Annual Repot 2010-11 Final

CONTENTS

Board of Directors 3

Directors’ Report 4

Auditors’ Report 9

Balance Sheet 12

Profit and Loss 13

Cash Flow Statement 14

Schedule forming part of the Accounts 15

1 Content.p65 2011/09/07, 03:57 PM2

Board of Directors

� Daya Krishna Goyal, Chairman

� Ajay Krishna Goyal, President & Managing Director

� Madhava Ravindra

� Rear Admiral (Retd.) Jagadish Janardan Baxi

� Major General (Retd.) Ashok Kalyan Verma

� Dr. Horst Eckert

� Premila Goyal

� Sanjay Krishna Goyal

� Sita Ram Agarwal

� Mohinder Pratap Gupta

� Harish Kumar Saraf

Auditors

Anil Maheshwari & Co.

Chartered Accountants

G-66/2, Gautam Nagar

New Delhi 110 049

Bankers

State Bank of India Axis Bank Limited Central Bank of India

Overseas Branch Statesman House Parliament Street Branch

Jawahar Vyapar Bhawan Ground Floor Jeevan Tara Building

1, Tolstoy Marg 148, Barakhamba Road Parliament Street Branch

New Delhi 110 001 New Delhi 110 001 New Delhi 110 001

Punjab National Bank ICICI Bank Limited IndusInd Bank Limited

Mid-Corporate Branch Phelps Building Gopal Das Building

A-9, Connaught Place 9A, Connaught Place 28, Barakhamba Road


Standard Chartered Bank Barclays Bank PLC ING Vysya Bank Limited

Wholesale Banking Eros Corporate Tower 101-107, Narain Manzil

H-2, Connaught Place Nehru Place 23, Barakhamba Road


Export-Import Bank of India

Statesman House

148, Barakhamba Road

New Delhi 110 001

Corporate Centre for

IT Enabled Engineering Services

Angelique Tower, Plot No. 12, Sector 125

Noida 201 301, Dist. Gautambudh Nagar

Uttar Pradesh, India

Phones : +91.120.4193000

Registered and Head Office

# 104-107, 1st Floor, Hemkunt Tower

98, Nehru Place, New Delhi 110 019, India

Phones : +91.11.26413873-74-75

Fax : +91.11.26413876

Email : [email protected]

Website : www.angelique-india.com

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4

DIRECTORS' REPORT

To,

The Members of

Angelique International Limited

Your Directors are pleased to present the Fifteenth Annual Report together with the audited accounts of the

Company for the Financial Year ended 31st

March, 2011.

FINANCIAL RESULTS

Rs. in Millions

Particulars Year ended Year ended

31st

March, 2011 31st

March, 2010

Sales and other income 8,903.15 7,621.55

Profit before Depreciation, amortization and tax,

exceptional and prior period items 853.74 740.01

Depreciation/ amortization 35.85 23.63

Profit before Tax 817.89 716.38

Profit after Exceptional items and Taxes 524.89 468.15

Balance brought forward 1,048.49 829.10

Balance available for appropriation 1,573.38 1,315.35

Appropriations :

Profit transferred to General Reserve 100.00 100.00

Dividends 127.57 127.57

Tax on distributed profits 20.82 21.19

Balance carried forward 1,324.99 1,048.49

OPERATIONS

The year, under review, has seen healthy growth of 17% in terms of revenue growth to Rs 8,903.15 million

against Rs 7,621.55 Million in the previous year. Profit Before Tax, depreciation and exceptional items is

Rs 853.74 million, against Rs 740.01 million during previous year. Tax outgo is Rs 278.96 million against

Rs 228.07 million during previous year, Profit After Tax and exceptional items stands at Rs 524.89 million, up

by 12.12%, over Rs 468.15 million in the previous year.

The profitability of the Company has been under pressure during the year due to volatile foreign exchange

markets and continuing weakness of the dollar coupled with rising input costs and growing competitive

business environment. With the better volume driven performance your company envisages to improve

margins in coming years.

International Operations

Africa, remains key market for your Company with international operations revenue contribution of 70%

followed by South East Asia and East Asia.In terms of segments, power related activities contributed 47% of

the operations revenue as compared to 54% during the previous year. Contribution from Agriculture and

potable water related projects contributed 18% against 24% last year. Industrial Project sector emerged with

19% revenue contribution

Domestic Operations

In domestic market., your company continues its focus on completion and closure of projects undertaken

during the last years. These results are envisaged to reach optimum level during the next financial year. Your

Directors take this opportunity to re-endorse their belief in growth of Indian Economy and infrastructure in

years to come which will provide vast opportunities for companies in EPC sector. As such with multiplicity of

strategies presence in Indian market shall be focused, in selective areas, in coming years.

FUTURE OUTLOOK

Your Company continues with successful inroads into its chosen African Continent markets with repeat orders

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from markets where your Company is already present. The nature of Company's business is also undergoing

shift toward higher end complex projects and long gestation projects. Your Directors are confident of

transformation of your Company into a world class multi skill engineering company.

The future has great potential and opportunities for your Company. Your Company is positioning itself in very

advantageous place in Africa continent which is emerging to be hot spot of business opportunities in 21st

Century. The development work in Africa is being supported very liberally not only by Government of India,

providing opportunities to Indian companies but also by multi-lateral developmental and local specialized

intermediary developmental banking institutions like African Development Bank, ECOWAS Bank for Industrial

Development in Western Africa. Your Company is already experiencing positive outcome in terms of successful

business acquisition from multi-lateral funding. Your Directors are also evaluating some business opportunities

in Middle East too which shall be taken up with due prudence and safeguards.

Your Directors are also weighing setting up/ acquiring of back end manufacturing facilities, in India, in high

volume and repetitive inputs to achieve synergies of operations leading to cost efficiency, quality products

and timely delivery for better customer satisfaction.

Your Company has also taken steps to diversify its operations in the areas of mining for long term sustainable

cash flows. Beginning is being made from Republic of Mali with initiation of steps for formation of a mining

company, to be named, Dhruv Metals and Minerals (Mali) Sarl. Intial investment in this venture is proposed to

be made out of internal accruals of the Company.

SUBSIDIARIES

Company's subsidiary in Repulbic of Mali, Societer d'Assemblage de Tracteurs SA abbreviated Mali Tracteurs

SA for assembly and marketing of tractors which became operational during previous financial year, has

moved on and has made cash profit of F.CFA 13.82 million (i.e Rs 1.30 million) during the financial year ended

on 31-12-2010. However due to high incidence of depreciation of F.CFA 296.13 million (i.e Rs 28.03 million)

there is an overall loss of F.CFA 282.31 million (i.e Rs 26.73 million).

In case of other subsidiary of the Company in Singapore, Angelique International Pte Limited, any fresh

activities are yet to take place and due to this a loss of US$ 45,202 (i.e Rs 2.02 million) reflecting the

administrative expenses of the subsidiary, has been incurred during the year ended 31/3/2011.

Annual Report of the Company's both the subsidiary companies pursuant of Section 212 of the Companies

Act 1956 is attached with Balance Sheet of the Company.

As reported earlier, during the year under review, Company has also taken steps for formation of another

subsidiary Company, proposed to be named Dhruv Metals and Minerals (Mali) Sarl in Republic of Mali, This

new subsidiary is proposed to undertake mineral exploration and mining activities in Mali.

DIVIDEND

Your Directors declared an interim dividend of 25% during the year, with a total cash outgo of Rs 37.19

million (consisting of divided of Rs 31.89 million and Dividend Distribution Tax of Rs 5.30 million). Your

Directors are pleased to recommend a final dividend of 75% which will involve a further cash outgo of

Rs 111.19 million (consisting of dividend payment of Rs 95.68 Million to shareholders and Rs 15.52 Million, by

way of Dividend Distribution Tax, as per current tax provisions ). Thus, total dividend pay out during the year

is Rs 127.57 million and dividend distribution tax of Rs 20.82 million.

DIRECTORS

Smt. Premila Goyal, Shri Sita Ram Agarwal and Dr. Horst Ekcert retire by rotation at the forthcoming Annual

General Meeting. Smt Premila Goyal being eligible, offers herself for re-appointment. Your Director also place

on record vote of thanks for the valuable services rendered by other two Directors Dr. Horst Eckert and Shri

S R Agarwal who are retiring by rotation.

BANKING ARRANGEMENTS

Your Company continues to have growing support of Banks. The consortium of banks providing fund based/

non fund based financial support to Company, led by State Bank of India Overseas Branch New Delhi has

been further expanded by induction of ING Vysya Bank. This along with other member banks being in

addition of the lead bank State Bank of India are Central Bank of India, Punjab National Bank, Axis Bank

Limited, Standard Chartered Bank, ICICI Bank Limited, IndusInd Bank Limited and Barclays Bank. The

Consortium consists of a mix nationalized, large private Indian and foreign banks, reflecting growing support

of the community of bankers.

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6

Export-Import Bank of India for their vital role and support in realizing the Exim Bank lines of credit funded

business.

Credit Rating

Your Directors are pleased to inform you that in respect of working capital facilities being availed by your

Company from consortium of banks, rating of your company for fund based cash credit facilities has been

upgraded by CRISIL to "BBB+ (Stable)" and for export related fund based and all non-fund facilities to "P2".

This rating by the leading credit rating agency of the country reflects the financial strength and prudence of

financial policies of the Company.

CORPORATE GOVERNANCE

Audit Committee

The Company continues to have the Audit Committee of Directors, which comprises of Shri Ajay Krishna

Goyal- President & Managing Director, as its Chairman and two independent directors Shri Sita Ram Agarwal

and Rear Admiral (Retd) J.J.Baxi. This Audit Committee complies with the provisions of Section 292A of the

Companies Act 1956. The audit committee has reviewed the Audit Report of statutory auditors as well

recommendations of Internal auditors from time to time.

Remuneration Committee

The remuneration of the Whole time /Managing Director (s) is approved by Board on the recommendations

of the Remuneration Committee within the overall approval of the shareholders and compliances under

Schedule XIII and other applicable provisions of Companies Act 1956.

Internal Audit

Company has made elaborate arrangement for internal audit, by way of appointment of firms of Chartered

Accountants, to ensure review of internal controls policies and procedures and adherence thereto, review

and reporting of the compliance, including secretarial and company law compliances. The management duly

considers and takes appropriate action on the recommendations made by internal auditors and Audit Committee

of the Board of Directors.

Angelique has policy of maintaining the highest standards of health , safety and environmental norms while

executing projects and adherence to this policy is ensured through proper reporting mechanism.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to section 217 (2AA) of the Companies Act, 1956, with regard to the audited annual accounts for

the year ended 31st

March, 2011, your Directors confirm ;

a) That in preparation of the annual accounts for the year ended 31st

March, 2011, the applicable accounting

standards read with the requirements set out under Schedule VI of the Companies Act, 1956 have been

followed along with proper explanation relating to departures, if any, wherever applicable.;

b) That the Directors have 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 2011 and of profit of the company for the year ended on that

date;

c) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting

records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the

Company and for preventing and detecting fraud and other irregularities;

d) That the Directors had prepared the annual accounts on a 'going concern' basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS &

OUTGO

a) Conservation of energy

In accordance with the provisions of section 217 (2) (e) of the Companies Act, 1956 read with Companies

(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, there are no relevant particulars

to be reported with regard to conservation of energy as the Company's energy requirements are very

limited on account of the nature of its business .

b) Technology absorption

Your company is taking all possible steps to absorb latest efficient and green technologies with regard to

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its area of operations as a part of its corporate policy of customer satisfaction.

c) Foreign Exchange Earnings and Outgo

Foreign Exchange earned and used:

Amount (Rs in Million)

Earned 7,587.41

Used 2,817.59

AUDITORS

The statutory auditors of the Company, Anil Maheshwari and Company, Chartered Accountants, retire at the

conclusion of this ensuing Annual General Meeting and are eligible for re-appointment .

Company has received letters from the Auditors to the effect that their reappointment, if made, would we

within the prescribed limits under Section 224 (IB) of the Company Act 1956 and that they are not disqualified

for the reappointment with the meaning of Section 226 of the said Act.

The auditors' observations in their Report and the "Notes to Accounts" are self-explanatory and do not call for

any further explanation/comments by the Directors.

Branch Auditors

In respect of some of the foreign operations, to comply with the local requirements, your Company, is

appointing Branch Auditors in pursuance of Section 228(3) of the Companies Act, 1956 .

HUMAN RESOURCES

Human resources continue to remain a priority focus area with world class working environment and suitably

evolving policies to induct, train and retain talent in the company notwithstanding challenges being faced by

EPC sector in this regard.

Particulars of Employees

As required under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees)

Rules 1975, as amended upto date, is attached to this Report.

ACKNOWLEDGEMENTS

Your Directors, would like to express their appreciation, to all the customers particularly governments of

foreign state clients including their ministries/authorities for their reposing their growing trust in your Company

as a reward to Company's relentless pursuit for delivering appropriate technological solutions to its customers.

Your Directors also wish to place on records their deep sense of appreciation to all the vendors and other

business partners, like BHEL, Water and Power Consultants (WAPCOS) and various service providers, and all

the member banks of the Banks' Consortium as well as Export-Import Bank of India, who have all supported

Company in continuing with the business growth .

Your Directors would like to convey appreciation for the committed services by the executive and staff of the

Angelique Family.

Thanks you all with best wishes. For and on behalf of the Board of Directors

Sd/-

Place : New Delhi Daya Krishna Goyal

Date : July 9, 2011 (Chairman)

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8

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AUDITOR'S REPORT TO THE MEMBERS OF

ANGELIQUE INTERNATIONAL LIMITED

1. We have audited the attached Balance Sheet of ANGELIQUE INTERNATIONAL LIMITED as at 31st

March, 2011 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that

date annexed thereto. These financial statements are the responsibility of the Company's management.

Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those

Standards require that we plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free of material misstatements. An audit includes examining, on a test basis,

evidence supporting the amounts and disclosures in the financial statements. An audit also includes

assessing the accounting principles used and significant estimates made by management, as well as

evaluating the overall financial statement presentation. We believe that our audit provides a reasonable

basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central

Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the

Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that :

(i) 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;

(ii) In our opinion, proper books of account as required by law have been kept by the Company so far as

appears from our examination of the books;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in

agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this

report comply with the mandatory accounting standards, to the extent applicable to the company,

referred to in sub - section (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of the written confirmations received from the Directors, as on 31st

March, 2011, and taken

on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st

March,

2011 from being appointed as a Director in terms of clause (g) of sub - section (1) of Section 274 of the

Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said

accounts read together with the Accounting Policies and Notes on Accounts as per Schedule '25', give

the information required by the Companies Act, 1956 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 Balance Sheet, of the state of affairs of the Company as at 31st

March, 2011;

b) in the case of the Profit and Loss Account of the Profit for the year ended on that date; and,

c) in the case of Cash Flow Statement of the cash flow for the year ended on that date.

For Anil Maheshwari & Co.


Firm Registration No. 011558N

Sd/-

Place : New Delhi Anil Maheshwari

Date : July 09, 2011 Partner

Membership No. 071188

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10

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in Paragraph 3 of our Report to even date:

(i) (a) In our opinion the Company has maintained proper records showing full particulars including

quantitative details and situation of fixed assets;

(b) The management has physically verified the fixed assets at reasonable intervals. In our opinion,

the frequency of physical verification is reasonable having regard to the size of the Company and

nature of its business. We have been informed that discrepancies noticed on such physical verification

have properly been dealt with in the books;

(c) The Company has not disposed off substantial part of the fixed assets during the year;

(ii) (a) In our opinion, the management has conducted physical verification of inventory at reasonable

intervals;

(b) In our opinion, the procedure of physical verification of the inventory followed by the management

are reasonable and adequate having regard to the size of the Company and nature of its business;

(c) In our opinion, the Company has maintained proper records of inventory and no material discrepancies

were noticed on physical verification of inventory;

(iii) (a) The Company has not granted any loans, secured or unsecured to companies, firms or other

parties covered under the register maintained under Section 301 of the Companies Act, 1956;

(b) The Company has granted loans to employees. In our opinion, the terms and conditions on which

loans have been granted are not prima facie prejudicial to the interest of the Company;

(c) The principal amount is being received regularly, no interest is being charged on loans given to

employees;

(d) There is no overdue amount of loan exceeding Rs. one lac.

(e) The company has not taken any loans, secured or unsecured from companies, firms or other

parties covered in the register maintained under Section 301 of the Companies Act, 1956;

(iv) In our opinion, there are adequate internal control systems commensurate with the size of the Company

and nature of its business with regard to purchase of inventory and fixed assets and for sale of goods

and services. In our opinion, there is no continuing failure to correct major weakness in internal control

system.

(v) (a) In our opinion and according to the explanations given to us, all transactions in respect of each

party that need to be entered in the register maintained under Section 301 of the Companies Act,

1956; have been so entered;

(b) In our opinion and according to the information and explanations given to us, each of these

transactions have been made at the prices which are reasonable having regard to the prevailing

market prices at the relevant time.

(vi) The Company has not accepted any deposits from the public.

(vii) In our opinion, the Company has an internal audit system commensurate with the size and the nature of

its business.

(viii) The maintenance of cost records is not applicable to the Company as prescribed by the Central Government

in terms of section 209 (1) (d) of the Companies Act, 1956.

(ix) (a) In our opinion and according to the information and explanation given to us, the Company has

generally been regular in depositing undisputed dues of Provident Fund, Employees' State Insurance,

Income - tax, Sales tax, VAT, Wealth tax, Service tax, Custom Duty, Excise Duty, Education Cess

and other statutory dues with the appropriate authorities. There are no arrears of undisputed

outstanding statutory dues as at 31.03.2011 for a period of more than six months from the date

they became payable.

2 AIL 3-36.p65 2011/09/07, 03:57 PM10

(b) According to the information and explanations given to us and the records of the Company examined

by us, the particulars of dues of Income tax as on March 31, 2011 which have not been deposited

on account of dispute are given in Note No. 25.2.11 of Schedule '25'.

(x) There are no accumulated losses in the Company as at 31.03.2011. The Company has not incurred

cash losses in the financial year under report and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not

defaulted in repayment of dues to financial institutions and banks.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of

shares, debentures and other securities.

(xiii) Provisions of chit fund, nidhi, mutual benefit fund and societies are not applicable to the Company.

(xiv) In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other

investments.

(xv) In our opinion and according to the information and explanations given to us, the Company has not

given any guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion and according to the information and explanations given to us, the Company has applied

the term loan for the purpose for which the loan was obtained.

(xvii) In our opinion and according to the information and explanations given to us, the Company has not

used funds raised on short - term basis for long term investment.

(xviii)The Company has not made any preferential allotment of shares to parties and companies covered in

the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures.

(xx) The Company has not raised any money during the year by public issue of shares.

(xxi) On the basis of checks carried out by us and according to the information and explanations given to us,

no fraud on or by the Company have been noticed or reported during the year.

For Anil Maheshwari & Co.


Firm Registration No. 011558N

Sd/-

Place : New Delhi Anil Maheshwari

Date : July 09, 2011 Partner


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12

BALANCE SHEET AS AT MARCH 31, 2011

ALL AMOUNTS IN INDIAN RUPEES EXCEPT SHARE DATA AND WHERE OTHERWISE STATED

SCHEDULE AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

SOURCES OF FUNDS

Shareholders’ fund

Share Capital 1 127,566,630 127,566,630

Reserves and surplus 2 1,877,647,321 1,501,139,838

2,005,213,951 1,628,706,468

Loan funds

Secured loans 3 752,958,627 832,138,652

Unsecured loans 4 1,776,547 10,753,949

754,735,174 842,892,601

Deferred tax liability, net 5 27,719,000 10,850,000

2,787,668,125 2,482,449,069

APPLICATION OF FUNDS

Fixed assets 6

Gross block 940,081,600 792,504,462

Less: Accumulated depreciation 83,862,340 48,890,024

Net block 856,219,260 743,614,438

Investments 7 163,437,156 91,390,530

Current assets, loans and advances

Inventories 8 604,268,533 614,551,279

Sundry debtors 9 3,544,608,356 3,668,211,823

Cash and bank balances 10 1,125,360,265 998,026,600

Other current assets 11 28,259,357 36,212,100

Loans and advances 12 1,524,758,061 1,318,707,231

6,827,254,572 6,635,709,033

Current liabilities and provisions

Current liabilities 13 4,242,412,866 4,168,138,396

Provisions 14 816,829,997 820,126,536

5,059,242,863 4,988,264,932

Net current assets 1,768,011,709 1,647,444,101

Miscellaneous expenditure 15 - -

(To the extent not written off or adjusted)

2,787,668,125 2,482,449,069

SIGNIFICANT ACCOUNTING POLICIES

AND NOTES TO ACCOUNTS 25

The schedules referred to above form an integral part of the Balance Sheet

As per our report of even date

for Anil Maheshwari & Co.


Sd/- Sd/- Sd/- Sd/-

Anil Maheshwari Daya Krishna Goyal Ajay Krishna Goyal Madhava Ravindra

Partner Chairman President and Managing Director Director


Sd/-

Place : New Delhi Pankaj Goyal

Date : 09 July, 2011 CFO and Company Secretary

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PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED

MARCH 31, 2011


SCHEDULE FOR THE FOR THE

YEAR ENDED YEAR ENDED

31ST

MARCH 2011 31ST

MARCH 2010

INCOME

Sales 16 8,510,577,361 7,324,315,554

Other income 17 392,568,302 297,236,105

Increase/(decrease) in stock 18 (11,051,559) 269,432,267

8,892,094,104 7,890,983,926

EXPENDITURE

Purchases 3,948,669,190 3,620,054,650

Civil construction expenses 1,085,749,840 1,183,504,700

Personnel expenses 19 518,446,614 399,488,695

Administrative expenses 20 484,488,785 459,481,773

Selling expenses 21 1,777,227,907 1,285,050,072

Finance expenses 22 223,774,039 203,397,695

Depreciation 35,850,995 23,224,460

Preliminary expenses written off - 406,250

8,074,207,370 7,174,608,295

Profit before taxation 817,886,734 716,375,631

Provision for taxation 23 278,959,449 228,072,003

Profit after taxation 538,927,285 488,303,628

Exceptional and prior period items 24 14,035,491 20,162,419

Balance in profit and loss account brought forward 1,048,487,576 829,100,220

Amount available for appropriation 1,573,379,370 1,297,241,429

APPROPRIATIONS

Interim dividend on equity shares 31,891,658 -

Tax on interim dividend 5,296,806 -

Proposed dividend on equity shares 95,674,974 127,566,630

Tax on proposed dividend 15,520,873 21,187,223

Transferred to General Reserve 100,000,000 100,000,000

Balance carried forward 1,324,995,059 1,048,487,576

1,573,379,370 1,297,241,429

Earnings per share

On profit after taxation and exceptional items

Basic and diluted - Par value Rs. 10 per share 41.15 36.70

SIGNIFICANT ACCOUNTING POLICIES

AND NOTES TO ACCOUNTS 25

The schedules referred to above form an integral part of the Profit and Loss Account




Sd/- Sd/- Sd/- Sd/-




Sd/-



2 AIL 3-36.p65 2011/09/07, 03:57 PM13

14

CASH FLOW STATEMENT FOR THE YEAR ENDED

ON MARCH 31, 2011


FOR THE FOR THE


31ST

MARCH 2011 31ST

MARCH 2010

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 817,886,734 716,375,631

Adjustments

Depreciation 35,850,995 23,224,460

Amortization of preliminary expenses - 406,250

Loss on sold/discarded fixed asset 2,072,880 5,469,215

Loss on sale/diminution of investment (net) 13,076,147 15,332,603

Dividend income (4,014,508) -

Interest income (40,059,824) (40,747,371)

Interest paid 24,561,398 16,540,997

Exchange difference on translation of foreign currency on (821,930) 21,388,873

cash and cash equivalents

Provision for deferred tax (16,869,000) (6,325,000)

Operating cash flows before working capital changes 831,682,892 751,665,658

Adjusted for:

Trade and other receivables (74,494,620) (742,134,757)

Inventories 10,282,746 (295,772,483)

Trade payables 87,846,931 1,030,649,949

Cash generated from operations 855,317,949 744,408,367

Exceptional and prior period items (14,035,491) (20,162,419)

Tax paid (262,090,449) (221,747,003)

Net cash provided by operating activities 579,192,009 502,498,945

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of fixed assets and capital work-in-progeress (151,239,903) (296,046,840)

Proceeds from sale of fixed assets 711,206 1,003,823

Purchase of investments (100,922,773) (54,403,677)

Proceeds from sale of investments 15,800,000 13,778,770

Interest received 40,059,824 40,747,371

Dividend received 4,014,508 -

Net cash used in investing activities (191,577,138) (294,920,553)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings (net of repayments) (88,157,427) 2,274,077

Interest paid (24,561,398) (16,540,997)

Dividend paid (including dividend tax) (148,384,311) (148,753,853)

Net cash provided by financing activities (261,103,136) (163,020,773)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 126,511,735 44,557,619

Cash and cash equivalents at the beginning of the period 998,026,600 974,857,854

Effect of exchange difference on cash and cash equivalents 821,930 (21,388,873)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1,125,360,265 998,026,600




Sd/- Sd/- Sd/- Sd/-




Sd/-



2 AIL 3-36.p65 2011/09/07, 03:57 PM14

SCHEDULES FORMING PART OF

THE BALANCE SHEET


AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

SCHEDULE “1”

SHARE CAPITAL

Authorised

15,000,000 (previous year: 15,000,000) equity shares of 150,000,000 150,000,000

Rs. 10/- each

Issued, subscribed and paid-up

12,756,663 (previous year: 12,756,663) equity shares of 127,566,630 127,566,630

Rs. 10/- each fully paid

Of the above, 8,100,900 equity shares were issued as fully paid

bonus shares in 2004-05 by capitalisation of share premium reserve,

general reserve and profit and loss account.

127,566,630 127,566,630

SCHEDULE “2”

RESERVES & SURPLUS

General reserve

Balance at the beginning of the year 433,376,000 333,376,000

Add : Transferred from profit and loss account 100,000,000 100,000,000

533,376,000 433,376,000

Share premium account 19,276,262 19,276,262

Profit and loss account

Balance in profit and loss account 1,324,995,059 1,048,487,576

1,877,647,321 1,501,139,838

2 AIL 3-36.p65 2011/09/07, 03:57 PM15

16


AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

SCHEDULE “3”

SECURED LOANS

From banks

Term loan from State Bank of India - 194,400,000

(Secured by way of first charge on the office premises at Noida,

second charge on the current assets of the company and

personal guarantee of four directors of the company including

the managing director)

(Repayable within one year - Rs. Nil; Previous year 55,600,000)

Working capital facilities

Schedules to Balance Sheet (Continued)

Packing credit accounts 196,692,485 137,306,035

Cash credit accounts (incl. Working Capital Demand Loan) 110,379,963 40,052,356

Overdraft against fixed deposits 30,123,770 30,612,137

Bills discounted 409,498,846 420,121,384

746,695,064 628,091,912

Vehicle loans

From ICICI Bank Limited 21,722 377,048

From HDFC Bank Limited - 355,998

From Kotak Mahindra Prime Limited 6,241,841 8,913,694

6,263,563 9,646,740

752,958,627 832,138,652

SCHEDULE “4”

UNSECURED LOANS

Short term loan from banks

Temporary overdraft in current account 1,776,547 10,753,949

1,776,547 10,753,949

(Under consortium of State Bank of India, Central Bank of India,

Axis Bank Limited, ICICI Bank Limited, IndusInd Bank Limited,

Standard Chartered Bank, Barclays Bank PLC, Punjab National Bank

and ING Vysya Bank Limited, and are secured by way of pari-passu

first charge on stock of finished goods, book debts, all other current

assets and movable fixed assets of the company, both present and

future (excluding specifically hypothecated vehicles) and pari-passu

first charge on the immovable fixed assets of the company situated

in India, excluding Noida property which is under second pari-passu

charge, both present and future, and personal guarantees of four

directors of the company including the managing director)

2 AIL 3-36.p65 2011/09/07, 03:57 PM16


AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

SCHEDULE “5”

DEFERRED TAX - NET

Deferred tax liabilities

On fiscal allowances on fixed assets 34,385,759 18,491,990

Deferred tax assets

On employees’ seperation and retirement 6,666,827 7,641,525

27,718,932 10,850,465

27,719,000 10,850,000


SCHEDULE “6”

FIXED ASSETS

GROSS BLOCK DEPRECIATION NET BLOCK

Description as at additions deletions/ as at as at for the deletions/ as at as at as at

01/04/2010 adjustments 31/03/2011 01/04/2010 year adjustments 31/03/2011 31/03/2011 31/03/2010

Tangible Assets :

Land - Freehold 3,434,699 - - 3,434,699 - - - - 3,434,699 3,434,699

Land - Leasehold 163,012,500 - - 163,012,500 - 1,897,913 - 1,897,913 161,114,587 163,012,500

Office Premises 297,761,591 6,801,379 40,000 304,522,970 2,262,897 6,195,146 40,000 8,418,043 296,104,927 295,498,694

Plant And Machinery* 160,380,831 92,124,730 1,484,900 251,020,661 11,476,998 11,514,181 2,015,296 20,975,883 230,044,778 148,903,833

Furniture And Fixtures 29,762,182 4,079,475 109,910 33,731,747 2,384,216 2,103,277 20,660 4,466,833 29,264,914 27,377,966

Office Equipments 23,401,716 4,099,333 899,791 26,601,258 1,666,817 1,343,665 153,000 2,857,482 23,743,776 21,734,899

Computers 20,747,527 4,236,391 196,765 24,787,153 8,332,047 3,420,266 145,750 11,606,563 13,180,590 12,415,480

Air Conditioners 2,819,944 680,770 - 3,500,714 103,299 141,694 - 244,993 3,255,721 2,716,645

Vehicles 79,586,970 37,098,233 931,399 115,753,804 17,949,822 8,951,093 319,510 26,581,405 89,172,399 61,637,148

Intangible Assets :

Softwares 11,596,502 2,119,592 - 13,716,094 4,713,928 2,099,297 - 6,813,225 6,902,869 6,882,574

Total 792,504,462 151,239,903 3,662,765 940,081,600 48,890,024 37,666,532 2,694,216 83,862,340 856,219,260 743,614,438

Previous Year 506,585,596 466,895,444 180,976,578 792,504,462 29,320,500 23,224,460 3,654,936 48,890,024 743,614,438 477,265,096

Depreciation for the year 37,666,532

Less : Adjustments in Plant and machinery for assets in branch office 1,815,537

Charged to Profit and Loss Account 35,850,995

* Plant and machinery includes Rs. 17,701,369 (Previous year - Nil) in transit.

2 AIL 3-36.p65 2011/09/07, 03:57 PM17

18


AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

SCHEDULE “7”

INVESTMENTS

Long term at cost, unless otherwise specified

UNQUOTED INVESTMENTS

Non-trade

(a) In Equity Shares fully paid-up

In Subsidiary Companies

12,000 (previous year: 12,000) ordinary shares of 338,371 338,371

Singapore $ 1 each of Angelique International Pte. Ltd.,

Singapore

51,000 (previous year: nil) ordinary shares of FCFA 51,903,677 51,903,677

10,000 each of Société d’Assemblage de Tracteurs

SA, Mali

Less : Diminution in value of investment 34,682,740 21,052,131

17,220,937 30,851,546

Share Application Money - Dhruv Minerals & Metals 111,625 -

Sarl., Mali

In Others

175,022 (previous year: 175,022) equity shares of 25,153,255 25,153,255

Rs. 10/- each of ACL Wireless Limited, India

(b) In Preference Shares fully paid up

1,500,000 (previous year: 1,500,000) non-cumulative 15,000,000 15,000,000

redeemable preference shares of Rs. 10/- each of

Spanind Designs Pvt. Ltd., India

(c) In Debentures

Nil (previous year: 150,000) non-convertible - 15,000,000

redeemable debentures of Rs. 100/- each of

Spanind Designs Pvt. Ltd., India

57,824,188 86,343,172

CURRENT INVESTMENTS

In Mutual Fund - at cost

600 (previous year: 1,400) units of Crayon Capital 600,000 1,400,000

Art Fund - Scheme 1

200,000 (previous year: 200,000) units of Tata Indo-Global 2,000,000 2,000,000

Infrastructure Fund

100,000 (previous year: 100,000 ) units of Axis Equity Fund 1,000,000 1,000,000

100,000 (previous year: 100,000 ) units of Principal 1,500,000 1,500,000

Mutual Fund

5,073,859.055 (previous year: nil) units of SBI Ultra Short 50,769,034 -

Term Fund - Institutional Plan - Daily Dividend

4,581,433.529 (previous year: nil) units of SBI Magnum 50,042,114 -

Income Fund - FRSPB - Weekly Dividend

105,911,148 5,900,000

Less : Diminution in value of current investment 298,180 852,642

105,612,968 5,047,358

163,437,156 91,390,530

During the year, the following current investments were purchased and sold:

(1) 1,492,510.5819 Units of SBI Magnum Insta Cash Fund - Daily Dividend Option, at cost of Rs. 25,000,000

(2) 19,988,007.196 Units of SBI-SHF Ultra Short Term Fund, Institutional Plan - Daily Dividend Option, at cost of

Rs. 220,000,000.


2 AIL 3-36.p65 2011/09/07, 03:57 PM18



AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

SCHEDULE “8”

INVENTORIES

As taken, valued and certified by the management

Finished goods 249,561,473 240,324,915

Consumables and spares 27,109,029 26,340,216

Work in progress 327,598,031 347,886,148

604,268,533 614,551,279

SCHEDULE “9”

SUNDRY DEBTORS

Unsecured, considered good

Debts outstanding for a period exceeding six months

From Subsidiary 35,043,614 52,681,749

From Others 767,410,339 686,135,723

Other Debts

From Subsidiary 49,485,553 39,163,298

From Others 2,692,668,850 2,890,231,053

3,544,608,356 3,668,211,823

SCHEDULE “10”

CASH AND BANK BALANCES

Cash and cheques in hand 6,446,388 1,686,915

Balances with scheduled banks

In current accounts 26,473,071 31,529,904

In EEFC current accounts 273,427,265 293,754,024

In deposit accounts 176,869,562 178,847,927

In margin money accounts 559,609,871 460,180,463

Balances with non-scheduled banks outside India

In current accounts 82,534,108 32,027,367

1,125,360,265 998,026,600

SCHEDULE “11”

OTHER CURRENT ASSETS


Security deposits 20,710,723 23,956,705

Deposits with Government, public bodies and others 4,109,510 1,200,000

Interest accrued 3,439,124 11,055,395

28,259,357 36,212,100

SCHEDULE “12”

LOANS AND ADVANCES


Advances to suppliers 280,477,137 226,771,055

Advances recoverable in cash or in kind or for value to 479,159,971 367,574,632

be received

Advances with Government and public bodies

Export incentives receivable 120,410,870 114,526,864

Other advances - 397,605

Advances Tax 644,488,696 609,437,075

Advances with subsidiaries 221,387 -

1,524,758,061 1,318,707,231

2 AIL 3-36.p65 2011/09/08, 09:50 AM19

20


AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

SCHEDULE “13”

CURRENT LIABILITIES

Sundry creditors

Micro, small and medium enterprises (Refer note 25.2.12) 8,252,392 -

Others 1,447,472,376 1,824,226,360

Advances from customers 1,996,852,170 1,377,483,523

Other liabilities 789,835,928 966,428,513

4,242,412,866 4,168,138,396

SCHEDULE “14”

PROVISIONS

Taxation 682,500,000 637,500,000

Wealth Tax 670,661 -

Fringe benefit tax 9,200,000 16,283,166

Employees’ benefit 13,263,489 17,589,517

Proposed dividend 95,674,974 127,566,630

Tax on proposed dividend 15,520,873 21,187,223

816,829,997 820,126,536

SCHEDULE “15”

MISCELLANEOUS EXPENDITURE

To the extent not written-off or adjusted

Preliminary expenses - 406,250

Less: Written-off during the year - 406,250

- -


2 AIL 3-36.p65 2011/09/07, 03:57 PM20


FOR THE FOR THE


31ST

MARCH 2011 31ST

MARCH 2010

SCHEDULE “16”

SALES

From projects and goods 7,124,223,636 6,346,270,652

From services 1,386,353,725 978,044,902

8,510,577,361 7,324,315,554

SCHEDULE “17”

OTHER INCOME

Miscellaneous income 2,118,861 9,889,345

Interest on deposits 40,059,824 40,747,371

Dividend income 4,014,508 -

Insurance claim received 8,576,233 1,134,801

Export incentives 245,320,565 223,793,223

Balances written-back (net) 71,675,769 -

Exchange Fluctuation - net 20,802,542 21,671,365

392,568,302 297,236,105

Schedules to Profit & Loss Account

SCHEDULE “19”

PERSONNEL EXPENSES

Salary and perquisites 433,254,949 342,703,418

Directors' remuneration 24,526,614 17,771,242

Contribution to employees' welfare funds 21,832,884 19,527,468

Staff welfare expenses 38,832,167 19,486,567

518,446,614 399,488,695

SCHEDULE “20”

ADMINISTRATIVE EXPENSES

Travelling and conveyance expenses 197,525,459 122,391,369

Communication expenses 18,915,659 18,018,132

Rent, rates and taxes 136,511,419 85,970,762

Legal and professional expenses 17,541,220 73,334,657

Repair and maintenance expenses 23,683,383 21,092,584

Vehicle running and maintenance expenses 19,119,208 42,529,802

Water and electricity expenses 18,822,917 12,146,931

Printing and stationery expenses 9,267,621 6,785,637

Insurance expenses 3,976,623 1,987,192

Miscellaneous expenses 25,645,249 45,702,706

Auditors' remuneration 1,448,909 917,000

Balances written-off (net) - 17,502,269

Donation 9,958,238 5,612,287

Loss on sold/discarded fixed assets 2,072,880 5,469,215

Loss on sale of investments - 21,230

484,488,785 459,481,773

SCHEDULE “18”

VARIATION IN STOCK

Closing

Finished goods 235,847,704 240,324,915

Finished goods - in transit 13,713,769 -

Work in progress 327,598,031 577,159,504 347,886,148 588,211,063

Opening

Finished goods 240,324,915 132,214,657

Work in progress 347,886,148 588,211,063 186,564,139 318,778,796

Variation in stock [Increase/(Decrease)] (11,051,559) 269,432,267

2 AIL 3-36.p65 2011/09/07, 03:57 PM21

22


FOR THE FOR THE


31ST

MARCH 2011 31ST

MARCH 2010

Schedules to Profit & Loss Account (Continued)

SCHEDULE “23”

PROVISION FOR TAXATION

Income tax for the year

Current tax 265,000,000 230,000,000

Wealth tax 670,661 -

Deferred tax 16,869,000 6,325,000

Taxes for earlier years (net) (3,580,212) (8,252,997)

278,959,449 228,072,003

SCHEDULE “24”

EXCEPTIONAL AND PRIOR PERIOD ITEMS

Service tax and interest thereon for earlier years - 4,815,150

Prior period items

Purchases - (511,408)

Civil construction expenses 781,128 -

Administrative expenses 107,565 529,339

Selling expenses 70,651 17,965

Diminution in value of current investments 13,076,147 15,311,373

14,035,491 20,162,419

SCHEDULE “21”

SELLING EXPENSES

Advertisement and publicity expenses 1,509,792 2,032,429

Clearing and forwarding expenses 150,890,638 76,600,331

Inland freight outwards 52,166,678 40,952,813

Air/sea freight on sales 353,597,899 205,606,554

Commission/discount on sales 460,105,826 474,008,123

Project consultancy charges 143,732,803 51,198,958

Delegation expenses 8,110,237 27,211,765

Documentation expenses 55,683,488 13,373,626

Inspection expenses 14,304,519 15,285,325

Installation and commissioning expenses 121,230,018 115,145,453

ECGC premium charges 5,140,954 6,132,962

Marine insurance expenses 30,386,114 13,594,820

Sales promotion expenses 334,599,220 225,833,073

Sample expenses - 17,765

Miscellaneous selling expenses 45,769,721 18,056,075

1,777,227,907 1,285,050,072

SCHEDULE “22”

FINANCE EXPENSES

Interest to banks 90,135,682 65,260,945

Interest to others 3,490,456 10,832,469

Bank charges 130,147,901 127,304,281

223,774,039 203,397,695

2 AIL 3-36.p65 2011/09/07, 03:57 PM22

SCHEDULE “25” SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS

25.1 Significant accounting policies

25.1.1 Basis of preparation of financial statements

The financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”)

under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards as

specified in the Companies (Accounting Standards) Rules, 2006, and the provisions of the Companies Act, 1956.

25.1.2 Use of estimates

The preparation of the financial statements in conformity with GAAP requires Management to make estimates and

assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets

and liabilities as at the date of the financial statements and reported amounts of income and expenses during the

period. Examples of such estimates include provisions for doubtful debts, future obligations under employee retirement

benefit plans, income taxes, post-sales customer support and the useful lives of fixed assets and intangible assets.

25.1.3 Fixed assets

Fixed assets are stated at cost net of taxes, less accumulated depreciation. All costs are capitalized until fixed

assets are ready for use.

25.1.4 Depreciation

Depreciation on fixed assets is provided on the straight line method at the rates and in the manner prescribed in

Schedule XIV to the Companies Act, 1956. Depreciation for fixed assets purchased/sold during the year has been

provided on pro-rata basis. Leasehold land is amortised over the unexpired lease period.

25.1.5 Impairment of assets

The Company on an annual basis tests the carrying amount of assets for impairment so as to determine -

• the provision required for impairment loss, if any.

• the reversal, if any, required of impairment loss recognised in previous periods.

25.1.6 Investments

Current investments are carried at lower of cost or fair value. Cost of overseas investments comprises the Indian

Rupee value of the consideration paid for the investment. Long-term investments are carried at cost. Provision for

diminution is made if the decline is other than temporary in nature.

2 5.1.7 Revenue recognition

Revenue is recognized to the extent that it can be reliably measured and is probable that the economic benefits will

flow to the Company.

• The revenue in respect of export sales of products is recognized when the significant risks and rewards of

title of the goods are transferred to the customers as per Inco terms.

• The revenue in respect of export of services is recognized when the services are rendered and bills for

services raised.

• The revenue in respect of contracts for supplies, erection and installation is recognized when the supplies

have been effected, however in cases where erection and installation is pending, attributable expenses to

be incurred for erection and installation are provided for on best estimate basis.

• Liquidated damages for delay in completion of projects/contracts in terms of the agreement are provided

for in the accounts.

• The revenue in respect of other contracts is recognized on the basis of work completed as per terms and

conditions of respective agreements.

• Inter-branch transfers are not included in export sales.

• In work-sharing Joint Venture agreements, revenue, expenses, assets and liabilities are accounted for in

the accounts to the extent work is executed by the Company.

• The revenue in respect of export incentives, i.e., DEPB, Duty Drawback and Focus Market Scheme is

recognized on post-export basis at estimated realisable value to the Company.

• Interest is recognized using the time-proportion method, based on rates implicit in the transaction.

25.1.8 Inventories

• Closing Stock of finished goods are stated at cost or net realizable value whichever is lower.

• Project and construction related work-in-progress are stated at cost.

• Consumables are valued at cost. Cost is arrived at on FIFO basis.

Schedules to Financial Statements for the year ended March 31, 2011

2 AIL 3-36.p65 2011/09/07, 03:57 PM23

24

25.1.9 Foreign currency transactions

Revenue from overseas customers and collections deposited in foreign currency bank accounts are recorded at the

exchange rate as of the date of the respective transaction. Expenditure in foreign currency is accounted for at the

exchange rate prevalent when such expenditure is incurred. The exchange differences arising on foreign currency

transactions are recognized as income or expense in the period in which they arise.

Fixed assets purchased at overseas offices are recorded at cost, based on the exchange rate as of the date of

purchase. The charge for depreciation is determined as per the Company’s accounting policy.

Monetary items that are denominated in foreign currency are translated at the exchange rate prevalent at the date

of the balance sheet. The resulting difference is also recorded in the profit and loss account.

Any profit or loss arising on cancellation of a forward contract is recognised as income or expense for the year.

25.1.10 Retirement benefits to employees

25.1.10.a. Gratuity

The gratuity liability in respect of the eligible employees of the Company is provided on the basis of

actuarial valuations and is covered under a policy taken with Kotak Mahindra Old Mutual Life Insurance

Ltd. and LIC of India. Premium paid for the policy is charged to profit and loss account.

25.1.10.b. Leave encashment

Leave encashment liability is provided on the basis of actuarial valuation and is charged to profit and loss

account.

25.1.10.c. Provident fund and Employees’ state insurance fund

Contribution to Provident fund and Employees’ state insurance fund is made in accordance with the

provisions of the respective Acts and is charged to profit and loss account.

25.1.11 Taxes on income

Current tax is provided on the basis of profit for the year after considering applicable tax rates and laws.

Deferred tax is provided on timing difference between tax and accounting treatments that originate in one period

and are expected to be reversed or settled in subsequent periods. Deferred Tax Assets and Liabilities are measured

using the enacted or substantially enacted tax rate for continuing operations. Deferred Tax Assets are recognised

only if there is reasonable certainty that sufficient future taxable income will be available against which such

deferred tax asset can be realised.

25.1.12 Earnings per share

In determining earnings per share, the Company considers the net profit after tax and includes the post tax effect

of any extra-ordinary / exceptional item. The number of shares used in computing basic earnings per share is the

weighted average number of shares outstanding during the period. The number of shares used in computing

diluted earnings per share comprises the weighted average shares considered for deriving basic earnings per

share, as adjusted for the effects of all dilutive potential equity shares.

25.1.13 Cash flow statement

Cash flows are reported using the indirect method as set out in the Accounting Standard (AS-3) on Cash Flow

Statements issued by the Institute of Chartered Accountants of India, whereby net profit before tax is adjusted for

the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or

payments. The cash flows from regular revenue generating, investing and financing activities of the Company are

segregated.

Cash and cash equivalents at the beginning and end of the year represent cash and bank balances only.

25.1.14 Borrowing cost

Borrowing costs include interest, fees and other charges incurred in connection with the borrowing of funds and is

considered as revenue expenditure for the year in which it is incurred except for borrowing cost attributed to the

acquisitions/improvement of qualifying capital asset and incurred till the commencement of commercial use of the

asset and which is capitalized as cost of that asset.

25.1.15 Contingencies and provisions

A provision is recognised when the company has a present obligation as a result of past event and it is probable

that an outflow of resources embodying economic benefit will be required to settle the obligation in respect of

which a reliable estimate can be made. Provisions are not discounted to their present value and are determined

based on the best estimate of the expenditure required to settle the obligation at the balance sheet date. These are

reviewed at each balance sheet date and adjusted to reflect the current best estimate.

A contingent liability is disclosed, unless the possibility of an outflow of resources embodying the economic benefit

is remote.

Contingent liabilities are disclosed after careful evaluation of the facts and legal aspects of matter involved.

Schedules to Financial Statements for the year ended March 31, 2011 (Continued)

2 AIL 3-36.p65 2011/09/07, 03:57 PM24

25.2 Notes on accounts

25.2.1 Capital commitments and contingent liabilities

PARTICULARS AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

Estimated amount of unexecuted capital contracts 134,574,087 -

(net of advances and deposits)

Bank guarantees outstanding (net of margin money) 3,383,571,743 2,297,437,027

Letter of credits outstanding (net of margin money) 787,904,017 928,926,358

Claims against the Company not acknowledged as debts -

• In respect of Income tax for A. Y. 2002-03 5,907,977 5,907,977



• In respect of Income tax for A. Y. 2005-06 448,678 448,678

• In respect of Income tax for A. Y. 2007-08 - 2,455,438

• In respect of Income tax for A. Y. 2008-09 141,036,989 -

• In respect of Sales tax for F. Y. 2002-03 409,352 409,352

• In respect of Sales tax for F. Y. 2003-04 94,679 94,679

Forward contracts outstanding -

In US $ - 19,000,000

Equivalent approximate in Rs. - 857,660,000

Options outstanding -

Range barrier options in US $ 5,250,000 10,000,000

Equivalent approximate in Rs. 234,412,500 451,400,000

FOR THE YEAR FOR THE YEAR

ENDED ENDED

31ST

MARCH 2011 31ST

MARCH 2010

25.2.2 Managerial remuneration

Paid/payable to Managing Director/Whole-time Directors :

• Salary 18,639,600 14,680,800

• Contribution to provident and other funds 1,490,400 1,172,160

• Allowances 3,358,607 1,657,882

• Other perquisites 1,619,450 260,400

25,108,057 17,771,242

25.2.3 Directors’ travelling

Travelling and conveyance include Directors’ travelling of Rs. 19,216,935 (Previous year - Rs. 18,993,800).

25.2.4 Foreign office advance

Foreign office advance represents foreign exchange equivalent approximate to Rs. 15,136,345 (Previous year -

Rs. 9,859,301).

25.2.5 Tax deducted at source

Tax deducted at source on interest earned Rs. 4,405,144 (Previous year - Rs. 4,161,690).

25.2.6 Auditors’ remuneration

Statutory audit fee 300,000 300,000

Tax audit fee 100,000 100,000

Branch audit fee 290,909 -

Certification charges 708,000 442,000

Other services 50,000 75,000

1,448,909 917,000

25.2.7 Export Incentives

The sale includes sale of DEPB and other export promotional licences amounting to Rs. 222,051,516 (Previous year

- Rs. 129,256,216). Export incentive receivable include a sum of Rs. 4,905,109 (Previous year - Rs. 9,161,803)

being the estimated realisable value of entitlement held as at the close of the year and yet to be sold or utilised.

During the year, export entitlement of Focus Market Scheme (FMS) has been provided on accrual basis. In earlier

years, FMS was being recognised on cash basis due to uncertainty of its availability.



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26

25.2.8 Advances with Government and public bodies

Advances with Government and public bodies include Rs. Nil (Previous year - Rs. 1,675,790) deposited with Sales

Tax Authorities under protest. The appeal has been settled during the year and relevant expense booked.

25.2.9 Earnings per share

The basic and diluted earnings per share of Rs. 41.15 (Previous year - Rs. 36.70) has been calculated by dividing

the net profit for the year ended 31st

March, 2011, attributable to equity shareholders by the weighted average

number of 12,756,663 (Previous year - 12,756,663) equity shares outstanding during the said financial year.

25.2.10 Foreign exchange fluctuation

Foreign exchange fluctuation includes loss of Rs. 7,915,814 (Previous year - gain of Rs. 55,582,895) booked on

cancellation/ maturity of forward/derivative contracts.

25.2.11 Disputed statutory dues

The statement of disputed statutory dues not paid is given below:

Nature of Nature of dues Amount Period Forum where dispute

Statute (Rs.) is pending

Income Tax Income Tax 5,907,977 Assessment Rectification of the Order of ITAT

Act, 1961 Year 2002-2003 is pending with Assessing Officer

Income Tax Income Tax 5,687,664 Assessment Year Rectification of the Order of ITAT

Act, 1961 2003-2004 is pending with Assessing Officer

Income Tax Income Tax 2,006,609 Assessment Year Rectification of the Order of ITAT

Act, 1961 2004-2005 is pending with Assessing Officer

Income Tax Income Tax 448,678 Assessment Year Rectification of the Order of CIT

Act, 1961 2005-2006 (Appeals) is pending with

Assessing Officer

Income Tax Income Tax 141,036,989 Assessment Year Commissioner of Income Tax

Act, 1961 2008-2009 (Appeals), New Delhi

25.2.12 Dues to small-scale industrial undertakings and dues to micro enterprises and small enterprises

On the basis of intimations received from suppliers regarding their status under the Micro, Small and Medium

Enterprises Development Act, 2006, there is no Micro, Small and Medium Enterprise to whom amounts are due for

more than 45 days.

The information was received from few suppliers’ only, the company is making efforts to get the information from

other suppliers also.

25.2.13 Related party disclosure

The disclosures with related parties as described in the Accounting Standard - 18 issued by the Institute of Chartered

Accountants of India, are given below:

a. The related parties where control exists are the subsidiaries and joint ventures. There are no other parties

over which the Company has control.

b. Related parties where control exists or where significant influence exists and with whom transactions have

taken place during the year.

(i) List of related parties where control exists and related parties with whom transactions have

taken place and relationships:

Sr. No. Name of the related party Relationship

1. Angelique International Pte. Ltd., Singapore

2. Société d’Assemblage de Tracteurs SA, Mali Subsidiary

3 Dhruv Minerals and Metals Sarl., Mali (under formation)

4 Salma Dam Joint Venture Joint Venture

5 AILLCJV

6 Mr. Daya Krishna Goyal Key Management Personnel

7 Mr. Ajay Krishna Goyal represented on the Board

8 Mr. Mohinder Pratap Gupta

9 Mrs. Premila Goyal Non-Executive and

10 Mr. Sanjay Krishna Goyal Independent Directors on

11 Mr. Madhava Ravindra the Board

12 Rear Admiral (Retd.) Jagadish Janardan Baxi

13 Major General (Retd.) Ashok Kalyan Verma

14 Mr. Sita Ram Agarwal

15 Dr. Horst Eckert

16 Mr. Harish Kumar Saraf



2 AIL 3-36.p65 2011/09/07, 03:57 PM26



(ii) Transaction during the year with related parties

PARTICULARS FOR THE FOR THE


31ST

MARCH 2011 31ST

MARCH 2010

Capital transactions

(i) Investment in Equity Shares

Société d’Assemblage de Tracteurs SA - 51,903,677

(ii) Share Application Money

Dhruv Minerals & Metals Sarl., Mali 111,625 -

(iii) Provision for decline in the value of long term investment

Société d’Assemblage de Tracteurs SA, Mali 13,630,609 21,052,131

Revenue transactions

(i) Sale of material

Angelique International Pte. Ltd. - 91,241,404

Société d’Assemblage de Tracteurs SA 108,790,035 119,383,188

Salma Dam Joint Venture 41,141,315 54,115,848

AILLCJV 273,824,634 101,283,873

423,755,984 366,024,313

(ii) Dividend received

Angelique International Pte. Ltd., Singapore 3,195,986 -

(iii) Key Management Personnel

Remuneration

Mr. Daya Krishna Goyal 10,729,211 7,776,082

Mr. Ajay Krishna Goyal 8,289,846 6,133,200

Mr. Mohinder Pratap Gupta 6,089,000 3,861,960

25,108,057 17,771,242

(iv) Other Directors

Sitting Fees

Mrs. Premila Goyal 40,000 40,000

Mr. Sanjay Krishna Goyal 40,000 20,000

Mr. Madhava Ravindra 30,000 30,000

Rear Admiral (Retd.) Jagadish Janardan Baxi 30,000 30,000

Major General (Retd.) Ashok Kalyan Verma 20,000 30,000

Mr. Sita Ram Agarwal 40,000 30,000

Dr. Horst Eckert 20,000 10,000

Mr. Harish Kumar Saraf 20,000 -

240,000 190,000

(v) Guarantee given on behalf of joint ventures

Advance Payment Bank Guarantee

AILLCJV 33,960,655 -

Performance Bank Guarantee

Salma Dam Joint Venture 15,181,000 -

AILLCJV 33,960,655 42,223,340

83,102,310 42,223,340

The related party relationship is as identified by the Company and relied upon by the Auditors.

Details of amounts due from or due to and maximum dues from related parties:

(i) Due from related parties:

Loans and advances

Société d’Assemblage de Tracteurs SA, Mali 197,473 176,000

Dhruv Minerals & Metals Sarl., Mali 23,914 -


9,012,872 8,270,383

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28



Details of amounts due from or due to and maximum dues from related parties: (Contd.)



31ST

MARCH 2011 31ST

MARCH 2010

Sundry debtors

Angelique International Pte. Ltd., Singapore - 27,084,000

Société d’Assemblage de Tracteurs SA, Mali 84,529,167 64,761,047


AILLCJV 107,092,464 249,557,622

302,220,771 474,375,451

(i) Due to related parties:

Advances from Customer


AILLCJV 5,747,718 32,541,737

14,502,101 44,207,199

Maximum balances of loans and advances 9,209,022 8,270,383

Maximum balances of guarantees outstanding 198,620,395 149,478,740

25.2.14 Inventories

Stock of finished goods and consumables and spares at the end of the year is lying with third parties and at

different project sites, and also includes stock-in-transit of Rs. 21,661,213 (Previous year - Rs. 129,038,293). Work

in progress includes material lying at different project sites of the Company and also includes expenses incurred on

civil works, construction and erection materials, etc.

25.2.15 Sundry debtors

Sundry debtors include Rs. 342,191,297 (Previous year - Rs. 65,414,933) against supply of material payable after

erection of said material and Rs. 543,879,447 (Previous year - Rs. 309,202,903) retention amount payable after

project completion/warranty period.

25.2.16 Financial and derivative instruments

Foreign currency exposure in terms of debtors, creditors, advances received from debtors, advances paid to suppliers

and any other liability that are not hedged by derivative instruments as on 31st

March, 2011 amount to Rs. 551,537,988

(Previous year - Rs. 967,055,483).

25.2.17 Cash and bank balances

Details of balances as on balance sheet dates with non-scheduled banks :

BALANCES WITH NON-SCHEDULED BANKS AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

In current accounts

Bank Atlantique, Abidjan, Cote D’Ivoire 46,946 -

Bank Atlantique, Bamako, Mali 9,355,161 2,368,902

Bank Nacionale de Guinea Equitorial, Malabo, Equitorial Guinea 312,510 1,182,778

BDM, Sikasso, Mali 1,907,715 2,070,837

Banque Commerciale du Rwanda S. A., Rwanda 13,094,824 4,302,257

Banque Internationale Pour L’Afrique au Congo, D R Congo 2,080,452 19,190

Banque Malienne de Solidarite, Mali 957,171 87,927

Banque Pour Le Commerce, Vientiane, Lao PDR 982,457 550,628

Canadian Bank PLC, Phnom Penh, Cambodia 10,112 886,456

Commercial Bank of Ethiopia, Addis Ababa, Ethiopia 16,263,890 4,609,509

Diamond Bank, Benin 3,142,709 -

Eco Bank Ghana Limited, Accra, Ghana - 1,049,260

Eco Bank, Senegal 2,232,470 73,148

Eco Bank, Togo 10,577,261 6,091,524

Fidelity Bank Ltd., Ghana 677,992 -

2 AIL 3-36.p65 2011/09/07, 03:57 PM28


Fina Bank, Rwanda 5,783,686 -

Financial Bank, N’Djamena, Tchad 486,861 1,771,061

First International Bank Guinea S. A., Guinea Conakry 435,411 28,008

Kabul Bank, Kabul, Afghanistan 24,682 19,453

Maiwand Bank, Afghanistan 228,162 -

Millenium Bim Lenine, Maputo, Mozambique 253,028 1,152,491

Myanma Foreign Trade Bank, Yangon, Myanmar 88,136 219,900

National Bank of Abu Dhabi, Khartoum, Sudan 174,749 4,195

National Bank of Yemen, Yemen 1,354,056 1,351,762

Raw Bank Sarl, Kinshasa, Congo D. R. 622,750 586,813

SG Bank EN, Malabo, Equitorial Guinea 3,467,553 1,132,056

Sierra Leone Commercial Bank, Sierra Leone 7,973,338 2,469,187

Soni Bank, Niamey, Niger 26 25

82,534,108 32,027,367

Details of maximum balances during the period with non-scheduled banks :



31ST

MARCH 2011 31ST

MARCH 2010

In current accounts

Bank Atlantique, Abidjan, Cote D’Ivoire 2,157,927 4,408,860

Bank Atlantique, Bamako, Mali 38,381,125 26,073,967

Bank Nacionale de Guinea Equitorial, Malabo, Equitorial Guinea 12,117,293 6,144,235

BDM, Sikasso, Mali 5,503,449 2,166,942

Banque Commerciale du Rwanda S. A., Rwanda 4,611,430 19,023,412

Banque Internationale Pour L’Afrique au Congo, D R Congo 3,358,490 560,834

Banque Malienne de Solidarite, Mali 6,665,564 100,300

Banque Pour Le Commerce, Vientiane, Lao PDR 3,902,369 15,307,632

Canadian Bank PLC, Phnom Penh, Cambodia 1,620,106 1,955,108

Commercial Bank of Ethiopia, Addis Ababa, Ethiopia 121,618,739 15,236,077

Diamond Bank, Benin 3,029,934 -

Eco Bank Ghana Limited, Accra, Ghana 1,286,981 7,785,841

Eco Bank, Senegal 6,066,302 11,955,657

Eco Bank, Togo 32,313,247 10,511,512

Fidelity Bank Ltd., Ghana 5,950,098 -

Fina Bank, Rwanda 11,518,953 -

Financial Bank, N’Djamena, Tchad 2,350,706 2,403,829

First International Bank Guinea S. A., Guinea Conakry 7,044,852 1,209,422

Kabul Bank, Kabul, Afghanistan 5,627,093 8,066,088

Maiwand Bank, Afghanistan 5,627,093 -

Millenium Bin Lenine, Maputo, Mozambique 8,610,070 6,972,827

Myanma Foreign Trade Bank, Yangon, Myanmar 2,322,577 2,093,247

National Bank of Abu Dhabi, Khartoum, Sudan 1,656,270 2,032,704

National Bank of Yemen, Yemen 2,820,444 1,380,600

Raw Bank Sarl, Kinshasa, Congo D. R. 9,278,057 17,109,131

SG Bank EN, Malabo, Equitorial Guinea 82,804,568 163,189,740

Sierra Leone Commercial Bank, Sierra Leone 31,852,622 3,889,509

Soni Bank, Niamey, Niger - 1,158,713

420,096,359 330,736,187


BALANCES WITH NON-SCHEDULED BANKS AS AT AS AT

31ST

MARCH 2011 31ST

MARCH 2010

In current accounts

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30


25.2.18 Retirement benefit plans

25.2.18.a. Defined contribution plans

Company’s contribution paid/payable to provident fund, employees state insurance and labour welfare fund are

charged to profit and loss account. There is no other obligation other than the contribution payable to the respective

authorities.

25.2.18.b. Defined benefit plans

The Company makes annual contributions to the Employees’ Group Gratuity Assurance Scheme of Kotak Mahindra

Old Mutual Life Insurance Ltd., and the Life Insurance Corporation of India, a funded defined benefit plan for

qualifying employees. The scheme provides for lump sum payment to vested employees at retirement, death while

in employment or on termination of employment of an amount equivalent to 15 days basic salary, payable for each

completed year of service or part thereof in excess of six months. Vesting occurs on completion of five years of

service.

The present value of the defined benefit obligation and the related current service cost were measured using the

Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date.

The obligation for leave encashment is recognised in the same manner as gratuity.

The folowing tables summarize the components of net benefit expense recognised in the profit and loss account

and the funded status and amounts recognised in the balance sheet for the respective plans.

FOR THE YEAR ENDED FOR THE YEAR ENDED

31ST

MARCH 2011 31ST

MARCH 2010

Gratuity Leave Gratuity Leave

Encashment Encashment

(Funded) (Unfunded) (Funded) (Unfunded)

(a) Reconciliation of opening and closing

balances of Defined Benefit Obligation :

Defined benefit obligation at the beginning of the year 19,722,741 12,526,769 17,633,270 11,899,491

Current Service Cost 4,829,503 2,318,004 4,584,096 3,360,482

Interest Cost 1,577,819 1,002,142 1,410,662 951,959

Actuarial (Gain)/Loss 673,517 5,424,342 (3,322,479) (1,673,279)

Benefits Paid (608,192) (14,228,469) (582,808) (2,011,884)

Defined benefit obligation at year end 26,195,388 7,042,788 19,722,741 12,526,769

(b) Reconciliation of opening and closing

balances of fair value of plan assets :

Fair value of plan assets at the beginning of the year 23,803,641 - 17,021,914 -

Expected return on plan assets 1,904,291 - 1,588,555 -

Actuarial Gain/(Loss) 32,672 - (2,280) -

Employer Contribution 3,338,782 - 5,778,260 -

Benefits paid (608,192) - (582,808) -

Fair value of plan assets at year end 28,471,194 - 23,803,641 -

(c) Reconciliation of fair value of assets

and obligations :

Fair value of plan assets as at 31st

March 28,471,194 - 23,803,641 -

Present value of obligation as at 31st

March 26,195,388 7,042,788 19,722,741 12,526,769

Net assets/(liability) recognised in Balance Sheet 2,275,806 (7,042,788) 4,080,900 (12,526,769)

(d) Expenses recognised during the year :

Current Service Cost 4,829,503 2,318,004 4,584,096 3,360,482

Interest Cost 1,577,819 1,002,142 1,410,662 951,959

Expected return on plan assets (1,904,291) - (1,588,555) -

Actuarial (Gain)/Loss 640,846 5,424,342 (3,320,199) (1,673,279)

Expenses recognised in P & L A/c. 5,143,877 8,744,488 1,086,004 2,639,162

(e) Investment details :

Insurer managed funds (including interest) 28,471,194 - 23,803,641 -

Others - - - -


2 AIL 3-36.p65 2011/09/07, 03:57 PM30

(f) Actuarial assumptions :

Mortality Table (LIC) 1994-96 1994-96 1994-96 1994-96

(Ultimate) (Modified) (Ultimate) (Modified)

Discount rate (per annum) 8.00% 8.00% 8.00% 8.00%

Expected rate of return on plan assets (per annum) 8.00% 0.00% 9.25% 0.00%

Rate of escalation in salary (per annum) 6.00% 6.00% 5.00% 6.00%

25.2.19 Subsidiary

During the year, subsidiary of the company, viz., Société d’Assemblage de Tracteurs SA, Mali, has incurred losses.

The company has recognised proportionate loss amounting to Rs. 13,630,609 (Previous year - Rs. 14,458,731) as

determined in the audited accounts for the period ended 31st

December, 2010, by way of diminution in the value of

company’s investment in the said subsidiary.

25.2.20 Employee benefit plans

During the year, 2,300 (Previous year - 15,100) Share Appreciation Rights granted to employees in the year

2003-2004, were redeemed by the employees.

25.2.21 Segment information

The accounting principle used in preparation of the financial statements are consistently applied in all segments

and are set out in the note on significant accounting policies.

The Company’s business activity is centered around international and domestic turnkey projects and export of

goods and equipments. The turnover in respect of international and domestic projects and geographical segment

is as under :

in Indian Rupees (millions)

BUSINESS SEGMENT GEOGRAPHICAL FOR THE FOR THE

SEGMENT YEAR ENDED YEAR ENDED

31ST

MARCH 2011 31ST

MARCH 2010

Export - Project Engineering, African countries 5,328.69 3,374.99

- Procurement and Construction Asian countries 1,211.21 1,489.42

Export - Equipments and Other African countries 342.74 1,008.62

Products Asian countries 652.57 268.64

American countries 351.38 55.30

Domestic - Projects India 322.48 401.91

Others India 301.51 725.43

Total 8,510.58 7,324.31

25.2.22 General

In the opinion of the Board of Directors, all known Liabilities have been provided for and to the best of their

knowledge and belief, the value on realisation of Current Assets, Loans and Advances in the ordinary course of

business will not be less than the amount at which they are stated in the Balance Sheet.

Balances of debtors, creditors and other parties are subject to confirmation.

Previous years’ figures have been regrouped/rearranged wherever considered necessary.

The figures in brackets indicate deductions.



FOR THE YEAR ENDED FOR THE YEAR ENDED

31ST

MARCH 2011 31ST

MARCH 2010

Gratuity Leave Gratuity Leave

Encashment Encashment

(Funded) (Unfunded) (Funded) (Unfunded)

2 AIL 3-36.p65 2011/09/07, 03:57 PM31

32

25.2.23 Quantitative details

Additional information pursuant to the provisions of paragraphs 3 and 4 of Part II of Schedule VI to the Companies

Act, 1956.

PARTICULARS UNIT FOR THE YEAR ENDED FOR THE YEAR ENDED

31ST

MARCH 2011 31ST

MARCH 2010

Quantity Amount Quantity Amount

Opening Stock, Purchases,

Sales and Closing Stock

1 Opening Stock - Finished Goods

Projects and Engineering Goods N. A. NIL 234,019,915 NIL 121,246,847

Equipments N. A. NIL 5,485,000 NIL 10,967,810

Other Products N. A. NIL 820,000 NIL -

2 Purchases

Projects and Engineering Goods N. A. NIL 2,395,306,202 NIL 2,083,718,770


Soya Bean Meal M. T. 38,020.925 705,911,948 11,250.000 211,230,000

Other Products N. A. NIL 451,258,214 NIL 725,641,719

3 Sales

Projects and Engineering Goods N. A. NIL 6,862,370,361 NIL 5,266,324,936

Equipments N. A. NIL 406,201,736 NIL 1,113,132,213

Soya Bean Meal M. T. 38,020.925 686,793,597 11,250.000 205,439,401

Other Products N. A. NIL 555,211,667 NIL 739,419,004

4 Closing Stock - Finished Goods

Projects and Engineering Goods N. A. NIL 137,453,655 NIL 234,019,915


Other Products N. A. NIL - NIL 820,000

Note : Quantities are given wherever applicable.

25.2.24 Imports (valued on the cost, insurance and freight basis)



31ST

MARCH 2011 31ST

MARCH 2010

Trading goods 377,909,561 218,058,072

Consumables and others 61,989,988 54,326,158

Capital goods 34,302,346 46,799,740

474,201,895 319,183,970


2 AIL 3-36.p65 2011/09/07, 03:57 PM32




Sd/- Sd/- Sd/- Sd/-




Sd/-



25.2.25 Activity in foreign currency

FOR THE FOR THE


31ST

MARCH 2011 31ST

MARCH 2010

Earnings in foreign currency

F.O.B. value of direct exports 7,560,020,502 6,067,646,979

Other Income 27,389,008 -

Expenditure in foreign currency

Travel expenses (including visa charges) 47,680,303 44,774,555

Installation and service charges - 149,938,819

Interest and bank charges 27,581,582 29,686,292

Commission on export sale 458,329,409 468,973,879

Project consultancy expenses 383,922,428 51,198,958

Civil construction expenses 1,114,621,580 1,021,177,012

Other expenses 312,657,696 414,326,100


2 AIL 3-36.p65 2011/09/07, 03:57 PM33

34

1 Registration details

Registration No.: U18109DL1996PLC075132

State Code: 55

Balance Sheet Date: 31.03.2011

2 Capital raised during the year (Amount in Rs. thousands)

Public Issue: NIL

Rights Issue: NIL

Bonus Issue: NIL

Private Placement: NIL

3 Position of Mobilisation and Deployment of Funds (Amount in Rs. thousands)

Total Liabilities: 7846911

Total Assets: 7846911

Sources of Funds:

Paid-up Capital: 127567

Reserves and Surplus: 1877647

Secured Loans: 752959

Unsecured Loans: 1776

Other Liabilities: 27719

Application of Funds:

Net Fixed Assets: 856219

Investments: 163437

Net Current Assets: 1768012

Miscellaneous Expenditure: NIL

4 Performance of the Company (Amount in Rs. thousands)

Turnover: 8510577

Total Expenditure: 7692690

Profit Before Tax: 817887

Profit After Tax: 524892

Earning Per Share in Rs. 41.15

Dividend Rate % 100

5 Generic Names of Principal Products/Services of the Company

Item Code No.: N.A.

(ITC Code)

Product Description: N.A.

Sd/- Sd/- Sd/-

Daya Krishna Goyal Ajay Krishna Goyal Madhava Ravindra

Chairman President and Managing Director Director

Sd/-



BALANCE SHEET ABSTRACT AND COMPANY’S

GENERAL BUSINESS PROFILE


2 AIL 3-36.p65 2011/09/07, 03:57 PM34

Notes

2 AIL 3-36.p65 2011/09/07, 03:59 PM35

Notes

2 AIL 3-36.p65 2011/09/07, 03:59 PM36

Annual Repot 2010-11 Final

Documents