To,The Members of Allcargo Logistics Limited
 
 The Directors take pleasure in presenting the Nineteenth Annual Report
 of the Company together with Audited Statement of Accounts for the 15
 months period ended March 31, 2012.
 
 FINANCIAL HIGHLIGHTS
 
 Your Company''s performance during the period under review is summarized
 below:
 
                                                           (Rs. in crores)
 
 Particulars                            For the Period     For the year 
                                                 Ended            Ended
                                            31.03.2012       31.12.2010
                                           (15 months)       (12 months)
 
 
 Sales & Other Income                         1,130.49           730.39
 
 Profit Before Interest, 
 Depreciation and Taxes                         360.08           198.43
 
 Interest                                        50.55            13.32
 
 Depreciation                                    89.04            40.24
 
 Provision For Tax                               36.42            23.74
 
 Profit After Tax                               184.07           121.13
 
 Prior Period Adjustments For 
 Tax and Expenses                                  -              12.38
 
 Profit Brought Forward From 
 Previous Year                                  319.38           244.24
 
 Amount Available For Appropriations            503.45           377.75 
  Appropriations:
 
 Interim Dividend                                13.05             6.81
    
 Tax on Interim Dividend                          2.12             1.13
 
 Proposed Dividend                                6.53            32.63
 
 Tax on Dividend                                  1.06             5.29
 
 Transfer to General Reserve                     18.50            12.50
 
 Profit carried to Balance Sheet                462.19           319.39
 
 REVIEW OF OPERATIONS
 
 The period under review was challenging and opportunistic for your
 Company as macroeconomic environment continued to remain unstable and
 volatile. In-spite of all odds, your company recorded significant
 growth and robust performance at all levels. The growth oriented
 performance is grossly attributable to Company''s customer-centric
 approach and its ability to innovate customer specific solutions, focus
 on pricing and aggressive marketing strategy, disciplined project
 executions, focused management approach, prudent financial and human
 resources management and ensuring better control over cost.
 
 Stand-alone Performance:
 
 Your Company has earned total revenue of Rs. 1,130.49 crore and earned a
 net profit of Rs. 184.07 crore as compared to revenue of Rs. 730.39 crore
 and net profit of Rs. 121.13 crore in preceding financial year,
 representing 24% & 22% growth in revenue and net profit respectively on
 annualized basis.
 
 Earnings before interest, tax and depreciation (EBITDA) is Rs. 360.08
 crore as compared to Rs. 198.43 crore in preceding financial year,
 representing 45% growth on annualized basis.
 
 Consolidated Performance:
 
 Your Company has earned total revenue of Rs. 4,324.52 crore and earned a
 net profit after minority interest of Rs. 284.53 crore as compared to
 revenue of Rs. 2,889.93 crore and net profit after minority interest of Rs.
 165.92 crore in preceding financial year, representing 20% & 37% growth
 in revenue and net profit respectively on annualized basis. Earnings
 before interest, tax and depreciation (EBITDA) is Rs. 573.53 crore as
 compared to Rs. 298.35 crore in preceding financial year, representing
 54% growth on annualized basis.
 
 Overall, the company is on a strong growth path and its efforts to
 improve efficiency, productivity and profitability will improve overall
 returns. For detailed segment wise performance, members are requested
 to refer Management Discussion and Analysis Report annexed to this
 report.
 
 APPROPRIATIONS
 
 Considering the profitable performance of the Company during the period
 under review, your Directors are pleased to recommend final dividend @
 25% i.e. Rs. 0.50 per equity share of Rs. 2/- each.
 
 The total dividend, including the interim dividend paid @ 50% in
 November 2011, will be 75% i.e. Rs. 1.50 per equity share of Rs. 2/- each.
 The Dividend, if approved by the members at the ensuing Annual General
 Meeting, together with interim dividend paid in November 2011, will
 absorb a sum of Rs. 22.76 crore including dividend distribution tax.
 
 SUBSIDIARY COMPANIES
 
 During the period under review, your Company and its subsidiaries have
 made investments / divested investments / discontinued business
 operations in the following companies:
 
 - Acquired 100% equity stake in MHTC Logistics Private Limited., a
 company engaged in the business of Project Logistics and Freight
 Forwarding;
 
 - Acquired 70% equity stake in Universal Container Freight Station
 Private Limited (name changed to Transindia Logistic Park Private
 Limited), a company engaged in the business of Container Freight
 Station / Inland Container Depot Business;
 
 - Acquired 100% equity stake in Amfin Consulting Private Limited, a
 company engaged in the business of Trading and Investment, through
 Contech Transport Services Private Limited, the wholly owned subsidiary
 of the Company;
 
 - Formed Contech Transport Services (Pvt) Ltd, as 100% subsidiary of
 Contech Transport Services Private Limited, in Sri Lanka;
 
 - Formed HC Logistics Limited as 100% subsidiary of Hindustan Cargo
 Limited, the wholly owned subsidiary of the Company;
 
 - Acquired through Hindustan Cargo Limited, the wholly owned
 subsidiary of the Company, 100% equity stake in Credo Shipping Agencies
 (I) Private Limited, a company engaged in the Shipping Line business;
 
 - Ecu International NV, subsidiary of Echoed NV, acquired 33.33%
 stake in Flamingo Line El Salvador SA de CV With acquisition of balance
 stake, Flamingo Line El Salvador SA de CV has become wholly owned
 subsidiary of the Company;
 
 - Ecu International NV, subsidiary of Ecuhold NV, acquired 33.33%
 stake in Flamingo Line de Guatemala S.A.  With acquisition of balance
 stake, Flamingo Line de Guatemala S.A. has become wholly owned
 subsidiary of the Company;
 
 - Formed a joint venture company Ecu Line Saudi Arabia LLC in which
 Ecuhold NV, holds 70% stake;
 
 - Ecuhold NV increased its stake from 51% to 63% in SHE Maritime
 Services Limited;
 
 - ECU-TRANS N.V, D & E Transport NV, ECU Heavy Lift, W.L.L., ECU Line
 Italy TRC srl, AMI Ventures Limited, ECU Line de Guatemala S.A. step
 down subsidiaries, have ceased their operations and accordingly they
 are liquidated / dissolved.
 
 The stand-alone audited financial statements of all subsidiaries
 operating in India and Overseas are not attached to this report in view
 of general exemption granted under Section 212 of the Companies Act,
 1956 by the Ministry of Corporate Affairs, Government of India vide its
 Circular No.51/12/2007- CL-III dated February 8, 2011 and February 21,
 2011. The statement pursuant to Section 212 of the Companies Act, 1956
 relating to the subsidiary companies along with a statement of
 financial highlights of subsidiaries operations providing relevant
 details are attached and form part of this Annual Report.
 
 The Company will make available the Annual Accounts of the subsidiary
 companies and related information to any member of the Company and its
 subsidiaries who may be interested in obtaining the same. The annual
 accounts of the subsidiary companies will also be kept open for
 inspection by any investor at the registered office of the Company and
 its subsidiary companies.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 As required under the Listing Agreement with the Stock Exchanges, the
 attached Consolidated Financial Statements of the Company and all its
 subsidiaries have been prepared in accordance with the Accounting
 Standard AS-21 -Consolidated Financial Statements read with Accounting
 Standard AS 23-Accounting for Investment in Associates and Accounting
 Standard AS 27-Financial Reporting of interest in joint Ventures, which
 includes financial results of its subsidiaries, joint ventures and
 associate companies and forms part of this Annual Report.
 
 EMPLOYEES STOCK OPTION PLAN 2006
 
 Disclosures pursuant to Clause 12 of the SEBI (Employee Stock Option
 Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, relating
 to the Company''s ESOP Scheme as on March 31, 2012 are set out in
 Annexure II annexed to this report.
 
 A certificate from the Statutory Auditors of the Company M/s. B S R &
 Co., Chartered Accountants, Mumbai and M/s Appan & Lokhandwala
 Associates, Chartered Accountants, Mumbai, with respect to the
 implementation of Company''s ESOP Scheme, will be placed before the
 Members at the ensuing Annual General Meeting and a copy of the same
 shall be available for inspection at the Registered Office of the
 Company on all working days, except Saturday and Sunday, between 11.00
 a.m. to 2.00 p.m., upto the date of Annual General Meeting.
 
 SHARE CAPITAL AND LISTING OF SHARES
 
 During the period under review, your Company had issued and allotted
 30,354 equity shares of Rs. 2/- each to its employees and employee of
 overseas subsidiary company against exercise of options granted to them
 under Allcargo Employee Stock Option Plan 2006. Consequently, the
 total paid up capital of the Company has increased from Rs. 261,033,936
 comprising of 130,516,968 equity shares of Rs. 2/- each to Rs. 261,094,644
 comprising of 130,547,322 equity shares of Rs. 2/- each.
 
 The Equity Shares of the Company are listed and traded in compulsory
 dematerialized form on BSE Limited and National Stock Exchange of India
 Limited. Your Company has paid the Annual Listing fee and Annual
 Custody fees to the Stock Exchanges and Depositories up-to-date.
 
 CHANGE OF NAME OF THE COMPANY
 
 The Company was incorporated on August 18, 1993 under the name and
 style All Cargo Movers (India) Private Limited. The name was
 subsequently changed to All cargo Global Logistics Private Limited. On
 becoming a public company, the name was further changed to All cargo
 Global Logistics Limited. The rationale behind the change of name from
 All cargo Movers to All cargo Global was to exhibit the global operations
 of the Company in its name especially after acquisition of Ecu Line
 business in the year 2005 & 2006.
 
 Since the Company has established its global presence and is in the
 process of reviewing its brand and has further strengthened the same by
 offering wide spectrum of integrated logistic activities and solutions
 and further with a view to reflect the integrated logistic activities
 in its name, the name of the Company has been changed from All cargo
 Global Logistics Limited. to All cargo Logistics Limited w.e.f.  July
 29, 2011.
 
 DE-MERGER OF PROJECT LOGISTICS BUSINESS BY MHTC LOGISTICS PRIVATE
 LIMITED
 
 Your Company acquired 100% equity stake of MHTC Logistics Private
 Limited (''MHTC'') during the period under review. MHTC is engaged in
 the business of Project Logistics and Freight Forwarding. Considering
 the business synergy existing in the Project Logistics business of the
 Company and MHTC, the Board of Directors of both the companies thought
 it prudent in the best interest of both the companies to de- merge the
 Project Logistics business of MHTC in favor of the Company with effect
 from April 1, 2012 in accordance with provisions of Section 391 to 394
 read with Section 78, 100 to 103 of the Companies Act, 1956.
 
 The proposed de-merger of the Project Logistics Business by MHTC in
 favor of your Company would have following resultant benefits:
 
 - It would result in managing the Project Logistics Business through
 a single network and under one roof. It will thus be possible to
 combine the Project Logistics business of MHTC and All cargo under one
 umbrella without incurring avoidable expenditure on infrastructure and
 will enable All cargo to avail expertise in ventures of an industrial
 and commercial nature.
 
 - All cargo will be in a better position to avail of the financial,
 human and other capital resources of MHTC and its expertise in the
 Project Logistics business. Such an arrangement will enable the Company
 to expand the Project Logistics business operations with minimum
 additional cost and shortest possible time;
 
 - The financial position of the Company will be better as compared to
 that of the stand-alone entities; and
 
 - The integration proposed would enable cost savings, optimum
 utilization of available resources which will enhance the management
 focus thereby not only leading to higher profitability but will also
 increase shareholder''s value.
 
 The Scheme of Arrangement comprising of de-merger duly approved by the
 Board of Directors of both the companies shall be subject to approval
 by the Members and Creditors of both the companies and approval by the
 Hon''ble Bombay High Court.
 
 AWARDS AND RECOGNITION
 
 The period under review was very special for your Company as it has
 received many awards and recognitions for the significant contribution
 made by your Company in development and growth of the logistic
 industry.
 
 * Most Well Diversified Business Enterprise'' by City Commercial Bank &
 Economic Times
 
 * Freight Forwarder of the Year (Indian) by the Maritime and Logistics
 Awards (MALA) 2011
 
 * Mr. Shashi Kiran Shetty, the Chairman & Managing Director of the
 Company, was awarded Outstanding Logistics Professional of the Year
 by Maritime and Logistics Awards (MALA) 2011
 
 * Mr. Shashi Kiran Shetty, the Chairman & Managing Director of the
 Company, was honoured with CEO of the Year with HR Orientation Asia''s
 Best Employer Brand Awards
 
 * Mr. Shashi Kiran Shetty, the Chairman & Managing Director of the
 Company, was honoured with a port of Antwerp award for ''Outstanding
 Contribution in the commercial and human areas for strengthening the
 relationship between the Port of Antwerp and India.
 
 * LCL Consolidator of the Year by 3rd South East CEO Conclave & Awards
 
 * Indian Freight Forwarder of the Year - 1st Northern India
 Multimodal Logistics Award
 
 * All cargo has been ranked at No. 223 in the ET 500-2011 list by The
 Economic Times.
 
 Your Company believes that winning of such recognitions was due to the
 hard work, passion and spirit of team work of the employees and
 thoughtful leaders, whose novel thinking and innovative approach have
 led them to attain excellence in their field. These awards are a
 testimony to the commitment to the stakeholders of the Company and
 seamless integrated logistics solutions.
 
 DIRECTORS
 
 The Board of Directors of the Company has co-opted Mr. Hari L. Mundra
 and Mr. Umesh Shetty as Additional Directors on the Board of the
 Company under Section 260 of the Companies Act, 1956. Mr. Hari L.
 Mundra is a Non Executive Independent Director and Mr. Umesh Shetty is
 Executive Director. Mr. Hari L. Mundra and Mr. Umesh Shetty shall hold
 their respective offices up to the date of the ensuing Annual General
 Meeting.  The Company has received notices under Section 257 of the
 Companies Act, 1956 proposing their candidature for the office of
 Directors at the ensuing Annual General Meeting of the Company. The
 Board recommends their appointment at the ensuing Annual General
 Meeting.
 
 Mrs. Arathi Shetty was appointed as Whole Time Director of the Company
 for a period of 5 years effective from April 1, 2007. In accordance
 with the terms of appointment, her term of office expired on close of
 the business hours on March 31, 2012.  Due to her pre-occupation, Mrs.
 Arathi Shetty has expressed her unwillingness to continue as Whole Time
 Director and accordingly her term has not been renewed. However, she
 continues to serve on the Board of the Company as a Non Executive
 Director of the Company w.e.f April 1, 2012.
 
 In accordance with the provisions of the Companies Act, 1956 and that
 of Articles of Association of the Company, Mr.  Kaiwan Kalyaniwalla,
 Mr. Satish Gupta and Mr. Keki Elavia, Non Executive and Independent
 Directors of the Company, retire by rotation at this Annual General
 Meeting. Being eligible, they offer themselves for re-appointment. The
 Board recommends their re-appointment.
 
 Brief resume of Mr. Hari L. Mundra, Mr. Umesh Shetty, Mr.  Kaiwan
 Kalyaniwalla, Mr. Satish Gupta and Mr. Keki Elavia as required in terms
 of Clause 49 of the Listing Agreement with the Stock Exchanges, are
 included in the Corporate Governance Report annexed to this Annual
 Report.
 
 AUDITORS
 
 M/s. B S R & Co., Chartered Accountants, Mumbai (Firm Registration No.
 101248W), and M/s. Appan & Lokhandwala Associates, Chartered
 Accountants, Mumbai, (Firm Registration No. 117040W) the Statutory
 Auditors of the Company, retire at the conclusion of this Annual
 General Meeting and are eligible for re-appointment.
 
 The Company has received letters from M/s. B S R & Co.  and M/s. Appan
 & Lokhandwala Associates to the effect that their appointment, if made,
 would be within the prescribed limits under Section 224(1B) of the
 Companies Act, 1956.  The Audit Committee and Board of Directors
 recommend re-appointment of M/s. B S R & Co. and M/s. Appan &
 Lokhandwala Associates as Statutory Auditors of the Company to hold
 their respective offices from the conclusion of ensuing Annual General
 Meeting till the conclusion of the next Annual General Meeting and to
 fix their remuneration.
 
 Auditors Observation:
 
 The Statutory Auditors of the Company have made an observation in their
 report that the Company has paid remuneration aggregating to Rs. 2.43
 crore for the years ended December 31, 2009 and December 31, 2010 to a
 relative of a Director and remuneration aggregating to Rs. 3.77 crore for
 the period from January 1, 2011 to March 31, 2012 to relatives of
 certain Directors, subject to prior approval of the Central Government
 as per the requirements of Section 314 of the Companies Act 1956. The
 Company is yet to receive Central Government approval in respect of the
 same.
 
 The Company has made an application to the Central Government as per
 the requirements of Section 314 of the Companies Act, 1956 in respect
 of appointment and payment of remuneration to relatives of certain
 directors. Pending the Central Government approvals, the Company has
 paid remuneration to the appointees as approved by the Members and the
 Board of Directors of the Company with a condition that such
 remuneration or part thereof shall be refunded if the Central
 Government declines to approve or modifies the remuneration payable to
 them.
 
 Apart from the above, the observations and comments given by Auditors
 in their report read together with notes to accounts are self
 explanatory and hence do not call for any further comments.
 
 INTERNAL AUDIT
 
 The Company has an adequate internal audit system implemented by
 in-house department and supported by independent Chartered Accountants
 firms to carry out audit of various branches and functions of the
 Company and its subsidiaries.
 
 Systems, procedures and processes are being upgraded / implemented to
 further strengthen the existing internal control measures, procedures
 and processes to increase operational efficiencies and to safeguard the
 Company from any fraud, misrepresentation and non-compliance with
 statutory requirements.
 
 PUBLIC DEPOSITS
 
 During the period under review, your Company has not accepted any
 deposits within the meaning of Section 58A and Section 58AA of the
 Companies Act, 1956 and rules made there under.
 
 SAFETY, HEALTH AND ENVIORNMENT
 
 Your Company believes in safety and health enrichment of its employees
 and committed to provide a healthy and safe workplace for all its
 employees at each work location.  Successfully managing Health & Safety
 risks is an essential component of our business strategy. The Company
 has identified Health & Safety risk arising from its activities and has
 put proper systems, processes and controls mechanism to mitigate them.
 
 The Company has been taking various safety and welfare measures to
 protect its employees, equipments and other assets from any possible
 loss and / or damages. To implement such safety and welfare measures,
 the Company has formulated various policies such as Drug & Alcohol
 Policy, Occupational Health Policy, Driver & Vehicle Safety Policy,
 Mobile Telephone Policy, Smoking Policy etc.
 
 The Equipment Hiring Division is Occupational Health & Safety
 Management Systems (OHSAS) compliant and a member of the globally
 recognized Lifting Equipment Engineers Association (LEEA, UK) and ISO
 certified. All Custom Freight Station (CFS) / Inland Container Depot
 (ICD) are certified for OHSAS.
 
 The following safety measures are being taken at various locations:
 
 - Fire & Safety drills are conducted for all employees and Security
 personnel;
 
 - All Fire hydrants are monitored strictly, as the preparedness for
 fire emergency;
 
 - All equipments are tested periodically to verify its safe load
 working condition;
 
 - Safety Awareness Campaign and Safety week are being held /
 celebrated at each location to improve the awareness of employee;
 
 - O HSAS audits and Fire & Safety audits are conducted by competent
 agencies at regular intervals;
 
 - H azMat training is provided to all CFS employees;
 
 - H edical Health check-up of all employees are conducted at regular
 intervals;
 
 - CCTV & Safety alarms are installed at each locations;
 
 - Hll equipments are mandatorily ensured with PUC;
 
 - RTG are being put into use instead of Reach Stackers to control
 environment pollution caused due to diesel consumption;
 
 - Each equipment is put through comprehensive Quality Audit & Testing
 to ensure strong compliance to Maintenance, Safety and Reliability
 aspects as per specifications by various OEMs;
 
 - Green initiatives are taken at various locations to protect the
 environment.
 
 CORPORATE SOCIAL RESPONSIBILITY
 
 Corporate Social Responsibility (CSR) is basically a concept whereby
 companies decide voluntarily to contribute to a better society and a
 cleaner environment.
 
 Robert F. Kennedy once said, The future is not completely beyond our
 control. It is the work of our own hands. At All cargo, we invest in
 the youth of tomorrow, who is our future, transforming their today, to
 empower and create better opportunities for them.
 
 Our Company actively invests in college and school infrastructure,
 offering scholarships to under-privileged students based on meritocracy
 and accomplishments. We have provided infrastructure funding to schools
 in Maharashtra across small towns like Koproli, Panvel and colleges in
 Dombivali, New Mumbai and Kalladka in the Bantwal District.  We offer
 scholarships, donations and provide support for the children from the
 lower sections of society, at a college in the Bantwal District, IT
 colleges in Mumbai and JNPT (New Mumbai) and to children of our own
 contract employees. We initiated the ''Anando program'' in Uran, in
 collaboration with a NGO ''Light of Life Trust'', where we worked with
 two schools to decrease the drop out ratio of children, by providing
 financial support, guidance, mentoring etc.
 
 All cargo supports social causes and also has a keen focus on preserving
 our environment. We make regular contributions to the Cancer Society
 and the Mother Teresa Foundation that offers help across various
 associations for the blind in India.  We have been active participants
 of the Mumbai Marathon for the past 3 years, making significant
 donations to all noble causes that this marathon has supported. Our
 Company has also been active in organizing eye camps and various fund
 raisers that support different charities through different Lions and
 Rotary clubs in Mumbai. We are the members of the BNHS, an association
 which supports and strives for the wild life preservation.
 
 At All cargo, we believe that for an effective CSR, it has to be the
 ethos of a Company and built into its value system, reflecting in every
 interaction that the organization has with each of its stakeholder. And
 we endeavor every year to do more for our society, our youth, our
 environment, our stakeholders, in an attempt to change every life that
 we touch..
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm that:
 
 (a) in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 (b) the Directors had 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 March 31, 2012 and of the profit of the Company
 for the period ended on that date;
 
 (c) the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act,1956, for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities; and
 
 (d) the Directors had prepared the annual accounts on a going concern
 basis.
 
 CORPORATE GOVERNANCE
 
 Your Company has been benchmarking itself with well established
 Corporate Governance practices besides strictly complying with the
 requirements of Clause 49 of the Listing Agreement. Given the emerging
 pivotal role of Independent Directors in bringing about good
 governance, your Company continues its efforts in utilizing their
 expertise and involving them in all critical decision making processes.
 
 A separate report on Corporate Governance together with requisite
 certificate from M/s. Mehta & Mehta, Practicing Company Secretaries,
 confirming compliances with the provisions of Corporate Governance as
 stipulated in Clause 49 of the Listing Agreement is annexed and forms a
 part of the Annual Report.
 
 The declaration regarding compliance with the Code of Conduct
 prescribed by the Company for Directors and Management Personnel forms
 part of report on Corporate Governance.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Information as required under Section 217(1)(e) of the Companies Act,
 1956 read with the Companies (Disclosure of particulars in the report
 of Board of Directors) Rules, 1988, are set out in Annexure I annexed
 to this report.
 
 PARTICULARS OF EMPLOYEES
 
 In terms of the provisions of Section 217(2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975 as
 amended, the names and other particulars of the employees are required
 to be set out in the Directors Report. However, as per the provisions
 of Section 219(1)(b)
 
 (iv) of the Companies Act, 1956 the Annual Report excluding the
 aforesaid information is being sent to all the members of the Company
 and others entitled thereto. A member, who is interested in obtaining
 such particulars, may write to the Company Secretary at the registered
 office of the Company.
 
 ACKNOWLEDGEMENTS
 
 Your Directors take this opportunity to place on record their gratitude
 for the valuable support and co-operation extended during the period by
 the Government of India, Governments of various countries, the
 concerned State Governments and other Government Departments and
 Agencies, the Stakeholders, Business Associates including Bankers,
 Financial Institutions, Vendors and Service Providers.
 
 Your Board also wishes to place on record their appreciation for the
 dedication and commitment shown by the employees at all levels who have
 contributed to the success of your Company.
 
                             For and on behalf of the Board of Directors
 
                                                     Shashi Kiran Shetty
 
                                            Chairman & Managing Director
 
 Place : Mumbai 
 
 Date : May 30, 2012