Dear Stakeholders,
 
 In FY 2008-09, the Indian and Global economy was slumping, the
 financial markets were uncertain and prospects of doing business in
 those situations was frightening as well as challenging but still we as
 a Company were quite sure of doing business in those difficult
 situations also. We were sure of the basics which we have put in while
 making the Company i.e. to satisfy our customers whatever be the
 situations and conditions are. Then came the FY 2009-1 0, which through
 its passing by not only put the growth back on track but also promised
 a wonderful financial year ahead and as they say , things that can''t
 destroy you, make you stronger, so did happened with us. FY 2010-11
 proved to be a landmark year in the history of the Company, not simply
 because of good figures and numbers but also the way the company
 responded in the adverse situation and reached to such a level.
 
 ACCELERATED GROWTH
 
 To sum up growth of the Company this year, only one word comes to my
 mind …… phenomenal…. The Net sales of the Company for the FY 2010-11
 grew from the last year figures of Rs. 42712 lacs in FY 2009-10 to Rs.
 68647 lacs in FY 2010- 2011.  The PBT of the Company grew from Rs. 3277
 lacs in FY 2009-10 to Rs. 5432 lacs in FY 2010-11. The Net Profit of
 the Company grew from Rs. 2444.01 lacs in FY 2009-1 0 to Rs. 4060 lacs
 in FY 2010-11.
 
 A final dividend of 50% has been recommended by Board, in addition to
 the interim dividend of 50% for the year, making a total 100% for the
 year.
 
 The figures are quite heartening and reflect the efforts which we as a
 Company have put in, in the growth of the Company with the help of all
 other stakeholders of the Company. The previous two years were the
 consolidating years, however FY 2010-11 just proved to be takeoff phase
 wherein not only figures almost doubled but some major investments have
 been done in the Company by other big corporates like Reliance Capital,
 who were allotted 3.23% stake in the Company.
 
 Now, I would like to focus on how we plan to strengthen ACE and execute
 our strategy to extend our market leadership.
 
 FUTURE PLANS
 
 As said, this is a take-off phase not only from the Company''s point of
 view but from economy''s point of view as well, with the government
 emphasizing to achieve a growth rate in double figures, we are sure to
 capitalize on it. As discussed in the last Annual report that the
 Government plans a US $ 514.04 billion projected investment in
 infrastructure, with major emphasis on ports, airports, railways, road
 & highways, energy, pipelines etc., I am quite pleased to inform you
 that the Company is all set to take the advantage of the same and act
 as catalyst to the same.
 
 It cheers me to say that the Company has started making almost every
 equipment which is needed for Infrastructure development and is also
 increasing capacities for the same. As told in previous annual report
 regarding doubling of our capacity and installing a new plant each in
 Faridabad and Uttaranchal for Mobile Cranes, I am pleased to inform you
 that Company has started a new plant in Palwal nearby Faridabad,
 wherein the Company has already started making upto 500 Nos. Mobile
 Cranes and which can be utilized for production upto 800 Nos.
 equipment.
 
 The Company would soon be opening another plant at Kashipur, as a part
 of its expansion plans. The Company is planning to double its capacity
 every year for tractors for next - 3 years, this is to inform that the
 Company is well-poised for the same and hopefully in FY 2011-12,
 construction equipment and tractor business would see unprecedented
 growth. The company also introduced indigenously manufactured Tower
 Cranes and Crawler Cranes in FY11 which received a very hearty response
 from the customers.
 
 Company also plans to add bigger models of Tower Cranes & Crawler
 Cranes in the near future.
 
 RESEARCH AND DEVELOPMENT
 
 As you are aware that the Company''s sole motive is to provide quality
 products at reasonable prices, for which the Company has one of the
 largest in-house team of Research and Development professionals,
 working with best available software and technologies to drive product
 innovation. The sole motive of this team is to continuously modify and
 alter the products of the Company, as per the needs of the market and
 to provide best products to its customers. I am also extremely pleased
 to inform you that the Company has also got recognition for its
 in-house research and development centre from DSIR (Department of
 Scientific & Industrial Research),
 
 The Company would soon be opening another plant at Kashipur, as a part
 of its expansion plans. The Company is planning to double its capacity
 every year for tractors for next -3 years, this is to inform that the
 Company is well- poised for the same and hopefully in FY 2011-12,
 construction equipment and tractor business would see unprecedented
 growth.
 
 which would also enable the company to avail benefits under Income Tax,
 1961. The benefits of the recognition would be available to us in FY
 2010-11 itself and in future also.
 
 Finally, a word on our people. Our people are our strength. We believe
 in selecting and retaining the best and continuously hone their skills
 with training and other skill building programs. We continue to invest
 significantly in the knowledge, skill and competence of Human
 Resources.  Because, at the end of day we believe that the organization
 is as good as it''s people are.
 
 We made technology investments that allow us to better integrate our
 talent management and performance and gain transparency across the
 Company. By investing in people''s development, helping employees to
 realize their potential and develop the skills and competencies we will
 need as markets change, we are investing in the future of the Company.
 
 NOTE OF GRATITUDE
 
 I would like to thank our investors, clients, employees, vendors and
 other stakeholders for their continuous and never ending support to the
 Company, in tough times, as well as in fairer times. I seek similar
 kind of support in the years to come, so that we can fulfill the dream
 of taking the Company to greater heights. We continue leverage our
 strong cash flow and zero- debt status to drive growth and efficiencies
 generating long- term value for our shareholders.
 
 Vijay Agarwal
 
 Chairman and Managing Director