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CHAIRMAN SHRI ANAND KUMAR AGARWAL

DIRECTORS SHRI K. A R Y ADR. DEBASIS SENGUPTASHRI ASMOKE K. DUTTADR. ASHOK AGARWALSHRI VIJAY KUMAR JAINDR. PADAM CHAND AGARWALSHRI ASHOK SURANA

MANAGING DIRECTOR SHRI ASHISH AGARWAL

SECRETARY SHRI A. K. THIRANIAUDITORS M/S.AGARWAL KEJRIWAL & CO.

Chartered AccountantsBANKERS UCO BANK

UNITED BANK OF INDIAINDIAN OVERSEAS BANKHDFC BANK LTDSTATE BANK OF INDIA

REGISTERED OFFICE KEDAR ROADGUWAHATI - 781 001

ABC INDIA LIMITE

CONTENTS

Notice 2 Directors' Report 9 Corporate Governance Report 13Auditors'Certificate on Corporate Governance 21 Management Discussion & Analysis 22Auditors' Report 23 Balance Sheet 26 Profit & Loss Account 27Cash Flow Statement 28 Schedules to the Balance Sheet and Profit & Loss Account 30Balance Sheet Abstract and Company's General Business Profile 48

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A B C INDIA LIMITED NOTICENOTICE is hereby given that the 3 8th Annual G eneral Meeting of the Memb ers of AB C India Limi ted w ill be held on Saturday24th day of September, 2011 at Vishwaratna Hotel, Onkar Plaza, A. T . Road, Guwahati - 781001, Assam at 1:00 PM to tranth e following bus iness:Ordinary B u s i n e s s :1. To receiv e, consider and adopt the Accounts of the Com pany for the financial year ended 31 st March, 2011, the Bal

Sheet . P r o f i t and Loss Account at that date and the Reports of the Directors and Auditors thereon.2. To sanction d eclaration of dividend.3. To appoint a Director in place of Shri Vijay Kumar Jain, who retires by rotation and being eligible, o f f e r s himse

re-appointment.4. To appoint a Director in place of Dr. Padam Ch and Agarw al, w ho retires by rotation and being eligible, o f f e r s him se

re-appointment.5. To appoint a Director in place of Shri Ash ok Surana , w ho retires by rotation and being eligible, o f f e r s himsel

re-appointment.6. To appoint Auditors of the Com pany and to fix their remuneration.

F o r this purpose to consider and, if thought f it, to pass w ith or without m odif ication, the follow ing Resolution as OrdiResolution:" R E S O L V E D that Messers. Agarw al Kejriwal & Com pany, Ch artered Accountants, be and are h ereby reappointed asAuditors of the Company to hold off ice from the conclusion of the 38th Annual General Meeting to the conclusion of theAnnual G eneral Meeting.F U R T H E R R E S O L V E D that subject to approval of the Audit Com m ittee, Sri A. K. Agarwal, Chairman is hereby authorto fix the remuneration of the Auditors".

Spec i a l B u s i n e s s :7 . T o c o n s i d e r a n d i f t h o u g h t f i t t o p a s s , w i t h o r w i t h o u t m o d i f i c a t i o n , t h e f o l l o w i n g reso l u t i on a s S p e c i a l R e s o l u t i

" R E S O L V E D that pursuant to the provisions of section 198, 269 and 309 read with Schedule Xl i l and o t h e r applicprovisions, if any of the Companies Act, 1956, and subject to approval by the Central G overnm ent, as approved b yRemuneration Committee consent of the company be and is hereby accorded that the terms and conditions relatinrem uneration of appointm ent of Shri Anand Kumar Agarwal, Chairman be m odif ied and v aried w .e.f. O 1 ' . 0 9 . 2 0 1 1 forem aining tenure of h is existing appointment ending on 31.05.2013 as fo l lows :a. Salary : Rs.2,50,000/- (Rupees Tw o Lakhs Fifty Thousand only) per month with annual incremen

Rs.50,000/- per month ef fective from 1 s t day of April each year.b. Perquisites : In addition to salary, he shall be entitled to perquisites, w hich s hall be valued as per the provis

o f the Incom e T ax Act , 1961, and w hich unless the context otherwis e requires, are classif iedtw o categories A & B as fo l lows:

A . (i ) Housing : Monthly House R e n t Allowance 50% of Salary or Rent Free Accommodation in lieu the(ii) Provision of Electricity at residential accom m odation.(ii i) Reimb ursem ent of Medical expenses incurred for self and family subject to a m aximum of Rs.75,0

(Rupees Seventy Five Th ousand only) per year.(iv) Reimbursement o f t h e cost o f Individual Mediclaim Policy f o r self a n d family subject t o a maximum

Rs.25,000/- (Rupees Tw enty Five T housand only) per year.2 I A n n u a l R e p o r t 2010 - 2011

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.ABC INDIA LIMITED( v ) Reimbursement of the cos t of overseas h ealth & related insurance subject to a maximum of Rs. 10.000

( R u p e e s Ten Thousand o n l y ) per year.(vi) Cost of Personal Accident Insurance subject to a maximum of Rs.30,000/- (Rupees Th irty Thousand onl

p e r year.(vii) Fees of clubs, subject to a maximum of tw o clubs. This w ill not include adm ission and l i f e membership f e e(viii) Provision of Car w i t h driver for use on Com pany's business.

B. (i) Contribution to provident fund, superannuation fund or annuity fund to the ex tent thes e are singly or ptogether are not taxable under the Income Tax Act, 1961.

(ii) Gratuity payable at a r a t e not e x c e e d i n g h a l f a m onth's salary for each completed year of service p a y a b lat the end of his tenure, and

(iii) Encashment of l e a v e at the end of tenure.G e n e r a l te r m s a n d c o n d i t i on s :i. The office of the Chairman may be terminated by the Company or the concerned Director by g iving the other 3 (three

months' prior notice in writ ing.ii. The terms and conditions set out for appointment and payment of remuneration herein m ay be altered and varied b y th

Board, as it may, from time to tim e, deem fit.Overa l l Re m une rat ion:Above remuneration shall be sub ject to an overall l imit of 5% of the net profits individually, and 10% of the net p r o f i t s collectivelto all the Managerial Personnel, as calculated in accordance with Section 1 9 8 and 309 and other applicable provisions of thCompanies A c t , 1956 read with Schedule X I I I thereto, as m ay for the time being in force.Minimum R e m u n e r a t i o n :W here in any financial year d uring th e c u r r e n c y of tenure of Shri Anand Kumar Agarwal, the Company has no profits or its p r o f iare inadequate, i t may pay him remuneration by w ay of salary and perquisites and o t h e r allowances as above in t e r m s of Paragrap1 (C ) of Part II of Schedule XIII to the C om panies A c t , 1956.6 . T o c o n s i d e r a n d i f t h o u g h t f i t t o p a s s , w i t h o r w i t h o u t modi f icat ion, t h e f o l l o w i n g resolut ion a s S p e c i a

R e s o l u t i o n :RE SOLVE D t h a t pursuant to the provisions of Sections 198,269,309 r e a d with Schedule XIII t h e r e t o and o t h e r applicablprovisions, if any, of the Companies A c t , 1956, and subject to approval by the Central Government as approved by thRemuneration Committee consent of the Company be and is h e r e b y accorded for re-apointm ent of Shri Ashish Agarwal, aManaging Director w .e.f. 1 st August, 2011 for a period of 3 y e a r s on the t e r m s and condition given be l ow :a. Salary : Rs.2,00,000/- (Rupees Two Lakhs only) per month wi th annual increm ent @ Rs .50,000/- pe

m onth effective from 1st day of April each year.b . Perquisites : In add ition to salary, he shall be entitled to perquisi tes, w hich shall be v alued as per the provision

o f the Incom e Tax A c t , 1961, and w hich unless the context otherwise requires, are classified inttw o categories A & B as fo l lows :

A . (i) Housing: Monthly House R e n t Allowance @ 50% of Salary or R e n t Free Accommodation in lieu thereo( i i ) Provision of Electricity at the residential accommodation.(iii) Reimbursement of Medical e x p e n s e s incurred for s e l f and family subject to a maximum of Rs.15,000

(Rupees F ifteen Thousand only) per year.A n n u a l R e p o r t 2010 - 2011 I 3

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A B C INDIALIMITED (iv) Reimbursement of the c o s t of Individual Mediclaim Policy fo r s e l f and family subject to a maximu

Rs.10,000/- ( R u p e e s Ten Thousand only) per y e a r .(v ) Reimbursement of Cost of overseas health & related insurance subject to a maximum of Rs.10,0

( R u p e e s Ten Thousand only) per year.(vi) Reimbursement of the cost of Personal Accident Insurance sub ject to a m aximum of Rs.24,0

(Rupees T w enty F o u r Thousand only) per year.(vii) Fees of clubs, subject to a m aximum of two clubs. This will not include admission and life memberfees.

(viii) Provision of car with driver for use on Com pany's business.B. (i) Contribution to provident fund, superannuation fund or annuity fund to the extent thes e are singly o

together are not taxable under the Income Tax Act, 1961.(ii) G ratuity payable at a rate not exceeding half a month's salary for each completed y e a r of service an(iii) Encashment of l e a v e at the end of tenure.

G e n e ra l t e r m s a n d condi t ions :The office of the Managing Director may be terminated by the Company or the concerned Director by giving th e other 3 (thmonths' prior notice in writing.The terms and conditions set out for appointment and payment of remuneration herein may be altered and varied by the Boarit may, from time to t ime, deem f i t.Overal l R e m u n e r a t i o n :Above rem uneration shall be subject to an overall lim it of 5% of the net profits individually, and 10% of the net profits collectto all the Managerial Personnel, as calculated in accordance w ith Section 198 and 3 09 and other applicable provisions oCompanies Act, 1956 read with Schedule X I I I thereto, as may for the t ime being in force.Min imum Remunera t ion:Where in any financial year during the currency of tenure of Shri Ashish Agarwal, the Company has no profits or its profitsinadequate, i t may pay h im rem uneration by way of s alary and perquisites and other allowances as above in terms of Parag1 (C) of Part II of Schedule XIII to the C om panies Act, 1956.

By order of the BoKolkata A. K . Thiranith e 9th day of August, 2011 C o m p a n y S e c r e tNOTES :a. A MEMBER ENTITLED TO ATTEND AND VOTE AT T HE MEETING IS ENTITLED TO APPOINT A PROXY TO ATT

AN D VOTE INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.INSTRUMENT APPOIN TING PROXY SHOULD, HOW EVER, B E DEPOSITED AT TH E REG ISTERED OFFICE OF COMPANY N OT LESS THAN FORTY EIGHT HOURS BEFORE THE COMMENC EMENT OF TH E MEETING.

b. An explanatory statement pursuant to section 173 (2) of the Companies Act, 1956 relating to special business to b e transaat the meeting is appended hereto.

c. Re-appointment of Directors:A t th e ensuing Annual General Meeting, Shri Vijay Kumar Jain, Dr. Padam Chand A g a r w a l and Shri. A s h o k Suretires by rotation and being eligible o f f e r himsel f fo r reappointment. T he information or details pertaining to

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ABC INDIA LIMITEDD i r e c t o r s to be prov ided in terms of Clause 49 of the List ing A g r e e m e n t w ith the Stock Exchanges are furnished in thStatem ent on C orporate G overnance.

d. Th e Com pany has already t r a n s f e r r e d all unclaimed div idends declared upto th e f inancial year 1999-2000 to thInvestor Education and Protection Fund ( t h e IEPF) establ ished by the C entral Gov ernment.

e . Corporate Members intending to send the i r authorised representat ives are requested to send a duly cert i f ied copy othe Board Resolut ion authorising t h e i r re p r e s e n t a t iv e s to attend and v o t e at the A n n u a l G eneral Meeting.

f . Consequent upon th e introduction of S e c t i o n 1 0 9 A of the C om panies A c t , 1956, Shareholders are entitled to maknomination in respect of shares hold b y them in phys ical form . Shareholders desirous of making nominations arrequested to send the i r requests in Form 2B (w hich wi l l be made available on reques t) to the Registrar and T r a n s f eAgents M/s. MC S Lim ited, 77/2A Hazra Road, Kolkata - 700 029.

g . T h e R e g i s t e r o f M e m b e r a n d T r a n s f e r B o o k s i n r e s p e c t o f t h e E q u i t y S h a r e s o f t h e C o m p a n y w i l l b e c l o s e d f r o mMonday, th e 19th day of September, 2011 to Friday, the 23rd day of Septem ber, 2011, both days Inclusive for thpurpose of Annual General Meeting and Dividend.

h . Div idend, if declared at the meeting wil l be paid on or a f t e r 1st day of October, 2011 to those shareholders whosnam es appear in the Register of Members of the Com pany or in the Register of Beneficial Owners m aintained by thDepositories as at the closing of business hours on 16th day of September, 2011.

i. Equity sh ares of the com pany are available fo r dem aterialisation both w i t h th e National Securities DepositoryLimited and Central Depository Services India Ltd.

j. Shareholders holding sh ares in demateri l ised f o r m would receive their dividend directly to the Bank a c c o u n t nominateby them to the ir Depository Participant as per SEBI di rect ives.

k. The C ompany h as appointed M/s. MC S Ltd., 77/2A Hazra Road, Kolkata 700 029 as its Registrar and Transfer AgenMembers holding sh ares in phys ical form are requested to noti fy /send any changes in their addres s to i ts Regis traand Transfer Agent to facilitate b e t t e r serv ice.

E X P L A N A T O R Y S T A T E M E N T U N D E R SECTION 173(2) O F T H E C O M P A N I E S A C T , 1956 :Item No. 7Shri Anand Kum ar Agarwal is s erving the Com pany as Chairman. His ex isting term s of rem uneration are conside red inadequatand the same are proposed to be modif ied and varied as set out in the proposed resolution w h i c h has been approved by thRemuneration Commit tee and require approval by the s hareholde rs at a General Meeting by a Special Resolution and approval bC entral Governm ent. A statem ent giving information in terms of clause (iv) to Paragraph 1 (C) of Part II of the Schedule XIII to thCompanies A c t , 1956 is as fo l lows :G E N E R A L I N F O R M A T I O N :( 1 )

(2 )(3 )

Nature o f IndustryDate of commencement of commercial productionIn c a s e o f n e w c o m p a n i e s , e x p e c te d d a t e o f c o m m e n c e m e n t o f a c t i v i t i e sa s per project approval by financial institutions appearing in the prospectus

Multi-model transportation serv ices1972-1973N o t applicable a s a n e x i s t i n g c o m p a n y .

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A B C INDIA LIMITED (4) Financial performance based on given indicators (Rs. in Lakhs)Year ending31st March

20112010200920082007

(5 )(6 )

Turnover2073214677163641401011174

Prof i t b efore Taxat ion& Depreciation126840983 4475341

Profit before Taxat ion848169606284161

Export Performance and net f o r e i g n e x c h a n g e collaborationForeign investments or collaboration, if any.

Profit after Taxat55 3108426170133

Earning in foreign exch ange in theFinancial Year 2010-2011Rs.53,72,The Company has 24% interest in NAB C Logistics Limited, a joint venturNissin Corporation, Japan.

IN F O R M A T IO N A B O U T TH E AP P OI NT E E :( 1 )(2)

(3 )

(4 )

(5 )(6 )

(7)

Background details

Past Rem uneration

Recognition or awardsJob profile & " h i s suitability

Remuneration proposedC om parative rem uneration profile withrespect to industry, size of company,profile of the position and person.Pecuniary relationship directly orindirectly with the com pany, orrelationship w ith the m anagerialpersonnel, i f a n y

He has been with the Company since its incorporation. Qualif ied B.Comaged about 58 years, he has rich ex perience of o v e r 39 y e a r s in the busio f t h e C o m p a n y .Basic Salary of Rs.24,00,000/-, Rs.21 ,60,0007- and Rs.1 6,40,000/- andperquisi tes as per his terms of appointment annually in Financial20 1 0 - 1 1 ,2009-1 0 and 2008-09 respectively.None in particular as recognised and awarded several times for speachievements by the Company.His Job p r o f i l e shall include devoting wh ole t im e attention to the Manage& Administration o f t h e affairs o f t h e Company a n d e x e r c i s e s p o w e r s suto the superintendence, direction and control of the B o a r d of D i r e c t o r sChairman. With Valuable contributions made b y h im to the company duhis hitherto assoc iation w ith the company, he h as been considered perfsuitable for his job profile.Salary Rs.2,50,000/- per month and other perquisites as spelt out ine x p l a n a t o r y s t a t e m e n t h e r e i n a b o v e .Th e rem uneration proposed is in consonance w ith respect to industry, sicom pany, profile of the position and the person.Apart from salary and perquisites to be received from the Company, heinterest in the Company as promoter with substantial holdings. He is relto Shri Ashish Agarw al, Managing Director and Dr. Ashok Kumar AgaD i r e c t o r

O TH ER I N F O R M A T I O N :Reasons of loss or inadequate profits.Steps taken or proposed to be taken forimprovement Expected increase inproductivity and profits in m easurable terms

There is profit in the Company at present, but as abundant caution, information is being provided t o t h e shareholders fo r payment o f minimrem uneration to Shri Anand Kumar Agarwal, in case of no profinadequate profit in any financial year.

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.ABC INDIALIMITEDISCL O SURES:Rem uneration package offered to Shri Anand Kumar Agarwal, Managing Director, is as per the above resolution.Other disclosures in terms of clause IV (2) of paragraph 1-C of Section - II of P a r t II of schedule XIII to the Companies Act, 1are being provided in the Corporate G overnance Report attached to the B oard of Director's Report.None of the Directors are concerned or interested in this resolution except Shri Anand Kumar Agarwal him self, Shri Ashish KuAgarwal.Managing Director and Dr. Ashok Kumar Agarwal wh o are related to each other.Item N o. 8The present terms of appointm ent of Shri Ashish A g a r w a l as Managing Director e x p i r e s on 31.07.2011. As his servicescontinuously required b y the C om pany, it isa proposed to reappoint him for another period 3 years. His reappointment andterms and conditions thereof are as set out in the proposed resolution which have been approved by the Remuneration Com mand require approval by the shareholders at a General Meeting by a Special Resolution and approval by the Central GovernmA statement giving information in terms of clause (iv) to Paragraph 1 (C ) of Part II of the Schedule XIII to the Companies A c t , 1is as fo l lows:G E N E R A L I NF ORM AT I ON(1) Nature of Industry(2) Date of commencement of commercial production(3) In case of new com panies, expected date of comm encem ent of activitiesas per project approval by financial institutions appearing in the prospectus

Multi-m odel transportation services1972-1973Not applicable as an existing company

(4) Financial performance based on given indicators (Rs. in Lakhs)Y e a r ending31st March

20112010200920082007

(5 )(6 )

Turnover2073214677163641401011174

Profit before T axation& Depreciation1268409834475341

Profit before Taxation848169606284161

E x p o r t P e r f o r m a n c e a n d n e t foreign e x c h a n g e collaborationForeign investm ents'^ collaboration, if any.

Profit after Taxation553108426170133

Earning in foreign exchange in theFinancial Year 2010-2011 Rs.53,72,084/The Company has 24% interest in NissinA B C - Logistics Limited, a oint venture wiNissin Corporation, Japan.

INF ORM AT ION A BOU T T HE AP P OI NTE E :( 1 )

(2)

(3 )

Background details

Past Rem uneration

Recognition or awards

H e is s erving the C o m p a n y for past 3 y e a r s as Managing Director. Duringperiod he has gained rich experience in the Management and Administrato f Company's business. He is a qualified B.A. (Economics) ,and aged a b32years.Basic Salary of Rs.17,40,000/- in Financial Year 2010-1 1 and Rs.14,40,00in Financial Y e a r 2009-1 0 and other perquisites as per his terms of appointmas Managing DirectorNone in particular as recognised and awarded several t imes for s pecachievements by the Company.

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A B C INDIALIMITED (4 )

(5 )

(6 )

(7)

Job profile & h is suitability

Rem uneration proposed

Comparative remuneration profile w ithrespect to industry, size of company,profile of the position and person.Pecuniary relationsh ip directly orindirectly w ith the com pany, orrelationship with the m anagerialpersonnel, if any.

His job profile shall include dev oting w hole time attention to the Managem& Administration of the affairs of the Company and exercises powers sut o th e s u p e r in t e n d e n c e , direction a n d c o n t r o l o f t h e B o a r d o f D i r e c t o r sChairman. With valuable contributions made by him to the Company duh is hitherto association w i t h th e Company, h e h a s been c o n s i d e r e d p e r fsuitable f o r h i s j o b p r o f i l e .Salary Rs. 2,00,000/- per month and other perquisites as spelt out ine x p l a n a t o r y s ta t e m e n t h e r e i n a b o v e .The remuneration proposed is in consonance with respect to industry, sizcompany, profile of the position and the person.

Apart from salary and perquisites to be received from the Company, heinterest in the Company as belonging to promoter group wi th substaholdings. He is related to Shri Anand Kumar Agarwal, who is the Chairmathe Company and Dr. Ashok Kumar Agarwal, Director

OTHER I N F O R M A T I O N :R e a s o n s o f lo s s o r inadequate profits.Steps taken or proposed to be taken forimprovement Expected increase inproductivity and profits in measurable term s

There is profit in the Company at present, but as abundant caution,inform ation is being provided to the shareholders for payment of minimrem uneration to Shri Ashis h Agarwal, in case of no profit or inadeqprofit in any financial y e a r .D I S C L O S U R E S :Rem uneration package o f f e r e d to Shri Ashish Agarwal, Managing Director, is as per the above resolution.O th e r d i s c lo s u r e in t e r m s o f clause I V ( 2 ) o f p a r a g r a p h 1 - C o f S e c t io n I I o f Part-ll o f S c h e d u l e X I II t o t h e C o m p a n i e s A c t , 1 9being provided in the Corporate Governance Report attached to the Board of Director's Report.None of the Directors are concerned or interested in this resolution except Shri Ashish Agarwal him self, Shri Anand KA g a r w a l , Chairman a n d D r . A s h o k Kumar A g a r w a l w h o a r e r e l a te d t o e a c h o t h e r .

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.ABC INDIA LIMITEDDIRECTORS' REPORTT h e D i r e c t o rs h a v e pleasure in presenting th e 38th A n n u a l R e p o r t o f th e C o m p a n y t o g e t h e r with A u d it e d A c c o u n t s f o r th e y e a re n d e d 3 1 s t M a r c h 2 0 1 1 :

(Rs. in Lacs)FINANCIAL RESULTS As on 31.03.2011 Previous YearTurnover 20732 14677P r o f i t b e f o r e T a x a t i o n a n d D e p r e c i a t i o n 1 2 6 8 4 1 0Depreciation 420 241( N e t of depreciation on revalued assets transferred from Capital R e s e r v e ) __ _Profit before Taxation 848 169P r o v i s i o n f o r T a x a t i o n 2 9 5 6 1Profit after taxation 553 108A d d : B a l a n c e o f P r o f i t & L o s s A c c o u n t b r o u g h t f o rw a r d 8 8 4 8 6 5

973L e s s : T ax adjustment fo r earlier year ___4 __28Profit available fo r appropriation 1433 945Appropr iat ion: ~P r o p o s e d Dividend 8 1 2 7T a x on proposed dividend 14 4T r a n s f e r to G e n e r a l R e s e r v e 3 00 __30Balance c a r r i e d f o r w a r d to Balance S h e e t 10388 8 4SERVICES AN D EARNINGSCompany's total e a r n i n g s including o t h e r in c o m e fo r th e y e a r a m o u n t e d to R s . 2 0 7 3 2 la c s a s c o m p a r e d w i th t h e previous y e a rtotal earnings o f R s . 14677 lacs.DIVIDEN DThe Directors recommend for your approval for payment of dividend @ Rs.1.50 per Equity Share of Rs.10/- each for the yeare n d i n g 31.03.2011. ( P r e v i o u s y e a r Rs.0.50 p e r E q u i t y S h a r e ) . T h e total a m o u n t o f d i v i d e n d ( in c l u d in g D i v id e n d T a x t h e r e o n )w o u l d a m o u n t to R s . 9 5 l a c s ( P r e v i o u s y e a r 3 1 l a c s ) .O U T L O O KD u r in g t h e y e a r under r e v ie w , th e C o m p a n y could m a t e r i a l s e r e s u l t s f r o m it s i m p r o v e d capabilities a n d sustained m a r k e t i n g e f f o r t sfo r it s activities in p r o v i d i n g logistics s o l u t i o n s t o i t s c u s t o m e r s . T h e r e w a s g o o d d e m a n d fo r C o m p a n y ' s s e r v i c e i n t h e y e a r w it hg r o w i n g industrialisation in N o r t h E a s t India. T h e C o m p a n y is c o n t in u o u s l y w o r k in g t o w a r d s r e a p i n g i ts b u s i n e s s f r o m ongoing a sw e l l a s n e w p r o j e c t s in m a j o r i n f r a s t r u c t u r e s e c t o r . H o w e v e r , p e r fo r m a n c e o f th e c o m p a n y in c u r re n t y e a r a n d c o m in g y e a r s s h a lla r g e ly d e p e n d o n continuity o f industrial p r o j e c t s , a n d s u c c e s s f u l completion o f jobs in hand.P r o j e c t C a r g o D i v i s i o n w a s s u c c e s s f u l i n c o n v e r t i n g i t s s t r e n g t h in t o b u s i n e s s . P e t r o l P u m p s e g m e n t h a s s h o w n s a t i s f a c t o r yp e r f o r m a n c e . T h e C o m p a n y e x p e c t s to i m p r o v e it s p e r f o r m a n c e i n a l l s e g m e n t s i n c o m i n g y e a r .H U M A N R E S O U R C EST h e C o m p a n y continued to train a n d d e v e l o p i t s h u m a n r e s o u r c e s to m e e t th e challenges o f g r o w i n g q u a l it y p e r s p e c t iv e a n dl o g i s t ic r e q u i r e m e n t o f t h e c u s t o m e r s . In v i e w o f i n c r e a s e d c o m p e t it io n , th e h u m a n r e s o u r c e s o f th e c o m p a n y a re being g e a r e d u pt o d e l i v e r b e t t e r quality a n d specialised s e r v i c e s b o t h to m e e t th e c o m p e t i t i o n a n d t o s a t i s f y c u s t o m e r r e q u e s t s . .E M P L O Y E E S S T O CK OPTION SCH EME, 2007M e m b e r ' s approval w a s obtained a t t h e A n n u a l G e n e r a l M e e t in g h e l d o n J u ly 31,2007 f o r in t r o d u c t io n o f E m p lo y e e s S t o c k O p t i o nS c h e m e .

Annual Report 2010 -2011 19

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A B C INDIALIMITED Employees Stock Option Scheme was approved and implemented by the Company and Options were granted to emploaccordance w i t h the Securities and Exchange Board of India (Employees Stock Option Scheme and Em ployees S t o c k P uScheme) Guidelines, 1999( 'the SEBI Guidelines). The Compensation Committee, constituted in accordance w i t h thGuidelines, administers and monitors the Scheme.The applicable dis closure as at March 3 1,2011 stipulated under the SEBI Guidelines are given as fol lows :a ) Options Granted (Including Re-Issue)b ) The Pricing Formula

c ) Options ves tedd ) Options exercisede ) The total number of shares arisingas a result of exercise of Optionsf) Options lapsedg ) Variation o f t h e terms o f Optionsh ) Money realized b y e x e r c is e o f Optionsi) Total number of Options in f o r c ej) Employee w ise details of Options granted to

1. Senior Management PersonnelMr. Binoy Krishna Dhar 3300M r . Sunder Gopal Das 910Mr. Ishwar Ch andra Sharm a 1080Mr. V.C hatrapath i 880Mr.C.K.Ojha 1300Mr. J.S.Jadav 390Mr. Paramesh war Lal Tamrayat 430Mr. M.V.K.S.R. Sharm a 310Mr. Raveender Kr. Sharma 96 0Mr. Kamal Kr. Makharia 1190Mr. Sanjay Agarw al 10202. Any other employee wh o received a grant in anyone year of Options amounting to 5% or more

o f Options granted during that year.3. Identified employee w ho w e r e granted Options,during any one year, equal to or exceeding 1% ofthe issued capital (excluding outstanding warrantsand conversions) of the Company at the time of g rant.

k ) Diluted Earnings Per Share (EPS) b e f o r e exceptional itemspursuant to issue of shares on exercise of Options calculatedin accordance w ith Acco unting Standard ( A S ) 20 'EarningsP e r Share'

I) Where the company has calculated the employeecompensation cost using th e intrinsic value ofthe stock options, the difference between theemployee com pensation cost so comuted and theem ployee com pensation cost that shall have beenrecognized if it had used th e fair value of the options,shall be disclosed. Th e im pact of this difference on profits10 I Annual Report 2010-2011

1,45,880For all option ves ting on or be fo re l s t November,e x e r c i s e price was Rs. 5 0 7 - and for all options vestin1st November, 2008 the exercise price shall be Rs.e a c h s h a r e .1,09,83014,79014,79068,730NoneRs.7,85,700/-62,360

Mr. R.P.ShahMr. Sushil Kumar PransukhkaMr. Ved PrakashMr. Mihir Mani TripathiMr. Arun Kum ar ThiraniMr. Surendra Pd . TiwariMr. Ramesh Kr. BansalMr. Ram Nawal YadavMr. T.ChakrabortyMr. Avd hes h Gautam

Nil

Rs . 10.17The company has calculated theemployee compensation cost using theintrinsic value of the s tock option. Thee f f e c t o n th e n e t income a n d e a r n i n g p e rshare, had the fair value m ethod beenadopted is described b elow :

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A B C INDIA LIMITand on EPS of the com pany shall also be disclosed.

m ) Weighted-average exercise prices and weigh tedaverage fair values of options shall be discloseds e p a r a t e l y fo r options whos e e x e r c i s e price eitherequals or exceeds or is less than the market priceo f t h e stock.

n ) A description of the method and significant assump-tions used during th e year to estimate th e f a i r valueso f options.

Ne t Income Rs. In laAs reportedA d d : Intrinsic v a l u e compen-sation c o s tLess : Fair value compensation A d j u s t e d N et IncomeEarning Per Share as reported Rs. 1A s adjusted Rs.W eighted average priceper option Rs. 55Weighted average f a i rvalue per option Rs. 47The fair value of options is estimatedusing the Black Scholes Option PricingModel after applying the following keyassumptions on weighted average basis( 1 ) Risk free interest r a t e 8(2) Expected life 1.88 y(3) Expected volatility(4) Expected dividends( 5 ) Price of the underlyingshare in market at the

t im e of option grant Rs.45.10/.Rs.3T h e M o n e y realised b y e x e r c i s e o f o p t io n s h a s b e e n u t i l i s e d in t h e b u s i n e s s o f th e C o m p a n y especially fo r funding capital i n v e s t mA certif icate from the Auditors in t e r m s of Clause 1 4 SEBI (Employees Stock Option Scheme and Employees Stock PurcScheme) Guidelines, 1999, shall be placed b e f o r e the shareholders at the ensuring Annual General Meeting.D I R E C T O R SShri Vijay Kumar Jain, Shri. Padam Chand Agarwal and Shri Ash ok Surana r e t i r e by rotation and b eing eligible, o f f e r themsefo r reappointment. Shri Prakash Agarwal has since resigned as a Director. The Board recom m ends varying the t e r m s of appointo f Shri Anand Kum ar Agarwal, Ch airm an for remaining tenure of h is exis ting appointment and also recomm endsre-appointm eShir Ash ish Agarw al, Managing Director for a f u r t h e r period of 3 years.A U D I T O R SM/s. Agarwal Kejriwal & Co. Chartered Accountants, Statutory Auditor retires at the conclusion of the ensuing Annual GeMeeting and being eligible, o f f e r t h e m s e l v e s for reappointm ent. Th e C om pany h as received a C ertif icate f r o m th e auditors te f f e c t that their reappointment, if made, will be in accordance w i t h th e provisions of Section 224 ( 1B ) of the Companies A c t ,P A R T I C U L A R S O F E M P L O Y E E SNone of the em ployees of the Com pany were in receipt of rem uneration exceed ing limits prescribed under section 217(2 A) oCompanies A c t , 1956.D I R E C T O R ' S R E S P O N S I B I L I T Y S T A T E M E N TPursuant to Section 217(2AA) of the Companies A c t , 1956 w i t h r e s p e c t to the Director's Responsib ility Statement, it is h econf irmed:( i) that i n t h e preparation o f t h e annual a c c o u n t s , t h e a p p l ic a b l e a c c o u n t in g s t a n d a r d s have b e e n f o llo w e d along w i t h pexplanation relating to material departures:(ii) t h a t th e directors have selected such accounting policies and applied them consistently and made judgments and estimthat a re reasonable a n d p r u d e n t s o a s t o give a t ru e a n d f a i r v i e w o f th e s t a te o f a f f a i r s o f th e C o m p a n y a t th e e n d of inancial year and of the p r o f i t or loss of the Com pany for that per iod:(iii) t h a t th e directors have taken proper and sufficient care for the m aintenance of adequate accounting records in accordwith the provisions of the Com panies Act, 1956, for safeguarding the assets of the C om pany and for preventing and d etefraud and other i rregularit ies:

A n n u a l R e p o r t 2010 - 2 0 1 1 1

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A B C INDIA LIMITED (iv) that the directors have prepared th e annual accounts on a going concern basis :PU B LIC DEPOSITSThe C ompany has not invited or accepted any deposits from the public during the year under report.IN F O R M A T I O N R E Q U I R E D U N D E R T H E C O M P A N I ES ( D IS C L O S U R E O F P A R T I C U L A R S I N T H E R E P O R T O F B O A R D OD I R E C T OR S ) R U L E S 1988.A . Conservation of E n e r g y :

The C om pany's operation involves no energy consumption.B . Form o f Disclosure o f particulars w ith respect t o absorption o f Technology a n d Development o f R & D .

i) Research and Development: The Company does not h a v e any R& D Division and C om pany's Operations does norequire this type of establishment,ii) Technology absorption, adoption and innovation: The Company has not imported any technology due to its nature ooperation.iii) Foreign Exchange earnings and outgoing : The Company has no activities related to e x p o r t of its services. TheCompany earned Foreign Exchange w orth Rs. 53,72,084/- during the year (Previous Year - Rs.37,94,878/-). TheCompany has remitted foreign exchange worth Rs.7,93,57,984./- (Previous Y e a r Rs.18,52,213/-) on account ofre ight paid by o v e r s e a s constituents on our b e h a l f and/or f re i g h t c o l le c t e d by the Com pany on t h e i r b e h a l f and civioperational expenses in foreign countries. The Company has also incurred Rs.19,09,822/- (Prev ious Year

Rs.17,47,201/-) b y w a y o f f o r e ig n tours f o r business purposes.A U D I T R E P O R TTh e Auditor's report does not contain any qualification or adverse comments.C O D E OF C ON D U C TThe Board of Directors has laid down a code of conduct applicable to the Board of Directors and Senior Management, which isa v a i la b l e o n t h e C o m p a n y ' s w e b s i te . A ll B o a r d M e m b e r s a n d S e n io r M a n a g e m e n t p e r s o n n e l h a v e a f f i r m e d c o m p l i a n c e w i t h t h ecode of conduct.CO RP O RATE G O VERNANCEY o u r company has always s t r i v e n to incorporate appropriate s t a n d a r d s fo r good corporate governance. It has taken adequates t e p s to e n s u r e that all mandatory p r o v i s i o n s of C orporate G overnance as p r e s c r i b e d under the Listing A g r e e m e n t s of the StockExchanges, with wh ich the C ompany is listed, are com plied with.A certificate of compliance from the Auditors together w ith a report on Corporate Governance forms part of this Report.I N V E S T O R S E R V I C E SIn compliance to the requirements of n e w l y inserted clause 54 of the Listing A g r e e m e n t s w i th Stock Exch anges, the Company hasdedicated a column for investor services in its w ebs ite w ww .abcindia.com. Th e company would keep on updating thes e particularsas and wh en necessary.C A U T I O N A R Y NOTET h e statements f o r m i n g part of the Directors' R e p o r t m ay contain c e r t a i n f o r w a r d looking s tatements within the meaning of applicablesecurities laws and regulations. Many fac tors could cause the actual results, performances or achievements of the C ompany to b em aterially d i f f e r e n t f r o m any f u t u r e results, p e r f o r m a n c e s or achievements that may be expressed or implied by such f o r w a rlooking statements.A C K N O W L E D G E M E N T STh e Directors wish to convey their sincere appreciation of all the staff mem bers for their enormous personal efforts as well as theicollective contribution to the company's performance.The Directors w ould also take this opportunity to acknowledge the cooperation and ass istance of Financial Institutions, Banks andvarious C entral and State Government Departments and Agencies.Finally, the Directors ow e their gratitude to all the Customers and Shareholders for their continued support to the Company andtheir confidence in its m anagem ent.

B y order o f t h e BoardPlace: Kolkata Ashish A g a r w a lDate -.August 9,2011 M a n a g i n g D i r e c t o r12 I Annual Repor t 2010-2011

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ABC INDIA LIMIT

CORPORATE GOVERNANCE REPORTIn compliance with clause 49 of the Listing A g r e e m e n t w i t h Stock Exch anges, the Company submits the report on the m amentioned in the said clause and th e p r a c t i c e s f o l l o w e d by the C o m p a n y .1. C ompany 's Philosophy on Code of Governance :

Y o u r C o m p a n y ' s p h i lo s o p h y is to e n h a n c e c u s t o m e r s ' s a t is f a c t io n a n d s e r v e th e o b j e c t iv e o f m a x i m i s i n g t h e s h a r e hvalue by practicing the principles of good c o r p o r a t e governance.2. Board of Directors :1 ) Particulars o f composit ion o f Board o f Directors, attendance o f each Director a t Board Meetings & t h e last AnG eneral Meeting, a n d number o f o t h e r Board o f D i re c t o r s o r B o a r d Committees o f which D i re c t o r s a r e M e m b e r / C h a i rare as under:Name of Director

Shri A. K. Agarw alShri Krishan AryaDr. Debasis SenguptaShri Ashoke K DuttaD r . Ashok AgarwalShri. V. K. JainDr. P. C. A g a r w a lShri Prakash Agarwal*Shri. A s h o k SuranaS h r i A s h i s h Agarwal

Category

ChairmanIndependentN o n - E x e c u t i v eD i r e c t o r

- d o --do-- d o -- d o -- d o -- d o -- d o -Managing Director

AttendanceParticularsBoardMeetings

1142334223

LastAG M

11

1

N o. of other Directorships andCommi t tee Membersh ips /Cha i rmansh ipOtherDirectorsh ips

11741

13

OtherCommit tee11232

Commit teChairmansh11

1

* Since resig ned* * This excludes Directorships held in Indian p r i v a t e l imited companies/foreign companies and trustee/membershmanaging Committee of various trusts and o t h e r bodies.During th e Financial year ended 31 st March, 2011 f o u r Board Meetings w e r e held on 27th M a y , 2010,12th July,28th October, 2010, and 28th January, 2011. Th e m aximum time gap between any two m e e t i n g s was not moref o u r months.

2 ) Particulars of N o n - E x e c u t i v e D i r e c t o r p r o p o s e d to be reappointed is as f o l lows:i) NameAg e

Q u a l i f i c a t i o n sExperienceO t h e r DirectorshipsShareholding in the co m pany:

ii ) NameA g eQualificationsExperienceOther DirectorshipsShareholding i n t h e Company

Shri Vijay Jain6 0 y e a r sB.com. (Hons.), MBARenowned businessman having excellent knowledge about B u s iactivities in North E a s t e r n India.S . B. Y a r n India Private Limited.Trust House Securities Private Lim ited.35 0 Equity Shares.D r . Padam Chand A g a r w a l6 0 y e a r sMBBS, TDD.Physician by profession and having excellent understanding of Busia c t i v i t i e s . "None187 Equity Shares.

A n n u a l R e p o r t 2 0 1 0 - 2 0 1 1 1

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ABC INDIA LIMITED

3)

4)

N a m eA g eQualificationsExperienceOther DirectorshipsShareholding in theCompany : 2500 Equity Shares

Shareholding of N on-Executive Directors in the Company:

Shri. Ashok Surana5 5 yearsB . C o mRenowned Businessman having excellent Knowledge about Businactivities in North Eastern India.Magnoplas Private Limited

NameShri. Krishan AryaDr. Debasis SenguptaShri Ashoke K DuttaDr. Ashok AgarwalShri. V .K. JainDr. P. C . AgarwalShri Prakash AgarwalShri. Ashok Surana

N o. of Equity SharesN ilN ilNilNil

3 50187N il

2500Disclosures relating to reappointment and variance in t e r m s of appointment of Executive Directors Shri Anand KuAgarwal, Ch airman & Shri Ashish Agarwal, Managing Director:( I) A l l e l e m e n t s o f r e m u n e r a t io n p a c k a g e ss u c h a s Salary, b e n e f i t s , b o n u s e s , s t o c koption, pension etc. of all the directors :

: Shri Anand Kum ar Agarwala. Salary : Rs.2,50,000/- (Rupees T w o Lakhs FThousand only) per month with annual increm@ R s . 50.000/- p e r month e f f e c t i v e f r o m 1 s t d aA p r i l e a c h y e a r .

b. Perquisi tes: In addition to salary, he shall be entitleperquisites, wh ich shall be v alued as per the proviso f the Income Tax Act, 1961, and which unless the c o no t h e r w i s e r e q u ir e s , a r e c l a s s i f ie dinto tw o categories A & B as f o l lows :

A . (i) Housing : Monthly House R e n t Allowance @ 5o f Salary or R e n t Free Accommodat ion int h e r e o f .Provision of Electricity at residential accommodatReimbursement of Medical e x p e n s e s incurredself and family subject to a m axim um of Rs.75,0- (Rupees Seventy Five Th ousand only) per y

(iv) Reim bursement of the cost of Individual MediclPolicy for self and family subject to a maximumRs.25,000/- (Rupees Twenty Five Thousand oper year,(v ) Reimbursement o f t h e cost o f o v e r s e a s healtrelated insurance subject to a maximum of 10.000/- (Rupees Ten Thousand only) per y(vi) Cost of Personal Accident Insurance subject max imum o f Rs.30,000/- (Rupees Th

Thousand only) per year.14 I Annual Report 2010-2011

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-ABC INDIA LIMITED(vii) F e e s of clubs, subject to a maximum of two clubsThis w i l l not include adm ission and lifemembership fees,(viii) Provision of Car with driver for use on Company'sbusiness.

B. (i) C ontribution to provid ent fund, superannuationfund or annuity fund to the ex tent these are singlyo r put tog ethe r are not taxable under the IncomeTax Act , 1961.(ii) Gratuity payable at a r a t e not exceeding h a l fmonth's salary f o r e a c h completed year o f servicepayable at the end of his tenure, and(iii) E n c a s h m e n t o f le a v e a t th e e n d o f tenure.

Shri Ashish A g a r w a la. Salary : Rs.2,00,000/- ( R u p e e s T w o Lakhs only) pemonth with annual increment Rs.50,000/- per monteffective from 1 s t day of April each year,b. Perquisites: In addition to salary, h e shall be entitled t

perquisites, which shall be valued as per the provisiono f the Incom e Tax A c t , 1961, and w hich unless the contexotherwise requires, are classified into tw o categories A& B as fo l lows :A . (i) Housing : Monthly House R e n t A l l o w a n c e @ 50%o f Salary or Rent Free Accommodation in liet h e r e o f .( ii) Prov is ion of Electr ic i ty at the res ident iaaccommodation.(iii) Reim bursement of Medical e x p e n s e s incurred fos e l f a n d family s u b j e c t t o a m a x i m u m o f R s . 1 5 , 0 0(Rupees F ifteen Thousand only) per year.

( i v ) Reimbursement o f t h e c o s t o f Individual MediclaimPolicy for s e l f and family subject to a m axim um oRs.10,000/- (Rupees T en Thousand only) per y e a r( v ) Reimbursement o f Cost o f overseas health & relatedinsurance subject to a maximum of Rs.10,000/(Rupees Ten Thousand only) per year.( v i ) Reimbursement of the cost of Personal A c c i d e nI n s u r a n c e s u b j e c t t o a m a x i m u m o f R s . 2 4 , 0 0 0 /(Rupees Twenty Four Thousand only) per year.( v ii) F e e s o f clubs, subject to a maximum o f t w o clubsTh is w ill not include admission and life membershifees.(viii) Provision of car with driver for use on Company'sbusiness.B . (i) Contribution to provident fund, superannuation f u n do r annuity fund to the extent these are singly oput together are not taxable under the Income T aA c t , 1961.(ii) Gratuity payable at a rate not exceeding half amonth's salary for each completed year of serviceand,(iii) Encashm ent of leave at the end of tenure.

A n n u a l R e p o r t 2010 - 2011 115

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ABC INDIALIMITED(ii) Details of fixed com ponent and All the elements of remuneration for both Shri Anand performance linked incentives A g a r w a l and Shri Ashish A g a r w a l are f ixed as definedalongwith perform ance criteria and there are no performance linked incentives(iii) Service contracts, notice period, As proposed in the Special Resolutionseverance f e e s(iv) Stock option details if any, and Th e executive directors of the Company are p r e s e n t

w h e t h e r th e s a m e h a s b e e n issued e n t it le d t o t h e S t o c k Option plan o f t h e C o m p a n y .at a discount as well as the periodover which accrued and over whichexercisable3. Code of C o n d u c t :

The Company has laid down a Code of Conduct for all its Directors and Senior Management personnel for avoidaconflicts of interest. It has received from all of them the necessary declarations affirming compliance with it for the finyear ended 31.03.2011. There were no material personnel interest adverse to the interest of the Company and impersonal benefits received as a result of their position by the Directors and Senior Management personnel, w hich couto potential c onflict of interest w ith the C om pany. The C ode of C onduct is available on the Company 's website.A N N U A L D E C L A R A T IO N B Y MANAGING DIRECTOR (CEO) P U R S U A N T TO C L A U S E 49(1) (D ) (ii) OFS T O CK E X CH A N G E LISTING A G R E E M E N T

As the Managing Director (Chief Executive Officer) of ABC India Limited and as required by clause 49(1) (D) (ii) of Stock Exchange Listing Agreement, I hereby declare that all the Board Members and Senior Management personnethe Com pany have aff irmed compliance with the Company's Code of Business conduct and Ethics for the Finanyear ending 31st March, 2011.Ashish A g a r w a lManaging Director

4. Au d i t C o m m i t t e e :4.1 The audit committee is to ov ersee the C om pany's f inancial reporting process and d isclosure of its financial informt o r e c o m m e n d th e appointment o f S t a t u t o r y A u d i to r s a n d fixation o f their f e e s , to r e v i e w a n d discuss with t h e a uabout internal control systems, the scope of audit including the observation of the Audits, adequacy of the incontrol system, major accounting policies, practices and entries, compliances with accounting standards andagreement entered into with the Stock Exchanges and other legal requirements concerning financial statemenrelated party transactions, if any, to review the C ompany's financial and risk management policies and discuss wInternal Auditors any significant findings for follow up thereon, to review the Q uarterly, Half Yearly and Annual FinS t a te m e n t s b e f o re t h e y a r e submitted t o th e B o a r d o f D i r e c t o r s .4.2 The Audit C om m ittee of the Board of Directors comprises of following non-executive Directors held four meetithe financial year 2010-11. It was reconstituted with Dr. Debasis Sengupta. Director as Chairman, Shri. V. KDirector as Member, Dr. P. C. Agarwal, Director as member and Shri. Sushil Kumar Pransukhka, Vice Pre(Finance) as Executive Mem ber. The Company Secretary acts as the Secretary to the Committee. Detailsattendance of m emb ers and the m eeting are as fol lows:

Name of Director(a)(b)(c)(d )

Dr. Debasis SenguptaShri V. K. JainD r . P . C . A g a r w a lShri. S. K. Pransukhka

DesignationChairmanMemberMember

Executive Member

No. of m eetings attended4343

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ABC INDIA LIMIT5 . Remuneration C om m ittee:

Remuneration Commit tee d e t e r m i n e s on behalf of the B oard of Directors and s hareholders, the Company's p o l i c y on s premuneration packages for e x e c u t i v e director including pension rights and any compensation payments. It was r e c o n s tand now com prises of Shri A s h o k e K Dutta, Director as Chairman, Dr. Debasis Sengupta, Director as member , Dr.Agarwal, Director as a m em ber & Shri S. K. Pransukhka, Vice President (Finance) as Executive Member. It held one meduring t h e y e a r w h e r e a l l t h e m e m b e r s w e r e p r e s e n t .Details of remuneration paid or payable to Directors for the financial y e a r ended 31 st March, 2011, are set out be lowName of DirectorShri. A. K AgarwalShri. K. AryaDr. Debasis SenguptaShri Ashoke K DuttaDr. A s h o k AgarwalShri. V. K. JainDr. P. C Agarw alShri. P r a k a s h A g a r w a lShri. Ashok SuranaShri. Ashish Agarwal

Remuneration (Rs.)30,96,800

N ilN ilN ilN ilN ilN ilN ilNil

29,52,722

Sitting Fees (Rs.)N il

2000800040006,0006000

8,00040004000

N IL

Total (R30,96,8

20804060608040

4,029,52,7

N o t e s :(i ) Appointment of Chairman and Managing Director are for f i v e years and three years respectively. All elemeremuneration of the Chairman and Managing Director i.e. Salary, Perquisites and other benefits, etc. are Schedule 1 5 annexed to and forming part of P r o f i t & Loss Account. As per terms of remuneration, for the purpoGratuity, Pension a n d o t h e r b e n e f i t s , t h e s e r v i c e o f t h e Chairman a n d Managing D i r e c t o r a r e considered c o n t iservice wi th the Company f r o m the date they joined th e service.(ii) Shri A. K.Agarwal, Chairman, Shri. Ashish Agarwal, Managing Director and Dr. Ashok Agarwal, Director of the C om

a r e related to e a c h other.(iii) Th e N on-Executive Directors are paid sitting f e e s for attending Board & Committee Meetings.

6 . Shareholders/ Investors' Grievance Commi t tee :The C om pany's Shareholders cum Investors G rievance Committee looks into various matters relating to expeditious r e do f investor's grievances, transfer and transmission of shares, issue of duplicate share certif icates, approving of splconsolidation requests, review of sh ares dematerialized and all other m atter related to sh ares.The Chairman of the Commit tee is Shri. V. K. Jain, Director w i t h Dr. P C Agarw al, Director and Shri A s h o k Surana, D ias its members. The Company S e c r e t a r y acts as the S e c r e t a r y to the C omm ittee. The Board has designated Shri.Thirani, Company Secretary as the Compliance Officer.During t h e y e a r 8 c o m p l a in t s w e r e r e c e i v e d f ro m s h a r e h o l d e r s a n d in v e s t o r s , d ir e c t ly o r through regulatory a u t h o r it ieth e complaints have b e e n attended /res olved to the s atisfaction of complainants. Th ere were no overdue pending reqfor transfer of s hares as on 31st March, 2011.

7. Com pensation C om m i ttee:The Company 's Compensation Commi ttee looks into all m a t t e r related to working of Employees S t o c k Option Schem

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ABC INDIALIMITEDThe Chairman of the C omm ittee is Mr. Ashoke K. Dutta w ith Mr. Prakash Agarwal, (since resigned) Director and Mr. AshoS u r a n a , D i r e c t o r a s i t s m e m b e r .The Company Secretary acts as the Secretary of the Committee. It held four meetings during the year.

8 . General Body Meet ings:Location and t ime where last three Annual General Meetings w e r e held is given be low:

Financial Year2007-20082008-20092009-2010

Location of the MeetingV i s h w a r a t n a Hotel, G u w a h a t i , A s s a mVishwaratna Hotel, Guwahati, AssamV i s h w a r a t n a Hotel, G u w a h a t i , A s s a m

Date04.09.200824.08.200904.09.2010

Time1.00PM1:00 PM1.00PM

All the resolutions set out in the respective notices were passed by the m emb ers. An Extra Ordinary General Meeting w aheld on 25th day of February, 2011 at Rituraj Hotel, Kedar Road, Guwahati - 7081 001 at 1.00 p.m .,where the resolutiosetout in the Notice was passed by the members present. There w e r e no resolutions put through postal ballot last yeaTh ere is no business at the ensuing Annual G eneral Meeting requiring mplementation of the postal ballot under the applicablerules.9. Disc losures:

There are no m aterially sig nificant related party transactions i.e. transaction of the Company of m aterial nature with itpromoters, the directors or the management, their subsidiaries or relatives etc. hat m ay have potential conflict with thinterests of the C om pany at large.( a ) F o r t h e list o f d i s c l o s u r e s o f . r e l a t e d p a r t y relationship a n d t r a n s a c t i o n s a s p e r A c c o u n t i n g S t a n d a r d A S - 1 8 , p l e a s

r e f e r to Note o n "Related P a r t y Disclosures" in Schedule 1 5 t o t h e Annual A c c o u n t s o f t h e c o m p a n y f o r t h e y e a r ende31st March, 2011.(b ) There was no incident of non-compliance by the Company, penalties, strictures im posed on the Company by StocExchange o r SEBI o r a n y s t a t u t o r y authority, o n a n y m a tte r related to capital markets, during th e l a s t three y e a r s .(c) The Company does not have any Whistle B l o w e r P o l i c y as of now, but no personnel is being denied any a c c e s s to thAudit C om m ittee.(d) All the m andatory requirem ents of clause 49 have been appropriately complied w ith. The m atter of adoption of nonmandatory requirem ents of clause 49 is being reviewed by the Board from time to time.(e) CEO/CFO Certificate in terms of clause 49(V) has been submitted to the Board of Directors.

10. Me a n s of Communicat ion :(a) Half-Yearly Report sent to eachhousehold of shareholders( b ) Quarterly Results

(c) New spapers wherein resultsnormally published(d) Websites w h e r e displayed(e) W hether it also displays o f f i c i a l

news releases & presentationsm ade to institutional investors/analysts(f) Whether MD & A is a part of Annual Report

NoQuarterly r e s u l t s a r e taken o n r e c o r d b y th e Board oDirectors a n d submitted t o t h e S t o c k E x c h a n g e s ap e r requirements of the Listing Agreements.English News Paper -Vernacular Newspapers www.abcindia.comN o

Yes

Business Line, BusinessStandard, SentinelA j i r Asom

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.ABC INDIA LIMIT11. G e n e r a l Shareholder In format ion :11.1 A n n u a l General Meeting

Date and T imeVenue11.2 Financial Calendar (2011-2012) (tentative)

Financial Reporting and Limited Review ReportQuarter ending June 30,2011Q uarter/Half Year ending September 30,2011Quarter ending December 31,2011Q u a r t e r / Y e a r ending March, 31,2012

11.3 Book C losure date(s)

11.4 Dividend Payment date11.5 Listing of Equity Shares on Stock Exchanges

Saturday, the 24th day of September, 2011 at 1:00Visharatna Hotel, Onkar PlazaA. T. Road, Guwahat i - 781001, Assam

2nd week of Augus t, 20112nd w eek of November, 20112nd w eek of February, 20122nd w e e k o f May, 2012Monday, t h e 1 9 t h d a y o f S e p t e m b e r , 2011 toFriday, t h e 23rd d a y o f S e p t e m b e r , 2011( b o t h dincluded)On and from 1 st day of October, 2011.Bom bay Stock Exchange Limited.The Calcutta Stock Exchange Association Lim ited.

( N o t e : Annual listing fees for the financial year(s) 2010-11 to 2011-12 have been paid to both th e above Stock Exch anges)11.6 Stock Code

Physical S e g m e n t : BSE 520123Demat ISIN num ber in N SDL/CDSL

11.7 Stock Market Data:C SE10011146INE125D01011

Monthly high and low quotations of equity s h a r e s traded on Bomb ay Stock Exchange Limited (BSE). The Equity Sharethe Com pany do not form part of Broad Based indices:Month

April, 2010May, 2010June, 2010July, 2010August, 2010Septem ber, 2010Octob er, 2010November , 2010December, 2010January, 2011February, 2011March, 2011

BSEHigh (in Rs.)

159,80142.55127.30153.50147.60152.00167.40175.40147.35131.90136.90151.95

Low (in Rs.)119.50103.0099.00108.00118.00133.00136.00114.20115.00106.20113.00118.70

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ABC INDIALIMITED11.8 Registrar and Share Transfer Agents : M/s. MC S Limited, 77/2A Hazra Road, Kolkata 70002911.9 Share T ransfe r System :

Trading in Equity Shares of the Company is permitted in dematerialized orm w . e . f . 01.02.2001 for all classes of investors ap e r notification iss ued by the Securities and Exchange Board of India (SEBI).Transfer of shares are processed by the Share T r a n s f e r Agents and approved by the share transfer com m ittee called a"Shareholders Cum Investors Grievance Com m ittee", which m eets at frequent intervals. Share transfers are registered anreturned within 1 5 days f r o m th e date of receipt, if the relevant documents are complete in all res pect.

11.10 (a) Distribution of Shareholding as on 31st March, 2011:N o. of EquityShares Held

1 - 500501 - 1000

1001 - 20002001 - 30003001 - 40004001 - 50005001 - 10000

10001 - 5000050001 - 100000

100001 and abov eGRAND TOTAL

Number ofShareholders4480

117542513518

248

144758

% o fShareholders94.16

2.461.130.530.270.110.380.500.170.29

100.00

N o. ofShares held568102

8902975967632214671224144143669

496946582204

33271585417152

% o fShareholding10.49

1.641.401.170.860.452.659.17

10.7561.42

100.00(b ) Categorisation of Shareholding as on March 31,2011 :

CategoryIndian Promoter(s)/P e r s o n s acting in ConcertForeign P r o m o t e rResident Individuals& CorporatesFinancial Institutions/Banks/Mutual FundsNRI's/OBC's/Foreign NationalShares in Transit(NSDL/CDSL)GRAND TOTAL

Number ofShareholders

14-4741

12_

4758

%0fShareholders0.29-

99.650.020.04

_100

N o. ofShares held2939118-2449601

10028333

_5417152

%0fShareholding54.256-45.220

0.0010.523

_100

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ABC INDIA LIMIT11.11 Dem aterialization of Shares

11.12 Outstanding GDR/ADRW a r ra n t s o r a n y C o n v e r t i b l eInstruments, C onversion dateand likely impact on eq uity11.13 Registered Office11.14 Add ress for Investor C orrespondence

4997781 equity shares representing 92.25% of the total ECapital of the Company are held in dematerialized f o r mNational Securities Depository Limited (NSDL) and CeDepository Services (India) Limited (CDSL) as on 31st M2011T h e C o m p a n y h a s n o t i s s u e d a n y o f t h e s e instruments s o

Kedar Road, Guwahati 781001C -121, Bangur Avenue, Kolkata - 700055Phone 033 - 25749589, Email: vrmd@abcindia .com

Place: K o l k a t aDate : 9th day of August, 2011

B y order of the BAshish Aga

Managing D i r

AUDITORS' CERTIFICATE ON CORPORATE GOVERNANCETO THE MEMBERS OFAB C INDIA LIMITED

W e have reviewed the implementation of C orporate G overnance procedures b y ABC India Lim ited during the year ended onMarch, 2011 as stipulated in Clause 49 of the Listing Agreement of the said C om pany w ith Stock Exchanges.T h e compliance o f conditions o f C o r p o r a te G o v e r n a n c e i s t h e responsibility o f t h e Management. O u r e x a m in a t io n h a s b e e n limto a review of procedures and implementation thereof, adopted by the Company for ensuring th e compliance of the conditioC o r p o r a t e G o v e r n a n c e . It is n e i th e r a n audit n o r a n e x p r e s s io n o f opinion o n th e financial s t a te m e n t s o f t h e Company.In our opinion and to the best of our information and according to the explanations given to us, and the representations madth e Directors and the management, we c e r t i f y t h a t the C o m p a n y has complied with, in all material respect, the c o n d i t i oC o r p o r a t e Governance a s stipulated in C l a u s e 4 9 o f th e a b o v e m e n t i o n e d listing A g r e e m e n t .W e f u r t h e r s t a t e t h a t s u c h c o m p l i a n c e is n e i t h e r a n a s s u r a n c e a s t o t h e f u tu r e viability o f t h e C o m p a n y n o r o f t h e e f f i c i e ne f f e c t i v e n e s s with which th e management h a s conducted th e a f f a i r s o f t h e Company.

Plac e: KolkataDate: the 9th day of August, 2011

For AG ARWAL KEJRIW AL &Firm Reg. No. 3161Chartered AccounM. A G A RPa

M. N o. 5

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ABC INDIA LIMITED

MANAGEMENT DISCUSSION & ANALYSISIndus try structure and developmentA m a j o r part o f transportation business in India is done b y o p e r a t o r s in unorganised s e c t o r . O u r C o m p a n y i s o n e o f t h e l aorganised entity in this sector. Performance, growth and development of transport sector is directly linked with and relateperformance, growth and development of industry in our country. T he Indian Industry is showing economic growth and developmand now requires m odern value added logistics solutions. The transport s ector is expected to benefit from the economic groand development of Indian indus try.Opportunities and T h r e a t sRoad transportation & Logistics solutions a r e o n e o f th e m o s t important p r e r e q u i s it e s f o r d e v e lo p m e n t o f t ra d e a n d industry. TIndian industry is showing economic growth and development. Demand for road transport services and logistics solutions agrowing. Howev er, the development and growth of road transport is dependent upon growth of trade and industry, Modern well maintained roads, stable prices of fuel, prices and availability of fuel efficient commercial vehicles and Government policrelating to trade and m otor transport.Segment-wise or product-wise performan ceDuring th e year th e Company had two prim ary b usiness segments namely, Freight & Services and Petrol Pump Division. Outhe total earnings for these two s egm ents amounting to Rs.20,577 Lakhs , the F reigh t & Services Division's earning w as Rs.16,0Lakhs, and the Petrol Pump Division's share w as R s . 4 , 5 4 1 Lakhs.O u t l o o kT h e Company h a s presence a ll o v e r India a n d e s p e c ia l ly in N o r t h E a s t e r n S t a t e s . T h e C o m p a n y a ls o h a s capabilities a n d c o m p e tet o o f f e r both dom estic road t r a n s p o r t a t i o n a n d international f r e i g h t f o r w a r d i n g s e r v i c e s t o i t s c u s t o m e r s . T h e C o m p a n y h a sproved its capacities to transport super over dimensional and over weigh t consignments even by m ulti modal routes. With thadvantages, w e have good prospects of demand fo r Com pany's services. The Company is also providing innovative producti t s c u s t o m e r s w it h v a l u e addition i n it s s e r v i c e s .Ri sks a n d c o n c e rn sOur Company, like any other body corporate, is exposed to specif ic risks that are particular to its business and the environmwithin w hich i t operates. These include credit risks, market risks and operational risks. We have established policies and proceduto m anage these-risks. Such policies and procedures are continuously b enchm arked with b est practices in Indian Road TranspSector.Internal c o n t r o l s y s t e m s a n d their a d e q u a c yThe Company has a well-defined organisation structure, authority levels and internal policies and procedures for conducb u s i n e s s transactions. Th e C om pany has an internal audit s y s t e m , and the audit plans. The A u d i t C o m m i t t e e periodically r e v iinternal audit r e p o r ts a n d adequacy o f internal c o n t r o l s .Discussion on f inancial per formance with respect to operat ional per f orm anceThe Company's total earnings including other income for the y e a r am ounting to Rs.20,732 Lakhs as compared with previy e a r ' s total earnings o f Rs.14,677 Lakhs. T h e p r o f i t b e f o r e I n t e r e s t , D e p r e c ia t io n a n d Taxation w a s Rs.1,850 L a k h s . I n t e r e s t cfor the year amounted to Rs.582 Lakhs, Depreciation (net of depreciation on revalued assets transferred f r o m Capital Reserwas Rs.420 Lakhs and provision for taxation for the year is Rs.295 Lakhs. Accordingly, the profit after taxation for the yeaRs.553 Lakhs. The C ompany has taken strategic steps to improve its business requiring value added logistics solutions and ODimensional Consignments where th e Company has its niche and w here turnover as well as profit margins are generally tob e t t e r .Material d e v e l o p m e n t s in H u m a n R e s o u r c e s / In d u s t ria l Relations f r o n t , including n u m b e r o f people e mp loyedT h e k e y r e s o u r c e f o r t h e Company i s i t s e m p lo y e e s , w h i c h is giving th e C o m p a n y a c o m p e t it iv e e d g e i n t h e c u r r e n t businenvironment. T h e Company h a s been able to c r e a t e a f a v o u r a b l e w o r k e n v i r o n m e n t that e n c o u r a g e s innovation a n d m e r i t o c rFor this purpose, we h ave a practice of rigorous job rotation, training in new age skills and m ulti-functional exposure responsibilities.The Com pany had 486 employees at the end of the year. As n the past, the industrial relations continued to remain cordial athe locations of the Company.The Company has granted Employees Stock Option Scheme for its em ployees in the financial year 2007-08

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ABC INDIA LIMITAUDITORS' REPORTTo the Members ofA B C INDIA LIMITED1 . W e report that w e have audited th e attached Balance Sheet of ABC INDIA LIMITED as at 31st M a r c h , 2011, and the P

a n d L o s s A c c o u n t a n d a ls o t h e Cash F l o w S t a t e m e n t f o r t h e y e a r ended o n t h a t d a t e annexed t h e r e t o . Th ese finas t a t e m e n t s a r e t h e responsibility o f th e c o m p a n y ' s m a n a g e m e n t . O u r responsibility' i s t o e x p r e s s a n opinion o n t h e s e f in astatements based on our audit.2. W e conducted our audit in accordance with the auditing s tandards generally accepted in India. Those Standards requirew e plan and perform the audit to obtain reasonable assurance about whether th e financial statements are f r e e of mam isstatem ent. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the inas t a t e m e n t s . A n audit also includes a s s e s s i n g th e accounting principles u s e d a n d significant e s t i m a t e s m a d e b y m a n a g e ma s well as evaluating the overall financial statement presentation. W e believe that our audit provided a reasonable basour opinion.3. As required by the C om panies (Auditors' Report) Order, 2003 issued b y the Central Government of India in terms ofsection (4A) of section 227 of the Companies Act, 1956, (the A c t ) and on the basis of such checks of the books and reo f th e Company a s w e considered a p p r o p r ia t e a n d a c c o r d in g t o t h e i n f o rm a t io n a n d explanations given t o u s during

c o u r s e o f audit w e enclose i n t h e A n n e x u r e a s t a t e m e n t o n t h e m a t te r s specified in p a r a g ra p h s 4 a n d 5 o f th e said Ordf ar a s th e s a m e a r e applicable, o n t h e f a c t s a n d c i rc u m s t a n c e s t o th e C o m p a n y .4. Further to our comments in the Annexure referred to above, w e report t hat :

(i ) W e have obtained a l l t h e information a n d explanations, wh ich t o t h e b e s t o f o ur k n o w le d g e a n d b e l i e f w e r e n e c e sfor the purpose of our audit.(ii) In o u r opinion, p r o p e r b o o k s o f a c c o u n t a s r e q u i re d b y l a w h a v e b e e n k e p t b y t h e C o m p a n y s o f a r a s a p p e a r s f r o mexamination of those books, and proper returns adequate for the purposes of our audit have been received f r o mbranches not visited by us.(iii) T h e Balance S h e e t a n d P r o f i t a n d L o s s A c c o u n t a n d C a s h F l ow S t a t e m e n t dealt w i th b y t h is r e p o r t a r e in a g r e ewith th e books of account.( i v ) In o u r opinion, th e Balance S h e e t , P r o f i t a n d L o s s A c c o u n t a n d C a s h Flow S t a t e m e n t d e a l t w i t h b y t h i s r e p o r t c owith the accounting standards r e f e r r e d to in sub-section ( 3C) of section 211 of the A c t .( v ) On the basis of written representations received f r o m the d irectors and taken on record by the Board of Directorreport that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in termclause (g) of sub-section (1) of Section 274 of the C om panies Act, 1956.(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accountsthe information required by the Companies A c t , 1956, in the m anner so required and give a trueand f a i r v i e w in confow ith the accounting principles generally accepted in India:

( a ) in the case of the Balance Sheet, of the s t a t e of a f f a i r s of the company as at 3 1 st March, 2011;(b ) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and( c ) i n t h e case o f t h e C a s h F lo w S t a t e m e n t , o f th e c a s h f l o w s f o r t h e y e a r ended o n t h a t d a t e .

F or A G A R W A L K E J R I W A L &Firm Reg .N o. 3161Chartered Account

M. A g aPlace : Kolkata PaDate : the 31 st day of May, 2011 Membership N o. 5

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A B C INDIALIMITED -ANNEXURE( R e f e r r e d t o i n paragraph 3 o f o u r r e p o r t o f e v e n d a t e o n Balance S h e e t a s a t 31s t M a r c h , 201 1 a n d P r o f i t & L o s s A c c o u n t f o ry e a r e n d e d o n t h a t d a t e . )(i ) ( a ) T h e C o m p a n y h a s maintained p r o p e r r e c o r d s s h o w i n g f u l l particulars including quantitative details a n d situatiof i x e d a s s e t s .

(b ) A l l t h e a s s e t s h a v e n o t b e e n physically v e r i f i e d b y t h e m a n a g e m e n t during t h e y e a r b u t there is a r e g u l a r p r o g ra m mverif ication which, in our opinion, is reasonable having r e g a r d to the size of the Company and the nature of its assNo m aterial dis crepancies were noticed on such verification.(c ) During the year, the Company has replaced of a portion of its Fixed A s s e t in the regular course business and dispoo ff o n e o f it s n o n p r o d u c t iv e residential f l a t a n d f e w v a c a n t plots. In o u r opinion a n d according t o th e i n fo r m a t io n explanations given to us sale of such assets has not affected the going concern status of the C om pany.

(ii) ( a ) T h e in v e n t o ry h a s b e e n physically v e r if ie d d u r i n g t h e y e a r b y t h e management. In o u r opinion, th e f r e q u e n c y o f v e r i f i c ais reasonable.( b ) T h e p r o c e d u r e s o f physical v e r i f i c a t i o n o f i n v e n t o r i e s f o l l o w e d b y t h e management a re r e a s o n a b l e a n d a d e q u a t

relation to the size of the Company and the nature of its business.(c) The Com pany is maintaining p r o p e r records of inventory. N o material discrepancies w e r e noticed on verification b e t wth e physical stocks and the book records.(iii) (a) The C o m p a n y has not granted any loan, s e c u r e d or u n s e c u r e d , to companies, f i r m s or o t h e r p a r t i e s c o v e r e d inr e g i s t e r maintained u n d e r section 3 0 1 o f th e Act.T h e r e f o re , th e p r o v i s io n s o f s u b clause(b) t o ( d ) t o c la u s e (i i i) a rapplicable to the Company.

( b ) T h e Company h a s n o t taken a n y loan, secured o r unsecured, f r o m com panies, firms o r o t h e r parties c o v e r e d i nr e g i s t e r maintained u n d e r s e c t io n 3 0 1 o f t h e Act. T h e r e f o r e th e provisions o f s u b clause ( f) a n d ( g ) o f c la u s e (iii)a rapplicable to the company.(iv) In our opinion and according to the information and explanations given to us, t h e r e is adequate internal control sys

com m ensurate w ith the s ize of the company and the nature of its b usiness for purchas es of inv entory and f ixed assets ansale of goods and services. During the course of our audit, we h ave not observed any continuing failure to correct mweaknesses in internal control system.(v) (a) According to the information and explanations given to us, w e are of the opinion that the particulars of contractarrangements referred to in section 301 of the Com panies Act, 1956 that need to be entered in the reg ister m aintained unthat section have been so entered.

(b) No transaction exceeding the value of rupees five lacs have been made in pursuance of contracts referred to n sec301 of the Companies Act 1956.

( v i ) In o u r opinion a n d according t o t h e information a n d e x p l a n a t i o n s given t o u s , t h e Company h a s n o t a c c e p t e d a n y depfrom the public. Therefore the provisions of clause (vi) are not applicable to the company.(vii) In our opinion, the Company has an internal audit system comm ensurate w i t h the size and nature of its business.(viii) Maintenance o f cost r e c o r d s h a s n o t b e e n p r e s c r i b e d b y t h e C e n t r a l G o v e r n m e n t u n d e r c l a u s e ( d ) o f s u b section ( 1section 209 of the C om panies Act, 1956.(ix) (a) The Company is generally regular in d epositing undisputed statutory d ues including Provident Fund, Employee's SInsurance, Investors Education and Protection Fund, Income Tax , Sales Tax , Wealth Tax, Service Tax , C u s t o m DExcise Duty, Cess and any other statutory dues applicable to it w ith the appropriate authorities. N o undisputed amoupayable in respect of aforesaid dues were outstanding as at 31 st March, 2011 for a period of m ore than six m onths fthe date they become payable.

24 i Annual Report 2010 -2011

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ABC INDIA LIMITED(b ) According to the information and explanations given to us, there are no m aterial d ues on account of Sales Tax , W eaTax, Service Tax.Custom Duty, Excise duty,Cess and any other statutory dues that have not been deposited wappropriate authorities on account of any dispute. However according to the inform ation and explanations given to uth e f o ll o w i n g d u e s o f I n c o m e T a x h a v e n o t b e e n d e p o s i t e d b y t h e c o m p a n y o n a c c o u n t o f d i s p u t e s :

N ame of theS t a t u t eI n c o m e T a xA c t , 1 9 6 1

N ame of theD u e sI n c o m e ta x

Amount(Rs.)320.273/-

Period to whicht h e a m o u n t r e l a te sA s s e s s m e n t y e a r2008-09

Forum WhereD i s p u t e is pendingC I T ( A p p e a l s ) Xll /K O L K A T A

( x ) The Company has no accumulated losses at the end of the financial year and it has not incurred cash loss in s u c h financyear and in the immediately preceeding financial year.(xi) In our opinion and as per information and explanations g iven to us, the Company has not def aulted in repayment of duesfinancial institutions or banks and it has no debenture holders.(xii) In our opinion and as per inform ation and explanations given to us, the C om pany has not granted loans andadvances on the basis of security by w ay of pledge of shares, debentures and other securities.(xiii) As per inform ation and explanations g iven to us the C om pany is not a chit fund or a Nidh i or a mutual benefit fund/socieT h e r e f o re , t h e provisions o f c l a u s e ( x i i i ) a r e n o t applicable t o t h e C o m p a n y .( x i v ) As per information and explanations g i v e n to us, the C o m p a n y is not dealing in or trading in s h a r e s , s e c u r i t i e s , debentur

and other investments. Accordingly, th e provisions of clause ( x i v ) are not applicable to the Company.(xv) In our opinion terms and conditions on wh ich the C ompany has given g uarantees for loan or other facilities taken by othe

from banks or financial institutions, are prima-facie not prejudicial to the interest of the Company.(xvi) According to information and explanations giv en to us term loans were applied for the purpose for which they were obtaine(xvi i ) According to the information and explanations given to us and on an ov erall examination of the Balance Sheet of the Compan

funds raised on short-term basis have not been used for long-term inves tm ent.(xvi i i)According to the information and explanations given to us the C ompany has not made any preferential allotm ent of sharesparties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.(xix) The C ompany had no outstanding deb entures in the year,( x x ) The Company has not raised any money by public issues.(xxi) To the best of our knowledge and belief and according to the information and explanations g iven to us, no significant fraud o

or by the Company w as noticed or reported during the year.

Plac e: KolkataDate : the 31st day o f May , 2011

For A G A R W A L K E J R I W A L & C OChartered A cc ou ntanFirm Reg. N o. 316112

M . A g a r wPartnMembersh ip N o. 5247

Annual Report 2010 -2011 I 25

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"-*!1_!_ - _.,.,._,__,_. BALANCE SHEET AS AT 31 ST MARCH, 2011

S e n .No .

S O U R C E S OF FUNDSS H A R E H O L D E R S ' F U N D S 1S h a r e CapitalR e s e r v e s a n d S u r p l u s

L O A N F U N D S 2S e c u r e d L o a n sU n s e c u r e d L o a n sD E F E R R E D T A X L I A B I L I T Y

TOTALA P P L I C A T I O N O F F U N D S

FIXED A S S E T S 3G r o s s B l o c kL e s s : D e p r e c i a t io nN e t B l o c kA d v a n c e a g a in s t c a p i t a l a s s e t sIN VE STM E N TS 4C U R R E N T A S S E T S , L OA N S A N D A D V A N C E S 5S t o c k in T r a d eS u n d r y D e b t o r sC a s h a n d B a n k B a l a n c e sA d v a n c e s

S ub -Tot a l (A) :Less : C U R R E N T LIABILITIES & PROVISIONS 6

Liab i l i t ie sP r o v i s i o n s

S u b -Total ( B ) :N e t C u r r e n t A s s e t s (A - B )

NOTES ON A C C O U N T S 15T OT AL

A s a t 3 1 s tMarch, 2011

Rs. Rs .

5,41,21,02035,27,36,297

40, 68 , 57 , 31783,23,32,960

5,60,00,000 88,83,32,9604,39,73,8671,33,91,64,144

73,68,37,75822,25,83,79751,42,53,961

8,96,04,68560,38,58,6469,32,91,124

34,68,52266,47,66,8728,12,30,56217,41,60,96292,36,26,91824,32,33,2373,83,79,30828,16,12,545

64,20,14,373

1,33,91,64,144

A s a t 31M a r c h , 2 0 1

R

5 , 3 9 , 7 0 ,30,80,46,936,20,1733,94,42

22,3434,16,76

3,55,7473,92,67

48,45,5118,04,7730,40,74

1,43,9931,84,73

3,86,8029,39

34,48,103,97,1710,06,2448,80,91

8,30,152,29,63

10,59,7838,21,13

73,92,67This is the Balance Sheet referred to in our report of even date annexedF or A G A R W A L K E J R IW A L & CO .C h a r t e r e d Accountants A N A N D K U M A R A G A R W A LFirm Reg. No. 316112E C h a i r m a nM A H A D E V A G A R W A L V . K . J AI NP a r t n e r D i r e c t o rMembership No. 5 2474Place: Kolkata A. K . THIRANIDated, the 3 1 st d ay o f May, 2011 S e c r e t a r y

A S H I S H A G A R W A LM a n a g i n g D i r e c t o rD R . D E B A S I S S E N G U PD i r e c t o r

26 I Annual Report 2010 -2011

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ABC INDIA LIMITED

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2011Sch. For the year endedN o. 31st March , 2011

Rs. Rs.INCOMEEarning From Freight & ServicesSale of Petroleum ProductsOther SourcesAmount transferred f r o m Capital ReserveBeing depreciation/amortization on revalued assetsEXPENDITUREExpenditure relating to T r a n s p o r t a t i o n & S e r v i c e sC o s t o f SalesExpenditure on Personnel

Office Establishment and Administrative ExpensesOther ExpensesProvision for doubtful debtsI n t e r e s tDepreciation/amortizationProfit before TaxProvision for Current TaxProvision for D e f e r r e d TaxProfit after TaxationA d d : (i) Tax A d j u s t m e n t for e a r l i e r y e a r(ii) Balance brought f o r w a r d fr o m last y e a rAPPROPRIATIONSProposed DividendProvision for Dividend Distribution TaxTransfer to General ReserveBalance carried forward to B alance Sheet

NOTES ON ACC OUNTSW eighted average Basic earning per share (PAT)

7 1,60,36,06,89645,40,87,3278 1,54,85,459

13,92,748

9 1,22,90,13,99210 45,32,47,32711 11,23,08,68612 8,65,19,44913 61,70,55514 9,75,396

5,81,69,6464,33,69,717

2,11,00,00083,99,069

(3,53,230)8,83,63,162

15

2,07,45,72,430

1,98,97,74,7688,47,97,663

2,94,99,0695,52,98,5948,80,09,932

14,33,08,52681,21,67813,80,2793,00,00,00010,38,06,569

14,33,08,526

10.17

For the y ear end31st March, 20Rs .

1,10,67,42,3135,79,81,42

29,67,2714,01,7

1,46,90,92,786,43,51,035,71,41,428,60,48,97,06,64,768,24,3

62,04,16,71,12,54,63,51

1,45,22,27,31,68,65,475,00,00(14,05,33

60,94,61,07,70,7(27,82,738,6538,41

9,45,26,4427,04,18

4,59,103000,008,83,63,16

9,45,26,44

1.4This is the P r o f i t & Loss Account referred to in our r e p o r t of e v e n date annexedF or AGARWAL KEJRIW AL &CO. 'Chartered Accountants ANANDKUMAR AGARWALFirm Reg. No. 316112E C h a i r m a nM A H A D E V A G A R W A L V . K . J A INP a r t n e r D i r e c t o rMembership No. 52474Place: Kolkata A. K. TH IRAN IDated, the 31 st day of May, 2011 S e c r e t a r y

A S H I S H A G A R W A LM a n a g i n g D i r e c t o rDR. DEBASIS SENGUPTAD i r e c t o r

A n n u a l R e p o r t 2010 - 2011 I 27

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ABC INDIA LIMITED

A .

B .

N et profit before taxAdjusted f o r :Prior period expenditureN et p r o f i t b e f o r e tax and ExA d j u s t e d f o r :DepreciationProvision for doubtful debtsTransfer from Surplus Plan FundInterest ReceivedInterest paid(Profit)/Loss on sale of f i x e d asset(Profit)/Loss f r o m Partnership firmDividend Received

Adjusted for Increase /Decrease in :Trade and other receivableLoans advances and d epositsInventoriesTrade P a y a b l e

C a s h g e n e r a te d f r o m operationDirect taxes paidC a s h f l o w b e f o r e e x t ra o r d i n a r y itemsN e t p r i o r period a d j u s t m e n tN et cash from Operating activit iesC A S H F L O W F R O M INViPurchases of f ixed assetsSale of Fixed Assets(Purchase)/ S a l e o f I n v e s t m e n tCapital (Deposit)/W ithtInterest Receiv edDividend ReceivedN e t cash used in Investing activities

)R THE YEAR ENDED 31ST MARCH, 2011For th eyear ended31st March, 2011(Rs. in thous and)

mNG ACTIVITIES84,798

186a-ordinary i tems 84,612

41,977975

und 4619(2,293)58,170

a s s e t (1,862)) firm (47

(792)1,00,748

king capital changes 1,85,360ease in :

(3,20,932)s (92,065)

(529)1,59,878

(2,53,647)o n (68,288)

(1,534)iry item s (66,754)

186c i t i e s (66,569)ING ACTIVITIES :

(3,30,681)3,788

n ti f ro m P a r tn e r s h ip f ir m , (54,563)2,293

792itivities (3,78,371)

Fyear31st March(Rs. in t hou

2((4

67

(1

(4(6

1

(6

(4

28 I Annual Report 2010 -2011

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.ABC INDIA LIMITED

C A S H F L O W S TA TE ME N T F O R TH E Y E A R ENDED 31ST M A R C H , 2011 (CONTD.)F or the For thy e a r e n d e d y e a r e n d e

31s t M a r c h , 2011 31 st March, 20( R s . in thousand) ( R s . in t h o u s a nC. C A S H F L O W F R O M FINANCING ACTIVITIESProceeds from Issue of Share Capital

Proceeds from borrowing(Net)Interest paidDividend PaidNet cash used in Financing activitiesN e t lncrease/(Decrease) in cash and cash equivalents (A+B+C)Cash and Cash Equivalents(0pening Balance)Cash and C ash Equivalents(Closing Balance)

Note : (1) The above cash flow has been prepared under the "Indirect Method"as set out in the accounting Standard-3 iss ued by the ICAI.

(2) Cash and Cash Equivalents include: Cash and Bank Balances

7905,46,657(58,170)

(2,823)4,86,45341,51439,71781,231

64,63(41,67

(15,4255,1339,71

This is the Cash Flow Statement referred to in our report of e v e n date annexedF or A G A R W A L K E J RI W AL & CO.C h a r t e r e d Accountants ANAND K UM A R A G A R W A LFirm Reg. No. 316112E C h a i r m a nM A H A D E V A G A R W A L V . K . J A I NP a r t n e r D i r e c t o rMembership No. 52474Place: Kolkata A. K . THIRANIDated, the 31 st day of May,2011 S e c r e t a r y

A S H I S H A G A R W A LManaging D i r e c t o rD R . DE BAS I S S E NG UP T AD i r e c t o r

A n n u a l R e p o r t 2010-2011 129

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A B C INDIA LIMITED SCHEDULES TO THE BALANCE SHEET AS AT 31 ST MARCH, 2011

A s a t 31stM a r c h , 2011R s .A sMarc

S C H E D U L E 1S H A R E H O L D E R S ' F U N D SA . S H A R E CAP I T ALAuthorised

1,00,00,000 (1,00,00,000) Equity Share of Rs.10/- eachIssued, Sub scribed and Paid-up54,17,152 (P.Y. 54,02,362) Equity Shares of Rs.10/- each fully paid(including 33 ,02,082 Equity Shares issued as fully paid upbonus share by capitalisation of reserves)

L e s s : Calls-in-Arrears by other than managing agents etc. or d irectors

B . R E S E R V E S A ND S U R P L U Sa) Capital ReserveBalance a s p e r l a s t A c c o u n tL e s s : (1 ) W rite up amount of asset sold transferred toGeneral Reserve(2) Depreciation on write up amount of assets transferred toProfit & Loss AccountSub - Total (a)

b ) S h a r e P r e m i u m A c c o u n tBalance a s p e r l a s t A c c o u n tAddition during th e Year

Sub-Total ( b )c ) Genera l ReserveBalance as per last AccountA d d : (1) Balance written up amount on asset soldtransferred from Capital R e s e r v e

(2 ) Transfer from P r o f i t & Loss AccountSub-Total (c )

d) Profit & Loss A ccountBalance as per annexed AccountSub - Total ( d ) .

Total: (a+b+c+d)

10,00,00,000

5,41,71,52050,500

5,41,21,020

6,31,67,5972,36,047

13,92,7486,15,38,8022,50,62,780

6,38,7002,57,01,480

13,14,53,3992,36,047

3,00,00,00016,16,89,446

10,38,06,56910,38,06,56935,27,36,297

10,00

5,40

5,39

6,548

146,312,50

2,50

12,758

3013,14

8,838,83

30,80

30 I Annual Repor t 2010-2011

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ABC INDIA LIMITE

SCHEDULES TO THE BALANCE SHEET AS AT 31ST MARCH, 2011 (CONTD.)As at 31stMarch, 2011Rs .

As at 31March, 20RSC HEDULE-2LOAN FUNDSA. Secured Loans1. Against hypothecation of Vehicles