 45,694.69
Signicant Accounting Policies
Ganesh Iyer S.Khanna C. M. Dhall
C.E.O / C.F.O C.F.O. C.F.O
Notes referred to above form an integral part of the financial statements
This is the Balance Sheet referred to in our report of even date
For MEHRA KHANNA & CO HARI KRISHAN AHUJA
Chartered Accountants HIRA LAL BHATIA
DIRECTORS
FRN : 001141N I.D.CHUGH

CA.RAJIV BHASIN
PARTNER
M No : 093845
Delhi: 14th August 2013 New Delhi: the 14th August, 2013
}
19
STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH, 2013
(` in Lacs)
INCOME
Revenue from operations (gross) 19 71,126.86 90,623.84
Less :- Rebate 1,995.31 1,595.30
Less :- Excise Duty on sales 1,299.65 1,496.47
Revenue from operations (net) 67,831.90 87,532.07
Other Income 20 182.90 240.91
TOTAL 68,014.80 87,772.98
EXPENSES
Cost of materials consumed 21 48,991.96 66,884.24
Purchases of trading goods 140.98 -
Changes in inventories of finished goods, work in progress and trading goods 22 287.14 224.25
Employee benefits expense 23 4,146.86 4,362.39
Finance costs 24 1,459.94 1,946.24
Depreciation and amortization expense 25 706.82 722.69
Other expenses 26
Manufacturing expenses 6,968.50 8,033.46
Administration expenses 1,950.20 2,688.27
Selling expenses 3,008.14 2,407.65
TOTAL 67,660.54 87,269.19
Prot before exceptional and extraordinary items and tax 354.26 503.79
Prot before extraordinary items and tax 354.26 503.79
Prot before tax 354.26 503.79
Tax expense
Provision for current tax 70.00 100.00
Provision for deferred tax 7.00 50.00
Prot / (Loss) for the year from continuing operations 277.26 353.79
Prot/(Loss) for the year 277.26 353.79
Earnings per share (in `)
Basic 8.53 10.88
Diluted 8.53 10.88
Chartered Accountants HIRA LAL BHATIA DIRECTORS

CA.RAJIV BHASIN
PARTNER
M No : 093845
Delhi: 14th August 2013 New Delhi: the 14th August, 2013
}
20
NOTES TO FINANCIAL STATEMENTS
(` in Lacs)
Note No. D E S C R I P T I O N 31.03.2013 31.3.2012
2 SHARE CAPITAL
AUTHORISED
30,000(30,000) 6 1/4% P.A. free of Income tax cumulative
redeemable Preference shares of Rs.100 each 30.00 30.00
97,00,000(97,00,000) Equity Shares of Rs.10/- each 970.00 970.00
1,000.00 1,000.00
ISSUED, SUBSCRIBED AND PAID UP
32,51,919 (32,51,919) Equity Shares of Rs 10/-each fully paid up 325.19 325.19
TOTAL - SHARE CAPITAL 325.19 325.19
(a) RECONCILIATION OF THE NUMBER OF EQUITY SHARES
OUTSTANDING AT THE BEGINNING AND AT THE END OF
THE REPORTING YEAR No. of Shares No. of Shares
Equity Shares outstanding at the beginning of the year 3,251,919 3,251,919
Equity Shares issued during the year - -
Shares outstanding at the end of the year 3,251,919 3,251,919
(b) TERMS/RIGHT ATTACHED TO EQUITY SHARES
The company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity
shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend
proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting and also has equal right in distribution of Profit/Surplus in proportions to the number of equity
shares held by the shareholders.
(c) EQUITY SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES
ARE AS UNDER: 2013 2012
NAME OF THE EQUITY SHAREHOLDER No. of Shares % No. of Shares %
Milton Cycles Industries Ltd 325846 10.02% 325846 10.02%
Limrose Enng Works Pvt Ltd 257650 7.92% 257650 7.92%
(d) Company has not issued any ESOP Plan, or Conversion of Bonds/Debentures.
(e) Company has not issued any share by way of Bonus / Right Shares and has not Buy-back any shares in the
preceding five years
3 RESERVES AND SURPLUS
(a) SECURITY PREMIUM ACCOUNT
As per last account 606.20 606.20
Add : On Conversion of Foreign Currency Convertible Bonds - -
606.20 606.20
(b) FIXED ASSETS REVALUATION RESERVE
Add:- Transferred from Statement of Profit and Loss - -
Less:- Written Back during the year - -
389.74 389.74
(c) GENERAL RESERVE
As per last account 11,058.79 10,858.79
Add : Transferred from Statement of Profit and Loss 100.00 200.00
11,158.79 11,058.79
(f) SURPLUS - STATEMENT OF PROFIT AND LOSS
Add : Profit after Tax for the year 277.26 353.85
NET PROFIT 420.94 513.76
Amount Available for appropriation 420.94 513.76
APPROPRIATIONS
Debenture Redemption Reserve - -
General Reserve 100.00 200.00
Proposed Dividend 146.34 146.34
Corporate Dividend Tax 24.87 23.74
Net Surplus in the Statement of Prot and Loss 149.73 143.68
TOTAL - RESERVE & SURPLUS 12,304.46 12,198.41
21
(` in Lacs)
Non-Currnet Portion Current Maturity
Note No. D E S C R I P T I O N 31.03.2013 31.3.2012 31.03.2013 31.3.2012

4 LONG-TERM BORROWINGS
SECURED
(a) TERM LOAN FROM BANKS
Rupee term loan 100.00 367.08 3,12.42 1961.25
(b) CAR LOAN FROM BANKS 96.83 40.43 109.05 72.02
TOTAL SECURED LONG TERM BORROWINGS 196.83 407.51 421.47 2033.27
UNSECURED LONG TERM BORROWINGS
(a) PUBLIC FIXED DEPOSITS 708.33 146.51 1318.88 1077.96
TOTAL UNSECURED LONG TERM BORROWINGS 708.33 146.51 1318.88 1077.96
TOTAL - LONG TERM BORROWINGS 905.16 554.02 1740.35 3111.23
1 Term Loan from Central Bank of India is secured against first pari passu charge on respective unit's immovable property and future
assets which it may acquire in future and carries interest @ 13% p.a and is repayable on 3 yearly equal installments.
2 The Company accepts fixed deposits from the public which carries interest @ 11% p.a. for FDRs less than Rs 2,00,000/- for a period of
one year and 11.5% p.a for more than one year irrespective of amount.
3 Vehicle loans are secured by way of hypothecation of vehicle concerned and carries interest from 8.5% p.a. to 13% p.a. on different loans
and repayable in 36 / 48 equal installments.
4 Term Loan from Bank of Baroda is secured against first pari passu charge on respective unit's immovable property and future assets
which it may acquire in future and carries interest @ 17% p.a and is repayable on six monthly equal installments from the date of
disbursement i.e October 2013.

Note No. D E S C R I P T I O N Deferred Tax Charge/( Credit ) Deferred Tax
Liability/Asset for the year Liability/Asset
as at 31.03.2012 as at 31.03.2013
5 DEFERRED TAX LIABILITY (NET)
(a) DEFERRED TAX LIABILITY
Difference between books & tax depreciation 847.00 7.00 854.00
Total Deferred Tax Liability 847.00 7.00 854.00
DEFERRED TAX LIABILITY (NET ) 847.00 7.00 854.00
# The management is confident about recoverability of the same from future earnings.
6 OTHER LONG TERM LIABILITIES
Security Deposits 140.95 139.32
LADT Payable A/c 11.21 11.21
TOTAL - OTHER LONG TERM LIABILITIES 152.16 150.53
Long-Term Short-Term
7 PROVISIONS
For Employee Beneifts
Leave Encashment 72.50 60.36 182.58 5.54
For Taxation - - 2059.36 1989.36
For Proposed Dividend - - 146.34 146.34
For Corporate Dividend Tax - - 24.87 23.74
For Dealers Discount - - 41.94 465.74
For Bills Payable - - 370.40 221.81
Others - - 1372.97 1123.86
TOTAL - PROVISIONS 72.50 60.36 4198.46 3976.39
22
(` in Lacs)
8 SHORT TERM BORROWINGS
SECURED SHORT TERM BORROWINGS
(a) Working Capital Facility from Bank 4653.27 3610.09
(b) Short Term Loans - 356.93
(c) Bills Discounting from Bank/Financial Institution 3172.44 2,881.88
TOTAL SECURED SHORT TERM BORROWINGS 7825.71 6,848.90
UNSECURED SHORT TERM BORROWINGS
(a) Loan from Body Corporate 165.00 480.00
TOTAL UNSECURED SHORT TERM BORROWINGS 165.00 480.00
TOTAL - SHORT TERM BORROWINGS 7990.71 7328.90
1 Cash Credit Limit from Consortium banks is secured against Hypothecation of Inventory and Book Debts and Ist
Charge over Fixed Assets of the Company which is repayable on demand and carries Interest @ 15.25% p.a.
2 Bills Discounting facility from SIDBI is fully secured by the stock against the bills discounted and IInd charge over
the Fixed Assets of the Company and carries interest @ 13.50% p.a.
3 Overdraft Limit from HDFC Bank is Secured against the lien on the Mutual Funds and carries interest which is
repayable on demand and carries interest @ 11.75% p.a.
4 Packing Credit Limit from CITI Bank is secured against the lein of the Mutual Fund and carries interest of Libour plus 3%
5 Short Term Corporate Loans carries interest @ 18% p.a..
6 Bill Discounting Facility from IDBI bank is secured against second charge on current and fixed assets of Malanpur Unit.
7 Unsecured Billl Discounting Facility from India Factoring Finance Limited carries interest@ 15% p.a.
8 Unsecured Loans from Birla Global Finance against Promoters personal guarantee carries interest @ 18% p.a.
9 TRADE PAYABLES
Trade Payables (including Acceptances)
Dues to Micro and Small enterprises 3274.76 2108.25
Dues to other than Micro and Small enterprises 8899.48 11066.78
TOTAL TRADE PAYABLES 12174.24 13175.03
10 OTHER CURRENT LIABILITIES
Current maturities of Long term Borrowings. ( Refer Note 4) 1740.35 3111.23
Interest accrued but not due on borrowings. 114.36 102.20
Interest accrued and due on borrowings. 18.31 25.71
Statutory Dues 241.03 184.61
Due to Customer and others 479.61 18.51
Security Deposits from Agents/Dealers/Others 214.69 251.69
Advance Against Sale of Land # 2187.00 1550.00
Other Outstanding Liabilities 1709.07 1818.43
Liability towards Investors Education and Protection Fund under Section 205C
of the Companies Act, 1956 not due
Unpaid dividend 16.40 16.48
TOTAL OTHER CURRENT LIABILITIES 6720.82 7078.86
# Rs 15.50 Crores received as advance against sale of land of Rasoi Plant and Rs.6.37 crores received as advance against sale
of land of Bawal plant

23
11. FIXED ASSETS

PARTICULARS LAND & PLANT & COMPUTER ELECTRICAL VEHICLES FURNITURE UNDER TOTAL
BUILDING MACHINERY INSTALLATION & FIXTURES CONST.
INSTALLATION
BUILDING/
MACHINERY
COST Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.
As at 1st April 2012 7,241.97 7,181.14 503.56 261.92 1,557.53 781.65 316.17 17,843.94
Additions 94.87 312.45 12.58 7.40 140.57 9.96 135.84 713.67
sales/Adjustment - 20.04 - 0.18 34.15 1.04 33.67 89.08
As at 31st March 2013 7336.84 7473.55 516.14 269.14 1663.95 790.57 418.34 18468.53
DEPRECIATION
As at 1st April 2012 1,963.23 4,390.83 457.96 209.41 786.90 480.94 - 8,289.27
For the Year 175.70 329.69 20.13 5.94 148.76 26.60 - 706.82
sales/Adjustment - 14.53 - - 25.71 0.15 - 40.39
As at 31st March 2013 2138.93 4705.99 478.09 215.35 909.95 507.39 - 8955.70
NET ASSETS
As at 31st March 2013 5197.91 2767.56 38.05 53.79 754.00 283.18 418.34 9512.83
As at 31st March 2012 5,278.74 2,790.31 45.60 52.51 770.63 300.71 316.17 9,554.67
Face Nos Amount Amount Face Nos Amount Amount
Value (`) (`) Value (`) (`)
12 INVESTMENTS -
NON - CURRENT INVESTMENTS
LONG TERM INVESTMENTS - AT COST
A Investment in Shares of Wholly Owned Subsidiary Companies
Fully Paid (Unquoted)
50000 (Previous Year 50000) Equity Shares of Rs.10/- each
fully paid up in ATLAS CYCLES (SONEPAT) LTD. 10 50000 500,000.00 5.00 10 50000 500,000.00 5.00
fully paid up in ATLAS CYCLES (SAHIBABAD) LTD. 10 50000 500,000.00 5.00 10 50000 500,000.00 5.00
fully paid up in ATLAS CYCLES (MALANPUR) LTD. 10 50000 500,000.00 5.00 10 50000 500,000.00 5.00
Total ( A ) 1,500,000.00 15.00 1,500,000.00 15.00
B Equity Shares Fully Paid Up -Trade Unquoted
Ambojini Property Developers Pvt. Ltd. 10 1410 14,100.00 0 1410 14100.00
Amit Enterprises & Builders Pvt. Ltd. 10 2 20.00 0 2 20.00
Dardode Job Realities Pvt. Ltd. 100 2 200.00 0 2 200.00
Lavim Developers Pvt. Ltd. 30 10 300.00 0 10 300.00
Godrej Landmark Redevelopers Pvt.Ltd. 66 539436.00 0 0 -
Mantri Hamlet Pvt. Ltd. 10 2 20.00 0 2 20.00

Total ( B ) 554076.00 5.54 14640 0.15
C Debenturers Fully Paid Up -Trade Unquoted
10% OCD Godrej Landmark Redevelopers Pvt. Ltd. 1,00 10472 1047200 - -
10% OCD ATS Township Pvt. Ltd. 1,00 - - 1115 1115000
10% OCD Ambojini Property Developers Pvt. Ltd. 100 11981 1198100 11046 1104600
10% OCD Amit Enterprises & Builders Pvt. Ltd. 100 9408 940,800 9408 940800
10% OCD Dardode Jog Realities Pvt. Ltd. 100 11713 1,171,300 11713 1171300
15% OCD Lavim Developers Pvt. Ltd. 100 9512 951200 8834 883400
10% OCD Mantri Hamlet Pvt. Ltd. 100 6611 661100 6499 649900
Total ( C ) 5,969,700.00 58.65 5865000 58.65
(` in Lacs)
24
D Unquoted Mutual Fund
The OcianS Art Fund-(D) 100 46,000 4,600,000 100 46,000 4,600,000
Total ( D ) 4,600,000.00 46.00 46,00,000.00 46.00
E Unquoted Government Securities
12 years National Defence Certificate for the face value of
Rs.1750 each pledged with Government authorities 1,750.00 1,750.00
7 Years National Savings Cerificate pledged with Excise authorities 10,000.00 10,000.00
Total ( E ) 11,750.00 0.11 11,750.00 0.11
F Unquoted Fixed Deposit
Fixed Deposits having Maturity more than 12 Months 3911864.00 - 2536886.00 -
3911864.00 39.12 2536886.00 25.37
TOTAL UNQUOTED NON CURRENT INVESTMENT 16547390.00 165.47 14528276.00 145.28
G Quoted Mutual Fund
Principal Mutual Fund 0 - - 100,000 1,000,000.00
Quoted Shares
Central Bank of India 100 778 79,356.00 778.00 79,356.00
TOTAL QUOTED NON CURRENT INVESTMENT 79356.00 0.79 1079356.00 10.79
TOTAL NON CURRENT INVESTMENT 16626746.00 166.26 15607632.00 156.08
CURRENT INVESTMENTS
( At lower of Cost and Fair Value )
A Equity Shares Fully Paid Up - Trade Quoted
Axis Bank Ltd. 10 38 41948.00
Bajaj Auto Ltd. 10 294 424343.00
Bayer (India) Ltd. 10 53 44078.00
Bajaj Finserv Ltd. 5 481 278723.00
Coromandal International Ltd. 1 1423 389469.00
Castrol India Ltd. 10 77 32713.00
Clariant Chemicals Ltd. 10 63 39081.00
Divis Laboratories Ltd. 2 755 482739.00
Dabur India Ltd. 1 4325 446955.00
Exide Industries Ltd. 1 3620 487532.00
Greaves Ltd. 2/(10) 4727 415079.00
Hdfc Bank Ltd. 2 85 38948.00
Hero Motor Corp Ltd. 2 248 511556.00
Itc Ltd. 1 155 32369.00
Infosys Technology Ltd. 5 16 41249.00
Kotak Mahindra Ltd. 5 982 494114.00
Lupin Ltd. 2 1249 464044.00
Nestle India Ltd. 10 8 32216.00
Opto Circuit Ltd. 10 2892 513811.00
Pidilite Industries Ltd. 1 2165 370276.00
Rallies India Ltd. 1/(10) 3418 488556.00
Sun Pharmaceuticals Industries Ltd. 1 1126 560842.00
Tata Consultancy Service Ltd 1 500 532565.00
Thermax Ltd. 2 789 538888.00
Titan Industries Ltd. 1/(10) 2416 183826.00
Yes Bank Ltd. 10 1332 386912.00
Total ( A ) - - 8272834.00 82.73
MARKET VALUE OF QUOTED SHARES 10409256.00 104.09
B Investment in Mutual Fund ( Quoted)
BIRLA SUNLIFE MUTUAL FUND
Birla Sunlife Income Plus - Growth 10 189127 10,000,000.00 - -
Birla Sunlife Dynamic Bond Fund -Retail(D) 10 1426259 15,000,000.00 1426259 15,000,000.00
FRANKLIN TEMPLETON MUTUAL FUND - - - -
Templeton India Income Builder Plan-A G 10 258530 10,000,000.00 - -
Templeton India Short Term Income Retail-G 1000 4645 9999900.00 - -
HDFC Equity Fund 100 - - 16932 4500000.00
HDFC Income Fund-G 10 380355 10000000.00 - -
ICICI Prudential Flexible Plan Premium 100 1190 215,047.00 1190 215047.00
ICICI Prudential Short Term Plan 10 - - 460965 9999900.00
IDFC SSIF- Medium Term-Plan-A-G 10 451267 9999900.00 - -
Reliance Medium Term Fund 10 152599 1594438 229522 2396571.00
Reliance Regular Saving Fund-Debt Plan (QT_D) 10 1195507 14,920,198.00 1195507 14920198.00
Reliance Equity Opportunities Fund -Retail(G) 10 - - 97486 3400,000.00
Reliance Pharma Fund -(G) 10 - - 49151 2720000.00
Reliance Regular Saving Fund-Equity (G) 10 - - 66044 2250000.00
Reliance Fixed Horizon Fund-XVII-7- (G) 10 - - 2000000 20000000.00
25
BNP Paribas Money Plus (I) (G) 10 20706 303,460.00 20706 303460.00
SBI Debt Fund Series -370D(G) 10 2000000 20,000,000.00 2000000 20000000.00
UTI Treasuary Advantge Fund -G 1000 846 2,000,000.00 846 2000000.00
UTI Fixed Term Income Fund Series XI-VIII-G 10 2000000 20,000,000.00 - -
Kotak Bond (Short Term)- G 10 463094 10000000.00 - -
Pnb Emerging Blue Chip Fund -Reg.-G 10 10000 100,000.00 10000 100000.00
Principal Cash Managment Fund 10 537 885204.00
Morgan Stanlay Liquid Fund-D 1000 1214 1214377.00 1135 1135500
Total ( B ) 135347320.00 1353.47 99825880.00 998.26
Market Value of the Mutual Fund 96945661.00 969.46 105171383.00 1051.71
Aggregate value of Current Investment 135347320.00 1353.47 108098714.00 1080.99
Aggregate value of unquoted investment 16547390.00 165.47 14528276.00 145.28
TOTAL MARKET VALUE OF CURRENT INVETSMENTS 96945661.00 969.46 115580639.00 1155.81
Aggregate value of quoted investment 135347320.00 1353.47 109098714.00 1090.99
Market value of quoted investment 97025017.00 970.25 116659995.00 1166.60
(` in Lacs)
13 LOANS AND ADVANCES
(Unsecured, Considered good unlesss
otherwise stated)
Advance Recoverable in Cash or in kind or
the value to be received 1349.72 1,340.48 2975.40 2,310.05
Capital Advances 769.81 692.06 - -
Security Deposits 202.00 139.77 430.28 190.92
Claims Recoverable 2.93 5.16 - -

Prepaid Taxes - - 2362.13 2,385.54
Prepaid Expenses - - 33.00 18.15
Balance with Goverment Authorities 35.00 2.82 44.47 162.86
TOTAL - LOANS AND ADVANCES 2359.46 2,180.29 5845.28 5,067.52
(` in Lacs)
14 OTHER NON CURRENT ASSETS
Deposit with original Maturity of more than 12 months 9.28 12.28
Interest accrued on Investment /FDR 1.35 1.63
Deffered Revenue Expenses - 28.16
Total Other Non Current Assets 10.63 42.07
15 INVENTORIES
(As taken,valued and certifed by the Management)
(valued at lower of cost and net realisable value unless otherwise stated )
Production Material 2916.17 3,733.01
Work in Progress 294.56 324.55
Finished Goods 1587.75 1,885.84
Stock in Trade 108.82 63.99
Store and Spares 6306.89 5,288.06
Loose Tools 59.88 53.17
Scrap 0.20 4.09
TOTAL - INVENTORIES 11274.27 11,352.71
26
16 TRADE RECEIVABLES
(Unsecured, Considered good unless otherwise stated)
(a) OVERDUE EXCEEDING SIX MONTHS
Unsecured, Considered good 2433.77 2,302.77
Doubtful 213.01 213.01
Less : Provision for doubtful receivables 213.01 213.01
2433.77 2,302.77
(b) OVERDUE LESS THAN SIX MONTHS 11169.07 12,585.66
TOTAL - TRADE RECEIVABLES 13602.84 14,888.43
17 CASH AND BANK BALANCES
(a) CASH AND CASH EQUIVALENTS
Balance with banks 1380.33 955.01
Bank deposits with original maturity of less than three months 66.00 41.79
Unpaid dividend accounts 16.40 16.48
Cheques in hand / money in transit - 0.60
Cash in hand 76.68 61.25
Total Cash and Cash Equivalents 1539.41 1,075.13
(b) OTHER BANK BALANCES
Bank Deposits with original maturity of more than three months but less than 12 months 22.72 246.54
Bank Deposits with original maturity of more than 12 months - -
TOTAL OTHER BANKS BALANCES 22.72 246.54
TOTAL - CASH & BANK BALANCES 1562.13 1321.67
(` in Lacs)
18 OTHER CURRENT ASSETS
(Unsecured, Considered good unlesss otherwise stated)
Deferred Revenue Expenditure - 43.44
TOTAL OTHER CURRENT ASSETS 10.53 50.25
19 REVENUE FROM OPERATIONS
(a) SALE OF PRODUCTS
Finished Goods 70591.74 90,270.63
Interunit Sales - -
70591.74 90,270.63
(b) OTHER OPERATING REVENUE
Export Benefits 227.77 55.27
Scrap Sales 193.76 251.56
Miscellaneous Income 113.59 46.38
535.12 353.21

REVENUE FROM OPERATIONS (GROSS) 71126.86 90,623.84
Rebate 1995.31 1,595.30
EXCISE DUTY ON SALES 1299.65 1,496.47
REVENUE FROM OPERATIONS (NET) 67831.90 87,532.07
27
20 OTHER INCOME
(a) INTEREST INCOME ON
Loans and Advances 1.06 1.06
Banks 47.37 47.37
48.43 48.43

(b) Dividend Income on Current Investment 23.21 23.21
(c) NET GAIN/(LOSS) ON SALE OF CURRENT INVESTMENTS
Gain on Sale 109.24 109.24
109.24 109.24
(d) NET GAIN/(LOSS) ON SALE OF FIXED ASSETS
Gain on Sale 35.40 35.40
35.40 35.40
(f) OTHER NON-OPERATING INCOME (NET)
Lease Rent 6.00 6.00
Misc Receipts 1.16 1.16
Rent receipts 17.47 17.47
24.63 24.63
TOTAL OTHER INCOME 240.91 240.91
(` in Lacs)
21 COST OF MATERIAL CONSUMED
Raw Material Consumed # 48991.96 66,649.88
TOTAL COST OF MATERIAL CONSUMED 48991.96 66,649.88
# DETAILS OF RAW MATERIAL CONSUMED DURING THE YEAR
31.03.2013 31.03.2012
(i) Sheets & Strips 2696.17 8,040.60
(ii) Tyres 5257.22 6,647.41
(iii) Tubes 2069.62 2,705.30
(iv) Rims 4010.82 5,344.82
(v) Other Items 2709.44 3,805.98
(vi) Components 32248.69 40,105.77
48991.96 66,649.88
22 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND TRADING GOODS
OPENING STOCK
Scrap 4.09 8.28
Stock In Trade 63.99 -
TOTAL OPENING STOCK 2278.47 2,502.72
CLOSING STOCK
Scrap 0.20 4.09
Stock In Trade 108.82 63.99
TOTAL CLOSING STOCK 1991.33 2,278.47
28
TOTAL - CHANGES IN INVENTORIES 287.14 224.25
23 EMPLOYEE BENEFITS EXPENDITURE
Salaries, Wages, Bonus and Other benefits 3359.05 3440.43
Contribution to provident and other funds 505.47 641.43
Staff Welfare Expenses 282.34 280.53
TOTAL - EMPLOYEE BENEFITS EXPENDITURE 4146.86 4362.39
24 FINANCE COST
Interest Expenses 1313.27 1715.34
Other Borrowing Costs 146.67 230.90
TOTAL - FINANCE COST 1459.94 1946.24
25 DEPRECIATION AND AMORTIZATION EXPENSES
Depreciation on Fixed Assets 706.82 694.52
Amortisation Expenses - -
TOTAL - DEPRECIATION AND AMORTIZATION EXPENSES 706.82 722.69
(` in Lacs)
26 OTHER EXPENSES
(a) MANUFACTURING EXPENSES
Consumption of Stores and Spare parts 3379.10 3254.23
Packing Material Consumed 1779.84 1494.08
Power and Fuel 807.68 912.20
Labour Processing & Transportation Charges 399.35 1764.15
Repairs to Buildings 142.13 286.63
Repairs to Plant & Machinery 137.49 85.57
Other Repairs 322.91 236.60
6968.50 8033.46
(b) ADMINISTRATIVE EXPENSES
Insurance 41.90 34.98
Rent 153.30 75.29
Rates and Taxes 237.09 451.07
Legal and Professional 19.49 38.64
Printing & Stationary, Postage and Telephone 148.04 212.58
Travelling & Conveyance 580.64 705.62
Director Meeting Fees 5.42 5.20
Auditors Remuneration* 20.74 19.98
Donation 4.53 2.33
Miscellaneous Expenses 739.05 1142.58
1950.20 2688.27
29
(c ) SELLING EXPENSES
Freight & Forwarding Expenses 2283.75 1663.51
Commission on Sales 103.62 145.00
Bad Debts Written off 0.04 69.45
Advertisement & Publicity 620.73 529.69
3008.14 2407.65
TOTAL - OTHER EXPENSES 11926.84 13129.38
* Payment to Auditors Include followings
(a) Audit Fee 16.91 14.04
(b) Tax Audit 1.93 1.70
(c ) Other Certifications 1.90 4.24
20.74 19.98
30
Note No. D E S C R I P T I O N
1 SIGNIFICANT ACCOUNTING POLICIES
TURNOVER:
Sales are net of excise duty and rebates.
FIXED ASSETS:
Fixed assets are valued at cost. Land and Building at Sonepat and at Rasoi were revalued on 30th June, 1986.
Subsequent additions to these units are shown at cost.
DEPRECIATION:
In case of Sahibabad , Malanpur and Bawal units depreciation is calculated at straight line method. All other units the written down
value method has been followed.
INVENTORIES:
Raw material, Components and spare parts are valued at weighted average basis cost concept. Finished goods and work in progress
are valued at cost. The cost includes material cost plus appropriate share of labour and overheads.
INVESTMENTS:
Long term Investments are valued at cost. Current Investment is valued at cost or market Value which ever is less.
CONTIGENT LIABILITIES:
Contingent Liabilities are not provided for in accounts and are shown separately.
RECOGNISATION OF INCOME AND EXPENDITURE:
Items of Income & Expenditure recognised on accrual basis.
RETIREMENT/GRATUITY BENEFITS:
Liabilities in respect of gratuity benefits, Provident Fund and Superannuation benefits, for its senior employees are provided for by
the company via Gratuity Fund Trust and Superannuation Trust maintained with LIC. Earned leave has been provided for on acturial
valuation.
RESEARCH AND DEVELOPMENT EXPENSES:
Revenue Expenditure on Research and Development is charged to the Profit and Loss Account in the year in which it is incurred,
while the capital expenditure is shown as an addition to the Fixed Assets.
TAX ON INCOME:
Current Tax is determined as the amount of Tax Payable in respect of Taxable income for the year.
Deferred Tax is recognised, subject to the consideration of prudence in respect of deferred tax assets on timing differences, being
the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or
more subsequent period.
Recognition of opening and closing balances of Dened Benet Obligation.
GRATUITY Gratuity(Funded)
2012-13 2011-12
Defined Benefit obligation at the beginning of the year 1196.01 977.81
Current Service Cost 66.18 249.69
Interest cost 101.15 85.91
Benefit paid 99.34 117.40
Defined Benefit obligation at the year end 1264.00 1196.01
INVESTMENT DETAILS As at % As at %
Investment Detail: 31.3.2013 31.3.2012
GOI Securities 43.77 18.13 65.26 23.67
Public Securities 94.01 38.94 102.69 37.25
State Government Securities 30.43 12.61 31.30 11.35
Private Securities 21.97 9.10 38.68 14.03
In banks 51.23 21.22 37.73 13.69
241.41 100 275.66 100
31
Acturial assumptions Gratuity (Funded)
2012-13 2011-12
Discount rate (Per Annum) 8 8.5
Expected rate of return plan (Per Annum) 9.4 8.5
Rate of escalation of salary (Per Annum) 7 4.5
The estimats of rate of escalation in salary considered in acturial valuation, takes into account seniority and promotion other relevant
factors The above information is certified by the actuary As per the Accounting Standard 15 Employees benefit, the disclosure as
defined in the accounting Standard are given below:
Dened Contribution Plan 31.3.2013 31.3.2012
Employers Contribution to Provident Fund 58.48 62.35
Employers Contribution to Supper Annuation Fund 70.45 69.47
Employers Contribution to Gratuity Fund 131.71 249.69
NOTES TO ACCOUNT
2013 2012
Rs. Rs.
1. CONTIGENT LIABILITIES IN RESPECT OF
a) Surety bonds executed in favour of President of India through Customs &
Excise authorities for payment of Central Excise/Custom duty 165.00 165.00
b) Two surety bonds in favour of government of Haryana for payment of Central
& Local Sales Tax 30.40 30.40
c) Guarantees given by bank 564.75 1324.89
d) In respect of Entry Tax matters 5.00 6.31
e) In respect of Excise matters 52.00 52.00
f) In respect of Sales Tax matters 568.07 608.38
2 DETAILS OF RAW MATERIAL CONSUMED DURING THE YEAR
2013 2012
Units Quantity Value Quantity Value
(in lacs) Rs. (in lacs) Rs.
(i) Sheets & Strips Kgs. 51.74 2696.17 177.29 8040.60
(ii) Tyres Nos. 49.88 5257.22 66.34 6647.41
(iii) Tubes Nos. 48.31 2069.62 65.56 2705.30
(iv) Rims Nos. 41.85 4010.82 53.51 5344.82
(v) Other Items - 2709.44 3805.98
(vi) Components - 32248.69 40340.13
48991.96 66884.24
3 VALUE OF IMPORTED AND INDIGENOUS RAW MATERIAL SPARE PARTS AND COMPONENTS CONSUMED
DURING THE YEAR
Indigenous Imported
Value (Rs.) Percentage Value (Rs.) Percentage
(i) Raw Material 14033.83 100 NIL 0
(22738.13) (100) (NIL) (0)
(ii) Components 32813.13 93.86 2145.00 6.14
(40054.02) (91.21) (4092.09) (8.79)
Previous Year gures are shown in brackets.
32
4 VALUE OF TOTAL IMPORTS ON CIF BASIS 2013 2012
Rs. Rs.
(i) Raw Material, Components & Spare Parts 2355 3793.00
(ii) Capital Goods - -
2355 3793.00
5 EXPENDITURE IN FOREIGN CURRENCY
(i) Commission on export 46.45 35.79
(ii) Foreign Tours 68.20 117.11
(iii) Foreign Publicity & exhibition 1.36 1.13
116.01 154.03
6 EARNINGS IN FOREIGN EXCHANGE
F.O.B. Value of goods exported 2197.07 3048.29
7 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.
INFORMATION ABOUT BUSINESS SEGMENTS
(Figs. Rs. Lacs)
TUBE MILL CYCLE UNIT TOTAL
Particulars 2013 2012 2013 2012 2013 2012
Segment Revenue
External Sales 742.37 5494.00 70384.49 85129.84 71126.86 90623.84
Less Excise 73.33 578.58 1226.32 917.89 1299.65 1496.47
Inter Segment Sales 10.33 794.80 0.00 0.00 10.33 794.80
Other Income 0.12 12.87 182.78 228.04 182.90 240.91
Total Revenue 679.49 5723.09 69340.95 84439.99 70020.44 90163.08
Segment Results -475.64 -278.81 2289.84 2728.90 1814.20 2450.09
Unallocated Expenses 0.00 0.00 0.00 0.00 0.00 0.00
Operating Prot -475.64 -278.81 2289.84 2728.90 1814.20 2450.09
Interest Expenses 249.68 240.01 1210.26 1706.23 1459.94 1946.24
Unallocated Interest 0.00 0.00 0.00 0.00 0.00 0.00
Net Prot before Tax -725.32 -518.82 1079.58 1022.67 354.26 503.85
Income Tax
Current,deferred and FBT 0.00 0.00 0.00 0.00 77.00 150.00
Net Prot -725.32 -518.82 1079.58 1022.67 277.26 353.85
33
Other Information
Segment Assets 4848.00 5211.00 39160.84 38741.49 44008.84 43952.49
Common assets 1688.86 1742.20
Total Assets 4848.00 5211.00 39160.84 38741.49 45697.70 45694.69
Segment Liabilities
Segmental Liabilities 1220.00 2304.00 41508.88 41154.99 42728.88 43458.99
Common Liabilities 2968.82 2235.20
Total Liabilities 1220.00 2304.00 41508.88 41154.99 45697.70 45694.69
Capital Expenditure 101.34 12.02 612.33 1005.47 713.67 1017.49
Depreciation 95.29 95.15 611.53 599.38 706.82 694.52
8. LIST OF SMALL SCALE SUPPLIERS WHERE THE OUTSTANDING ARE OVER 30 DAYS:
Auto Fan (India), Advance Plastic Industries, Ark Enginnering Pvt. Ltd., Appu Cycles, Balbinder Mechenical Works, V.J Sales
Corp., Bidar Engineering Co., Birdi International, Bharat Cycle Udyog, Chandan Industries, Chopra Engineers, D.K.Industries,
Ess Pee Industries, Emm Industries India, Fit Right Engineer, Govind cycles Pvt. Ltd., Great Gears Pvt.Ltd., Hianken Industries,
J.B. Industries, Jain International,Jai Shiva Trading Co., Kular Cycle Industries,Koon Cycle Industries, Kumar Ent erpri ses,
Kapson Industries,K.B. Kapoor Industries, Lion Industries, Label & Stcikers Industries, Meera Ind., Mukhti ar Engg. Works,
Mandeep Products,Naveen Enterprises,Nitya Enterprises,Om Shivam Cycle India,Om Industries, Partap Cycle Ind.,Ranjeev
Industries, Randhir Industrial Corp.,Ravi Industries, Rahul Enterprises, Rider Bikes Pvt. Ltd. Rana Enterprises, Seval Screw
Co.,Sukhmani Steels,S.S.Product India, Shri Atamballabh Industrial Corp, Subhash & Sons, Sahil Enterprises, Vee Pee
Industries,Visvakarma Industries Pvt. Ltd., Vinod Steel Craft, Watson Engg. Works, Watson Industries, Arihant Product Pvt.
Ltd.,Appar Packaging Pvt. Ltd.,Bajrang Industries Carry Packers,Denzo Paints Pvt. Ltd., Laxmi Chemicals, Margo Ind. India,
Margo Fastners, Punjab Plastic Ind. Parko Industries, Rishi Udyog, R.M. Industries, Amardeep Steel Industries, Anmol Industries,
B.S. Lotey Brothers, Gupta Bikes Pvt. Ltd., Hindustan Tyers, Hightech Halftone, Joginder Singh Tejender Singh, Kamal Cycles
Components, Mahaveer Steels, Durga Industries, H.K.Engineers, Jeet Enterprises.

9. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18
A. Name of associated parties and nature of related party relationship
i) Associated Companies : Milton Cycles Inds Ltd, Janki Das & Sons (P) Ltd,Romer Engineering Works (P) Ltd Exotic Flora (P) Ltd
ii) Subsidiary Companies are: Atlas Cycles (Sonipat) Ltd, Atlas Cycles (Sahibabad) Ltd, Atlas Cycles (Malanpur) Ltd.
Directors & Employees (As at 31.03.2013) : Sh. I.D.Chugh, Sh. H.K.Ahuja, Sh. H.L.Bhatia, Sh. P.R. Chawla, Sh. Vikram Kapur,
Sh. Salil Kapur Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Rajiv Kapur, Sh. Angad Kapur, Sh. Rishav Kapur,
Sh.Prashant Kapur, Sh. Rahul Kapur, Sh.Sidhant Kapur,Sh.Abhinav Kapur,Sh.Ashwin Kapur.
B. Transactions with the Associated Parties and Subsidiaries
Rs. In lacs
Associated Companies
2013 2012
Sale of Goods 2163.25 1830.48
Rent 4.32 3.70
Purchase of Goods 4842.87 7086.33
Balances on year end 33.44 36.54
Guarantee Given 20.00 20.00
Transactions with key managerial persons:
C. Remunerations: Rs.403.65 lacs (Previous Year Rs. 460.84 lacs)
10. Figure of the Previous Year have been re-arranged, wherever necessary.
34
11. The Computation of Net Prot in accordance with Section 198 of the Companies Act, 1956 and commission payable to
Directors:
2013 2012
Rs. Rs.
(a) Computation of prot for managerial remuneration
Profit as per Profit &Loss A/c 354.26 503.85
Add: Directors remuneration including perquisites 13.89 12.87
Add: Bad debts 0.04 69.45
368.19 586.17
Less: Profit on Sale of Assets 1.48 35.40
Add: Depreciation as per Profit & Loss A/c 706.82 694.52
Less: Depreciation as per Section 350 of companies Act, 1956 815.52 918.79
Net Prot 258.01 326.50
Commission eligible for payment @ 0.5% of the Net Profit 1.29 1.63
(Previous Year 0.5%)
Actual Commission Paid to a Whole Time Director 1.63 2.03
(b) Remuneration paid to a whole time director
Salary 10.32 8.99
Long Service Allowance 0.02 0.02
Provident Fund Contribution 0.81 0.77
Leave Travel Assistance 0.57 0.55
Medical Expenses 0.54 0.51
Commission 1.63 2.03
13.89 12.87

CA.RAJIV BHASIN
PARTNER
M No : 093845
Delhi: the 14th August 2013 New Delhi: the 14th August, 2013
}
35
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2013
(`in lacs)
PARTICULARS 31st March, 2013 31st March, 2012
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before Interest - tax and extra ordinary items 1670.30 2233.81
Adjustments for
Depreciation & Misc. Write Offs 706.82 694.52
Operating Profit before Working Capital Changes 2377.12 2928.33
Adjustments for:
(Increase)/Decrease in Trade & other Receivables 1285.58 (284.39)
(Increase)/Decrease in Inventories 78.44 (725.75)
(Increase)/Decrease in Loans and Advances (685.35) (736.04)
(Decrease)/Increase in Trade Payables (1018.55) 352.06
(Decrease)/Increase in Other Current Liabilities 1178.66 (727.69)
Direct Taxes Paid/Refund 16.40 (103.38)
Net Cash Flow from Operating Activities 3232.30 703.14
B. Cash Flow from Investing Activities
Purchase of Fixed Assets (713.68) (1017.49)
Proceeds on Sale of Fixed Assets 50.18 810.20
Dividend Income 24.78 23.21
Net Proceeds/(Purchase) from Sale of Investments (199.01) 1508.79
Net Cash Used in Investing Activities (837.73) 1325.71
C. Cash Flow from Financing Activities
Proceeds/(Repayment) from Borrowings (357.93) 664.94
Interest Paid (1459.94) (1946.24)
Interest Received 33.98 48.42
Dividends Paid (146.40) (146.34)
Net Cash Used in Financing Activities (1930.29) (1379.22)
Net Increase/(Decrease) in Cash and Cash Equivalents 464.28 648.63
Cash & Cash Equivalents as on 1.04.2012 1075.13 426.50
Cash and Cash Equivalents as on 31.03.2013 1539.41 1075.13
Note: Figures of the previous year have been re-grouped & re-arranged, wherever necessary.
Figures and brackets represent negative figures.

CA.RAJIV BHASIN
PARTNER
M No : 093845
Delhi: the 14th August, 2013 New Delhi: the 14th August, 2013
}
36

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}
37
ATLAS CYCLES (SONEPAT) LIMITED
DIRECTORS REPORT
TO THE MEMBERS:
Your directors have pleasure in presenting their Fourteenth Annual
Report together with the audited accounts of the Company for the
year ended 31
st
March, 2013. No Profit & Loss account has been
prepared as the Companys operations have not yet commenced.
DEPOSITS
The Company has not accepted any deposits from the public during
the year under review.
During the year no person was employed with a remuneration of
Rs. 60,00,000/- p.a. or more.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
As the Company has not commenced manufacturing activities,
information on the above is not required to be given.
Total foreign exchange earned : Nil
Total foreign exchange used : Nil
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of section 217(2AA) of the Companies
Act, 1956, Directors hereby confirm that:
a. In the preparation of the Annual Accounts, the applicable
explanations relating to material departures.
b. The Directors had selected such accounting policies and applied
them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company as at 31
st
March, 2013.
c. The Directors had taken proper and sufficient care for the
with the provisions of the Act, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities, to the best of the knowledge and ability of the
Directors.
d. The Directors had prepared the Annual Accounts on a going
concern basis.
DIRECTORS
S/Shri I. D. Chugh and Prithvi Raj Chawla are retiring at this
Annual General Meeting and, being eligible, offer themselves for
reappointment.
AUDITORS
M/s Mehra Khanna & Company, Chartered Accountants, retire at
the forthcoming Annual General Meeting and, being eligible, offer
themselves for reappointment.
HARI KRISHAN AHUJA
ISHWAR DAS CHUGH DIRECTORS
HIRA LAL BHATIA
Sonepat : the 14th August, 2013
}
To the Members of Atlas Cycles (Sonipat) Limited
We have audited the accompanying financial statements of Atlas Cycles
(Sonipat) Limited (the Company), which comprise the Balance Sheet
as at 31st March 2013, and a summary of the significant accounting
policies and other explanatory information.
The Companys Management is responsible for the preparation of
these financial statements that give a true and fair view of the financial
position and financial performance the Company in accordance with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 (the Act). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Our responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with the
Standards on Auditing issued by the Institute of Chartered Accountants
of India. Those Standards require that we comply with the ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements.
The procedures selected depend on the auditors judgment, including
the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Companys preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
1. As required by the Companies (Auditors Report) Order, 2003(the
Order) issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Said
Order do not apply to the Company.
(a) We have obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from our
examination of those books.
(c) The Balance Sheet dealt with by this Report is in agreement
with the books of account.
(d) In our opinion, the Balance Sheet comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board
of Directors, none of the directors is disqualified as on 31st
March, 2013 from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Act.
CA. Rajiv Bhasin
38
ATLAS CYCLES (SONEPAT) LIMITED
(` in Lacs)
Shareholders Funds
Share Capital 1 500000.00 500000.00
Reserve and Surplus 0.00 0.00
Non-Current Liabilities 0.00 0.00
Current Liabilities
Short Term Borrowings 0.00 0.00
Trade Payables 0.00 0.00
Other Current Liabilities 2 4412.00 2206.00
Short Term Provisions 0.00 0.00
TOTAL 504412.00 502206.00
ASSETS
Non-Current Assets 3 180462.00 141813.00
Current Assets 4 323950.00 360393.00
TOTAL 504412.00 502206.00
The annexed Notes to accounts from part of the Balance Sheet
AS PER OUR REPORT OF EVEN DATE
For MEHRA KHANNA & COMPANY
FRN : 001141N
HARI KRISHAN AHUJA
CA. RAJIV BHASIN HIRA LAL BHATIA DIRECTORS
PARTNER I.D.CHUGH
M.No. - 093845
Delhi : the 14th August, 2013
Notes on Financial Statements for the Year ended 31st March, 2013
The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year
presentation.
1 SHARE CAPITAL As at As at
31st March, 2013 31st March, 2012
Authorised Share Capital:
50,000 Equity Shares of Rs. 10 each 500,000.00 500,000.00
(50,000)
Issued, Subscribed and Paid up:
50,000 Equity Shares of Rs. 10 each fully paid up 500,000.00 500,000.00
(50,000)
TOTAL 500,000.00 500,000.00
1.1 Nil Shares out of the issued, subscribed and paid up share capital were allotted as Bonus Shares
(Nil) in the last five years by capitalisation of Securities Premium and Reserves.
1.2 Nil Shares out of the issued, subscribed and paid up share capital were allotted in the last five
(Nil) years pursuant to the various Schemes of amalgamation without payments being received in cash.
1.3 Nil Shares out of the issued, subscribed and paid up shares capital were allotted on conversion
(Nil) / surrender of Debentures and Bonds, conversion of Term Loans, exercise of warrants, against Global
Depository Shares (GDS) and re-issue of forfeited equity shares, since inception
1.4 Nil Shares out of the issued, subscribed and paid up share capital held by Subsidiaries do not have
(Nil) Voting Rights and are not eligible for Bonus Shares.
}
39
1.5 The details of Shareholders holding more than 5% shares:
As at As at
Name of the Shareholder 31st March, 2013 31st March, 2012
No.of Shares/ %held No.of Shares/ %held
Atlas Cycles (Haryana) Ltd. 5,00,000 / 100% 5,00,000 / 100%
1.6 The reconciliation of the number of shares outstanding is set out below:
Particulars 31st March, 2013 31st March, 2012
No .of Shares No. of Shares
Equity Shares at the beginning of the year 5,00,000 5,00,000
Equity Shares at the end of the year 5,00,000 5,00,000
As at As at
Audit Fee Payable 4412.00 2206.00
TOTAL 4412.00 2206.00
3 NON CURRENT ASSETS
As at As at
Registration Charges 14600.00 14600.00
Legal Charges 7400.00 7400.00
Directors Fees 72000.00 65000.00
Bank Charges 2158.00 1835.00
Audit Fee 30103.00 27897.00
Filing Fees 54201.00 25081.00
TOTAL 180462.00 141813.00
4 CURRENT ASSETS
As at As at
Cash and Bank Balances
Central Bank of India 323950.00 360393.00
TOTAL 323950.00 360393.00

FRN : 001141N
HARI KRISHAN AHUJA
PARTNER I.D.CHUGH
M.No. - 093845 New Delhi : the 14th August, 2013
}
40
ATLAS CYCLES (SAHIBABAD) LIMITED
DIRECTORS REPORT
TO THE MEMBERS:
year ended 31
st
DEPOSITS
Rs. 60,00,000/- p.a. or more.
st
March, 2013.
Directors.
concern basis.
DIRECTORS
S/Shri I. D. Chugh and Prithvi Raj Chawla are retiring at this
reappointment.
AUDITORS
HARI KRISHAN AHUJA
HIRA LAL BHATIA
}
To the Members of Atlas Cycles (Sahibabad) Limited
We have audited the accompanying financial statements of Atlas
Cycles (Sahibabad) Limited (the Company), which comprise the
Balance Sheet as at 31st March 2013, and a summary of the significant
accounting policies and other explanatory information.
to fraud or error.
misstatement.
Opinion
Standards referred to in sub-section (3C) of section 211 of the Act.
CA. Rajiv Bhasin
41
ATLAS CYCLES (SAHIBABAD) LIMITED
(` in Lacs)
Shareholders Funds
Share Capital 1 500000.00 500000.00
Current Liabilities
TOTAL 502245.00 502245.00
ASSETS
Current Assets 4 319761.00 342144.00
TOTAL 502245.00 502245.00
FRN : 001141N
HARI KRISHAN AHUJA
PARTNER I.D.CHUGH
M.No. - 093845
presentation.
(50,000)
(50,000)
TOTAL 500,000.00 500,000.00
}
42
As at As at
Equity Shares at the beginning of the year 500,000 5,00,000
As at As at
TOTAL 2245.00 2245.00
As at As at
Bank Charges 2160.00 1837.00
Audit Fee 30150.00 27903.00
Filing Fees 18512.00 17900.00
Misc. Expenses 30.00 30.00
Professional Fee 37982.00 23781.00
TOTAL 182484.00 160101.00
4 CURRENT ASSETS
As at As at
TOTAL 319761.00 342144.00

FRN : 001141N
HARI KRISHAN AHUJA
PARTNER I.D.CHUGH
}
43
ATLAS CYCLES (MALANPUR) LIMITED
DIRECTORS REPORT
TO THE MEMBERS:
year ended 31
st
DEPOSITS
Rs. 60,00,000/- p.a. or more.
st
March, 2013.
Directors.
concern basis.
DIRECTORS
S/Shri I.D. Chugh and Prithvi Raj Chawla are retiring at this
reappointment.
AUDITORS
HARI KRISHAN AHUJA
HIRA LAL BHATIA
}
To the Members of Atlas Cycles (Malanpur) Limited
We have audited the accompanying financial statements of Atlas Cycles
(Malanpur) Limited (the Company), which comprise the Balance Sheet
as at 31st March 2013, and a summary of the significant accounting
policies and other explanatory information.
to fraud or error.
misstatement.
Opinion
Standards referred to in sub-section (3C) of section 211 of the
Act.
CA. Rajiv Bhasin
44
ATLAS CYCLES (MALANPUR) LIMITED
(` in Lacs)
Shareholders Funds
Share Capital 1 500000.00 500000.00
Current Liabilities
TOTAL 502245.00 502245.00
ASSETS
Current Assets 4 315694.00 338046.00
TOTAL 502245.00 502245.00
FRN : 001141N
HARI KRISHAN AHUJA
PARTNER I.D.CHUGH
M.No. - 093845
presentation.
(50,000)
(50,000)
TOTAL 500,000.00 500,000.00
}
45
As at As at
Equity Shares at the beginning of the year 500,000 5,00,000
As at As at
TOTAL 2245.00 2245.00
As at As at
Bank Charges 1430.00 1138.00
Audit Fee 30150.00 27903.00
Filing Fees 20912.00 20300.00
Misc. Expenses 30.00 30.00
Professional Fee 40629.00 26428.00
TOTAL 186551.00 164199.00
4 CURRENT ASSETS
As at As at
TOTAL 315694.00 338046.00

FRN : 001141N
HARI KRISHAN AHUJA
PARTNER I.D.CHUGH
}
46
To the Members of Atlas Cycles (Haryana) Limited
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Atlas Cycles (Haryana) Limited (the
Company) and its Subsidiaries (collectively referred to as the Group) which comprise the consolidated Balance
Sheet as at 31st March, 2013, the consolidated Statement of Profit and Loss and the consolidated Cash Flow
Statement for the year then ended, and a summary of the significant accounting policies and other explanatory
information.
Managements Responsibility for the Consolidated Financial Statements
The Companys Management is responsible for the preparation of these consolidated financial statements that
give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated
cash flows of the Group in accordance with the Accounting Principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This
responsibility includes the design, implementation and maintenance of internal control relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants
of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the consolidated financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
financial statements. The procedures selected depend on the auditors judgment, including the assessment of the
risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers the internal control relevant to the Groups preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by the Management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the consolidated
financial statements give the information required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at 31st March, 2013;
(b) in the case of the Consolidated Statement of Profit and Loss, of the profit of the Group for the year ended
on that date, and
(c) in the case of the Consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on
that date.
CA. Rajiv Bhasin
47
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2013
(` in Lacs)
SHAREHOLDERS FUNDS
Share Capital 2 325.19 325.19
Reserves and Surplus 3 12,304.46 12,198.41
12,629.65 12,523.60
SHARE APPLICATION MONEY PENDING ALLOTMENT
NON-CURRENT LIABILITIES
Long-term borrowings 4 905.16 554.02
Deferred tax liabilities (net) 5 854.00 847.00
Other Long term liabilities 6 152.16 150.53
Long-term provisions 7 72.50 60.36
1,983.82 1,611.91
CURRENT LIABILITIES
Short-term borrowings 8 7,990.71 7,328.90
Trade payables 9 12,174.24 13,175.03
Other current liabilities 10 6,720.91 7,078.93
Short-term provisions 7 4,198.46 3,976.39
31,084.32 31,559.25
TOTAL 45,697.79 45,694.76
ASSETS
NON-CURRENT ASSETS
Fixed Assets 11
Tangible assets 9,094.49 9,238.50
Intangible assets - -
Capital work-in-progress 418.34 316.17
Intangible assets under development - -
Non-current investments 12 151.26 141.08
Deferred tax assets (net) 5 - -
Long-term loans and advances 13 2,359.46 2,180.29
Other non-current assets 14 16.13 46.73
12,039.68 11,922.77
CURRENT ASSETS
Current investments 12 1,353.47 1,081.00
Inventories 15 11,274.27 11,352.71
Trade receivables 16 13,602.84 14,888.43
Cash and Bank Balances 17 1,571.72 1,332.08
Short-term loans and advances 13 5,845.28 5,067.52
Other current assets 18 10.53 50.25
33,658.11 33,771.99
TOTAL 45,697.79 45,694.76

CA.RAJIV BHASIN
PARTNER
M No : 093845
}
48
STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH, 2013
(` in Lacs)
INCOME
Revenue from operations (gross) 19 71,126.86 90,623.84
Less :- Rebate 1,995.31 1,595.30
Less :- Excise Duty on sales 1,299.65 1,496.47
Revenue from operations (net) 67,831.90 87,532.07
Other Income 20 182.90 240.91
TOTAL 68,014.80 87,772.98
EXPENSES
Cost of materials consumed 21 48,991.96 66,884.24
Purchases of trading goods 140.98 -
Changes in inventories of finished goods, work in progress and trading goods 22 287.14 224.25
Employee benefits expense 23 4,146.86 4,362.39
Finance costs 24 1,459.94 1,946.24
Depreciation and amortization expense 25 706.82 722.69
Other expenses 26
Manufacturing expenses 6,968.50 8,033.46
Administration expenses 1,950.20 2,688.27
Selling expenses 3,008.14 2,407.65
TOTAL 67,660.54 87,269.19
Prot before exceptional and extraordinary items and tax 354.26 503.79
Prot before extraordinary items and tax 354.26 503.79
Prot before tax 354.26 503.79
Tax expense
Provision for current tax 70.00 100.00
Provision for deferred tax 7.00 50.00
Prot / (Loss) for the year from continuing operations 277.26 353.79
Prot/(Loss) for the year 277.26 353.79
Earnings per share (in `)
Basic 8.53 10.88
Diluted 8.53 10.88

CA.RAJIV BHASIN
PARTNER
M No : 093845
}
49
NOTES TO FINANCIAL STATEMENTS
(` in Lacs)
2 SHARE CAPITAL
AUTHORISED
30,000(30,000) 6 1/4% P.A. free of Income tax cumulative
redeemable Preference shares of Rs.100 each 30.00 30.00
97,00,000(97,00,000) Equity Shares of Rs.10/- each 970.00 970.00
1,000.00 1,000.00
ISSUED, SUBSCRIBED AND PAID UP
32,51,919 (32,51,919) Equity Shares of Rs 10/-each fully paid up 325.19 325.19
TOTAL - SHARE CAPITAL 325.19 325.19
(a) RECONCILIATION OF THE NUMBER OF EQUITY SHARES
OUTSTANDING AT THE BEGINNING AND AT THE END OF
THE REPORTING YEAR No. of Shares No. of Shares
Equity Shares outstanding at the beginning of the year 3,251,919 3,251,919
Equity Shares issued during the year - -
Shares outstanding at the end of the year 3,251,919 3,251,919
(b) TERMS/RIGHT ATTACHED TO EQUITY SHARES
The company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity
shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend
proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting and also has equal right in distribution of Profit/Surplus in proportions to the number of equity
shares held by the shareholders.
(c) EQUITY SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES
ARE AS UNDER: 2013 2012
NAME OF THE EQUITY SHAREHOLDER No. of Shares % No. of Shares %
Milton Cycles Industries Ltd 325846 10.02% 325846 10.02%
Limrose Enng Works Pvt Ltd 257650 7.92% 257650 7.92%
(d) Company has not issued any ESOP Plan, or Conversion of Bonds/Debentures.
(e) Company has not issued any share by way of Bonus / Right Shares and has not Buy-back any shares in the
preceding five years
3 RESERVES AND SURPLUS
(a) SECURITY PREMIUM ACCOUNT
Add : On Conversion of Foreign Currency Convertible Bonds - -
606.20 606.20
(b) FIXED ASSETS REVALUATION RESERVE
Add:- Transferred from Statement of Profit and Loss - -
Less:- Written Back during the year - -
389.74 389.74
(c) GENERAL RESERVE
As per last account 11,058.79 10,858.79
Add : Transferred from Statement of Profit and Loss 100.00 200.00
11,158.79 11,058.79
(f) SURPLUS - STATEMENT OF PROFIT AND LOSS
Add : Profit after Tax for the year 277.26 353.85
NET PROFIT 420.94 513.76
Amount Available for appropriation 420.94 513.76
APPROPRIATIONS
Debenture Redemption Reserve - -
General Reserve 100.00 200.00
Proposed Dividend 146.34 146.34
Corporate Dividend Tax 24.87 23.74
Net Surplus in the Statement of Prot and Loss 149.73 143.68
TOTAL - RESERVE & SURPLUS 12,304.46 12,198.41
50
(` in Lacs)
Non-Currnet Portion Current Maturity

4 LONG-TERM BORROWINGS
SECURED
(a) TERM LOAN FROM BANKS
Rupee term loan 100.00 367.08 3,12.42 1961.25
(b) CAR LOAN FROM BANKS 96.83 40.43 109.05 72.02
TOTAL SECURED LONG TERM BORROWINGS 196.83 407.51 421.47 2033.27
UNSECURED LONG TERM BORROWINGS
(a) PUBLIC FIXED DEPOSITS 708.33 146.51 1318.88 1077.96
TOTAL UNSECURED LONG TERM BORROWINGS 708.33 146.51 1318.88 1077.96
TOTAL - LONG TERM BORROWINGS 905.16 554.02 1740.35 3111.23
1 Term Loan from Central Bank of India is secured against first pari passu charge on respective unit's immovable property and future
assets which it may acquire in future and carries interest @ 13% p.a and is repayable on 3 yearly equal installments.
2 The Company accepts fixed deposits from the public which carries interest @ 11% p.a. for FDRs less than Rs 2,00,000/- for a period of
one year and 11.5% p.a for more than one year irrespective of amount.
3 Vehicle loans are secured by way of hypothecation of vehicle concerned and carries interest from 8.5% p.a. to 13% p.a. on different loans
and repayable in 36 / 48 equal installments.
4 Term Loan from Bank of Baroda is secured against first pari passu charge on respective unit's immovable property and future assets
which it may acquire in future and carries interest @ 17% p.a and is repayable on six monthly equal installments from the date of
disbursement i.e October 2013.

Note No. D E S C R I P T I O N Deferred Tax Charge/( Credit ) Deferred Tax
Liability/Asset for the year Liability/Asset
as at 31.03.2012 as at 31.03.2013
5 DEFERRED TAX LIABILITY (NET)
(a) DEFERRED TAX LIABILITY
Difference between books & tax depreciation 847.00 7.00 854.00
Total Deferred Tax Liability 847.00 7.00 854.00
DEFERRED TAX LIABILITY (NET ) 847.00 7.00 854.00
# The management is confident about recoverability of the same from future earnings.
6 OTHER LONG TERM LIABILITIES
Security Deposits 140.95 139.32
LADT Payable A/c 11.21 11.21
TOTAL - OTHER LONG TERM LIABILITIES 152.16 150.53
7 PROVISIONS
For Employee Beneifts
Leave Encashment 72.50 60.36 182.58 5.54
For Taxation - - 2059.36 1989.36
For Proposed Dividend - - 146.34 146.34
For Corporate Dividend Tax - - 24.87 23.74
For Dealers Discount - - 41.94 465.74
For Bills Payable - - 370.40 221.81
Others - - 1372.97 1123.86
TOTAL - PROVISIONS 72.50 60.36 4198.46 3976.39
51
(` in Lacs)
8 SHORT TERM BORROWINGS
SECURED SHORT TERM BORROWINGS
(a) Working Capital Facility from Bank 4653.27 3610.09
(b) Short Term Loans - 356.93
(c) Bills Discounting from Bank/Financial Institution 3172.44 2,881.88
TOTAL SECURED SHORT TERM BORROWINGS 7825.71 6,848.90
UNSECURED SHORT TERM BORROWINGS
(a) Loan from Body Corporate 165.00 480.00
TOTAL UNSECURED SHORT TERM BORROWINGS 165.00 480.00
TOTAL - SHORT TERM BORROWINGS 7990.71 7328.90
1 Cash Credit Limit from Consortium banks is secured against Hypothecation of Inventory and Book Debts and Ist
Charge over Fixed Assets of the Company which is repayable on demand and carries Interest @ 15.25% p.a.
2 Bills Discounting facility from SIDBI is fully secured by the stock against the bills discounted and IInd charge over
the Fixed Assets of the Company and carries interest @ 13.50% p.a.
3 Overdraft Limit from HDFC Bank is Secured against the lien on the Mutual Funds and carries interest which is
repayable on demand and carries interest @ 11.75% p.a.
4 Packing Credit Limit from CITI Bank is secured against the lein of the Mutual Fund and carries interest of Libour plus 3%
5 Short Term Corporate Loans carries interest @ 18% p.a..
6 Bill Discounting Facility from IDBI bank is secured against second charge on current and fixed assets of Malanpur Unit.
7 Unsecured Billl Discounting Facility from India Factoring Finance Limited carries interest@ 15% p.a.
8 Unsecured Loans from Birla Global Finance against Promoters personal guarantee carries interest @ 18% p.a.
9 TRADE PAYABLES
Trade Payables (including Acceptances)
Dues to Micro and Small enterprises 3274.76 2108.25
Dues to other than Micro and Small enterprises 8899.48 11066.78
TOTAL TRADE PAYABLES 12174.24 13175.03
Current maturities of Long term Borrowings. ( Refer Note 4) 1740.35 3111.23
Interest accrued but not due on borrowings. 114.36 102.20
Interest accrued and due on borrowings. 18.31 25.71
Statutory Dues 241.03 184.61
Due to Customer and others 479.61 18.51
Security Deposits from Agents/Dealers/Others 214.69 251.69
Advance Against Sale of Land # 2187.00 1550.00
Other Outstanding Liabilities 1709.16 1818.50
Liability towards Investors Education and Protection Fund under Section 205C
of the Companies Act, 1956 not due
Unpaid dividend 16.40 16.48
TOTAL OTHER CURRENT LIABILITIES 6720.91 7078.93
# Rs 15.50 Crores received as advance against sale of land of Rasoi Plant and Rs.6.37 crores received as advance against sale
of land of Bawal plant

52
11. FIXED ASSETS

PARTICULARS LAND & PLANT & COMPUTER ELECTRICAL VEHICLES FURNITURE UNDER TOTAL
BUILDING MACHINERY INSTALLATION & FIXTURES CONST.
INSTALLATION
BUILDING/
MACHINERY
COST Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.
As at 1st April 2012 7,241.97 7,181.14 503.56 261.92 1,557.53 781.65 316.17 17,843.94
Additions 94.87 312.45 12.58 7.40 140.57 9.96 135.84 713.67
sales/Adjustment - 20.04 - 0.18 34.15 1.04 33.67 89.08
As at 31st March 2013 7336.84 7473.55 516.14 269.14 1663.95 790.57 418.34 18468.53
DEPRECIATION
As at 1st April 2012 1,963.23 4,390.83 457.96 209.41 786.90 480.94 - 8,289.27
For the Year 175.70 329.69 20.13 5.94 148.76 26.60 - 706.82
sales/Adjustment - 14.53 - - 25.71 0.15 - 40.39
As at 31st March 2013 2138.93 4705.99 478.09 215.35 909.95 507.39 - 8955.70
NET ASSETS
As at 31st March 2013 5197.91 2767.56 38.05 53.79 754.00 283.18 418.34 9512.83
As at 31st March 2012 5,278.74 2,790.31 45.60 52.51 770.63 300.71 316.17 9,554.67
Face Nos Amount Amount Face Nos Amount Amount
Value (`) (`) Value (`) (`)
12 INVESTMENTS -
NON - CURRENT INVESTMENTS
LONG TERM INVESTMENTS - AT COST
A Equity Shares Fully Paid Up -Trade Unquoted
Ambojini Property Developers Pvt. Ltd. 10 1410 14,100.00 0 1410 14100.00
Amit Enterprises & Builders Pvt. Ltd. 10 2 20.00 0 2 20.00
Dardode Job Realities Pvt. Ltd. 100 2 200.00 0 2 200.00
Lavim Developers Pvt. Ltd. 30 10 300.00 0 10 300.00
Godrej Landmark Redevelopers Pvt.Ltd. 66 539436.00 0 0 -
Mantri Hamlet Pvt. Ltd. 10 2 20.00 0 2 20.00

Total ( A ) 554076.00 5.54 14640 0.15
B Debenturers Fully Paid Up -Trade Unquoted
10% OCD Godrej Landmark Redevelopers Pvt. Ltd. 1,00 10472 1047200 - -
10% OCD ATS Township Pvt. Ltd. 1,00 - - 1115 1115000
10% OCD Ambojini Property Developers Pvt. Ltd. 100 11981 1198100 11046 1104600
10% OCD Amit Enterprises & Builders Pvt. Ltd. 100 9408 940,800 9408 940800
10% OCD Dardode Jog Realities Pvt. Ltd. 100 11713 1,171,300 11713 1171300
15% OCD Lavim Developers Pvt. Ltd. 100 9512 951200 8834 883400
10% OCD Mantri Hamlet Pvt. Ltd. 100 6611 661100 6499 649900
Total ( B ) 5,969,700.00 59.70 5865000 58.65
(` in Lacs)
53
C Unquoted Mutual Fund
The OcianS Art Fund-(D) 100 46,000 4,600,000 100 46,000 4,600,000
Total ( D ) 4,600,000.00 46.00 46,00,000.00 46.00
D Unquoted Government Securities
12 years National Defence Certificate for the face value of
Rs.1750 each pledged with Government authorities 1,750.00 1,750.00
7 Years National Savings Cerificate pledged with Excise authorities 10,000.00 10,000.00
Total ( E ) 11,750.00 0.11 11,750.00 0.11
E Unquoted Fixed Deposit
Fixed Deposits having Maturity more than 12 Months 3911864.00 - 2536886.00 -
3911864.00 39.12 2536886.00 25.37
TOTAL UNQUOTED NON CURRENT INVESTMENT 15047390.00 150.47 13028276.00 145.28
F Quoted Mutual Fund
Principal Mutual Fund 0 - - 100,000 1,000,000.00
Quoted Shares
Central Bank of India 100 778 79,356.00 778.00 79,356.00
TOTAL QUOTED NON CURRENT INVESTMENT 79356.00 0.79 1079356.00 10.79
TOTAL NON CURRENT INVESTMENT 15126746.00 151.26 14107632.00 141.08
CURRENT INVESTMENTS
( At lower of Cost and Fair Value )
A Equity Shares Fully Paid Up - Trade Quoted
Axis Bank Ltd. 10 38 41948.00
Bajaj Auto Ltd. 10 294 424343.00
Bayer (India) Ltd. 10 53 44078.00
Bajaj Finserv Ltd. 5 481 278723.00
Coromandal International Ltd. 1 1423 389469.00
Castrol India Ltd. 10 77 32713.00
Clariant Chemicals Ltd. 10 63 39081.00
Divis Laboratories Ltd. 2 755 482739.00
Dabur India Ltd. 1 4325 446955.00
Exide Industries Ltd. 1 3620 487532.00
Greaves Ltd. 2/(10) 4727 415079.00
Hdfc Bank Ltd. 2 85 38948.00
Hero Motor Corp Ltd. 2 248 511556.00
Itc Ltd. 1 155 32369.00
Infosys Technology Ltd. 5 16 41249.00
Kotak Mahindra Ltd. 5 982 494114.00
Lupin Ltd. 2 1249 464044.00
Nestle India Ltd. 10 8 32216.00
Opto Circuit Ltd. 10 2892 513811.00
Pidilite Industries Ltd. 1 2165 370276.00
Rallies India Ltd. 1/(10) 3418 488556.00
Sun Pharmaceuticals Industries Ltd. 1 1126 560842.00
Tata Consultancy Service Ltd 1 500 532565.00
Thermax Ltd. 2 789 538888.00
Titan Industries Ltd. 1/(10) 2416 183826.00
Yes Bank Ltd. 10 1332 386912.00
Total ( A ) - - 8272834.00 82.73
MARKET VALUE OF QUOTED SHARES 10409256.00 104.09
B Investment in Mutual Fund ( Quoted)
BIRLA SUNLIFE MUTUAL FUND
Birla Sunlife Income Plus - Growth 10 189127 10,000,000.00 - -
Birla Sunlife Dynamic Bond Fund -Retail(D) 10 1426259 15,000,000.00 1426259 15,000,000.00
FRANKLIN TEMPLETON MUTUAL FUND
Templeton India Income Builder Plan-A G 10 258530 10,000,000.00 - -
Templeton India Short Term Income Retail-G 1000 4645 9999900.00 - -
HDFC Equity Fund 100 - - 16932 4500000.00
HDFC Income Fund-G 10 380355 10000000.00 - -
ICICI Prudential Flexible Plan Premium 100 1190 215,047.00 1190 215047.00
ICICI Prudential Short Term Plan 10 - - 460965 9999900.00
IDFC SSIF- Medium Term-Plan-A-G 10 451267 9999900.00 - -
Reliance Medium Term Fund 10 152599 1594438 229522 2396571.00
Reliance Regular Saving Fund-Debt Plan (QT_D) 10 1195507 14,920,198.00 1195507 14920198.00
Reliance Equity Opportunities Fund -Retail(G) 10 - - 97486 3400,000.00
Reliance Pharma Fund -(G) 10 - - 49151 2720000.00
Reliance Regular Saving Fund-Equity (G) 10 - - 66044 2250000.00
Reliance Fixed Horizon Fund-XVII-7- (G) 10 - - 2000000 20000000.00
54
BNP Paribas Money Plus (I) (G) 10 20706 303,460.00 20706 303460.00
SBI Debt Fund Series -370D(G) 10 2000000 20,000,000.00 2000000 20000000.00
UTI Treasuary Advantge Fund -G 1000 846 2,000,000.00 846 2000000.00
UTI Fixed Term Income Fund Series XI-VIII-G 10 2000000 20,000,000.00 - -
Kotak Bond (Short Term)- G 10 463094 10000000.00 - -
Pnb Emerging Blue Chip Fund -Reg.-G 10 10000 100,000.00 10000 100000.00
Principal Cash Managment Fund 10 - - 537 885204.00
Morgan Stanlay Liquid Fund-D 1000 1214 1214377.00 1135 1135500
Total ( B ) 135347320.00 1353.47 99825880.00 998.26
Market Value of the Mutual Fund 96945661.00 969.46 105171383.00 1051.71
Aggregate value of Current Investment 135347320.00 1353.47 108098714.00 1080.99
Aggregate value of unquoted investment 16547390.00 165.47 14528276.00 145.28
TOTAL MARKET VALUE OF CURRENT INVETSMENTS 96945661.00 969.46 115580639.00 1155.81
Aggregate value of quoted investment 135347320.00 1353.47 109098714.00 1090.99
Market value of quoted investment 97025017.00 970.25 116659995.00 1166.60
(` in Lacs)
13 LOANS AND ADVANCES
(Unsecured, Considered good unlesss
otherwise stated)
Advance Recoverable in Cash or in kind or
the value to be received 1349.72 1,340.48 2975.40 2,310.05
Capital Advances 769.81 692.06 - -
Security Deposits 202.00 139.77 430.28 190.92
Claims Recoverable 2.93 5.16 - -

Prepaid Taxes - - 2362.13 2,385.54
Prepaid Expenses - - 33.00 18.15
Balance with Goverment Authorities 35.00 2.82 44.47 162.86
TOTAL - LOANS AND ADVANCES 2359.46 2,180.29 5845.28 5,067.52
(` in Lacs)
14 OTHER NON CURRENT ASSETS
Deposit with original Maturity of more than 12 months 9.28 12.28
Preliminary Expenses 5.50 4.66
Deffered Revenue Expenses - 28.16
Total Other Non Current Assets 16.13 46.73
15 INVENTORIES
(As taken,valued and certifed by the Management)
(valued at lower of cost and net realisable value unless otherwise stated )
Production Material 2916.17 3,733.01
Stock in Trade 108.82 63.99
Store and Spares 6306.89 5,288.06
Loose Tools 59.88 53.17
Scrap 0.20 4.09
TOTAL - INVENTORIES 11274.27 11,352.71
55
16 TRADE RECEIVABLES
(Unsecured, Considered good unless otherwise stated)
(a) OVERDUE EXCEEDING SIX MONTHS
Unsecured, Considered good 2433.77 2,302.77
Doubtful 213.01 213.01
Less : Provision for doubtful receivables 213.01 213.01
2433.77 2,302.77
(b) OVERDUE LESS THAN SIX MONTHS 11169.07 12,585.66
TOTAL - TRADE RECEIVABLES 13602.84 14,888.43
17 CASH AND BANK BALANCES
(a) CASH AND CASH EQUIVALENTS
Balance with banks 1389.92 965.42
Bank deposits with original maturity of less than three months 66.00 41.79
Unpaid dividend accounts 16.40 16.48
Cheques in hand / money in transit - 0.60
Cash in hand 76.68 61.25
Total Cash and Cash Equivalents 1549.00 1,085.54
(b) OTHER BANK BALANCES
Bank Deposits with original maturity of more than three months but less than 12 months 22.72 246.54
Bank Deposits with original maturity of more than 12 months - -
TOTAL OTHER BANKS BALANCES 22.72 246.54
TOTAL - CASH & BANK BALANCES 1571.72 1332.08
(` in Lacs)
18 OTHER CURRENT ASSETS
(Unsecured, Considered good unlesss otherwise stated)
Deferred Revenue Expenditure - 43.44
TOTAL OTHER CURRENT ASSETS 10.53 50.25
19 REVENUE FROM OPERATIONS
(a) SALE OF PRODUCTS
Finished Goods 70591.74 90,270.63
Interunit Sales - -
70591.74 90,270.63
(b) OTHER OPERATING REVENUE
Export Benefits 227.77 55.27
Scrap Sales 193.76 251.56
Miscellaneous Income 113.59 46.38
535.12 353.21

REVENUE FROM OPERATIONS (GROSS) 71126.86 90,623.84
Rebate 1995.31 1,595.30
EXCISE DUTY ON SALES 1299.65 1,496.47
REVENUE FROM OPERATIONS (NET) 67831.90 87,532.07
56
20 OTHER INCOME
(a) INTEREST INCOME ON
Loans and Advances 1.87 1.06
Banks 32.12 47.37
33.99 48.43

(b) Dividend Income on Current Investment 24.78 23.21
(c) NET GAIN/(LOSS) ON SALE OF CURRENT INVESTMENTS
83.66 109.24
(d) NET GAIN/(LOSS) ON SALE OF FIXED ASSETS
1.48 35.40
(f) OTHER NON-OPERATING INCOME (NET)
Lease Rent 6.00 6.00
Misc Receipts 14.31 1.16
Rent receipts 18.68 17.47
38.99 24.63
TOTAL OTHER INCOME 182.90 240.91
(` in Lacs)
21 COST OF MATERIAL CONSUMED
Raw Material Consumed # 48991.96 66,649.88
TOTAL COST OF MATERIAL CONSUMED 48991.96 66,649.88
# DETAILS OF RAW MATERIAL CONSUMED DURING THE YEAR
31.03.2013 31.03.2012
(i) Sheets & Strips 2696.17 8,040.60
(ii) Tyres 5257.22 6,647.41
(iii) Tubes 2069.62 2,705.30
(iv) Rims 4010.82 5,344.82
(v) Other Items 2709.44 3,805.98
(vi) Components 32248.69 40,105.77
48991.96 66,649.88
22 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND TRADING GOODS
OPENING STOCK
Scrap 4.09 8.28
Stock In Trade 63.99 -
TOTAL OPENING STOCK 2278.47 2,502.72
CLOSING STOCK
Scrap 0.20 4.09
Stock In Trade 108.82 63.99
TOTAL CLOSING STOCK 1991.33 2,278.47
57
TOTAL - CHANGES IN INVENTORIES 287.14 224.25
23 EMPLOYEE BENEFITS EXPENDITURE
Salaries, Wages, Bonus and Other benefits 3359.05 3440.43
Contribution to provident and other funds 505.47 641.43
Staff Welfare Expenses 282.34 280.53
TOTAL - EMPLOYEE BENEFITS EXPENDITURE 4146.86 4362.39
24 FINANCE COST
Interest Expenses 1313.27 1715.34
Other Borrowing Costs 146.67 230.90
TOTAL - FINANCE COST 1459.94 1946.24
25 DEPRECIATION AND AMORTIZATION EXPENSES
Depreciation on Fixed Assets 706.82 694.52
Amortisation Expenses - -
TOTAL - DEPRECIATION AND AMORTIZATION EXPENSES 706.82 722.69
(` in Lacs)
26 OTHER EXPENSES
(a) MANUFACTURING EXPENSES
Consumption of Stores and Spare parts 3379.10 3254.23
Packing Material Consumed 1779.84 1494.08
Power and Fuel 807.68 912.20
Labour Processing & Transportation Charges 399.35 1764.15
Repairs to Buildings 142.13 286.63
Repairs to Plant & Machinery 137.49 85.57
Other Repairs 322.91 236.60
6968.50 8033.46
(b) ADMINISTRATIVE EXPENSES
Insurance 41.90 34.98
Rent 153.30 75.29
Rates and Taxes 237.09 451.07
Legal and Professional 19.49 38.64
Printing & Stationary, Postage and Telephone 148.04 212.58
Travelling & Conveyance 580.64 705.62
Director Meeting Fees 5.42 5.20
Auditors Remuneration* 20.74 19.98
Donation 4.53 2.33
Miscellaneous Expenses 739.05 1142.58
1950.20 2688.27
58
(c ) SELLING EXPENSES
Freight & Forwarding Expenses 2283.75 1663.51
Commission on Sales 103.62 145.00
Bad Debts Written off 0.04 69.45
Advertisement & Publicity 620.73 529.69
3008.14 2407.65
TOTAL - OTHER EXPENSES 11926.84 13129.38
* Payment to Auditors Include followings
(a) Audit Fee 16.91 14.04
(b) Tax Audit 1.93 1.70
(c ) Other Certifications 1.90 4.24
20.74 19.98
59
Note No. D E S C R I P T I O N (CONSOLIDATED)
1 SIGNIFICANT ACCOUNTING POLICIES
TURNOVER:
Sales are net of excise duty and rebates.
FIXED ASSETS:
Fixed assets are valued at cost. Land and Building at Sonepat and at Rasoi were revalued on 30th June, 1986.
Subsequent additions to these units are shown at cost.
DEPRECIATION:
In case of Sahibabad , Malanpur and Bawal units depreciation is calculated at straight line method. All other units the written down
value method has been followed.
INVENTORIES:
Raw material, Components and spare parts are valued at weighted average basis cost concept. Finished goods and work in progress
are valued at cost. The cost includes material cost plus appropriate share of labour and overheads.
INVESTMENTS:
Long term Investments are valued at cost. Current Investment is valued at cost or market Value which ever is less.
CONTIGENT LIABILITIES:
Contingent Liabilities are not provided for in accounts and are shown separately.
RECOGNISATION OF INCOME AND EXPENDITURE:
Items of Income & Expenditure recognised on accrual basis.
RETIREMENT/GRATUITY BENEFITS:
Liabilities in respect of gratuity benefits, Provident Fund and Superannuation benefits, for its senior employees are provided for by
the company via Gratuity Fund Trust and Superannuation Trust maintained with LIC. Earned leave has been provided for on acturial
valuation.
RESEARCH AND DEVELOPMENT EXPENSES:
Revenue Expenditure on Research and Development is charged to the Profit and Loss Account in the year in which it is incurred,
while the capital expenditure is shown as an addition to the Fixed Assets.
TAX ON INCOME:
Current Tax is determined as the amount of Tax Payable in respect of Taxable income for the year.
Deferred Tax is recognised, subject to the consideration of prudence in respect of deferred tax assets on timing differences, being
the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or
more subsequent period.
Recognition of opening and closing balances of Dened Benet Obligation.
GRATUITY Gratuity(Funded)
2012-13 2011-12
Defined Benefit obligation at the beginning of the year 1196.01 977.81
Current Service Cost 66.18 249.69
Interest cost 101.15 85.91
Benefit paid 99.34 117.40
Defined Benefit obligation at the year end 1264.00 1196.01
INVESTMENT DETAILS As at % As at %
Investment Detail: 31.3.2013 31.3.2012
GOI Securities 43.77 18.13 65.26 23.67
Public Securities 94.01 38.94 102.69 37.25
State Government Securities 30.43 12.61 31.30 11.35
Private Securities 21.97 9.10 38.68 14.03
In banks 51.23 21.22 37.73 13.69
241.41 100 275.66 100
60
Acturial assumptions Gratuity (Funded)
2012-13 2011-12
Discount rate (Per Annum) 8 8.5
Expected rate of return plan (Per Annum) 9.4 8.5
Rate of escalation of salary (Per Annum) 7 4.5
The estimats of rate of escalation in salary considered in acturial valuation, takes into account seniority and promotion other relevant
factors The above information is certified by the actuary As per the Accounting Standard 15 Employees benefit, the disclosure as
defined in the accounting Standard are given below:
Dened Contribution Plan 31.3.2013 31.3.2012
Employers Contribution to Provident Fund 58.48 62.35
Employers Contribution to Supper Annuation Fund 70.45 69.47
Employers Contribution to Gratuity Fund 131.71 249.69
NOTES TO ACCOUNT
2013 2012
Rs. Rs.
1. CONTIGENT LIABILITIES IN RESPECT OF
a) Surety bonds executed in favour of President of India through Customs &
Excise authorities for payment of Central Excise/Custom duty 165.00 165.00
b) Two surety bonds in favour of government of Haryana for payment of Central
& Local Sales Tax 30.40 30.40
c) Guarantees given by bank 564.75 1324.89
d) In respect of Entry Tax matters 5.00 6.31
e) In respect of Excise matters 52.00 52.00
f) In respect of Sales Tax matters 568.07 608.38
2 DETAILS OF RAW MATERIAL CONSUMED DURING THE YEAR
2013 2012
Units Quantity Value Quantity Value
(in lacs) Rs. (in lacs) Rs.
(i) Sheets & Strips Kgs. 51.74 2696.17 177.29 8040.60
(ii) Tyres Nos. 49.88 5257.22 66.34 6647.41
(iii) Tubes Nos. 48.31 2069.62 65.56 2705.30
(iv) Rims Nos. 41.85 4010.82 53.51 5344.82
(v) Other Items - 2709.44 3805.98
(vi) Components - 32248.69 40340.13
48991.96 66884.24
3 VALUE OF IMPORTED AND INDIGENOUS RAW MATERIAL SPARE PARTS AND COMPONENTS CONSUMED
DURING THE YEAR
Indigenous Imported
Value (Rs.) Percentage Value (Rs.) Percentage
(i) Raw Material 14033.83 100 NIL 0
(22738.13) (100) (NIL) (0)
(ii) Components 32813.13 93.86 2145.00 6.14
(40054.02) (91.21) (4092.09) (8.79)
Previous Year gures are shown in brackets.
61
4 VALUE OF TOTAL IMPORTS ON CIF BASIS 2013 2012
Rs. Rs.
(i) Raw Material, Components & Spare Parts 2355 3793.00
(ii) Capital Goods - -
2355 3793.00
5 EXPENDITURE IN FOREIGN CURRENCY
(i) Commission on export 46.45 35.79
(ii) Foreign Tours 68.20 117.11
(iii) Foreign Publicity & exhibition 1.36 1.13
116.01 154.03
6 EARNINGS IN FOREIGN EXCHANGE
F.O.B. Value of goods exported 2197.07 3048.29
7 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.
INFORMATION ABOUT BUSINESS SEGMENTS
(Figs. Rs. Lacs)
TUBE MILL CYCLE UNIT TOTAL
Particulars 2013 2012 2013 2012 2013 2012
Segment Revenue
External Sales 742.37 5494.00 70384.49 85129.84 71126.86 90623.84
Less Excise 73.33 578.58 1226.32 917.89 1299.65 1496.47
Inter Segment Sales 10.33 794.80 0.00 0.00 10.33 794.80
Other Income 0.12 12.87 182.78 228.04 182.90 240.91
Total Revenue 679.49 5723.09 69340.95 84439.99 70020.44 90163.08
Segment Results -475.64 -278.81 2289.84 2728.90 1814.20 2450.09
Unallocated Expenses 0.00 0.00 0.00 0.00 0.00 0.00
Operating Prot -475.64 -278.81 2289.84 2728.90 1814.20 2450.09
Interest Expenses 249.68 240.01 1210.26 1706.23 1459.94 1946.24
Unallocated Interest 0.00 0.00 0.00 0.00 0.00 0.00
Net Prot before Tax -725.32 -518.82 1079.58 1022.67 354.26 503.85
Income Tax
Current,deferred and FBT 0.00 0.00 0.00 0.00 77.00 150.00
Net Prot -725.32 -518.82 1079.58 1022.67 277.26 353.85
62
Other Information
Segment Assets 4848.00 5211.00 39160.84 38741.49 44008.84 43952.49
Common assets 1688.86 1742.20
Total Assets 4848.00 5211.00 39160.84 38741.49 45697.70 45694.69
Segment Liabilities
Segmental Liabilities 1220.00 2304.00 41508.88 41154.99 42728.88 43458.99
Common Liabilities 2968.82 2235.20
Total Liabilities 1220.00 2304.00 41508.88 41154.99 45697.70 45694.69
Capital Expenditure 101.34 12.02 612.33 1005.47 713.67 1017.49
Depreciation 95.29 95.15 611.53 599.38 706.82 694.52
8. LIST OF SMALL SCALE SUPPLIERS WHERE THE OUTSTANDING ARE OVER 30 DAYS:
Auto Fan (India), Advance Plastic Industries, Ark Enginnering Pvt. Ltd., Appu Cycles, Balbinder Mechenical Works, V.J Sales
Corp., Bidar Engineering Co., Birdi International, Bharat Cycle Udyog, Chandan Industries, Chopra Engineers D.K.Industries,
Ess Pee Industries, Emm Industries India, Fit Right Engineer, Govind cycles Pvt. Ltd., Great Gears Pvt. Ltd., Hianken Industries,
J.B. Industries, Jain International,Jai Shiva Trading Co., Kular Cycle Industries,Koon Cycle Industries, Kumar Ent erpri ses,
Kapson Industries,K.B. Kapoor Industries, Lion Industries, Label & Stcikers Industries, Meera Ind., Mukhti ar Engg. Works,
Mandeep Products,Naveen Enterprises,Nitya Enterprises,Om Shivam Cycle India,Om Industries, Partap Cycle Ind.,Ranjeev
Industries, Randhir Industrial Corp.,Ravi Industries, Rahul Enterprises, Rider Bikes Pvt. Ltd. Rana Enterprises, Seval Screw
Co.,Sukhmani Steels,S.S.Product India, Shri Atamballabh Industrial Corp, Subhash & Sons, Sahil Enterprises, Vee Pee
Industries,Visvakarma Industries Pvt. Ltd., Vinod Steel Craft, Watson Engg. Works, Watson Industries, Arihant Product Pvt.
Ltd.,Appar Packaging Pvt. Ltd.,Bajrang Industries Carry Packers,Denzo Paints Pvt. Ltd., Laxmi Chemicals, Margo Ind. India,
Margo Fastners, Punjab Plastic Ind. Parko Industries, Rishi Udyog, R.M. Industries, Amardeep Steel Industries, Anmol Industries,
B.S. Lotey Brothers, Gupta Bikes Pvt. Ltd., Hindustan Tyers, Hightech Halftone, Joginder Singh Tejender Singh, Kamal Cycles
Components, Mahaveer Steels, Durga Industries, H.K.Engineers, Jeet Enterprises.

9. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18
A. Name of associated parties and nature of related party relationship
i) Associated Companies : Milton Cycles Inds Ltd, Janki Das & Sons (P) Ltd,Romer Engineering Works (P) Ltd Exotic Flora (P) Ltd
ii) Subsidiary Companies are: Atlas Cycles (Sonipat) Ltd, Atlas Cycles (Sahibabad) Ltd, Atlas Cycles (Malanpur) Ltd.
Directors & Employees (As at 31.03.2013) : Sh. I.D.Chugh, Sh. H.K.Ahuja, Sh. H.L.Bhatia, Sh. P.R. Chawla, Sh. Vikram Kapur,
Sh. Salil Kapur Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Rajiv Kapur, Sh. Angad Kapur, Sh. Rishav Kapur,
Sh.Prashant Kapur, Sh. Rahul Kapur, Sh.Sidhant Kapur,Sh.Abhinav Kapur,Sh.Ashwin Kapur.
B. Transactions with the Associated Parties and Subsidiaries
Rs. In lacs
Associated Companies
2013 2012
Sale of Goods 2163.25 1830.48
Rent 4.32 3.70
Purchase of Goods 4842.87 7086.33
Balances on year end 33.44 36.54
Guarantee Given 20.00 20.00
Transactions with key managerial persons:
C. Remunerations: Rs.403.65 lacs (Previous Year Rs. 460.84 lacs)
10. Figure of the Previous Year have been re-arranged, wherever necessary.
63
11. Detail of Priliminary and Preoperative Expenses
2013 2012
Bank Charges 0.06 0.05
Audit Fees 0.90 0.84
Filling Fees 0.94 0.63
Misc Expenses 0.00 0.00
Professional Charges 0.79 0.50
5.50 4.66
12. The Computation of Net Prot in accordance with Section 198 of the Companies Act, 1956 and commission payable to
Directors:
2013 2012
Rs. Rs.
(a) Computation of prot for managerial remuneration
Profit as per Profit &Loss A/c 354.26 503.85
Add: Directors remuneration including perquisites 13.89 12.87
Add: Bad debts 0.04 69.45
368.19 586.17
Less: Profit on Sale of Assets 1.48 35.40
Add: Depreciation as per Profit & Loss A/c 706.82 694.52
Less: Depreciation as per Section 350 of companies Act, 1956 815.52 918.79
Net Prot 258.01 326.50
Commission eligible for payment @ 0.5% of the Net Profit 1.29 1.63
(Previous Year 0.5%)
Actual Commission Paid to a Whole Time Director 1.63 2.03
(b) Remuneration paid to a whole time director
Salary 10.32 8.99
Long Service Allowance 0.02 0.02
Provident Fund Contribution 0.81 0.77
Leave Travel Assistance 0.57 0.55
Medical Expenses 0.54 0.51
Commission 1.63 2.03
13.89 12.87

CA.RAJIV BHASIN
PARTNER
M No : 093845
}
64
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2013
(`in lacs)
PARTICULARS 31st March, 2013 31st March, 2012
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before Interest - tax and extra ordinary items 1670.30 2233.81
Adjustments for
Depreciation & Misc. Write Offs 706.82 694.52
Preliminary Expenses Written Offs (0.84) (0.82)
Operating Profit before Working Capital Changes 2376.28 2927.51
Adjustments for:
(Increase)/Decrease in Trade & other Receivables 1285.58 (284.39)
(Increase)/Decrease in Inventories 78.44 (725.75)
(Increase)/Decrease in Loans and Advances (685.35) (736.04)
(Decrease)/Increase in Trade Payables (1018.55) 352.06
(Decrease)/Increase in Other Current Liabilities 1178.70 (727.74)
Direct Taxes Paid/Refund 16.40 (103.38)
Net Cash Flow from Operating Activities 3231.50 702.27
B. Cash Flow from Investing Activities
Purchase of Fixed Assets (713.68) (1017.49)
Proceeds on Sale of Fixed Assets 50.18 810.20
Dividend Income 24.78 23.21
Net Proceeds/(Purchase) from Sale of Investments (199.01) 1508.79
Net Cash Used in Investing Activities (837.73) 1324.71
C. Cash Flow from Financing Activities
Proceeds/(Repayment) from Borrowings (357.93) 664.94
Interest Paid (1459.94) (1946.24)
Interest Received 33.98 48.43
Dividends Paid (146.41) (146.34)
Net Cash Used in Financing Activities (1930.30) (1379.21)
Net Increase/(Decrease) in Cash and Cash Equivalents 463.47 647.77
Cash & Cash Equivalents as on 1.04.2012 1085.53 437.76
Cash and Cash Equivalents as on 31.03.2013 1549.00 1085.53
Note: Figures of the previous year have been re-grouped & re-arranged, wherever necessary.
Figures and brackets represent negative figures.

CA.RAJIV BHASIN
PARTNER
M No : 093845
}
65
Registered office: Industrial Area, Atlas Road, sonepat-131001, Haryana (India).

Dear Shareholders,
Sub: Green Initiative
We value your relationship with Atlas Cycles (Haryana) Limited and thank you for all your support.
Ministry of Corporate Affairs (MCA) has issued a Circular No. 17/2011 dated 21.04.2011 propagating
"Green Initiative", by allowing paperless compliances by serving documents through electronic mode
(e-mail). We, therefore intend to send all future Shareholders' communication like Notices, Company's
Annual Report through electronic mode. This will ensure prompt receipt of communication and avoid/
delay in postal delay.
We request you to inform your e-mail address, if, you have to your Depository Participant and also
register e-mail ID at our Registrar and Share Transfer Agents viz. "M/s Mas Services Limited" at the
website www.masserv.com, in case you have not already registered the same.
You are also requested to intimate to the Depository Participants (DP), changes, if any, in
your registered addresses, e-mail ID and /or changes in your bank account details.
Further for registration you need letter ID and password which has been mentioned on your
attendance slip.
Please note that, as the member of the Company, you will be entitled to be furnished, free of cost,
with a printed copy of the Balance Sheet of the Company and all other documents required by law
to be attached thereto including the Profit & Loss Account and Auditors' Report etc. and all other
communication that may be sent to you, through electronic mode of Communication.
Soliciting your co-operation and continued patronage.
Thanking You,
For Atlas Cycles (Haryana) Limited
Sd/-
I.D. Chugh
Compliance Officer
66
NOTES
ATLAS CYCLES (HARYANA) LTD.
Registered Office: Industrial Area, Sonipat 131001 (Haryana)
PLEASE COMPLETE THE ADMISSION SLIP AND HAND OVER AT THE ENTRANCE OF THE MEETING
I hereby record my resence at the SIXTY SECOND ANNUAL GENERAL MEETING of Atlas Cycles (Haryana) Limited
on Monday the 30th September, 2013 at 4:00 at the registered office of the Company
Signature of Shareholder/ Proxy
PROXY
ATLAS CYCLES (HARYANA) LTD.
Registered Office ; Industrial Area, Sonipat 131001 (Haryana)
I/ We ............................................................ of ........................................................ In the district of .....
being a member/ members of Atlas Cycles (Haryana) Limited hereby appoint ....................... or
failing him of in the district of ..
as my/our proxy to attend and vote for me/us behalf at the ANNUAL GENERAL MEETING of the Company to be held
on Monday, the 30th September, 2013 at 4:00 P.M. and at any adjournment thereof.
signed this ........................................ day of ............................., 2013
ATTENDANCE SLIP
Note: The form duly completed and signed be deposited at the Registered Office of the Company not less than 48 hours
before the time for holding the meeting.
100 Paise
Revenue
Stamp
Signature...................................... ........................................
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1

ATLAS CYCLES (HARYANA) LIMITED

Independent verification and safeguarding integrity of the

Timely and balanced disclosure of all material information

Transparency and accountability.

Fair and equitable treatment to all stakeholders including

Compliance with all the rules and regulations.

Capital budgets and updates, if any.

Quarterly results of the Company and its operating divisions

Minutes of meetings of Audit Committee and other committees

Legal compliance report and certificate

Information on recruitment, resignation and remuneration of

Show cause, demand, prosecution notices and penalty

Fatal or serious accidents, dangerous occurrences, material

Any material default in financial obligations to or by the

Any issue, which involves possible public or product liability

Details of any joint venture or collaboration agreement, if any.

Transactions that involve substantial payment towards

Significant labour problems and their proposed solutions.

Sale of material, nature of investment, subsidiaries, assets,

Quarterly details of foreign exchange exposures and the steps

Non-compliance of any regulatory, statutory nature or listing

The approved financial results are sent forthwith to the

The Company's financial results and official news releases

No formal presentations or analysis were made to the

Management Discussion and Analysis forms part of the

Code of Conduct for Directors and Senior Management

Financial reporting for the : Middle of August, 2013

Financial reporting for the half year : End October, 2013

Financial reporting for the quarter : End January, 2014

Financial reporting for the year : End April, 2014

Shareholder submits the share certificates along with

DP processes t he DRF and generat es a uni que

DP forwards DRF and share certificates to Registrar and

RTA after processing the DRF confirms or rejects the request

If confirmed by the RTA, Depositories give credit to

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