Year Ended March 31, 2008 - Lumax Auto Technologies Ltd.

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Schedules attached to and forming part of Balance Sheet as at March 31, 2008ParticularsSchedule "S" Manufacturing CostAs at31.03.2008(Amount In Rs.)As at31.03.2007Miscellaneous manufacturing expensesPacking materialConsumablesJob-WorkLabour charges (Contract)Electricity, Light & powerFreight and cartageWater chargesRepairs & Maintenance - Plant & MachinerySchedule "T" Employee CostWages & SalaryBonusProvident Fund contributionWelfare expensesE.S.I. ContributionGratuity/Group GratuityDirectors' remunerationCommission to DirectorSchedule "U" Administrative CostRent, Rates & TaxesRepairs to buildingsRepairs othersInsurance chargesTravelling & ConveyanceSecurity chargesPrinting & StationeryPostage & TelephonesOffice expensesAdvertisementProfession Tax (Factory)Vehicle expensesLegal & Professional feesCarriage outwardExpenses to increase Authorised CapitalMiscellaneous expensesMeeting feesBreakage & Cash DismountCommission Agent2,836,464 315,9963,979,623 3,108,01235,437,099 37,498,96241,782,323 40,367,85120,907,103 25,600,00217,450,846 18,217,9685,841,899 8,167,865430,515 296,9954,276,421 6,212,799132,942,293 139,786,45078,387,016 45,126,9723,571,263 947,8905,663,313 3,203,4923,478,439 2,923,8081,335,617 573,356878,818 701,718960,000 480,000900,000 895,00095,174,466 54,852,2363,120,627 2,627,657242,838 836,5511,534,083 457,389904,214 1,215,8875,403,193 1,580,4092,261,363 1,978,8631,970,949 1,147,8943,135,693 1,794,136262,248 687,7281,956,336 18,5712,500 2,5001,485,794 936,4253,612,810 864,63225,176,395 14,179,651- 375,4632,075,650 1,093,35754,500 -19,795,821 1,910,9891,113,650 -74,108,664 31,708,102Schedule "V" Interest CostInterest on term loansInterest on working capital advanceInterest paid to others5,377,673 3,246,0373,594,249 295,1962,250,715 1,111,756Bank charges 2,163,014 836,22213,385,651 5,489,21132
Lumax Auto Technologies Ltd.Schedule “W”: Notes To Accounts1. Significant Accounting Policies:A) Basis of Preparation of Financial Statements:The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accountingprinciples and the provisions of the Companies Act, 1956 as adopted consistently by the Company.The Company generally follows mercantile system of accounting and recognizes significant items of income and expenditure on accrualbasis.B) Fixed Assets :Fixed Assets are stated at Cost Net of CENVAT, Cess, Deferred Excise Duty and VAT set-off less accumulated depreciation. Cost includespurchase cost together with inward freight, duties, taxes and incidental cost of acquisition and installation and eligible borrowing costs andalso includes pre-operative expenses incurred during the construction, trial and stabilization period, up to the period such assets are put tocommercial use.C) Depreciation:Depreciation on Fixed Assets is provided on Straight Line Method at the rates as provided under schedule XIV to the Companies Act, 1956.D) Intangible Assets and Amortisation:Intangible assets are recognised as per the criteria specified in Accounting Standard (AS) 26 “Intangible Assets” issued by the Institute ofChartered Accountants of India and are amortised as follows:(a) Leasehold land: over the period of lease(b) Specialised software: Over a period of three yearsE) Investments:a) Current Investments are valued at cost or market price whichever is lower.b) Long Term Investments are valued at cost less permanent diminution if any.F) Inventories:a) Raw Materials including components, consumables & packing material are valued at cost after making provision for obsolescencewherever necessary. Cost is determined on First-in-First-Out (FIFO) basis.b) Work in Progress is valued at estimated Cost.c) Goods purchased for resale & other finished goods are valued at lower of the cost or net realizable value.d) Scrap is valued at estimated realizable value.G) Revenue Recognition:a) Sale of goods is recorded when supply of goods takes place in accordance with the terms of Sale. It includes Excise duty but excludestrade discount and Sales Tax.b) Interest income is recognized on accrual basis.H) Employees' Retirement Benefits:a) The Company's contribution to Provident Fund is charged to Profit & Loss Account.b) The Company's contribution to Gratuity Fund of Life Insurance Corporation of India is provided on the basis of scheme subscribed bythe Company and the same is charged to Profit & Loss Account.c) Voluntary Retirement Compensation:- 20% of the amount paid to the employees towards voluntary retirement is charged toProfit & Loss Account.d) The Company provides for the encashment of leave or leave with pay subject to certain rules. The employees are entitled toaccumulate leave for future encashment subject to certain limits. The liability is provided based on the number of days of unutilisedleave at balance sheet date on the basis of an independent actuarial valuation.I) Borrowing Costs:Borrowing Costs that are attributable to the acquisition or construction of qualifying fixed assets are capitalized as part of the cost of assets.All other borrowing costs are recognized as expense in the year in which they are incurred.J) Cash Flow Statement :Cash flow statement has been prepared following the indirect method set out in the Accounting Standard - 3 on “Cash Flow Statement”issued by the Institute of Chartered Accountants of India.K) Taxes On Income:a) Income Tax expenses for the period comprise of Current Tax, Deferred Tax & Fringe Benefit Tax.b) Current Tax & Fringe Benefit Tax are the amounts of tax payable on the taxable income/expenses for the year determined inaccordance with the provisions of the Income Tax Act, 1961.c) Deferred Tax is recognized, on the timing differences, being the difference between accounting income and taxable income, whichoriginates in one period and are capable of reversal in one or more subsequent accounting periods in accordance with provisions ofAccounting Standard 22 on “Accounting for Taxes on Income”, issued by the Institute of Chartered Accountants of India. Deferred TaxAsset in respect of brought forward losses is recognized as if there is virtual certainty that there will be sufficient future taxable incomeagainst which such asset can be realized.33
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LUMAX AUTO TECHNOLOGIES LIMITEDRegd
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Year Ended March 31, 2008 - Lumax Auto Technologies Ltd.

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