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Ahluwalia Contracts (India) Ltd.

BSE: 532811 Sector: Infrastructure
NSE: AHLUCONT ISIN Code: INE758C01029
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VOLUME 3321
52-Week high 563.50
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P/E 19.99
Mkt Cap.(Rs cr) 3,105
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OPEN 458.40
CLOSE 459.05
VOLUME 3321
52-Week high 563.50
52-Week low 345.00
P/E 19.99
Mkt Cap.(Rs cr) 3,105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ahluwalia Contracts (India) Ltd. (AHLUCONT) - Director Report

Company director report

To the Members

The Directors are pleased to present to you the 42nd Annual Report on the business andoperations of your Company along with the Audited Financial Statements of Account for theyear ended 31st March 2021

FINANCIAL HIGHLIGHTS

In compliance with the provisions of the Companies Act 2013 (‘Act') and SEBI(Listing Obligations and Disclosure Requirements)

Regulations 2015 (‘Listing Regulations') the Company has prepared its standaloneand Consolidated financial statements as per Indian Accounting Standards (‘Ind AS')for the FY 2020-21 i.e. 31st March 2021 and the financial highlights is assummarized below:

Particulars

Standalone

Consolidated

Year Ended Year Ended Year Ended Year Ended
31st March 2021 31st March 2020 31st March 2021 31st March 2020
Revenue from Operations 198219.04 188492.69 198219.04 188492.69
Other Income 2231.64 1044.30 2231.64 1044.30
Total Income: 200450.68 189536.99 200450.68 189536.99
Total Expenditure other than Finance Cost and Depreciation and Amortisation 182794.98 173191.10 182798.98 173195.54
Profit Before Finance Cost and Depreciation and Amortisation Tax 17655.70 16345.89 17651.70 16341.45
Depreciation and Amortisation Expenses 3043.72 3187.15 3043.72 3187.15
Finance Cost (Net) 4259.65 3499.77 4259.65 3499.77
Profit Before Tax 10352.33 9658.97 10348.33 9654.53
Provision for Current Tax 2536.52 2862.26 2536.52 2862.26
Provision for Deferred Tax 91.81 353.12 91.81 353.12
Profit after Tax 7724.00 6443.59 7720.00 6439.15
Re-measurement of Defined Benefits Plans (127.93) 1.76 (127.93) 1.76
Total Comprehensive Income 7596.07 6445.35 7592.07 6440.91

DIVIDEND

Considering the future needs of the Company for expansion and growth and to strengthenthe financial

Company your directors do not recommend any dividend for the financial year ended 31stMarch 2021

COVID-19 EPIDEMIC AND ITS IMPACT

The COVID-19 epidemic in 2020 & 2021 has been a major disaster. The impact ofcovid-19 on India has been largely disruptive in terms of economic activity as well as aloss of human lives. Almost all the sectors have been adversely affected. The physical andemotional well-being of employees continues to be a top priority for the Company withseveral initiatives to support employees and their families during the pandemic.

The COVID-19 pandemic presents a huge challenge from the human and economicperspective requiring collaborative action from various organisations to support theGovernment. At ACIL we have taken multiple steps proactively to ensure continuity ofbusiness operations & followed safety protocols at all levels. ACIL has undertakeninitiatives to distribute masks and necessary PPE Kits etc. to employees in sites andoffices position of the of the Company. The Company is committed to organizing itsresources expertise and manpower to support all efforts to combat this global healthcrisis and restore normality. When lockdown was partially lifted after establishingthorough and well-rehearsed safety protocols proactive preparations were done in our worklocations during this transition to ensure our offices were safe.

All our construction sites operating during the Covid-19 pandemic requires to ensurethey were protecting the workforce and minimizing the risk of spread of infection.

Site Operating Procedures (SOP) have been developed to introduce consistent measures onsites of all sizes in line with the Government's recommendations on social distancing. Weat Ahluwalia Contracts (India) Limited give paramount significance to the health andsafety of staff at the site as well as in offices. Work must go on however at the sametime the health and safety requirements of our construction activity must also not becompromised.

Your Directors have been regularly reviewing with the Management the impact ofCOVID-19 on the Company. During the 1st quarter of the year your Company continue theWork from prestigious projects like AIIMS Central Vista Projects keeping in mind theparamount need of safety of the employees/ Workers of the Company. Your Company quicklytook measures to ensure the safety of all employees and assured of their well-being.

The Board and the Management will continue to closely monitor the situation as itevolves and do its best to take all necessary measures in the interests of allstakeholders of the Company.

COMPANY'S PERFORMANCE

The Standalone total Income for FY 2021 was Rs.200450.68 Lakhs (Previous Year:Rs.189536.99 Lakhs) The Operating Profit (EBITDA) stood at Rs.15424.07 Lakhs as against

Rs.15301.58 Lakhs in the Previous Year. The Net Profit for the year stood at `7724.00Lakhs against Rs.6443.59 Lakhs reported in the Previous Year.

The Consolidated total Income for FY 2021 was

Rs.200450.68 Lakhs (Previous Year: Rs.189536.99 Lakhs) registering a growth of 5.76%.The Consolidated Operating

Profit (EBITDA) stood at `15420.07 Lakhs (Previous Year: `15297.15 Lakhs). TheConsolidated Profit after tax stood at

Rs.7720.00 Lakhs (Previous Year: `6439.15 Lakhs).

HUMAN RESOURCES

Your Company has successfully aligned human capital with business and organisationalobjectives. The emphasis has been on teamwork skill development and the development ofleadership and functional capabilities of the employees.

The Company is of firm belief that the Human Resources are the driving force thatpropels a Company towards progress and success. The Company continued its policy ofattracting and recruiting the best available talent so that it can face businesschallenges ahead. Our people own their jobs and not just perform them. The Company alsooffers attractive compensation packages to retain and motivate the professionals so thatthey can give their best.

Human Resource Development (HRD) is the framework for helping employees develop theirskills knowledge and abilities which in turn improves an organisation's effectivenessAttracting enabling and retaining talent has been the cornerstone of the Human Resourcefunction and the results underscore the important role that human capital plays incritical strategic activities such as growth.

We would also like to inform you that during the challenging period of COVID-19pandemic Company has taken all possible steps to take care of the safety security andhealth of the workers/employees. The Company provided masks hand sanitisers regular bodytemperature check-up facility at the Sites as well as office premises. The Company hasalso ensured that Company's Sites and officesare sanitised at regular interval tosafeguard its worker/ employees. The total permanent employee's strength of the Companywas 2214 as on 31st March 2021. The Client relation continued to remaincordial during the year.

CHANGE IN NATURE OF BUSINESS

There was no change in nature of the business of the Company during the financial yearended on 31st March 2021

ANNUAL PERFORMANCE

Details of the Company's annual financial performance as published on the Company'swebsite and presented during the Analyst Meet after declaration of annual results can beaccessed on the Company's website at www.acilnet.com

SHARE CAPITAL

The paid up Equity Share Capital as at 31st March 2021 stood at Rs.1339.75Lakhs. During the year under review the Company has not issued shares or convertiblesecurities or shares with differential voting rights nor has granted any stock options orsweat equity or warrants.

TRANSFER TO RESERVE

The Company did not transfer any amount to General Reserve during the year.

DIRECTORS

During the period under review and till the date of this Report the Management of theCompany consists of the following Directors:

Sl. Name of the Director Category of Directorship/ Designation
1 Mr. Bikramjit Ahluwalia Executive Managing Director
DIN:00304947
2 Mr. Shobhit Uppal Executive (Whole Time)
DIN:00305264
3 Mr. Vikas Ahluwalia Executive (Whole Time)
DIN:00305175
4 Mr. Sanjiv Sharma Executive (Whole Time)
DIN: 08478247
5 Mr. Arun Kumar Gupta Independent Non-Executive
DIN:00371289
6 Dr. Sushil Chandra Independent Non-Executive
DIN:00502167
7 Mrs. Mohinder Sahlot Independent Non-Executive*
DIN:01363530*
8 Mr. Rajendra Prashad Independent Non-Executive
Gupta DIN:02537985
9 Mr. Satbeer Singh Chief Financial Officer
10 Mr. Vipin Kumar Tiwari Company Secretary

* Mrs. Mohinder Sahlot ceased to be the independent Director of the Company due tocompletion of her 2nd tenure.

KEY MANAGERIAL PERSONNEL:

In terms of Section 203 of the Act the following are the Key Managerial Personnel(KMPs) of the Company as on 31st

March 2021:

Sl. Name of the KMPs Category of Directorship/ Designation
1 Mr. Bikramjit Ahluwalia Executive Managing Director
DIN:00304947
2 Mr. Satbeer Singh Chief Financial Officer
3 Mr. Vipin Kumar Tiwari Company Secretary

THE DETAILS OF DIRECTOR APPOINTED DURING THE YEAR

Mr. Vikas Ahluwalia Whole Time Director is liable to retire by rotation in the ensuingAnnual General Meeting and being eligible offer himself for re-appointment.

STATEMENT ON DECLARATION OF INDEPENDENT DIRECTORS

Your Company has received declarations from all the

Independent Directors confirming that they meet the criteria of independence asprescribed under the provisions of Companies Act 2013 read with the Schedules and Rulesissued thereunder as well as the SEBI (Listing Obligations and Disclosures Requirement)Regulations 2015

MEETINGS OF THE BOARD

During the Year the Board of the Company and its Committees meet at regular intervalsto discuss decide and supervise the various business policies business strategyCompany's performance and other statutory matters. During the year under review the Boardhas met five times. The details of the meeting of the Board and its Committees are givenin

Corporate Governance Report. The intervening gap between two Board Meetings limit hasexceeded to 136 daysi.e. beyond limit of 120 days for the financial year 2020-21 as

Ministry of Corporate Affairs (MCA) vide General Circular No. 08/2021 dated 3rdMay 2021 relaxed the provisions of holding Board Meeting for a period of 180 days due tosituation of Global Covid-19 Pandemic.

CRITERIA FOR SELECTION OF CANDIDATES FOR MEMBERSHIP ON THE BOARD OF DIRECTORS AND THEREMUNERATION POLICY

As per the provisions of Section 178 of the Act and other relevant provisions and onthe recommendation of Nomination

& Remuneration Committee the Board has framed a criteria for selection ofDirectors a policy for remuneration of Directors key managerial personnel("KMP") senior management personnel ("SMP") and other employees. TheCriteria for selection of candidates for Membership on the Board of Directors and theremuneration policy are stated in the Corporate Governance Report.

BOARD EVALUATION

Pursuant to the provisions of the Act and the Listing Regulations the Board hascarried out an annual performance evaluation of its own performance its committees andthe individual Directors. The manner in which the evaluation has been carried out has beenexplained in the Corporate Governance Report.

AUDIT COMMITTEE

Your Company has a qualified and independent Audit

Committee. The Audit Committee consists of the following members as on date of thisReport:

Name of the Directors Designation Nature of Directorship
Mr. Arun Kumar Gupta Chairman Non-executive Independent Director
Dr. Sushil Chandra Member Non-executive Independent Director
Mr. Rajendra Prashad Gupta Member Non-executive Independent Director
Mr. Shobhit Uppal Member Executive-Dy. Managing Director

The constitution of the Committee is in compliance with the provisions of the Act andthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amendedtime to time. The Detailed description & Terms of reference of the Audit Committee hasbeen given in Corporate Governance Report. The terms of reference and role of theCommittee are as per the guidelines set out in the Listing Regulations and Section 177 ofthe Act and rules made thereunder and includes such other functions as may be assigned toit by the Board from time to time.

The Committee has adequate powers to play an effective role as required under theprovisions of the Act and Listing Regulations. During the year under review the Board ofDirectors of the Company had accepted all the recommendations of the Audit Committee.

NOMINATION AND REMUNERATION COMMITTEE

The performance evaluation criteria for independent directors are determined by theNomination and Remuneration Committee. An indicative list of factors on which evaluationwas carried out includes participation and contribution by a Director commitmenteffective deployment of knowledge and expertise integrity and maintenance ofconfidentiality and independence of behavior and judgment.

REMUNERATION POLICY

The policy of the Company as Directors appointment and remuneration including thecriteria for determining qualifications.

The Remuneration policy is available on https://www.acilnet. com The Nomination &Remuneration Committee consists of the following members as on date of this Report:

Name of the Directors Designation Category
Mr. Arun Kumar Gupta Member Non-executive Independent Director
Dr. Sushil Chandra Chairman Non-executive Independent Director
Mr. Rajendra Prashad Gupta New Member Non-executive Independent Director

STAKEHOLDER'S RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee consists of the following members as on date ofthis Report:

Name of the Directors Designation Nature of Directorship
Dr. Sushil Chandra Member Non-executive Independent Director
Mr. Shobhit Uppal Member Dy. Managing Director
Mr. Rajendra Prashad Gupta New Chairman Non-executive Independent Director

CORPORATE SOCIAL RESPONSIBILITY (CSR)

As a part of its initiative under the "Corporate Social Responsibility" (CSR)drive the Company has undertaken projects in the areas of environment sustainabilitypreventive health care eradication of hunger education women empowerment health PoorChild Transportation School Building Construction and hygiene. These projects are inaccordance with Schedule VII of the Act and the Company's CSR policy.

- Eradicating hunger poverty and malnutrition;

- Promotion of healthcare including preventive healthcare;

- Promotion of education and employment-enhancing vocational skills;

- Ensuring environmental sustainability and animal welfare including measures forreducing inequalities faced by socially & economically backward groups;

- Other areas approved by the CSR Committee within the ambit of CSR Rules as amendedfrom time-to-time.

- Contribution to Prime Ministers' Relief fund or Prime

Minister's citizen Assistance and Relief in emergency situations Fund (PM Cares Fund)or any other fund set up by the Central Government for socio-economic development andrelief and welfare of the Scheduled Castes the Scheduled Tribes other backward classesminorities and women.

- If any Company engaged in research and development activity of new vaccine drugs andmedical devices in their normal course of business may undertake research and developmentactivity of new vaccine drugs and medical devices related to COVID-19 for financial years2020-21 2021-22 and 2022-23 subject to the conditions." CSR funds for awareness andpublic outreach on Covid-19 Vaccination Programme

The Corporate Social Responsibility Committee consists of the following Members as ondate of this report.

Name of the Directors Designation Nature of Directorship
Dr. Sushil Chandra Chairman Non-executive Independent Director
Mr. Arun Kumar Gupta Member Non-executive Independent Director
Mr. Shobhit Uppal Member Dy. Managing Director

CORPORATE SOCIAL RESPONSIBILITY – ACTIVITIES (CSR)

In terms of Section 135 of the Companies Act 2013 and Companies (Corporate SocialResponsibility Policy) Rules

2014 amended vide Ministry of Corporate affairs Notification dated 22ndJanuary 2021 the Company has amended the Corporate Social Responsibility Policy. Thesame is hosted on the website of the Company. The Company has a CSR Committee to monitoradherence to Corporate Social Responsibility Policy and to track transactions related to

Ongoing / Non-ongoing projects etc. Certification by Chief Financial Officer ondisbursement and utilisation of Corporate

Social Responsibility funds is attached as Annexure A to this Report. Further adetailed report on the CSR activities inter- alia disclosing the composition of CSRCommittee and CSR activities are attached as Annexure A-1 to this Report. Thedisclosure pertaining to the constitution of committee and number of meetings held duringthe year forms part of the Corporate Governance Report which is a part of Annual Report.The Policy has been uploaded on the Company's website at www.acilnet.com

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 aseparate section on Management Discussion & Analysis report has been incorporated inthe Annual Report for the information of the shareholders.

RISK MANAGEMENT COMMITTEE

The Board of Directors of the Company has established a Risk Management performancewhich gives implement and monitor the risk management plan for the Company.

The Committee is responsible for monitoring and reviewing the risk managementperformance its effectiveness. The Audit

Committee has additional oversight in the area of financial risks and controls. Themajor risks identified by the businesses and functions are systematically addressedthrough mitigating actions on a continuing basis. The development and implementation ofrisk management policy has been covered in the Management Discussion and Analysis whichforms part of this report.

RISK MANAGEMENT

The Company has established a well-documented and robust risk management frameworkunder the provisions of the Act. The Company has constituted Risk Management Committeewhich has been delegated with the authority by the Board to review and monitor theimplementation of the Risk Management Policy of the Company.

Under this framework risks are identified across all business processes of the Companyon a continuous basis.

Once identified these risks are managed systematically by categorizing them intoEnterprise Level Risk & Project Level

Risk. These risks are further broken down into various subcategories of risks such asoperational financialcontractual order book project cost & time overrun etc. andproper documentation is maintained in the form of activity log registers mitigationreports; and monitored by respective functional heads. Review of these risk anddocumentation is undertaken by Risk Review Committee regularly at agreed intervals but atleast once in year and mainly during yearly project reviews. Risk Review Committee wassuccessful in early identification of financial risk related to borrowing structure &cash flow mismatch due to late realisation of claims lodged with clients.

BUSINESS RESPONSIBILITY REPORT

As per SEBI Listing Regulations a Business Responsibility Report covering theperformance of the Company on the nine principles as per National Voluntary Guidelines(NVGs) is forming part of this Annual Report.

HEALTH SAFETY AND ENVIRONMENT

ACIL has a well-defined Occupational Health and Safety policy and supporting processesto ensure the safety and well-being of its employees. Safety lead and lag indicators aremeasured across the organisation and reported. The board-level Stakeholders' RelationshipCommittee reviews the Company's health and safety performance on a regular basis.Sanitisation of all the vehicles entering the site was performed. No-contact hand washingfacilities with a clean water supply and sanitisers were provided at all prominent placesacross the site. All non-essential visitors at the entry gates and hutment areas wererestricted. Face masks and gloves were provided to all the staff and workers daily whichwas properly disposed of while leaving the site.

ACIL Care application has been developed for regular screening of staff's health at allsites and offices and also to keep a record of the same. Medical assistance was providedto the unfit workers. Routine medical check-ups were also arranged for all the staff andworkers. 24x7 ambulances were made available at the all sites for emergencies.

All our construction sites operating during the Covid-19 pandemic requires to ensurethey were protecting the workforce and minimizing the risk of spread of infection.

Site Operating Procedures (SOP) have been developed to introduce consistent measures onsites of all sizes in line with the Government's recommendations on social distancing. Weat Ahluwalia Contracts (India) Limited give paramount significance to the health andsafety of staff at the site as well as in offices. Work must go on however at the sametime the health and safety requirements of our construction activity must also not becompromised.

Given the Best of Best Safety awards by the Industry and National Safety Council fromtime to time for sustained excellence are in learning integration and effectivenessstrategic value of learning and individual and Company Performance. This gives me immensepleasure to inform you all that our efforts during COVID – 19 are again recognised byindustry and National Safety Council has published our article titled ‘Impact ofCovid-19 on Indian Construction Industry' for the quarterly journal – IndustrialSafety Chronicle (Oct- Dec 2020). The automation level in the industry is very low whichhighly increases the level of dependency on both skilled and unskilled Labour. Outliningthe impact of COVID-19 there has been a huge impact on capitalisation Labour deploymentsupply chain and most importantly contractual as well as schedule impact.

We at Ahluwalia Contracts are proud of our ‘CORONA WARRIORS' who without beingdaunted have faced this unprecedented challenge on the ground on projects sites and ourvarious offices to ensure that all workers & staff stay safe and work goes on even inface of this extreme adversity."

The HSEMS includes well-defined policies and procedures and also strives to keepinterested parties well-informed trained and committed to our HSE process.

PARTICULARS OF EMPLOYEES

The details required under Section 197(12) of the Act read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are annexedand forms part of this report. Further as required under the provisions of Rule 5(2) ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the nameand other particulars of employees are set out as per Annexure-B and formspart of this report.

SEXUAL HARASSMENT

The Company has always believed in providing a conducive work environment devoid ofdiscrimination and harassment including sexual harassment. The Company has a wellformulated Policy on Prevention and Redress of Sexual

Harassment. The objective of the policy is to prohibit prevent and address issues ofsexual harassment at the workplace. This policy has striven to prescribe a code of conductfor the employees. All employees have access to the Policy document and are required tostrictly abide by it. The policy covers all employees irrespective of their nature ofemployment and also applicable in respect of all allegations of sexual harassment made byan outsider against an employee.

The Company has duly constituted an Internal Complaints Committee in line with theprovisions of the Sexual

Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013 andthe Rules thereunder. During the year 2020-21 no case of Sexual Harassment was reported.

INTERNAL CONTROL SYSTEM

The scope and authority of the Internal Audit function is defined in the Internal AuditSystem. To maintain independence and objectivity in its function reports directly to theAudit Committee of the Board. At the beginning of each financial year the AuditCommittee evaluate the efficacy and adequacy of internal control systems and compliancesrobustness of internal processes policies and accounting procedures compliance with laws& regulations.

All Internal Audit findings and control systems are regularly reviewed by the AuditCommittee of the Board of Directors which provides strategic guidance on the same

INTERNAL CONTROLS OVER FINANCIAL REPORTING

The Company's internal financial controls are commensurate with the scale andcomplexity of its operations. The controls were tested during the year and no reportablematerial weaknesses either in their design or operations were observed. The Company hasput in place robust policies and procedures which inter-alia ensure integrity inconducting its business safeguarding of its assets timely preparation of reliablefinancial information accuracy & completeness in maintain accounting records andprevention & detection of frauds & errors.

WHISTLE BLOWER POLICY / VIGIL MECHANISM POLICY

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to theDirectors and employees to report their concerns about unethical behaviour actual orsuspected fraud or violation of the Company's Code of Conduct or Ethics Policy. The Policyprovides for adequate safeguards against victimisation of employees who avail of themechanism and also provides for direct access to the Chairman of the Audit

Committee. It is affirmed that no personnel of the Company have been denied access tothe Audit Committee.

The said Policy is available on the Company website and can be accessed by weblink:www.acilnet.com

GREEN INITIATIVES

In line with the Green Initiatives electronic copy of the Notice of 42nd AnnualGeneral Meeting of the Company is sent to all members whose email addresses are registeredwith the Company/Depository Participant(s). For Members who have not registered theire-mail addresses are requested to register their e-mail IDs with Company's Registrar andShare Transfer

Agents Link Intime India Private Limited at Noble Heights 1st Floor PlotNH-2 C-1 Block LSC Near Savitri Market

Janakpuri New Delhi - 110058

FAMILIARIZATION PROGRAMME OF INDEPENDENT DIRECTORS

The terms and conditions of appointment of the Independent Directors are in compliancewith the provisions of the Companies Act 2013 and are placed on the website of theCompany http://www.acilnet.com.

In compliance with the requirements of SEBI Listing Regulations the Company has alsodisclosed in the Corporate Governance Report and the same is available on its websitehttp://www.acilnet.com details of the familiarisation programs to educate the IndependentDirectors regarding their roles rights and responsibilities in the Company and the natureof the industry in which the Company operates the business model of the Company etc.

CORPORATE GOVERNANCE

The Company is committed to maintaining highest standards of Corporate Governance andrequirements as stipulated by SEBI. A separate report on Corporate Governance is providedtogether with a Certificate from the Practicing Company

Secretary regarding compliance of conditions of Corporate Governance as stipulatedunder Listing Regulations.

A Certificate of the Managing Director and Chief Financial Officer of the Company interms of Listing Regulations inter-alia confirming the correctness of the financialstatements and cash flow statements adequacy of the internal control measures andreporting of matters to the Audit Committee is also annexed.

CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

Your Company's Code of Conduct for Prevention of Insider Trading covers all theDirectors Senior Management Personnel persons forming part of promoter(s)/promotergroup(s) and such other designated employees of the Company who are expected to haveaccess to unpublished price sensitive information relating to the Company. The Directorstheir relatives senior management personnel persons forming part of promoter(s)/promotergroup(s) designated employees etc. are restricted in purchasing selling and dealing inthe shares of the Company while in possession of unpublished price sensitive informationabout the Company as well as during the closure of trading window.

The Board of Directors has approved and adopted the revised Code of Conduct toregulate fair disclosure Monitor and Report Trading by Insiders in line with SEBI(Prohibition of Insider Trading) Amendment Regulation 2018 and the same can be accessedon the website: http://www.acilnet.com

DEPOSITS

During the year under review your Company has neither invited nor accepted any publicdeposits from the public. Pursuant to the Ministry of Corporate Affairs (MCA) notificationdated 22nd January 2019 amending the Companies (Acceptance of Deposits) Rules2014 the

Company is required to file with the Registrar of Companies

(ROC) requisite returns in Form DPT-3 for outstanding receipt of money/loan by theCompany which is not considered as deposits.

CREDIT RATING

The Company's financial discipline and prudence is reflected in the strong creditratings ascribed by rating agencies as given below:

Facilities Rating Rating Action
Long Term Bank CARE A+; Stable (Single Reaffirmed
Facilities A Plus; Outlook; Stable)
Long term / CARE A+;Stable/ CARE Reaffirmed
short term Bank A1 (Single A Plus;
Facilities Outlook; Stable/A One)

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All the related party transactions entered during the year were in the ordinary courseof business and on an arm's length the particulars of contracts and arrangements withrelated parties referred to in section 188(1) of the Companies Act 2013 in the prescribedForm AOC-2 as per Annexure-C forms an integral part of this report.The Related party transactions policy approved by the Board of Directors of the Companyas amended on 30th May 2019 in line with the requirements of the SEBI (LODR)Amendment regulations 2018 has been uploaded on the website of the Company atwww.acilnet.com

CODES OF CONDUCT FOR DIRECTORS AND SR. MANAGEMENT PERSONNEL

The Company has adopted a Code of Conduct for its Executive Directors including a codeof conduct for Independent Directors which suitably incorporates the duties of IndependentDirectors as laid down in the Act. The Company has also adopted the ACIL Code of Conductfor its Sr. Management personnel (GM and above) employees including the Managing andExecutive Directors.

The above codes can be accessed on the Company's website at www.acilnet.com

In terms of the Listing Regulations all Directors and senior management personnel haveaffirmed compliance with their respective codes. The CEO & Managing Director WholeTime Directors/IndependentDirectorhavealsoconfirmedand certified the same whichcertification is provided at the end of the Report on Corporate Governance.

SUBSIDIARIES COMPANIES

As on 31st March 2021 the Company had Five (5) subsidiaries i.e. 100%wholly-owned subsidiaries the details are as under:

Premsagar Merchants Private Limited Dipesh Mining Private Limited Splendor Distributors Private Limited
Regd. office: KB-25 Regd. office: KB-25 Regd. office: KB-25
Salt lake City Salt lake City Salt lake City
Sector-iii Kolkata- 700 098 Sector-iii Kolkata- 700 098 Sector-iii Kolkata- 700 098
CIN: U51109WB2007PTC119814 CIN: U13100WB2007PTC115150 CIN: U51909WB2007PTC119832
Jiwanjyoti Traders Private Limited Paramount Dealcomm Private Limited
Regd. office: KB-25 Regd. office: KB-25
Salt lake City Salt lake City
Sector-iii Kolkata- 700 098 Sector-iii Kolkata- 700 098
CIN: U51109WB2007PTC119680 CIN: U51109WB2007PTC119813

Pursuant to provisions of section 129(3) of the Act a statement containing salientfeatures of the financial statements of the

Company's subsidiaries in Form AOC-1 as per Annexure-"D" to the Boardsreport of the Company.

PARTICULARS OF LOAN INVESTMENTS AND GUARANTEES

The details of Loans guarantees and investments covered under Section 186 of theCompanies Act 2013 form part of the Notes to the financial statements provided in thisAnnual

Report.

ANNUAL RETURN

The Annual Return of the Company as at 31.03.2021 is available on Company's weblink:https://www.acilnet.com

STATUTORY AUDITORS

At the 41st Annual General Meeting (AGM) held on 30th September 2020 theMembers had approved the reappointment of M/s. Amod Agrawal & Associates CharteredAccountants (ICAI Firm Registration No.005780N) as the Statutory Auditors for another termfor a period of 5 years commencing to hold office till the conclusion of the 46th AGM tobe held in the year 2025. During the period under review no incident of frauds wasreported by the Statutory Auditors pursuant to Section 143(12) of the Companies Act 2013.

The standalone and the consolidated financial statements of the Company have beenprepared in accordance with Indian

Accounting Standards (Ind AS) notified under Section 133 of the Act. The StatutoryAuditor's report does not contain any qualifications reservations adverse remarks ordisclaimers.

The Statutory Auditors was present at the last Annual General Meeting (AGM)

SECRETARIAL AUDIT

Mr. Santosh Kumar Pradhan Company Secretaries has been appointed by the Board ofDirectors of the Company to carry out the Secretarial Audit under the provision of Section204 of the Act for the financial year ended 31 st March 2021. The SecretarialAudit report for financial year ended on 31 st March 2021 is enclosed asper Annexure "E".

Further the Secretarial Auditors' Report being self-explanatory does not call for anyfurther comments by the

Board of Directors as there are no qualifications reservation or adverse remark ordisclaimer made in the Audit Report for the financial year ended 31st March2021.

COST AUDIT

In compliance with the provisions of section 148 of the Act the Board of Directors ofthe Company at its meeting held on 26th June 2021 appointed M/s N.M. & Co.Cost Accountants(FRN000545) as cost Auditors of the Company for the FY 2021-22. In termsof the provisions of section 148 of the Act read with the Companies (Audit & Auditors)Rules 2014 the remuneration of the cost Auditors has to be ratified by the

Members. Accordingly necessary resolution is proposed at the

42nd Annual General Meeting for ratification of remuneration payable to the costAuditors for the FY 2021-22.

The Company is maintaining the accounts and cost records as specified by the CentralGovernment under subsection (1) of section 148 of the Act and rules made thereunder.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company confirms compliance with the applicable requirements of SecretarialStandards 1 and 2 prescribed by the Institute of Company Secretaries of India (ICSI)

CONSERVATION OF ENERGY

The Company is core activities are civil construction which is not power intensive. TheCompany is making every effort to conserve the usages of Power.

RESEARCH & DEVELOPMENT AND TECHNOLOGY ABSORPTION

The Company has not incurred significant and Technology Absorption.

FOREIGN EXCHANGE - EARNINGS AND OUTGO (Cash Basis)

Particulars – Standalone FY21 FY20
Foreign Exchange Earnings NIL NIL
Foreign Exchange Outflow mainly on
account of
Raw Material 569.08
Capital Goods 60.64 391.41
Advance Payment for Raw Material 72.39
Advance Payment for Capital Goods NIL NIL
Travelling Expenses 2.09 11.72
Consultancy Charges / Technical Fee NIL NIL

DIRECTORS' RESPONSIBILITY STATEMENT

During the FY21 pursuant to Section 134(5) of the Act the Board of Directors to thebest of its knowledge and ability confirm that: based on the framework of IFC andcompliance systems established and maintained by the Company work performed by theinternal statutory cost auditors secretarial auditors and external consultantsincluding audit of IFC for financial reporting by the statutory auditors and the reviewsperformed by management and the relevant Board Committees including the Audit Committeethe Board is of the opinion that the Company's IFC were adequate and effective

a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed and there are no material departures;

b) the Directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit of the

Company for that period;

c) the Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d) the Directors had prepared the annual accounts on a going concern basis;

e) the Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively (refer section 10);

f) the Directors had devised proper systems to ensure compliance with the provision ofall applicable laws and that such systems were adequateamount in R&D and operating

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THEFINANCIAL YEAR AND DATE OF THE REPORT

There have been no material changes and commitments which affect the financialposition of the Company that have occurred between the end of the financial year to whichthe financial statements relate and the date of this report. However one event has beenreported which has been amicably resolved and recognised in financial statement.

STOCK EXCHANGE LISTING

The shares of the Company are listed on BSE Limited (BSE) National Stock Exchange ofIndia Limited (NSE) and Calcutta Stock Exchange Association (CSE). The listing fee for theFY 2021-22 has been paid to BSE CSE and NSE.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

During the year no un-claimed / un-paid dividend is pending for transfer in IEPFAccount therefore Company did not transfer any dividend amount to IEPF Authority.

Company also has its Dividend distribution policy which has been approved by the Boardof Directors. The said policy is uploaded on the website of the Company at below link: www.acilnet.com

ACKNOWLEDGEMENTS

On behalf of the Directors of the Company I would like to place on record our deepappreciation to our shareholders clients business partners vendors - both internationaland domestic bankers financial institutions and others for valuable support andco-operation.

The Directors are thankful to the Government of India the various ministries of theState Governments the central and state electricity regulatory authorities municipalauthorities of Mumbai Kolkata and Delhi and local authorities in areas where we areoperational in India; and for valuable support and co-operation.

The Directors has also extended their thanks to employees of the Company for theircontinued contribution and dedication.

On behalf of the Board of Directors
Ahluwalia Contracts (India) Limited
Sd/-
(Bikramjit Ahluwalia)
Chairman & Managing Director
DIN: 00304947
Date: 10th August 2021
Place: New Delhi

.