Dear Shareholders,
 
 It is with immense pleasure and satisfaction that I present the Annual
 Report for the year 2010-11. It has been a busy year at Atlanta. We
 continued our growth trajectory acquiring new orders in both the DBFOT
 and EPC space but more importantly made a strategic foray into a new
 infra-vertical.
 
 Your Company reported robust 41% growth in revenues. The total revenue
 stood at Rs 2,784.76 million and the profit after tax was Rs 452.54
 million as against Rs 412.53 million in the last fiscal.
 
 OPERATIONAL EXCELLENCE
 
 Operationally, the year has been a landmark one for your Company as we
 forayed into the new domain of infrastructure - Tourism
 Infrastructure and I am happy to share that we have bagged the biggest
 order in the history of your Company. This synergistic foray is aligned
 with our strategic objective of focusing on innovation and wealth
 creation. Tourism Infrastructure business segment is a fast growing and
 evolving sector.
 
 India ranks as one of the fastest-growing travel and tourism markets in
 the world. Besides fast growth of the domestic tourists, the Foreign
 Tourist Arrivals (FTAs) to India has increased at a scorching pace. The
 country is a favoured tourist destination for leisure, as well as
 business travel. The demand for travel and tourism is expected to reach
 Rs 24,252.4 billion ($ 431.7 billion) by 2020. Foreseeing the large
 opportunity potential, your Company''s timely entry into this promising
 space will definitely auger well for it going ahead.
 
 At the Vibrant Gujarat Summit in January 2011, your Company signed a
 Memorandum of Understanding (MOU) to setup an entertainment city -
 Atlanta City in public-private partnership (PPP) with the Gujarat
 Government on the outskirts of Surat with an estimated investment of Rs
 95,000 million.
 
 With the location advantage encompassing a sea-side stretch of 3 km,
 this innovative entertainment and beach tourism project will consist of
 a mega Entertainment City with five theme parks such as Nature Park,
 Amusement Park, Water Park, Beach Park, Ice Skating and a Ski dome.
 Eco-friendly 5/4 star and budget hotels consisting 600 plus rooms and
 more than 4000 timeshare villas and serviced apartments are also
 planned. This unique project will be a brand enhancing one and promises
 to transform the size, scale and execution capabilities of the Company
 to the next level. To provide a head start and give the entire project
 an international look and feel, we have planned strategic alliances
 with renowned global and domestic players with experience in this
 infrastructure domain. A focused team to enable the expeditious
 execution has been set up and plans are under way for the commencement
 of this project shortly.
 
 We continued to add bigger, better and more prestigious projects across
 the other core business segments of EPC, DBFOT transportation projects
 and real estate. In the DBFOT segment, your Company is a preferred
 bidder for Rs 9,170 million project from BSRDC, a Government of Bihar
 undertaking. This 116.76 km project envisages four laning of Mohania -
 Ara section on NH 30 connecting Patna and Durgavati. In the real estate
 sector also, your Company is planning new projects in Mumbai. We remain
 committed to the unbridled execution of our ongoing projects.
 
 In addition to securing new projects, in the year under review, your
 Company successfully completed construction of its Nagpur - Kondhali NH
 6 project. Toll collection is already ongoing at the Mumbra Bypass on
 Mumbai - Pune Road NH 4.
 
 As a step towards servicing our clients spread across the country, your
 Company embarked upon setting up an office in the capital city of
 Delhi. In the years to come, our goal is to follow this trend and set
 up more offices across other locations in the country. Your Company has
 also worked towards strengthening its manpower resources by recruiting
 fresh as well as experienced talent.
 
 Aligned with our strategic objective of focusing on innovation and
 wealth creation, your Company embarked on the synergistic foray into
 the fast growing Tourism Infrastructure business segment
 
 INDIA AT A DEFINING MOMENT
 
 Combined with prudent financial management, the nation has been on
 track to achieving a GDP growth rate of over 8% for the year 2010-11.
 Having said that, the economy continued to grapple with fresh
 challenges - the biggest amongst them being the double digit inflation,
 higher interest rates and continued increase in crude oil prices.
 Despite this the Government''s focus on infrastructure remains
 steadfast. Robust infrastructure will act as a propellant to the
 nation''s growth curve and enable the country to realise its economic
 potential.
 
 India continues to face a huge infrastructure deficit, a consequence of
 its economic growth outstripping infrastructure availability. With
 growth preceding infrastructure, it is indeed apparent that we are not
 building for the future; rather, we are building for the past. Given
 the scenario, it is imperative that the country continues to focus on
 the development of world-class infrastructure facilities which will
 require a far larger investment outlay than those made in the past.
 Projected investment required for infrastructure development during the
 XIIth Plan period (2012-17) is Rs 40.99 trillion. Half of this is
 expected to come from the private sector.
 
 Against this backdrop, your Company is optimistic of playing a vital
 role in nation building through quality infrastructure development.
 Armed with its proven financial performance, strong balance sheet,
 balanced business model, diversified presence across geographies &
 clientele and solid risk management, it has not only been insulated
 from global and national headwinds but more importantly, has benefitted
 from the opportunity matrix that unfolds in its industry.
 
 FUTURE FORWARD
 
 In this backdrop, your Company is optimistic about the business
 prospects and its capabilities to leverage them. Currently our order
 book stands at Rs 19,500 million which is a healthy mix of large DFBOT
 projects on PPP basis, EPC projects and projects in the realty sector.
 Our focus strongly remains towards wealth creation and innovating
 across all spheres of operations and strategy which will transcend us
 to stellar heights of success.
 
 The developments of the last twelve months have vindicated our belief
 in the vast growth opportunities that await us in the infrastructure
 industry in India. It''s my firm belief that what we are witnessing
 currently is only the beginning. We have much more exciting and
 interesting times ahead that will unfold in this breathtaking pace.
 
 ACKNOWLEDGEMENTS
 
 Before I conclude, I wish to place on record the sincere dedication and
 the hard work of our employees, which has led to this improved
 performance. The Company''s quest for continuous wealth creation would
 not have been possible but for the support that my colleagues and I
 have received from all our shareholders, banks and financial
 institutions, customers, dealers, suppliers, our JV partners and other
 business associates. I am grateful to them for their continued
 confidence in the management and expect to receive their full support
 in augmenting our future plans and strategy.
 
 sd/-
 
 Rajhoo Bbarot 
 
 Managing Director