To,
 
 The Shareholders
 
 The directors are pleased to present their report on the business and
 operations of your company for the financial year ending March 31,
 2011.
 
 FINANCIAL RESULTS
 
                                                     (Rs. in crores)
 
 Particulars                               2010-11        2009-10
 
 Income from operations                    3828.12        3705.68
 
 Profit before depreciation & tax (PBDT)   1203.50        1141.69
 
 Profit before tax (PBT)                   1058.27        1006.59
 
 Provision for tax                          179.77         219.92
 
 Profit after tax (PAT)                     878.50         786.67
 
 Profit available for appropriations        875.95         786.69 
 
 APPROPRIATIONS:
 
 Interim Dividend                            97.49          77.99
 
 Proposed Final Dividend                    103.99         103.99
 
 Corporate tax on dividend                   33.06          30.52
 
 Transfer to general reserves                87.59          78.67
 
 Balance carried to Balance Sheet           553.82         495.52
 
 Earnings per share (Rs.)                      67.39          60.52
 
 DIVIDEND
 
 Keeping in view the company''s Capex requirements, the Board recommends
 a final dividend of 80% on the paid up share capital of Rs.129.98 crores.
 An interim dividend @ 75% has already been paid. The total dividend
 payment for the year 2010-11 is Rs. 201.48 crores as compared to Rs.181.98
 crores (excluding dividend tax) for the FY 2009-10.
 
 FINANCIAL HIGHLIGHTS
 
 The operating turnover of your company registered a growth of 3.30%
 during the year under review, increasing from Rs. 3705.68 crores in the
 previous year to Rs. 3828.12 crores. Total expenditure increased by
 3.22%, from Rs. 2,879.14 crores in 2009-10 to Rs. 2971.91 crores in
 2010-11. The profit before tax worked out to Rs.1058.27 crores, higher by
 5.13% over 2009-10. After making provisions for Income Tax, prior
 period/tax adjustments, the Net Profit available for appropriations
 stands at Rs. 875.95 crores, which is 11.35% higher than last year. This
 increase in Profit After Tax (PAT) is essentially due to strict
 expenditure control and innovative practices adopted by the Company.
 
 OPERATIONAL PERFORMANCE
 
 The throughput of your Company crossed the landmark of 2.5 million TEUs
 during 2010-11 as against over 2.42 million TEUs handled in 2009-10, an
 increase of over 5.8%.
 
 Handling at Terminals
 (In TEUs)                 2010-11         2009-10         % age growth
 
 Exim                    20,18,551       18,82,277                 7.24
 
 Domestic                 5,43,746        5,38,970                 0.89
 
 Total                   25,62,297       24,21,247                 5.83
 
 As can be seen the prime increase was in EXIM throughput which grew by
 7.24%.
 
 CAPITAL STRUCTURE
 
 There is no change in the capital structure, with the Government of
 India continuing to hold 63.09% of the shares, the balance 36.91% being
 held by the public.
 
 LISTING AND DEMATERIALIZATION OF SHARES
 
 CONCOR''s shares are listed with the bourses i.e. Mumbai and National
 Stock Exchanges. The listing fees of both the stock exchanges have been
 paid.
 
 To facilitate dematerialization of shares by its shareholders, CONCOR
 has signed agreements with both the Depositories (NSDL & CDSL). As per
 SEBI guidelines, CONCOR''s shares have been placed under ''Compulsory
 Demat Mode''. Out of 4,79,82,992 shares listed on the Stock Exchange
 4,79,80,755 shares were in Demat mode as on 31st March, 2011. The
 market capitalization of the company was Rs. 15,599 crores as on 31st
 March, 2011 (as per closing price on NSE).
 
 CAPITAL EXPENDITURE
 
 Capital Expenditure of Rs. 310.46 crores approx. was incurred mainly on
 development/expansion of terminals, acquisition of wagons, handling
 equipments and IT Infrastructure, etc.
 
 NEW TERMINAL & TERMINAL NETWORK EXPANSION
 
 – Two new Terminals were commissioned during the year, at Khemli
 (Rajasthan) & Rourkela (Orissa) on 15.08.2010 & 15.12.2010
 respectively.
 
 – Expansion & other related works costing Rs. 63.30 crores were
 sanctioned for terminals at Dronagiri Node (Mumbai), Bhusawal,
 Gandhidham, Nagpur, Dadri, Balasore, Moradabad, Whitefield, Khemli,
 Haldia, Aurangabad, Moradabad and Ankleshwar.
 
 HIGH SPEED WAGONS
 
 During the year, 565 High Speed Wagons were added to the existing fleet
 of CONCOR owned wagons, increasing the holding of high speed wagons to
 9,309 units. With this, the total wagon holding has gone upto 10,666
 units.
 
 CONTAINERS AND HANDLING EQUIPMENTS
 
 To enhance company''s container handling capacity 29 new Reach Stackers
 were acquired during the year. As on 31st March, 2011 your company has
 15,579 (owned plus leased) containers and it owns 55 Reach Stackers and
 14 Gantry Cranes.
 
 INFORMATION TECHNOLOGY
 
 Your company continued to make progress in the field of Information
 Technology. The VSAT based network has been extended and now it covers
 66 locations. The Terminal Management System for Domestic and EXIM, ERP
 for Finance and HR Payroll was implemented for the expanded network of
 terminals. A Data Warehouse Module for commercial applications on
 centralized architecture is running smoothly across field locations/
 Regional Offices and Corporate Office. The Web enabled Customer
 Interface through a dedicated Web server is running successfully
 providing facilities to the customers. The Customer feedback facility
 system as implemented on the website enables us to constantly evaluate
 our performance and take corrective action on Customer complaints and
 feedback. The Electronic-filing of documents on the Commercial System
 at ICD/ Tughlakabad has also been introduced which enables the
 customers to file their documents electronically from their own
 offices. CONCOR has also been awarded e-Asia 2009 Award for the
 category Electronic Business in Public Sector for its project titled
 Web Based Integrated Container/ Terminal Management System which has
 been adjudged by AFACT (Asia Pacific Council for Trade Facilitation and
 Electronic Business). As part of Business Continuity Plan, CONCOR has
 established Backup Site for commercial applications. CONCOR has been
 re-certified ISO/IEC-27001:2005 certification from STQC IT
 Certification Services (Ministry of Communication & Information
 Technology) for establishing an Information Security Management System
 (ISMS).
 
 STANDARDISATION/ CERTIFICATIONS
 
 – Certification of Registration of ''Quality Management System'' as per
 ISO 9001:2008 Standards has been obtained, which is valid upto
 28.03.2013.
 
 – Registration Schedule as per ISO 9001:2008 Standards for the period
 of 30.03.2010 to 28.03.2013 has been fixed by ISO Certifying
 Consultants.  – Quality Manual and Procedure Manual alongwith Quality
 Objectives were reviewed and updated as per new
 
 9001:2008 Standards, ISO Certificate for Corporate Office as per new
 ISO Standards has been issued.  – As on 31.03.2011, as many as 57
 business units have been ISO certified.
 
 JOINT VENTURES/ STRATEGIC ALLIANCES
 
 Your company continued to place emphasis on providing total logistics
 and transport solutions to its customers by exploring the possibilities
 of expanding the presence of the company in all segments of Logistics
 value chain in the EXIM as well as Domestic segments. Strategic
 alliances are being firmed up, both for optimal utilization of
 infrastructure as well as expansion into other segments of the value
 chain.
 
 HUMAN RESOURCE MANAGEMENT
 
 Human Resource is considered as key asset of CONCOR. The main focus of
 the HR philosophy is to align with the business of the organization and
 become a strategic business partner. CONCOR strives towards employee
 empowerment, growth and development of individuals by realizing their
 potential, encouraging innovations and fair distribution of rewards
 thereby building business capability through HR. The following
 successful measures were taken during the year to attract, retain and
 manage talent in CONCOR:
 
 1.  The major Role of HR in change management was successfully
 introduced by formulating and implementing a robust and transparent
 Performance Management System (PMS) through identifying Key Performance
 Indicators, goal setting with objective and measurable parameters. The
 performance related variable pay has been linked with the PMS of each
 individual executives and supervisors.
 
 2.  Skill development of the employees was given special attention
 through in-house and external training programmes. To address the
 learning and organization development needs, various training
 programmes were organized by Company''s Training Division. These
 included in-house developed modules as well as modules developed and
 imparted with the assistance of various outside HR specialists.
 
 3.  CONCOR revised and rationalized some of the HR policies to boost
 employee morale and encourage excellence at work. The company
 successfully retained its existing human resources and attracted new
 talent with an attrition rate of less than 2 percent. The employee
 productivity continues to increase with earning per employee increasing
 to Rs. 3.48 crores from Rs. 3.44 crores in the previous financial year.
 
 4.  The cost of staff was contained to 2.94% of total costs.
 
 INDUSTRIAL RELATIONS
 
 The employee relation perspectives in CONCOR are focused towards basic
 business needs, management of contract labour, legal perspectives and
 corporate sustainability. The approach towards industrial relations has
 been proactive, fair and transparent; ensuring better wages and social
 security to the employees. During the financial year the employee
 relations remained harmonious and no man days were lost.
 
 RESERVATION POLICY
 
 CONCOR has been following the Presidential Directives and Guidelines
 issued by the Government of India from time to time regarding
 reservation for SCs, STs, OBCs, Physically Handicapped and
 Ex-Servicemen in letter and spirit.  The representation of SCs, STs,
 OBCs and PHs in CONCOR is as under:
 
 Category               Joined during 2010-11       As on 31.03.2011
                                               No. of 
                                               Employees    % of Total 
                                                            Manpower
 
 Schedule Caste                  07              169          14.73
 
 Schedule Tribe                  03               43           3.75
 
 Other Backward 
 Classes                         15              249          21.71
 
 Physically 
 Handicapped                     01               19           1.66
 
 SPECIAL ACHIEVEMENTS
 
 1.  Hon''ble Prime Minister of India Shri Manmohan Singh conferred upon
 CONCOR the MOU Excellence Certificate for 2008-09 for excellent
 achievement in MOU targets on 15th December, 2010 at New Delhi
 
 2.  CONCOR received the 1st Northern India Multimodal Logistics Awards
 for ICD & Rail Operator of the Year during Conquest -2011 International
 Conference & EXPO held at New Delhi during January 2011.
 
 3.  M/s. CARE (Credit Analysis and Research Limited) has reaffirmed the
 credit rating of CARE AAA (Is) {Triple A (Issuer)}to CONCOR. The
 symbols of CARE AAA (Is) are considered to be of the best credit
 quality, offering highest safety for timely servicing of debt
 obligations.
 
 4.  As per ET survey of listed companies in India for 2009-10, CONCOR
 has been ranked No.161 in top 500 companies of India in terms of
 turnover and No.85 in terms of net profit respectively. In Transport &
 Logistics sector, CONCOR has been ranked No.3 in terms of turnover, and
 No.1 in terms of net profit.
 
 5.  CONCOR received the first ever award called All India Maritime and
 Logistics Awards, 2010 (MALA) for Inland Container Depot Operator of
 the year from Exim India & Fairplay Exposition Group. The award was
 conferred during a function held in Mumbai.
 
 6.  CONCOR''s Inland Container Depot (ICD), Dadri has been selected for
 Annual Indian Maritime Awards 2010 for ICD of the year for high level
 of the reliability in customer service during the year 2009-10.
 
 7.  The company has been selected for conferring of Rolta Corporate
 Awards 2010 by Dun & Bradstreet for being the best Indian company under
 the Transport & Logistics sector. The award will be conferred on
 CONCOR in the last week of April in Mumbai. Dun & Bradstreet has also
 ranked CONCOR among the India''s Top 500 Companies with ranking of No.
 133 in total income, No. 65 in Net Profit listing and No. 79 in Net
 Worth listing.
 
 FOREIGN EXCHANGE EARNINGS & OUTGO
 
 During the year, there was no foreign exchange earnings, the details of
 foreign exchange outgo are as under:- (Rs. in lakh) Foreign exchange
 outgo
 
 a) Import on CIF basis Stores & Spares 26.12
 
 b) Capital Goods / Advances 4935.34
 
 c) Others 14.38
 
 PRESIDENTIAL DIRECTIVES
 
 No Presidential Directives were received from the Government during the
 financial year 2010-11.
 
 RAJBHASHA
 
 There has been considerable progress in the use of Official Language
 Hindi in Official work of CONCOR. The provisions of Section 3(3) of the
 Official Languages Act have been fully complied with and letters
 received in Hindi were also replied in Hindi. All efforts were made to
 correspond with offices situated in ''A'', ''B'' and ''C'' regions in Hindi
 as per targets set by the Department of Official Language.
 
 Quarterly meetings of Official Language Implementation Committee were
 held regularly under the chairmanship of Managing Director to review
 the progress made in promoting use of Hindi in CONCOR and the decisions
 taken therein were complied with.
 
 Hindi Pakhwara was organized from 14th to 28th September, 2010 in which
 various competitions like short essay Writing, Noting & Drafting,
 Typing on Computer etc. were held. About 95 officers and staff took
 part in these competitions. A Kavi Sammelan was also organized during
 the pakhwara in which 8 poets of repute took part.  Successful officers
 and employees were given cash award and certificate by Managing
 Director in the closing
 
 ceremony organized at the end of Hindi Pakhwara. 128 officers/employees
 were given Cash Awards for doing their official work in Hindi under
 ''CONCOR Rajbhasha Puraskar Yojna'' for the year 2009-2010. CONCOR was
 also conferred with the Consolation Prize of Narakas Rajbhasha Shield
 for the year 2008-09 for its excellent performance in official language
 Hindi by the Town Official Language Implementation Committee
 (Undertakings) Delhi. The Office also organized a ''HAMARA UPKRAM'' on
 essay writing competition for PSU''s under the aegis of Town Official
 Language Implementation Committee on 10th November 2010 in which 29
 officers and staff from various PSU''s participated.
 
 CONCOR has enriched library with books of reputed Hindi authors. The
 Number of books in the Library has increased to 1105. Leading
 Newspapers as well as monthly and fortnightly magazines continue to be
 subscribed to.  To promote original writing in Hindi ''Madhubhasika'' a
 literary magazine is published quarterly. Excellent articles published
 in this magazine are also suitably awarded. It is also uploaded on the
 company''s website.
 
 CONCOR''s website is bilingual and all the computers have Unicode
 facility to work bilingually.
 
 VIGILANCE
 
 With a view to bring about systems Improvements, Vigilance Division
 continued its focus on ''Preventive Vigilance'' during 2010-11. Thirteen
 Preventive / Surprise Checks and Five Intensive Examinations of major
 works were conducted at various Regional Offices / Inland Container
 Depots / Container Freight Stations and Project works. In addition, 07
 cases were registered /investigated on the basis of complaints and
 other information.
 
 A sum of Rs. 1.44 crores was recovered from various contractors /
 customers during the financial year. In addition, 17 improvements in
 systems and procedures were recommended to various functional divisions
 on the basis of experience gained through preventive examination and
 other investigations. The system improvements have been adopted and
 implemented, which are aimed at improved physical and financial
 performance in various terminals.
 
 Suitable penal action was taken against erring officials/contractors.
 
 The Vigilance Awareness Period was observed in Corporate Office as well
 as in Regional Offices by undertaking various activities. A Hand Book
 on Vigilance was released during the Vigilance Awareness Period in
 October 2010 at Corporate Office and North West Region. Interactive
 sessions were also organized at Corporate Office and at all regional
 levels in order to create awareness about various aspects of vigilance.
 In addition, nine training programmes and one terminal managers
 conference was organized at Corporate Office in January 2011 wherein a
 detailed presentation on Quality Management of Contracts was made.
 
 PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION ETC.
 
 Provisions of 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 regarding conservation of energy, technology
 absorption are not applicable to the Company at this stage.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956 with respect to Directors Responsibility Statement, it is
 hereby confirmed:
 
 (i) That in the preparation of the annual accounts for the financial
 year ended 31st March, 2011, the applicable accounting standards have
 been followed along with proper explanation relating to material
 departures; (ii) That the directors have selected such accounting
 policies and applied them consistently and made judgments and estimates
 that were reasonable and prudent so as to give a true and fair view of
 the state of affairs of the Company at the end of the financial year
 and of the profit or loss of the Company for the Year under review;
 (iii) That the directors have 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;
 
 (iv) That the directors have prepared the accounts for the financial
 year ended 31st March, 2011 on a ''going concern'' basis.
 
 CORPORATE GOVERNANCE
 
 Your Company has fully complied with the requirements of Clause 49 of
 the Listing Agreement and the DPE Guidelines regarding Corporate
 Governance.
 
 A Report on Corporate Governance, the Certificate on compliance of
 requirement of Clause 49 of Listing Agreement and DPE Guidelines on
 Corporate Governance and Management Discussions and Analysis are given
 as Annexures to this Report.
 
 CORPORATE SOCIAL RESPONSIBILITY (CSR)
 
 Significant CSR activities were undertaken during the year.  Details of
 some of the major activities are appended below:
 
 A Memorandum of Understanding (MOU) was signed with National Literacy
 Mission Authority, Department of School Education & Literacy, Ministry
 of Human Resource Development, Government of India for building Adult
 Education Centres in the Gram Panchayat and village. Specifically Rs. 65
 Lacs were used in development of 20 such centres sponsored in Karnataka
 with coverage of an estimated 1,47,253 beneficiaries.
 
 MOU was signed with National Foundation for Communal Harmony (NFCH) to
 support the education of children affected by violence in different
 States. Rs. 30 Lacs were contributed to NFCH towards this for assisting
 over 366 children affected by ethnic/communal/terrorist violence in the
 districts of Kamrup (Assam), Kokrajhar (Assam), Ahmedabad (Gujarat) &
 Srinagar (Jammu & Kashmir).
 
 PARTICULARS OF EMPLOYEES
 
 The information required in accordance with the provisions of Section
 217(2A) of the Companies Act, 1956 read with the Companies (Particulars
 of Employees) Rules, 1975 as amended by Company (Particulars of
 Employees) Rules, 2011 is NIL, as no employee has drawn remuneration in
 excess of amount specified in said Rules.
 
 AUDITORS
 
 Being a Government Company, the Comptroller & Auditor General of India
 has appointed M/s. Kumar Chopra & Associates as Company''s Statutory
 Auditors for the financial year 2010-11.
 
 BOARD OF DIRECTORS
 
 During the financial year 2010-11, five meetings of the Board of
 Directors were held for transacting the businesses of the Company. Shri
 Vinay Mittal, Chairman / Railway Board, joined the Board of CONCOR
 w.e.f. 26.07.2011 as Part-time Chairman. Lt. Gen. (Retd.) Arvind
 Mahajan, Dr. (Professor) A.K. Bandyopadhyay and Dr. (Professor) Kausik
 Gupta joined the Board of CONCOR w.e.f. 13.05.2011 as Independent
 Directors. During the year and upto the date of this report, the
 directorship in the company are under:
 
 - Shri Vivek Sahai, Part-time Chairman (upto 30.06.2011)
 
 - Shri Vinay Mittal, Part-time Chairman (w.e.f. 26.07.2011)
 
 - Shri Anil Kumar Gupta, Managing Director
 
 - Shri Harpreet Singh, Director (Projects & Services)
 
 - Shri Yash Vardhan, Director (Intl. Mktg. & Ops.)
 
 - Smt. P.Alli Rani, Director (Finance)
 
 - Shri S.K. Das, Director
 
 - Shri S. Balachandran, Director (upto 31.12.2010)
 
 - Shri V. Sanjeevi, Director (upto 31.12.2010)
 
 - Prof. Janat Shah, Director (upto 31.12.2010)
 
 - Shri T.R. Doongaji, Director (upto 03.04.2011)
 
 - Lt. Gen. Arvind Mahajan (Retd.), Director
 
 - Dr. (Professor) A.K. Bandyopadhyay, Director
 
 - Dr. (Professor) Kausik Gupta, Director
 
 RETIREMENT OF DIRECTORS BY ROTATION
 
 In terms of provisions of the Companies Act, 1956, Shri Anil Kumar
 Gupta, Shri Harpreet Singh and Smt. P. Alli Rani, Directors are liable
 to retire by rotation and being eligible, offer themselves for
 reappointment.
 
 CODE OF CONDUCT
 
 The Code of Conduct has been laid down for the Board Members and senior
 management. A copy of the same is available on the website of the
 Company.
 
 Based on the affirmation received from Board Members and Senior
 Management Personnel, it is hereby declared that all the members of the
 Board and Senior Management Personnel have affirmed compliance of Code
 of Conduct for the financial year ended on March 31, 2011.
 
 CONCLUSION
 
 Your Company acknowledges the commitment and dedication of all the
 employees, the support and understanding extended by the Indian
 Railways, Customs, Ports, Investors and above all the customers who
 have continued to patronize the services provided by your Company.
 
                       For and on behalf of the Board of Directors
 
 Date : 10.08.2011    (P. Alli Rani)            (Anil Kumar Gupta)
 
 Place : New Delhi     Director (Finance)        Managing Director