To the Members,
 
 On the behalf of the Board of Directors, I have great pleasure in
 presenting to you the 32nd Annual Report on the working of the Company
 together with the Audited Accounts for the year ended 31st March, 2011.
 
 FINANCIAL HIGHLIGHTS
 
                                                          (Rs. In Lacs)
 
 FINANCIAL                                 Year Ended         Year Ended
 
                                     31st March, 2011   31st March, 2010
 
 Gross Income                             1,69,576.41        1,57,343.37
 
 Profit before Interest 
 and Depreciation                           15,709.59          17,453.15
 
 Less: Interest                               1577.37            1626.51
 
 Less: Depreciation                           3381.47            3306.69
 
 Profit/(Loss) before Tax                   10,750.75          12,519.95
 
 Less: Provision for Taxation                3,672.14           4,341.61
 
 Profit/(Loss) after Tax                      7078.61            8178.33
 
 Balance of profit brought 
 forward for appropriation                   21107.17           14414.33
 
 Less: Proposed Dividend 
 on Equity Shares                              251.05             502.10
 
 Less: Tax on Dividend                          40.73              83.39
 
 Less: Transfer to General Reserves            700.00             900.00
 
 Balance Carried Forward to 
 Balance Sheet                               27194.00           21107.17
 
 PERFORMANCE REVIEW
 
 During the year, Company''s performance was quite satisfactory despite
 the increase of the cost of the material, your company continuing with
 its growth impetus and achieved a turnover of Rs.1695.76 Crores for the
 Year ended March 31st, 2011 as against Rs.1573.43 Crores in the previous
 financial year. The inflationar y trend in the economy increased the
 input cost. Thereby putting pressure on margins. Thus, your Company
 sealed new heights in revenue/ turnover. Company registered profit of
 Rs.70.79 Crores.
 
 EPS for the financial year 2010-11 stood at Rs.11.28. On consolidated
 basis, the total income of your Company and its subsidiaries stands at
 Rs.1752.98 Crores. The Consolidated profit before tax (PBT) and profit
 after tax (PAT ) stood at Rs.108.62 Crores and Rs.72.05 Crores
 respectively.
 
 The inflationary trend in the economy increased the input cost, thereby
 putting pressure on margins.
 
 DIVIDEND
 
 Your Company follows a policy to pay continued dividend considering its
 growth of the company after taking into account the financial results
 of the Company during the year, have recommended dividend of Rs.0.40 per
 share (20%) for the year 2010-
 
 11. The dividend on equity shares, together with the tax on distributed
 profits, will absorb a sum of Rs.2.92 Crores and will be paid to those
 members of the company who are entitled to receive the same as on the
 book closure date.
 
 TRANSFER TO RESERVES
 
 The Company proposes to transfer Rs.7.00 Crores to the General Reserve
 out of the amount available for appropriations and an amount of Rs. 60.87
 Crores is proposed to be retained in the Profit and Loss Account.
 
 SALES/INCOME FROM OPERATIONS
 
 Your Company has achieved sales/ Income from operations of Rs.1689.55
 Crores as compared to Rs.1567.69 Crores in 2010-2011.
 
 PROFIT
 
 Your Company has maintained gross profit of Rs.107.51 Crores and profit
 after tax of Rs.70.79 Crores in 2010-11.
 
 RENEWAL OF RATINGS BY CARE
 
 CARE has maintained Company''s rating to CARE PR1  (PR One)/ CARE A1 (A
 One).
 
 PR-1  indicates those instruments with this rating have strong capacity
 for timely payment of short-term debt obligations and carry lowest
 credit risk.
 
 CARE A1, indicates those instruments with rating are considered to have
 very strong degree of safety and timely payment of financial
 obligations. Such instruments carry lowest credit risk.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted any deposits from the public during the
 year under review.
 
 SUBSIDIARIES
 
 As on March 31, 2011, the Company has SIX subsidiaries namely Ahlcon
 Ready Mix Concrete Pvt. Ltd., Premsagar Merchants Pvt. Ltd., Splendor
 Distributors Pvt. Ltd., Jiwanjyoti Traders Pvt. Ltd., Dipesh Mining
 Pvt. Ltd. and Paramount Dealcomm Pvt. Ltd.
 
 The Ministry of Corporate Affairs vide its Circular No. 2/2011 dated
 February 08th, 2011 has granted general exemption, according to which
 the report and accounts of subsidiaries are not required to be attached
 to the company''s accounts, subject to fulfillment of conditions
 stipulated there under. Therefore the Company is not attaching the
 audited accounts of the subsidiary companies to the annual accounts of
 your Company for the current year. The annual accounts of the
 subsidiary companies and related detailed information will be made
 available to any member of the Company or subsidiary company upon
 request and are also available for inspection by any member of the
 Company, during the business hours, at the registered office of the
 company and that of the subsidiary company concerned. The annual
 accounts of the subsidiary companies shall also be made available on
 the website of the company.
 
 DIRECTORS
 
 In accordance with the provisions of Section 255 and 256 of the
 Companies Act, 1956 and the Articles of Association of the Company, Mr.
 Shobhit Uppal (DIN: 00305264), Mr. Balbir Singh (DIN: 00328985)and Mr.
 Arun K. Gupta (00371289) retire by rotation at the ensuing Annual
 General Meeting of the Company and being eligible offer themselves for
 reappointment.
 
 Mr. Shobhit Uppal (Dy. Managing Director), aged 44 years. He has about
 22 years of experience in handling construction projects. He is an
 Engineer by profession. He has been involved in construction business
 since 1990 and serving continuously till date. He holds 4308000 equity
 shares of the company. He is also member of the Audit committee and
 Shareholder''s and Grievance Committee.
 
 Mr. Balbir Singh (Independent Director), aged 76 years. He is a
 graduate from IIT-Kharagpur as a Civil Engineer. Since, retired from
 the post of Director General CPWD, Mr. Singh has been a part of our
 
 Board. He holds 400 equity shares of the Company.
 
 Mr. Arun K. Gupta (Independent Director), aged 63 years. He is a
 Chartered Accountant and Cost and works Accountant by profession. He
 has vast experience in Tax planning and Corporate Restructuring and has
 been providing management consultancy to companies for many years. He
 joined Our Board of Directors in the year 2000. He holds 632 equity
 shares of the Company. He is Chairman of Audit committee and member of
 Remuneration Committee. He holds Directorship in Satia Synthetics Pvt.
 Ltd., Ahlcon Parenterals (India) Ltd. and Enmas Andritz Pvt. Ltd.
 
 DIRECTORS RESPONSIBILTY STATEMENT
 
 In terms of Section 217 (2AA) of the Companies Act, 1956, your
 Directors confirm that:
 
 (i) In the preparation of the Annual Accounts, all the applicable
 Accounting Standards have been followed along with proper explanation
 relating to the material departures.
 
 (ii) The Company has 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 on 31st March, 2011 and of the Profit & Loss Account of
 the Company for the year ended on that date.
 
 (iii) The Company has taken proper and sufficient care for the
 maintenance of adequate records in accordance with the provisions of
 the Companies Act, 1956 for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 (iv) These Accounts have been prepared on a going concern basis.
 
 LISTING WITH STOCK EXCHANGES
 
 The equity shares of the Company continue to remain listed with the
 National Stock Exchange of India Limited (NSE), Bombay Stock Exchange
 Limited (BSE), Jaipur Stock Exchange (JSE), Delhi Stock Exchange (DSE)
 and Calcutta Stock Exchange (CSE). The Listing fees payable to all the
 exchanges for the financial year 2011-12 have been paid.
 
 HUMAN RESOURCE DEVELOPMENT MANAGEMENT
 
 Human resource development continued to be accorded high priority
 during the year under review, with emphasis being placed on improving
 skill, competence and knowledge through regular training and
 in-house/external professional development programmes. Your Company''s
 commitment to building harmonious employee''s relations was evident in
 successful completion of challenging works. The management had
 periodical discussions with employees, with such discussions being
 aimed at providing the best possible work environment and facilities to
 them. Your
 
 Company has a consultative and participative management style, which
 has facilitated achievement of its corporate goals. The morale of
 employees continued to remain high during the year under review,
 contributing positively to the progress of your Company.
 
 RESEARCH AND DEVELOPMENT
 
 The constant challenge faced by the Indian Companies across all sectors
 is to keep pace with the evolving dynamics of the Markets.  Your
 Company has a dedicated Research & Development cell, which enables ACIL
 to be home to the latest cutting edge technologies and innovative
 techniques, ensuring that our clients get the best possible services.
 ACIL follows a comprehensive Value Engineering system, constantly
 reinventing and improving on every aspect of engineering function. The
 Company fully understands and supports the initiatives undertaken to
 preserve our ecosystem and accordingly has a dedicated cell which
 caters to Waste Material management and designing of Eco friendly
 Green Buildings.
 
 CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
 
 Social welfare and community development is at the core of the ACIL''S
 CSR philosophy and this continues to be a top priority.
 
 We have tied-up a program with Indian Building Congress regarding
 inauguration of Workmen training Centre at Noida for the LOTUS Site.
 We have taken this initiative to train the workmen in the category
 Masonary of and Shuttering.
 
 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
 Exchanges in India, is presented in a separate section forming part of
 the Annual Report.
 
 SAFETY, HEALTH AND ENVIRONMENTAL PERFROMANCE
 
 The Company has a defined policy on general health, safety and
 environmental conservation. Every employee; especially those in the
 field are responsible for the observance of the measures designed to
 prevent accidents, promote good health and avoid environmental
 pollution.
 
 We create awareness amongst our employees, suppliers and interested
 parties through communication and training.
 
 The safety committee members also includes representatives of workers
 and executives from various departments. Detailed review is stated in
 the Management Discussion Analysis Report.
 
 QA/QC/HSE VERTICAL
 
 - The Company has moved forward in the areas of Quality, Safety, Health
 & Environment Practices and opened a new vertical with a Head of the
 Department and Senior Quality/ Safety Managers to address the issue PAN
 India.
 
 WORKMEN TRAINING
 
 - We have also launched an intensive drive in the field of Training the
 Workmen in collaboration with Indian Buildings Congress (IBC).
 
 - Officers from Delhi Metro Rail Corporation (DMRC) have also contacted
 IBC & M/s Ahluwalia Contracts (India) Ltd. for imparting training to
 their construction workers at our training centers. Modalities are
 being worked out.
 
 - The first batch of our trained masons and shuttering carpenters went
 through a grueling skill test at IBC''s Dev Nagar Assessment Centre in
 New Delhi. The assessment was carried out by an independent agency on
 behalf of DGET, Govt. of India under Modular Employable Skills (MES)
 Programme of the Directorate General of Employment & Training (DGET).
 Results are likely to be declared shortly after which the successful
 candidates will be issued with certificates by Directorate of
 Apprenticeship and Training, DGET, GOI. Issue of these certificates
 which are valid both in India and abroad will imply a career
 progression for the successful construction workers and is likely to
 result in an increased output from the individuals on the ground. This
 will also motivate fellow construction workers to go in for training
 and similar certification and upgrade their skills in the field.
 
 CORPORATE GOVERNANCE REPORT
 
 Pursuant to clause 49 of the Listing Agreements with the Stock
 Exchanges, a detailed report on Corporate Governance is included in the
 Annual Report. Company Secretary certifying the Company''s compliance
 with the requirements of Corporate Governance stipulated under Clause
 49 of the Listing Agreement is attached with the Corporate Governance
 Report.
 
 AUDITORS
 
 M/s Arun Kumar Gupta & Associates, Chartered Accountants, (Regn.  No.
 000605N) Auditors of the Company will retire at the conclusion of the
 ensuing Annual General Meeting and being eligible offer themselves for
 reappointment. The Company has received a certificate from the Auditors
 to the effect that their re-appointment, if made, would be in
 accordance with the provisions of Section 224 (1B) of the Companies
 Act, 1956.
 
 AUDITORS’ REPORT
 
 The observations of the Auditors in their report read together with the
 Notes on Accounts are self explanatory therefore, do not call for any
 further explanations.
 
 PARTICULARS OF EMPLOYEES
 
 No employee was in receipt of remuneration exceeding specified limits
 as prescribed under section 217(2A) of the Companies Act, 1956 read
 with the Companies Act (Particulars of Employees) Rules 1975.
 
 INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956
 
 The information required to be disclosed under Section217(1)(e) of the
 Companies Act, 1956, read with the Companies (Disclosure of Particulars
 in the Report of the Board of Directors) Rules, 1988 with respect to
 conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo, is given under mentioned and forms a part of this
 Report.
 
 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION
 
 Since your company does not own any manufacturing facility the
 requirements pertaining to disclosure of particulars relating to
 conservation of energy, research & development and technology
 absorption, as prescribed under the Companies (Disclosure of
 Particulars in the Report of Board of Directors) rules, 1988 are not
 applicable.
 
 ACKNOWLEDGEMENTS
 
 Your Directors would like to express their appreciation for assistance
 and cooperation received from Banks, Government Authorities, Clients,
 Vendors and members during the year under review. Your Directors also
 wish to place on record their deep sense of appreciation for the
 committed services by the executives, staff and workers of the Company.
 
                                    On behalf of the Board of Directors
 
 Regd. Office:
 
 Ahluwalia House
 
 4, Community Centre, Saket
 
 New Delhi-110017                                (BIKRAMJIT AHLUWALIA)
 
 Dated:   12-08-2011                    Chairman-cum-Managing Director