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Global Leadership in Integrated Logistics
With unparalleled expertise and lineage, Allcargo has redefined the global logistics
landscape with its unique and pioneering integrated logistics services. Today
spanning over 90 countries, Allcargo is one of worlds leaders in NVOCC services
with a comprehensive network connecting all continents and trade hubs globally.
Allcargos world class Container Freight Station (CFS) and Inland Container Depot
(ICD) facilities, best in class Equipment, leadership in Project Logistics and Coastal
Shipping as well as expertise in Contract Logistics Solutions, has consolidated its
leadership as one of the most experienced, reliable and innovative organisations
in the logistics space globally.
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Chairmans Message
Dear Shareowners,
It gives me great pleasure to share with you the highlights of our Companys performance for the financial year
ended March 31, 2015.
Our Company has continued to grow in the past years, despite the challenging economic conditions in India and
across the world.
Today, we have emerged as:

t Amongst the top LCL consolidators in the world
t One of the largest CFS operators in India and the only company with significant presence at all 3 major
container ports of country
t The Market leader in coastal shipping, positioned to be active in inland waterways
t Amongst the leading P&E players in India
Today we are at the helm of Indias only logistics multinational company with capabilities to provide integrated
logistics services. Our company has emerged as a leading and formidable player in all the businesses that it
operates in. The thrust in 2015-16 and beyond, will continue to be on profitable growth and increasing ROCE
across businesses and increasing shareholder value.
In the past year, we saw the global economic scenario continue to recover but in a fractured manner and remain
challenging. India continued to be one of the growing economies in the world but the growth stemmed due to
various factors like inflation, policy reform setbacks, rise in cost of borrowing, paucity of funds amongst others. This
affected growth and profitability of companies across sectors.
Recognizing the early signs, we focused on bringing in efficiencies through process improvement, cost optimization,
technology enhancement and investing in our most valuable resource People.
In our LCL consolidation business, we launched more direct LCL services from our offices globally to many
destinations as we grew volume of freight booked with us. We continue to expand this to be a key differentiator &
wish to be the largest NVO in the world.
In our project & engineering business, we have enhanced asset utilization and higher movement of project cargo
along with increase in coastal shipping business. We have a strong order book, and have added new customers
by offering innovative and integrated logistics solutions.
Last year, we were somewhat conservative in our capex spends and spent only on maintenance. We plan to
continue our conservative capex strategy in the current year, but without losing any opportunity to enhance profits
and shareholder value. We are focused on revenue & profit growth, ROCE, asset utilization & cash flows across all
our businesses. Strong cash flows generated in the years to come, will be used to bring down the existing debt on
the balance sheet as well as to pursue new growth opportunities.
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Chairmans Message
Our business strategy of a diversified global presence and as an integrated logistics service provider in India has
not only avoided dependence on only a particular segment / geography of logistics but also makes us the partner
of choice for our customers in terms of service offerings. Our global scale with operations across 90 countries,
covering over 4,000 port pairs and focus on LCL consolidation, has made us more or less resilient to global trade
volatility.
BUSINESS PERFORMANCE:
The consolidated financial performance for the 12 months ended March 31, 2015, is as follows:
t Total revenue from operations at ` 562,880 Lakhs for the year ended March 31, 2015, as against ` 485,123
Lakhs for the corresponding previous period, an increase of 16%, mainly on account of increase in volumes
and revenues across all of our businesses
t EBIDTA at ` 52,798 Lakhs for the year ended March 31, 2015, as against ` 42,781 Lakhs for the corresponding
previous period, an increase of 23%
t EBIT of ` 37,061 Lakhs for the year ended March 31, 2015, as against ` 25,235 Lakhs for the corresponding
previous period, an increase of 47%. Last years EBIT is after onetime write-off of goodwill
t EPS for the year ended March 31, 2015 was ` 19.0 for a face value of ` 2 per share
AWARDS AND RECOGNITIONS:

I feel very proud in informing you that during the last year, our Company has received many awards and accolades.
I was conferred the Distinction of Commander of the Order of Leopold II by HM King Philippe of Belgium. The
Order is awarded for meritorious service to the Sovereign of Belgium, and as a token of his personal goodwill. The
Order currently stands third after the Order of Leopold (1st) and the Order of the Crown (2nd) in the Belgian honors
hierarchy
Awarded Asias Most Promising Brand in the logistics space for 2013-14 by World Consulting & Research
Corporation (WCRC), a leading brand consulting firm and KPMG India
Featured amongst The Elite 100 in a special 28th anniversary issue of Dalal Street Investment Journal, Indias
oldest and leading investment magazine, June, 2014
Ranked at #209 - by Business World in the Top 500 companies across India list
Named as Business Leader of the Year at CHEMTECHs Leadership & Excellence Awards 2014
Awarded CFS Operator of the Year and Most Diversified Logistics Company of the Year by the Gujarat Star
Awards, 2014
Cited as the LCL Consolidator of the Year at the EXIMs North India Multimodal Logistics Awards, 2014
Awarded as the Best Service Provider by D P World Chennai Container Terminal for the second consecutive year
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Chairmans Message
Best CFS Operations Indian Chamber of Commerces ICC Supply Chain and Logistics Excellence Awards, 2014
Named as the Best Project Logistics Company of the Year and awarded the Lifetime Achievement Award at the
8th Express Logistics & Supply Chain Conclave
Named as the Indian Logistics MNC of the Year, and Project Cargo Mover of the Year at the Maritime & Logistics
Awards (MALA), 2014
Awarded Women Professional of the Year to Mrs. Shantha Martin at (MALA), 2014
FUTURE PLANS:
We have focused on consolidating our network, increasing our reach, enhancing service offering and more
importantly creating value for our customers through innovative logistics solutions. This has given us the impetus
to retain our momentum in these challenging times as well as to position ourselves as a partner-of-choice to our
customers.
Our endeavor would be to reach key prospects, offering a complete bouquet of services, as an integrated logistics
partner.
2015-16 is being marked as The Year of Sales, which would lead to growth across all our businesses, in terms
of volumes, revenues and profits, garnering new customers, increasing our wallet share with existing customers,
along with enhanced customer satisfaction.
Going forward, we will continue to focus on creating value for our customers. We will leverage our global network to
consolidate our leadership. In India, we will continue our focus on increasing our market share in CFS, ICD and P&E
businesses. And also look at scaling up our contract logistics and shipping businesses and entering new segment
of logistics including e-commerce logistics and chemical warehousing.
I firmly believe that creating and retaining the best possible talent pool in our company will enable us to outperform
our industry and meet our obligations as an organization to our stakeholders. This will further add to better
innovation, corporate governance, business ethics, commitment and continuous learning
I thank you all for your immense support and continued trust in the Management of our Company. I sincerely thank
all our stakeholders employees customers, partners, shareholders and business associates for their faith in us.
As we plan and work towards making our business bigger and better, I look forward to your continuous support
and encouragement to take our Company to greater and newer heights.
Thank You
Mr. Shashi Kiran Shetty

Founder & Chairman
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OUR BUSINESSES
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Pioneering Integrated Logistics Solutions, Worldwide
Allcargos leadership in the logistics space globally is the result of its unique integrated
model of providing world class services as below:
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At Allcargo, we strive to add value to our customers business objectives and create
delight through our services. Our continuous focus on world class infrastructure,
equipments, processes and benchmark services drive our philosophy of Ingenuity in
Motion in everything that we do.
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OUR PERFORMANCE
120000 600000
100000 500000
80000 400000
60000 300000
40000 200000
20000 100000
0 0
40000 60000
35000
50000
30000
40000
25000
20000 30000
15000
20000
10000
10000
5000
0 0
20000 30000
25000
15000
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10000 15000
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5000
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EARNING PER SHARE (`)
15 25
21.80
12 20 19.00
9 15 12.90 13.30
11.80
6 10
3 5
0 0
2010 2011-12 2012-13 2013-14 2014-15
Year
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ALLCARGO LOGISTICS LIMITED ANNUAL REPORT 2014 - 15
STANDALONE FINANCIAL HIGHLIGHTS (` in lakhs)

Particulars 2014-15 2013-14 2012-13 2011-12 2010
(15 months)
Total Income 117,921 102,204 108,235 113,157 73,039
Profit Before Interest, Depreciation and Taxes 27,434 23,371 27,171 36,005 19,843
Interest (3,800) (2,863) (2,667) (5,055) (1,332)
Depreciation (11,086) (13,475) (11,676) (8,904) (4,024)
Profit Before Exceptional Items and Taxation 12,548 7,033 12,828 22,046 14,487
Provision for Tax (2,799) (1,421) (1,273) (3,640) (2,374)
Exceptional Items - - - - -
Profit After Tax & Exceptional Items 9,749 5,612 11,555 18,406 12,113
Profit Brought Forward from Previous Year 57,113 54,322 46,218 31,938 24,424
Prior Period Adjustments - - - - 1,238
Profit Available for Appropriations 66,560 59,886 57,774 50,344 37,774
Appropriations:
Interim Dividend Paid 756 - - 1,305 681
Tax on Interim Dividend 129 - - 212 113
Proposed Final Dividend 1,765 1,891 1,883 653 3,263
Tax on Final Dividend 359 321 320 106 529
Transfer to General Reserve - 561 1,156 1,850 1,250
Transfer to Capital Redemption Reserve - - 83 - -
Balance Carried to Balance Sheet 63,551 57,113 54,332 46,218 31,938
Ratios:
Earning Per Share (in `) 7.70 4.50 9.10 14.10 9.40
Dividend Per Share (in `) 2.00 1.50 1.50 1.50 3.00
Book Value per share (in `) 101.57 96.46 92.97 87.33 75.01
Debt/Equity Ratio 0.21 0.36 0.40 0.50 0.25
CONSOLIDATED FINANCIAL HIGHLIGHTS (` in lakhs)

Particulars 2014-15 2013-14 2012-13 2011-12 2010
(15 months)
Total Income 568,141 489,593 399,245 432,452 288,993
Profit Before Interest, Depreciation and Taxes 52,798 42,781 42,234 57,353 29,835
Interest (5,347) (5,632) (4,144) (6,832) (1,944)
Depreciation (15,737) (17,546) (14,735) (13,370) (5,499)
Profit Before Exceptional Items and Taxation 31,714 19,603 23,355 37,151 22,391
Exceptional Items - - (1) (44) -
Provision for Tax (6,996) (4,159) (5,121) (7,337) (4,840)
Profit After Tax 24,718 15,444 18,233 29,769 17,551
Profit Brought Forward from Previous Year 93,615 81,422 67,456 43,349 32,593
Prior Period Adjustments for Taxes and Expenses - - - - 39
Minority Interest (923) (511) (1,259) (1,317) (998)
Profit Available for Appropriations 117,197 96,406 84,881 71,801 49,186
Ratios:
Earning Per Share (in `) 19.00 11.80 13.30 21.80 12.90
Book Value per share (in `) 151.35 142.26 125.81 114.45 90.50
Debt/Equity Ratio 0.32 0.55 0.46 0.51 0.32
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DIRECTORS' REPORT
DIRECTORS REPORT
To,
The Members of
Allcargo Logistics Limited
Your Directors take pleasure in presenting the Twenty Second Annual Report on the business and operations of the Company
together with Audited Financial Statements of the Company both on standalone and consolidated basis, for the year ended
March 31, 2015.
STATE OF THE COMPANYS AFFAIRS

Allcargo Logistics Limited, a part of the Avvashya Group, is a leading Indian multinational Company providing integrated
logistics solutions worldwide. The Company offers specialized logistics services across global Multimodal Transport Operations
(NVOCC, LCL and FCL), Pan India Container Freight Stations (CFS), Inland Container Depots (ICD), Project & Engineering
Solutions (P&E), Ship Owning & Chartering and 3PL & Warehousing services. Our benchmarked quality standards, standardized
processes and operational excellence across all our service verticals and facilities, have enabled the Company to emerge as
a leading player across these segments.
Your Company has a strong global footprint through its multinational Multimodal Transport Operation Arms-Ecu Line
(headquartered in Belgium, Europe), worlds largest Less than Container Load (LCL) service provider, Econocaribe Consolidators
(headquartered in Miami, USA), NVOCC leader and Rotterdam based Full Container Load (FCL) Marine Agencies specializing
in FCL services.
The Company currently operates out of 200 plus offices in 90 plus countries and is supported by an even larger network
of franchisee offices across the globe. Presently, your Company is one of Indias largest publicly owned logistics Company,
listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) and is categorized under S&P BSE Midcap
and CNX Nifty 500 indices. Your Company has a fleet of 784 Equipments comprising of 143 Cranes, 584 Trailers, 36 Reach
Stackers and 21 Forklifts.
Your Company has made remarkable progress in achieving a major milestone of its mission plan of being a USD 1 Billion
Company during the year under review. The year under review was good for the Company as micro and macro-economic
situation improved during the year, thus boosting the Company's performance. The performance was further strengthened on
account of the robust measures undertaken by the Company at all levels such as focus on pricing and aggressive marketing
strategy, disciplined project executions, focused management approach, prudent financial and human resources management,
better control over cost and consistent follow-up for receivables.
Detailed information on the Business overview and outlook of the Company is provided in the Management Discussion &
Analysis Report which forms part of this Annual report.
Financial Highlights
Your Companys financial performance for the year ended March 31, 2015 is summarized below:
(` in Lakhs)
Consolidated Results Standalone Results
Particulars for the year ended for the year ended
March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014
Sales and Other Income 568,141 489,593 117,921 102,204
Profit before Interest, Depreciation/Amortization and Taxes 52,798 42,781 27,434 23,371
Interest 5,347 5,632 3,800 2,863
Depreciation and other Amortization 15,737 17,546 11,086 13,475
Profit Before Tax 31,714 19,603 12,548 7,033
Provision for Tax 6,996 4,159 2,799 1,421
Profit After Tax 24,718 15,444 9,749 5,612
Profit attributable to Minority Interest (923) (511) - -
Share of Profit of Associates 194 - - -
Profit after minority interest 23,989 14,933 - -
Profit brought forward from previous year 93,615 81,422 57,113 54,322
Profit Available for Appropriations 117,197 96,406 66,560 59,886
Appropriations :
Proposed Final Dividend 1,765 1,891 1,765 1,891
Tax on Final Dividend 359 321 359 321
Interim Dividend 756 - 756 -
Tax on Interim Dividend 129 - 129 -
Transfer to General Reserve - 561 - 561
Transfer to Tonnage Tax Reserve 42 18 - -
Transfer to Capital Redemption Reserve - - - -
Profit Carried to Balance Sheet 114,146 93,615 63,551 57,113
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Consolidated Performance
During the year under review, your Company achieved total revenue of ` 568,141 Lakhs against a total revenue of ` 489,593
Lakhs during the previous year, representing a year-on-year growth of 16%. The growth was mainly attributable to the increase
in revenues across all lines of business.
The Company's Earnings before Interest, Tax and Depreciation (EBITDA) stood at ` 52,798 Lakhs as at March 31, 2015 as
compared to ` 42,781 Lakhs in the previous year, a growth of 23%.
The Net Profit after Taxes and Minority Interest increased by 61% and stood at ` 23,989 Lakhs as at March 31, 2015 as
compared to ` 14,933 Lakhs in the previous year.
Standalone Performance
During the year under review, your Company achieved total revenue of ` 117,921 Lakhs as compared to ` 102,204 Lakhs in
the previous year, representing a year-on-year growth of 15%. The growth is mainly attributable to increase in revenue across
all lines of business.
The Companys Earnings before Interest, Tax and Depreciation (EBITDA) stood at ` 27,434 Lakhs during the year as compared
to ` 23,371 Lakhs during the previous year, representing a growth of 17%.
The Net Profit after Tax of the Company increased by 74% during the year and stood at ` 9,749 Lakhs as compared to
` 5,612 Lakhs in the previous year.
For detailed segment wise performance, Members are requested to refer Management Discussion and Analysis which forms
part of this Annual Report.
CHANGES IN THE NATURE OF BUSINESS, IF ANY

During the year under review, your Company continued to provide integrated logistics services to its customers and hence, there
was no change in the nature of business or operations of the Company which impacted the financial position of the Company.
TRANSFER TO RESERVES
Your Company does not propose to transfer any amount to its reserves, except as required under any statute, out of the profits
of the Company for the year ended March 31, 2015.
DIVIDEND
A constant endeavor and one of the primary objectives of the Company is to maximize Members value by achieving sustainable
year-on-year growth and to give adequate return in the form of dividend to its Members on their investment made in the
Company. Since the Initial Public Offering in the year 2006, your Company has been regularly paying dividend to its Members,
including interim dividend based on the profits of the Company.
During the year under review, your Company had declared and paid an interim dividend of ` 0.60 per equity share of ` 2 each
fully paid up, representing 30% on the total paid up capital of the Company amounting to ` 756 Lakhs.
Considering the profitable performance of the Company for the year under review, your Directors are pleased to recommend
a final dividend of ` 1.40 per equity share of ` 2 each fully paid up, representing 70% on the total paid up capital of
the Company. The dividend, if approved by the Members at the ensuing Annual General Meeting, will absorb a sum of
` 2,124 Lakhs including dividend distribution tax.
The total dividend payout comprising of interim and final dividend, if approved, to the Members, for the financial year 2014-15
would be 100% (` 2 per equity share of ` 2 each fully paid up) on the total paid up capital of the Company as compared to
75% (` 1.50 per equity share of ` 2 each fully paid up) in the previous year.
The final dividend payout is subject to approval of the Members at the ensuing Annual General Meeting.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted, invited and/or received any deposits from the public within
the meaning of Sections 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules,
2014, as amended from time to time.
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DIRECTORS' REPORT
SHARE CAPITAL AND LISTING OF SHARES

During the year under review, your Company has not issued any class of shares and hence, there has been no change in
the issued, subscribed and paid up share capital of the Company. The issued, subscribed and paid up share capital of the
Company as on March 31, 2015, amounted to ` 252,095,524 (Rupees Twenty Five Crores Twenty Lakhs Ninety Five Thousand
Five Hundred and Twenty Four only) consisting of 126,047,762 Equity Shares of ` 2 each fully paid up.
Your Companys equity shares are listed and traded in compulsory dematerialized form on BSE Limited and National Stock
Exchange of India Limited. The Company has paid the Annual Listing fees for the financial year 2015-16 to the respective
Stock Exchanges. Annual Custody/Issuer fee for the financial year 2015-16 will be paid by the Company to National Securities
Depository Limited and Central Depository Services (India) Limited on receipt of the invoices from them.
AWARDS AND RECOGNITION

Your Company has consistently delivered and exceeded customer expectations in its deliverables and performance.
Our achievements in maintaining quality are evident from the credentials and recognitions that have been awarded over the
years. During the year under review, your Company has been conferred with many accolades and appreciations for significant
contribution made in development and growth of the logistic industry.
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Your Company believes that our awards and recognitions are due to the hard work, enthusiasm and spirit of team work of the
employees and thoughtful leaders whose novel thinking and innovative approach have led them to attain excellence in their
field. These awards are a testimony of our commitment to the stakeholders of the Company and providing seamless integrated
logistics solutions to our customers.
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BOARD OF DIRECTORS
a. Number of Meetings of the Board of Directors
Your Board of Directors (Board) meet at regular intervals at least four times in a year with a maximum time gap of not
more than 120 days between two consecutive Meetings. Date of the Board Meetings are decided and communicated to
the Directors well in advance. In case of exigencies or urgency of matters, resolutions are passed by circulation for such
matters as permitted by law. The Board takes note of the resolutions passed by circulation at its subsequent Meeting.
Additional Meetings of the Board are held as and when deemed necessary by the Board. Board Meetings are generally
held at the Registered Office of the Company.
The agenda of the Meeting along with the explanatory notes and relevant papers thereof are generally sent 7 (seven) days
in advance to the Directors to enable them to take informed decisions pursuant to the provisions of Companies Act, 2013
and the Listing Agreement with the Stock Exchanges.
During the year under review, 5 (five) Board Meetings were held on May 24, 2014, June 12, 2014, August 7, 2014,
November 13, 2014 and February 12, 2015. The details of attendance of each Director at the Board Meetings is given in
the 'Report on the Corporate Governance' which forms part of this Annual Report.
b) Director Retiring by Rotation

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company,
Mr. Shashi Kiran Shetty (DIN:00012754), Director of the Company, retires by rotation at ensuing Annual General Meeting
and being eligible, offers himself for reappointment. The Board recommends his reappointment as Director liable to retire
by rotation at the ensuing Annual General Meeting.
c) Appointment/Reappointment of Chairman & Managing Director

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges and applicable provisions of the Companies
Act, 2013, the performance evaluation of Mr. Shashi Kiran Shetty, Chairman & Managing Director was carried out as
per the criteria set by the Nomination and Remuneration Committee and based on its recommendation, the Board of
Directors of your Company reappointed Mr. Shetty as the Chairman & Managing Director of the Company for the period
of 5 years w.e.f. April 1, 2015, subject to approval of the Members at the ensuing Annual General Meeting.
As per Clause 49 of the Listing Agreement with the Stock Exchanges and Secretarial Standard-2 issued by the Institute
of Company Secretaries of India, the brief profile and other relevant details of Mr. Shashi Kiran Shetty is given in the
Explanatory Statement to the Notice. The Members are requested to refer the same.
d) Appointment of Independent Directors

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges and provisions of Section 149 of the Companies
Act, 2013, your Company has requisite number of Independent Directors on its Board. Thus, the Company has complied
with the requirements of the said provisions for appointment of Independent Directors during the year under review.
e) Statement on declaration given by Independent Directors u/s 149 (6) of the Companies Act, 2013
The Company has received declarations from all the Independent Directors of the Company confirming that they meet
the criteria of independence as prescribed under Sub-section (6) of Section 149 of the Companies Act, 2013 and Clause
49 of the Listing Agreement with the Stock Exchanges.
f) Directors/Key Managerial Personnel appointed/resigned during the year

During the year under review, Mr. Kaiwan Kalyaniwalla, Non-Executive Director of the Company resigned from the Board
w.e.f. October 30, 2014 and Mr. Umesh Shetty, Executive Director of the Company, resigned from the Board w.e.f.
November 6, 2014. Your Board of Directors would like to place on record their appreciation for the valuable contribution of
Mr. Kaiwan Kalyaniwalla and Mr. Umesh Shetty during their association with the Company.
Your Company has Key Managerial Personnel comprising of Mr. Shashi Kiran Shetty, Chairman & Managing Director,
Mr. Adarsh Hegde, Whole Time Director, Mr. Jatin Chokshi, Chief Financial Officer and Mr. Shailesh Dholakia, Company
Secretary.
33
DIRECTORS' REPORT
COMMITTEES OF THE BOARD

Your Company has 7 (Seven) Committees of the Board of Directors, as given below, in compliance with the Corporate
Governance practices followed by the Company, the requirements of the relevant provisions of the Companies Act, 2013 and
Rules made thereunder and the Listing Agreement with the Stock Exchanges.
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Details of compositions, meetings, terms of reference of the Committees and attendance of Committee Members at each
Meeting are given in the Report on Corporate Governance of the Company which forms part of this Report.
RECOMMENDATION OF AUDIT COMMITTEE

During the year under review, there were no instances of non-acceptance of any recommendation of the Audit Committee by
the Board of Directors.
NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee of the Board has framed a policy on Directors, Key Managerial Personnel and
other Senior Management Personnel appointment and remuneration including criteria for determining qualifications, positive
attributes, independence of a Director and other related matters in accordance with Section 178 of the Companies Act, 2013
read with the applicable Rules made thereunder and Clause 49 of the Listing Agreement with the Stock Exchanges.
The composition of Committee, terms of reference, policy on Directors, Key Managerial Personnel and other Senior
Management Personnel appointment and remuneration including criteria for determining qualifications, positive attributes, and
independence of a Director are given in detail in the section of Nomination and Remuneration Committee in the 'Report of
Corporate Governance' of the Company which forms part of this Report.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Your Company has constituted Corporate Social Responsibility Committee and formulated Corporate Social Responsibility
(CSR) Policy in compliance with the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate
Social Responsibility Policy) Rules, 2014 and Schedule VII of the Companies Act, 2013. The statutory disclosures with respect
to the composition of CSR Committee, CSR Policy, CSR initiatives and programs and amount spent on CSR activities are
given in the Annual Report on Corporate Social Responsibility of the Company as Annexure 1 which forms part of this
Report. The CSR Policy can be accessed on the website of the Company (http://www.allcargologistics.com/investor-relations/
overview.aspx).
PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES, INDIVIDUAL DIRECTORS AND

CHAIRMAN
As required under the Companies Act, 2013 and Clause 49 of the Listing Agreement with the Stock Exchanges, the Nomination
and Remuneration Committee of the Board has set a criteria for performance evaluation of the Board, its Committees,
Individual Directors and Chairman of the Company. Based on the criteria set by the Nomination and Remuneration Committee,
questionnaire relating to performance evaluation of the Board, its Committees, individual Directors and Chairman of the
Company was circulated to concerned Directors of the Company to provide their frank and unbiased comments/rating. Further,
to eliminate biasness and to protect the confidentiality of comments/rating given during the performance evaluation process,
an outside firm of experts was appointed to provide a report on the response received from Directors. The report of the expert
firm was forwarded to the Chairman of the Nomination and Remuneration Committee for review and further evaluation.
34
Similarly, formal evaluation of performance of Non-Independent Directors, the entire Board and the Chairman of the Company
taking into consideration views of Executive and Non-Executive Directors of the Company was carried by the Independent
Directors at their separate Meeting by using questionnaire method and the outcome of such evaluation was sent to the
Chairman of the Nomination and Remuneration Committee. Final outcome of formal evaluation carried by the Nomination and
Remuneration Committee and Independent Directors was placed before the Board for its review and further actions.
Based on the outcome of performance evaluation, further measures/actions have been suggested to improve and strengthen
the effectiveness of the Board, its Committees and contribution and participation by Individual Directors.
The criteria of formal annual evaluation of the Board, its Committees, Individual Directors and Chairman are given in detail in
the Report on Corporate Governance of the Company which forms part of this Report.
CORPORATE GOVERNANCE
Your Company has been benchmarking itself with well-established Corporate Governance practices besides strictly complying
with the requirements of revised Clause 49 of the Listing Agreement with the Stock Exchanges. Given the emerging pivotal
role of Independent Directors in bringing about good governance, your Company continued its efforts in utilizing their expertise
and involving them in all critical decision making processes.
A separate Report on Corporate Governance together with requisite certificate obtained from M/s. Mehta & Mehta, Practicing
Company Secretaries, confirming compliance with the provisions of Corporate Governance as stipulated in Clause 49 of the
Listing Agreement with the Stock Exchanges forms part of this Report.
MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis on the business outlook and performance review for the year ended March 31, 2015,
as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, is presented in a separate report which
forms part of this Annual Report.
VIGIL MECHANISM
The Company has implemented a Whistle Blower Policy pursuant to which the Whistle Blower can raise concerns relating to
Reportable Matters (as defined in the policy) such as unethical behaviour, breach of Code of Conduct, actual or suspected
fraud, ethics policy, any other malpractice, impropriety or wrongdoings, illegality, non-compliance of any law, and retaliation
against the Directors and employees, etc. Further, the mechanism adopted by your Company encourages the Whistle Blower
to report genuine concerns or grievances, provides adequate safeguards against victimization of Whistle Blower, who avail of
such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional circumstances.
The functioning of the Vigil Mechanism is reviewed by the Audit Committee from time to time.
During the year under review, the Company has not received any complaint through Vigil Mechanism.
None of the Whistle Blowers have been denied access to the Audit Committee of the Board. The details of the Whistle Blower
Policy are explained in the 'Report on Corporate Governance' and are available in the section of Investor Relations on the
website of the Company (http://www.allcargologistics.com/investor-relations/overview.aspx).
RISK MANAGEMENT POLICY

Your Company is engaged in the business of providing integrated logistics business solutions for National and International
Trade, Warehousing, Transportation and handling of all kinds of Cargo, running Inland Container Depots, Container Freight
Stations and Shipping Agents. Thus, your Company is prone to inherent business risks like any other organisation.
With the objective to identify, evaluate, monitor, control, manage, minimize and mitigate identifiable business risks, your Board
of Directors have formulated and implemented a Risk Management Policy.
The Company has adopted ISO 31000 frame work for risk management. Under the guidance of the Board, the Chief Assurance
and Risk Executive facilitate dedicated risk workshops for each business vertical and key support functions wherein risks are
identified, assessed, analysed and accepted/mitigated to an acceptable level within the risk appetite of the Company. The
risk registers are also maintained and reviewed from time to time for risk mitigation plans and changes in risk weightage, if
any. The Audit Committee of the Company monitors and manages the risks of the Company and reviews the risk registers
35
DIRECTORS' REPORT
of each business vertical and key support functions at least once in a year. Fraud Risk Assessment is also part of overall
risk assessment. In every Audit Committee Meeting, the Chief Assurance and Risk Executive makes a presentation on risk
assessment and minimization procedures undertaken as aforesaid.
The purpose of risk management is to achieve sustainable business growth, protect Company assets, safeguard shareholder
investments, ensure compliance with applicable laws and regulations and avoid major surprises of risks.
The Policy is intended to ensure that an effective risk management framework is established and implemented within the
Company.
SUBSIDIARIES, ASSOCIATES & JOINT VENTURE COMPANIES.

During the year under review, the following companies have become or ceased to be Subsidiaries, Joint Ventures and/or
Associates:
COMPANIES WHICH BECAME SUBSIDIARIES/JOINT VENTURES/ASSOCIATES:
Sr. No. Subsidiaries

1 Allcargo Logistics LLC
2 Allcargo Logistics Lanka (Private) Limited
3 Transindia Logistics Park Private Limited (became a wholly owned subsidiary)
4 FMA-Line France S.A.S
5 S.H.E. Maritime Services Limited, UK (became a wholly owned overseas subsidiary)
Joint Ventures & Associates
6 FCL Marine Agencies Gmbh (Hamburg)
7 FCL Marine Agencies Gmbh (Bermen)
8 FCL Marin Agencies Belgium (BVBA)
9 Fasder S.A.
10 Ecu Logistics Peru SAC
COMPANIES WHICH CEASED TO BE SUBSIDIARIES/JOINT VENTURES/ASSOCIATES:
Sr. No. Subsidiaries

1 Translogistik Internationale Spedition GmbH
2 ELV Multimodal C.A. (Merged with Administradora House Line)
3 Flamingo Line do Brasil Ltda
4 Ecu Enterprises Ltd.
5 Ecu Line Global Ltd.
6 Ecu Line China Ltd.
The Policy for determining Material Subsidiary as approved by the Board of Directors is uploaded on the website of the
Company. (http://www.allcargologistics.com/investor-relations/overview.aspx)
A Statement containing the salient features of the financial statements including the performance and financial position of
each of the Subsidiaries, Joint Ventures and Associates pursuant to the provisions of the Companies Act, 2013, is given in the
prescribed Form AOC -1 as Annexure 2 which forms part of this Report.
CONSOLIDATED FINANCIAL STATEMENTS

Pursuant to Section 129 of the Companies Act, 2013 and the Listing Agreement with the Stock Exchanges, the attached
Consolidated Financial Statements of the Company and all its Subsidiaries, Joint Ventures and Associates have been prepared
in accordance with the Accounting Standard AS 21-Consolidated Financial Statements read with Accounting Standard AS
23-Accounting for Investment in Associates and AS 27-Financial Reporting of interest in joint ventures, which includes financial
results of all its Subsidiaries, Joint Ventures and Associates.
36
PARTICULARS OF LOANS, GUARANTEES, SECURITIES AND INVESTMENTS

Your Company is engaged in the business of providing infrastructural facilities as defined under Schedule VI of the Companies
Act, 2013. Hence, the provisions of Section 186 of the Companies Act, 2013 are not applicable to your Company to the extent
of loans given or guarantees/securities provided or investments made by the Company. However, the particulars of loans
given, guarantees/ securities provided and investments made by the Company during the year under review, are provided as
Annexure 3 which forms part of this Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES WITH

JUSTIFICATION FOR SUCH CONTRACTS
All related party transactions that were entered into by the Company during the year under review were on an arms length
basis and in the ordinary course of business except the appointment of Mr. Umesh Shetty and Mr. Armin Kalyaniwalla in the
office or place of profits under Section 188 of the Companies Act, 2013, for which the Members approval was obtained by
the Company. There are no materially significant related party transactions made by the Company with Promoters, Directors,
Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company
at large.
All related party transactions were placed before the Audit Committee and also before the Board, as the case may be for
approval. Prior omnibus approval of the Audit Committee has been obtained for the transactions which are of a foreseen and
repetitive nature. The transactions entered into pursuant to the omnibus approval so granted are certified by the Management
and a statement giving details of all related party transactions entered are placed before the Audit Committee for its review
on quarterly basis.
A policy of Related Party Transactions as approved by the Audit Committee and the Board of Directors is uploaded on the
website of the Company (http://www.allcargologistics.com/investor-relations/overview.aspx).
The related party transactions that were entered during the financial year 2014-15, are given in the notes to financial statements
as per Accounting Standard-18, which form part of this Annual Report.
In accordance with the recommendation of the Nomination and Remuneration Committee, the Board of Directors of your
Company reappointed Mr. Armin Kalyaniwalla, relative of Mr. Kaiwan Kalyaniwalla, Non-Executive Director (upto October
30, 2014), as CEO of Projects Division of the Company for the period of 3 (Three) years commencing from January 1,
2015 to December 31, 2017, under Section 188(1)(f) of the Companies Act, 2013. The Members of the Company approved
reappointment of Mr. Armin Kalyaniwalla, at the 21st Annual General Meeting held on August 7, 2014.
In accordance with the recommendation of the Nomination and Remuneration Committee, the Board of Directors of your
Company reappointed Mr. Umesh Shetty, brother and relative of Mr. Shashi Kiran Shetty, Chairman & Managing Director, as
CEO of Projects & Engineering Solutions Division of the Company for the period of 3 (Three) years commencing from January
1, 2015 to December 31, 2017, under Section 188(1)(f) of the Companies Act, 2013. The Members of the Company approved
reappointment of Mr. Umesh Shetty, through postal ballot on December 30, 2014.
The particulars of transactions related to the appointment of above related parties are given in the prescribed Form AOC-2 as
Annexure 4 which forms part of this report.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Board has laid down Internal Financial Controls (IFC) and believes that the same are commensurate with the nature and
size of its business. Business is however dynamic. The Board is seized of the fact that IFC are not static and are in fact a fluid
set of tools which evolve over time as the business, technology and fraud environment changes in response to competition,
industry practices, legislation, regulation and current economic conditions. There will therefore be gaps in the IFC as Business
evolves. The Company has a process in place to continuously identify such gaps and implement newer and/or improved
controls, wherever the effect of such gaps would have a material effect on the Companys operations.
The Internal Audit Department check and assess the effectiveness and adequacy of internal control system in the Company, its
compliance with operating systems, accounting procedures and policies at all locations of the Company including its branches
and subsidiaries. Based on the report of internal audit function, process owners undertake corrective action in their respective
areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the
Audit Committee of the Board.
37
DIRECTORS' REPORT
STATUTORY AUDITORS AND AUDIT REPORT

M/s. BSR & Co. LLP, Chartered Accountants, the joint Statutory Auditors of the Company, hold office until the conclusion of
ensuing Annual General Meeting and have expressed their unwillingness to be reappointed as joint Statutory Auditors of the
Company at the ensuing Annual General Meeting of the Company.
With a view to bring the statutory audit function of the Company and its overseas subsidiaries under common umbrella of
connected audit firm and in recognition of regulatory changes in India and also with a view to remain at the forefront of the
governance, the Company has received a special notice under Section 140(4)(i) of the Companies Act, 2013 from a Member
of the Company proposing a resolution at the ensuing Annual General Meeting for appointment of M/s. S. R. Batliboi &
Associates LLP, Chartered Accountants, Mumbai, (FRN:101049W) as the joint Auditors of the Company in place of M/s. BSR
& Co. LLP, the retiring Auditor.
Your Company has received consent cum eligibility letter from M/s. S. R. Batliboi & Associates LLP, Chartered Accountants,
(FRN:101049W) expressing their willingness to be appointed as joint Statutory Auditors of the Company and to the effect that
their appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that
they are not disqualified for appointment. Accordingly, the Audit Committee and the Board of Directors of the Company have,
subject to approval of the Members, recommended change in the Statutory Auditors of the Company. A resolution proposing
appointment of M/s. S. R. Batliboi & Associates LLP as the joint Statutory Auditors of the Company pursuant to Section 139
of the Companies Act, 2013 is given in the Notice. Accordingly, the Audit Committee and Board of Directors recommended
their appointment as joint Statutory Auditors of the Company to hold office from the conclusion of the ensuing Annual General
Meeting till the conclusion of 27th Annual General Meeting and to fix their remuneration.
M/s. BSR & Co. LLP, over the past 4 years, have successfully met the challenges that the size and scale of the Companys
operations pose for Auditors and have maintained the highest level of governance, rigour and quality in their audit. The Board
places on record its appreciation for the services rendered by M/s. BSR & Co. LLP as the joint Statutory Auditors of the
Company.
M/s. Appan & Lokhandwala Associates, Chartered Accountants, Mumbai, (FRN:117040W), were appointed as joint Statutory
Auditors of the Company at the 21st Annual General Meeting and accordingly holds their office till the conclusion of ensuing
Annual General Meeting. Being eligible, they have expressed their willingness for reappointment as joint Statutory Auditors of
the Company at the ensuing Annual General Meeting.
The Company has received consent cum eligibility letter from M/s. Appan & Lokhandwala Associates, Chartered Accountants
to the effect that their appointment, if approved, would be within the prescribed limits under Section 141(3)(g) of the
Companies Act, 2013 and that they are not disqualified for appointment. Accordingly, the Audit Committee and Board of
Directors recommended their reappointment as joint Statutory Auditors of the Company to hold office from the conclusion of
the ensuing Annual General Meeting till the conclusion of next Annual General Meeting and to fix their remuneration.
The Notes on Financial Statement referred to in the Auditors Report are self-explanatory and do not call for any further
comments.
There are no audit qualifications, reservations, adverse remarks or disclaimers made by the Statutory Auditors in their Report.
There is no incident of fraud to be reported by the Auditors to the Audit Committee and Board during the year under review.
SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

Pursuant to Section 204 of the Companies Act 2013, your Company had appointed M/s. Mehta & Mehta, Practicing Company
Secretaries, Mumbai as its Secretarial Auditors to conduct the Secretarial Audit of the Company for the financial year 2014-15.
The Company provided all assistance and facilities to the Secretarial Auditor for conducting its audit. The Report of Secretarial
Auditor for the financial year 2014-15 is annexed to this report as Annexure 5 which forms part of this Report.
There are no audit qualifications, reservations, adverse remarks or disclaimers made by the Secretarial Auditor in its
Report.
38
MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION WHICH HAVE

OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE
FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There are no material changes and commitments, affecting the financial position of the Company, which have occurred
between the end of the financial year of the Company i.e. March 31, 2015 and the date of the Directors report i.e. June 15,
2015.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197(12) of the Companies Act, 2013, read with Rule 5 of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect of employees on the payroll of the Company
in India, is provided as Annexure 6 which forms part of this report.
None of the employees who are posted and working in a country outside India, not being Directors or their relatives, draw
remuneration more than ` 60,00,000 (Rupees Sixty Lakhs Only) per annum or ` 5,00,000 (Rupees Five Lakhs Only) per month.
During the year under review, the Managing Director of the Company have received remuneration of SGD 360,135 from
Singapore based Subsidiary Company. The Whole Time Directors of the Company have not received any commission or
remuneration from Subsidiary Companies.
In terms of Section 136 of the Companies Act, 2013, the Annual Report and Audited Financial Statements are being sent to
the Members and others entitled thereto, excluding the information on employees particulars which is available for inspection
by the Members at the Registered Office of the Company during business hours on working days of the Company up to the
date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write
to the Company Secretary in this regard.
The Nomination and Remuneration Committee of the Company has affirmed at its Meeting held on May 21, 2015 that the
remuneration paid to Executive Directors, Non-Executive Directors and other Senior Management Employee is as per the
remuneration policy of the Company.
EMPLOYEES STOCK OPTION PLAN (ESOP)

The Companys Employee Stock Option Plan 2006 (ESOP) expired on January 11, 2013. Thus, the disclosure relating to ESOP
of the Company pursuant to Rule 12(9) of the Companies (Accounts) Rules, 2014 and Clause 12 of the SEBI (Employee Stock
Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, are not required.
CREDIT RATING
Your Company continues to enjoy top-notch credit rating for its long term and short term credit facilities obtained from various
Banks. CRISIL has reaffirmed the Companys rating AA-/Stable for its long term debt and A1+ for its short term debt. The
rating denotes high degree of safety regarding timely servicing of financial obligation. Your Company has also received A1+
rating from CARE for its Commercial Paper issue.
SAFETY, HEALTH AND ENVIRONMENT

Your Company inclined towards bringing safety and environment awareness among its safety measures. It also believes in
safety and health enrichment of its employees and committed to provide a healthy and safe workplace for all its employees.
Successfully managing Health & Safety risks is an essential component of our business strategy. The Company has identified
Health & Safety risk arising from its activities and has put proper systems, processes and controls mechanism to mitigate
them.
The Company has been taking various initiatives and participating in programs of safety and welfare measures to protect its
employees, equipments and other assets from any possible loss and/or damages. To implement such safety and welfare
measures, the Company has formulated various policies such as Drug & Alcohol Policy, Occupational Health Policy, Driver &
Vehicle Safety Policy, Mobile Telephone Policy, Smoking Policy etc.
39
DIRECTORS' REPORT
The Project & Equipments division of Allcargo has successfully renewed its OHSAS 18001:2007 Standards Certification as
well as Lifting Equipment Engineers Association (LEEA) Certification. It is a testimony that the Company is maintaining very
high safety standards as well as ensures the use of quality equipments and followed the best Health & Safety practices as
per LEEA standards.
The following safety measures are being taken at various locations:
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SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR

TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATION IN
FUTURE.
During the year under review, no significant and material orders have been passed against the Company by any Regulators or
Courts or Tribunals impacting the Companys going concern status and operations in future.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

AND OUTGO
The information on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as stipulated
under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is provided
as Annexure 7 which forms part of this Report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,

PROHIBITION AND REDRESSAL) ACT, 2013
Your Company has adopted an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of
Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. A Complaints Committee (CC) has been set up to
40
redress complaints received regarding sexual harassment of women at workplace. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
The Company has not received any complaints of sexual harassment of women at workplace from any employees during the
year under review.
EXTRACT OF ANNUAL RETURN

In accordance with the provisions of Section 134(3)(a) of the Companies Act, 2013 and Rule 12 of the Companies (Management
and Administration) Rules, 2014, as amended from time to time, an extract of the Annual Return of the Company for the year
ended March 31, 2015, is provided in the prescribed Form MGT 9 as Annexure 8 which forms part of this Report.
DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, the Board of Directors to the best of their
knowledge and ability confirm that-
a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper
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b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,
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c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance
with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and
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e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial
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f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems are adequate and operating effectively.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record their gratitude for the valuable support and co-operation extended by
the Government of India, Governments of various countries, concerned State Governments, other Government Departments,
Authorities and Agencies, the Stakeholders, Business Associates, Banks, Financial Institutions, Customers, Vendors and
Service Providers during the year.
Your Directors also wish to place on record the deep appreciation for the hard work, dedication and commitment shown by
the employees at all levels. The enthusiasm and unstinting efforts of the employees have enabled the Company to remain as
industry leaders.
For and on behalf of the Board of Directors
Shashi Kiran Shetty

Chairman & Managing Director
(DIN:00012754)
Place: Mumbai
Date: June 15, 2015
41
DIRECTORS' REPORT
ANNEXURE 1
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES

1. A brief outline of the Companys CSR Policy, including overview of projects or programs undertaken
The Company has committed itself to making a difference in the lives of underprivileged and economically challenged
citizens of our country. Allcargos Corporate Social Responsibility (CSR) initiatives, through Avashya Foundation a non
Profit organization and in collaboration with various NGOs, Trusts, other approved entities or institutions engaged in CSR
programs across India, believes in nurturing inclusive development with a human touch. The Companys CSR activities
focus is to take each initiative beyond philanthropy and promote people centric inclusive development with the active
participation of the community at all levels. Allcargos CSR initiatives aim to support:
Education for children and adults across the underprivileged and economically challenged sections of the rural as well
as urban society. Creation of the platform for financial assistance, students scholarships & adoption programs, parents
awareness campaigns and education support infrastructure paving way for the mainstreamisation of the education,
improving quality of education and infrastructure.
Health Care by providing critical medical assistance for curative and preventive health care. Essential and life saving
medicines and medical treatment are being made available to all underprivileged and economically challenged section of
the society across rural and urban regions of India.
Women Empowerment by providing a platform for all women across the varied sections of the society for making a
better living through education, skills development and employment programs, to support themselves and their families
thereby improving social and economic conditions.
Natural Disaster Relief by providing immediate and life essential supply of water, food and medicine to regions of India
effected by natural disasters such as drought, flood, earthquakes, and other calamities.
Environmental Sustainability by focusing on creating awareness towards sustainable environmental practices in terms
of infrastructure development, alternative energy, conservation of natural resources and training people to be more
conscious, responsible and accountable to the environment and its conservation.
Sports by promoting and supporting human personality and excellence in sports associated with high prestige and morale.
By sponsoring sportsperson to enable them to participate in state, national and international level sports, promotion of
different sports activities, undertaking programs for creation of pool of competitive sportsperson.
CSR Projects/Programs undertaken by the Company during the Financial Year 2014-15.
Based on the CSR Policy, the Company has undertaken and completed various CSR projects during the financial year
2014-15. The details of the projects initiated by the Company are as hereunder:
t Education: Project undertaken were project Disha (Scholarship/Educational Assistance project), project for Improving
quality of Education (LOLT), Computer Literacy (SVS High School), Educational Assistance to BBA students, Balwadi
and Education Support Programme (JAAG), Career Guidance Personality Development Programme, Kaushalaya and
Chethana Special School Education.
t Health: Projects were undertaken namely Food and Nutrition (SAT), Medicinal Support (SAT), Jeevan (Medical
Support Centre), Jeevan- Coping with Cancer, Drushti (Mumbai and Chennai), General Medical Camp Karnataka,
LEAP (Alert India), Missionaries of Charities, Seal Ashram etc.
t nvironment: Undertook activities like Tree Plantation in Sanjay Gandhi National Park and Gorai at Mumbai and at
E
Mangalore, distributing solar lamps to the tribal students who are residing at Sanjay Gandhi National Park and Gorai
constructed toilet blocks in Sanjay Gandhi National Park and various schools in Mumbai.
t omen Empowerment: Undertook projects to uplift the womens economic empowerment through Global Success
W
Foundation at Mumbai. Entrepreneurship sessions have been organized, training in the area of imitation jewellery,
beautician and embroidery/toy making has been organized, training in the area of BPO, nursing and retail sales
management etc for Women empowerment.
42
t Natural Disasters: Supporting Goonj, an NGO dedicated to the cause of natural disaster and relief operation for
Jammu and Kashmir Flood Relief, Educational and Medical Assistance to the flood affected masses etc.
Apart from above, the Company is also committed to undertake other activities listed in Schedule VII of the Companies
Act, 2013.
Your Companys CSR activities are not restricted to Indian boundaries, but have also spread outside India in deserving
cases and situation.
2. The Composition of the CSR Committee as on March 31, 2015:
Sr. No. Name of the Member Composition

1 Mrs. Arathi Shetty - Non-Executive Director Chairperson
2 Mr. Shashi Kiran Shetty - Executive Director Member
3 Mr. M. P. Bansal - Non-Executive, Independent Director Member
3. Average net profit of the Company for the last three years:-
` 15,518 Lakhs (Rupees Fifteen Thousand Five Hundred Eighteen Lakhs Only)
4. Prescribed CSR Expenditure (Two per cent, of the amount as in item 3 above)
` 310 Lakhs (Rupees Three Hundred Ten Lakhs only)
5. Details of CSR spent during the financial year.

a. Total amount spent during the financial year:- ` 312 Lakhs (Rupees Three Hundred Twelve Lakhs Only).
b. Amount unspent, if any:- NIL
43
44
ANNEXURE-1
c. Manner in which the amount spent on the CSR activities during the financial year 2014-15 is detailed below:
(` in Lakhs)
Sr. CSR Project Sector in which the project is covered Projects or programs Amount Amount spent on the Cumulative Amount spent:
No or Activities (1) Local area or other outlay projects Expenditure Direct or
identified (2) Specify the State (budget) or programs Subheads: upto the through
and district where project (1)Direct expenditure Reporting implementing
projects or Programs or program on projects or Period agency
was undertaken wise programs.
(2)Overheads
1 JEEVAN & Health Care (Supporting patients suffering from Cancer, Mumbai, Mangalore, 145 143 143 Avashya Foundation, through
JEEVAN COPING Improving the health facilities and Providing medical Chennai & Kolkata Drushti Saad Foundation,
WITH CANCER, and nutritional care to inmates in Shelter homes, and Lions Club, Seon Ashram,
DRUSHTI, LEAP, Supporting for restoration of visions and prevention of SEAL Ashram, Alert India,
DIRECTORS' REPORT
NUTRITION Blindness) Isha Foundation, Missionaries

IN FOOD AND of Charities
HEALTH
2 DISHA, ANANDO, Education (Providing Scholarships, Pre-primary Education Mumbai, Mangalore, 109 107 107 Avashya Foundation, JAAG
KAUSHALYA, support, Career Guidance, Personality Developments, Chennai & Kolkata Foundation, Bombay Bunts
COMPUTER Vocational Training and Computer Literacy Program to Association, Light of Life
LITERACY, poor and needy students in rural areas) Trust, Bharati Seva Mandali
BUNTS SANGHA Trust
PRE-SCHOOL
EDUCATION
SUPPORT CENTRE
3 ENVIRONMENT Environment Sustainability (Providing Solar Lamps & Mumbai 16 15 15 JAAG Foundation, SAAD
CONSERVATION, plants to beneficiaries, Construction of sanitation facilities Foundation
SANITATION, for the tribals of Sanjay Gandhi National Park, Borivali and
various Schools of Mumbai)
4 WOMEN Women Empowerment (Supporting women for economic Mumbai 10 10 10 Global Success Foundation
EMPOWERMENT empowerment)
5 NATURAL Disaster Relief (Providing medical relief to the flood victims Jammu & Kashmir 5 5 5 Goonj Foundation
DISASTERS & of Jammu & Kashmir region)
RELIEF
6 CSR Musical, Painting, Education, Sports Mumbai, Mangalore 35 32 32 Shri Sanmukhanand
CONTINGENCY Sangeet Academy, Avashya
Foundation, Women India
Trust, JAAG Foundation, Isha
Foundation, FHSM, BSS
TOTAL 320 312 312
The Company has spent more than the two per cent of the average net profit of the last three financial years of the Company and is in compliance of the Section 135 of the Companies Act, 2013 read with
Companies (Corporate Social Responsibility) Rules, 2014.
The CSR Committee confirms that the implementation and monitoring of CSR Policy is in compliance with CSR objectives and Policy of the Company.
Arathi Shetty Shashi Kiran Shetty

Chairperson-CSR Committee Chairman & Managing Director
(DIN:00088374) (DIN:00012754)
Place: Mumbai
Date: June 15, 2015
ANNEXURE-2
FORM AOC-I
(Pursuant to first proviso to sub-Section (3) of Section 129 of the Companies Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of Subsidiaries/Associate Companies/Joint Ventures for the year ended March 31, 2015
PART A: SUBSIDIARIES
(` in Lakhs)
Sr. Name of Subsidiary Reporting period Reporting currency Share Reserves Total assets Total Investments Turnover/ Profit Provision Profit Proposed % of
No. for the subsidiary and Exchange rate as capital & surplus Liabilities Operational before for after Dividend shareholding
concerned, if on the last date of the Income taxation taxation taxation
different from the relevant Financial year
holding Companys in the case of foreign
reporting period subsidiaries
1 Hindustan Cargo Limited N.A. N.A. 123 3,123 5,249 2,002 - 29,564 586 205 381 - 100%
2 ACEx Logistics Limited N.A. N.A. 1 (1) - - - - - - - - 100%
(formerly HC Logistics
Limited)
3 Credo Shipping Agencies (I) N.A. N.A. 1 (1) - - - - (1) - (1) - 100%
Private Limited
4 Contech Transport Services N.A. N.A. 28 1,648 1,999 243 1,152 762 31 16 15 - 100%
Private Limited
5 Comptech Solutions Private N.A. N.A. 145 30 737 561 665 - 55 7 48 - 48%
Limited
6 Amfin Consulting Private N.A. N.A. 1 187 189 1 187 - 6 (1) 7 - 100%
ALLCARGO LOGISTICS LIMITED
Limited
7 ECU Line (India) Private N.A. N.A. 1 (2) 1 2 - - (1) - (1) - 100%
Limited
8 Allcargo Shipping Co. Private N.A. N.A. 109 6,865 8,591 1,617 1,042 7,461 188 10 178 - 100%
Limited
9 South Asia Terminals Private N.A. N.A. 653 (1,098) 1,468 1,914 - 1,544 (142) 38 (180) - 51%
Limited
10 Southern Terminal and N.A. N.A. 1 235 236 1 235 - 7 - 6 - 100%
Trading Private Limited
11 AGL Warehousing Private N.A. N.A. 150 3,037 3,298 111 3,248 - (65) - (65) - 100%
Limited
12 Allcargo Logistics Park N.A. N.A. 758 (284) 2,681 2,206 - 1,589 2 21 (19) - 51%
Private Limited
13 Transindia Logistic Park N.A. N.A. 8 5,629 13,533 7,896 111 6,457 964 285 679 - 100%
Private Limited
14 ECU International (Asia) N.A. N.A. 5 22 28 1 25 - - - - - 100%
Private Limited
15 Combi Line Indian Agencies N.A. N.A. 3 (15) 4 16 - - (2) - (1) - 99%
Private Limited
16 Ecu-Line Algerie sarl N.A. Refer Note 1 & 2 6 20 699 673 - 1,047 (12) 1 (14) - 100%
17 Ecu Logistics SA N.A. Refer Note 1 & 2 1 316 572 255 - 1,919 383 109 274 - 100%
18 Ecu-Line N.V. N.A. Refer Note 1 & 2 2,390 1,262 25,562 21,910 10 48,910 (298) 31 (329) - 100%
19 Ecu-Logistics N.V. N.A. Refer Note 1 & 2 464 (733) 2,416 2,685 - 7,107 (288) - (288) - 100%
20 FMA-LINe Holding N. V. N.A. N.A. 53 (99) 49 95 - - (16) - (16) - 100%
(formerly known Ecubro N.V.)
21 Ecu-Tech bvba N.A. Refer Note 1 & 2 13 (206) 231 425 - 509 (57) - (57) - 100%
22 Ecuhold N.V. N.A. Refer Note 1 & 2 2,119 23,863 48,873 17,848 31 466 (416) 25 (442) - 100%
23 Ecu International N.V. N.A. Refer Note 1 & 2 2,810 (2,218) 19,570 18,979 - 4,746 (1,502) 23 (1,525) - 100%
24 Ecu Global Services N.V. N.A. Refer Note 1 & 2 19,017 (1,000) 18,057 40 - 106 646 - 646 - 100%
25 HCL Logistics N.V. N.A. Refer Note 1 & 2 270 (519) 500 749 - 4,300 (85) - (85) - 100%
26 AGL N.V. N.A. Refer Note 1 & 2 22,142 (626) 22,022 506 - - (10) - (10) - 100%
27 Allcargo Belgium N.V. N.A. Refer Note 1 & 2 7,764 (4,914) 37,931 35,081 - 365 (4,371) - (4,371) - 100%
28 Ecu Logistics do Brasil Ltda. N.A. Refer Note 1 & 2 10 (677) 1,586 2,253 - 9,904 411 125 286 - 100%
29 Ecu-Line Bulgaria EOOD N.A. Refer Note 1 & 2 2 (31) 52 81 - 389 21 - 21 - 100%
ANNUAL REPORT 2014 - 15
30 Ecu-Line Chile S.A. N.A. Refer Note 1 & 2 30 439 922 454 - 4,699 (11) 7 (18) - 100%
45
46
ANNEXURE-2
FORM AOC-I
(` in Lakhs)
31 Flamingo Line Chile S.A. N.A. Refer Note 1 & 2 10 2 12 - - - (3) 1 (3) - 100%
32 Ecu-Line Guangzhou Ltd N.A. Refer Note 1 & 2 1,077 394 5,442 3,971 - 20,785 504 106 398 - 100%
DIRECTORS' REPORT
33 China Consolidation Services N.A. Refer Note 1 & 2 - 529 529 - - - - - - - 75%
Shipping Ltd
34 Ecu-Line (CZ) s.r.o. N.A. Refer Note 1 & 2 5 (112) 234 341 - 1,996 166 - 166 - 100%
35 Ecu-Line del Ecuador S.A. N.A. Refer Note 1 & 2 6 114 430 310 - 2,561 152 42 111 23 100%
36 Flamingo Line del Ecuador N.A. Refer Note 1 & 2 2 6 43 34 - 321 5 1 4 - 100%
SA
37 Ecu Line Egypt Ltd. N.A. Refer Note 1 & 2 8 101 425 315 - 2,612 401 116 286 187 100%
38 Flamingo Line El Salvador N.A. Refer Note 1 & 2 1 8 43 33 - 215 6 2 4 - 100%
SA de CV
39 Ecu-Line Germany GmbH N.A. Refer Note 1 & 2 632 1,451 4,070 1,988 - 20,652 740 225 515 - 100%
40 ELWA Ghana Ltd. N.A. Refer Note 1 & 2 - 51 109 58 - 389 33 12 21 - 100%
41 Flamingo Line de Guatemala N.A. Refer Note 1 & 2 1 (30) 69 99 - 478 (44) 14 (58) - 100%
S.A.
42 Ecu-Line Hong Kong Ltd. N.A. Refer Note 1 & 2 120 653 3,218 2,445 - 13,352 570 104 465 - 100%
43 Ecu International Far East N.A. Refer Note 1 & 2 1 424 2,280 1,856 - 347 (74) - (74) 200 100%
Ltd.
44 PT EKA Consol Utama Line N.A. Refer Note 1 & 2 14 165 729 550 - 3,662 136 18 118 - 100%
45 Ecu-Line Italia srl. N.A. Refer Note 1 & 2 41 137 3,776 3,598 - 13,303 160 86 74 - 100%
46 Eurocentre Milan srl. N.A. Refer Note 1 & 2 7 190 453 256 - 1,087 191 62 129 - 100%
47 Ecu-Line Cte dIvoire Sarl N.A. Refer Note 1 & 2 1 86 155 68 - 587 75 19 56 - 100%
48 Jordan Gulf for Freight N.A. Refer Note 1 & 2 44 175 473 255 - 3,074 147 23 124 - 100%
Services and Agencies Co.
LLC
49 Ecu-Line Malta Ltd. N.A. Refer Note 1 & 2 - - - - - - - - - - 100%
50 CELM Logistics SA de CV N.A. Refer Note 1 & 2 2 54 442 385 - 1,271 136 52 84 - 100%
51 Ecu Logistics de Mexico SA N.A. Refer Note 1 & 2 2 625 1,822 1,195 - 9,106 488 147 341 - 100%
de CV
52 Ecu-Line Maroc S.A. N.A. Refer Note 1 & 2 32 207 992 753 - 3,653 133 47 86 - 100%
53 Ecu-Line Rotterdam BV N.A. Refer Note 1 & 2 577 (46) 3,145 2,615 - 6,559 39 23 16 - 100%
54 Rotterdam Freight Station BV N.A. Refer Note 1 & 2 12 50 313 251 - 1,818 95 5 90 - 100%
55 Ecu-Line de Panama SA N.A. Refer Note 1 & 2 16 91 410 303 - 2,366 (18) - (18) - 100%
56 Ecu-Line Paraguay SA N.A. Refer Note 1 & 2 7 12 33 15 - 129 5 1 4 - 100%
57 Ecu-Line Philippines Inc. N.A. Refer Note 1 & 2 139 105 592 348 - 3,549 70 17 53 - 100%
58 Ecu-Line Polska SP. Z.o.o. N.A. Refer Note 1 & 2 8 9 222 205 - 1,753 43 - 43 - 100%
59 Ecu-Line Doha W.L.L. N.A. Refer Note 1 & 2 34 116 396 247 - 2,471 55 3 51 - 100%
60 Ecu-Line Romania SRL N.A. Refer Note 1 & 2 1 48 150 101 - 1,031 (8) (1) (7) - 100%
61 Ecu-Line Singapore Pte. Ltd. N.A. Refer Note 1 & 2 679 734 5,207 3,794 - 14,758 342 62 279 - 100%
62 Ecu-Line South Africa (Pty.) N.A. Refer Note 1 & 2 - 231 1,138 907 - 9,475 313 95 218 2 100%
Ltd.
63 Ecu-Line Spain S.L. N.A. Refer Note 1 & 2 82 13 939 844 - 5,783 50 10 39 - 100%
64 Mediterranean Cargo Center N.A. Refer Note 1 & 2 81 (263) 182 364 - 493 117 - 117 - 100%
S.L. (MCC)
65 Ecu Line Lanka (Pvt) Ltd. N.A. Refer Note 1 & 2 - 99 345 246 - 1,050 58 13 45 - 100%
66 Socit Ecu-Line Tunisie Sarl N.A. Refer Note 1 & 2 32 93 442 317 - 1,473 57 14 43 - 100%
ANNEXURE-2
FORM AOC-I
(` in Lakhs)
67 Ecu Uluslarasi Tas. Ve Ticaret N.A. Refer Note 1 & 2 53 237 793 502 - 3,132 263 84 179 - 100%
Ltd. Sti.
68 China Consolidated Company N.A. Refer Note 1 & 2 9,334 13,220 25,904 3,350 - 12,284 3,521 - 3,521 - 100%
Ltd.
69 Star Express Company Ltd. N.A. Refer Note 1 & 2 9,334 (6) 9,334 6 - - (1) - (1) - 100%
70 Ecu-Line UK Ltd. N.A. Refer Note 1 & 2 646 326 2,610 1,637 - 13,104 411 107 304 - 100%
71 DEOLIX S.A. N.A. Refer Note 1 & 2 25 (18) 63 55 - 702 (12) 3 (14) - 100%
72 DLC N.A. Refer Note 1 & 2 1,382 (44) 1,407 68 - - (3) - (3) 200 100%
73 Guldary S.A. N.A. Refer Note 1 & 2 2 1,276 1,310 32 - 163 656 - 656 - 100%
74 Administradora House Line N.A. Refer Note 1 & 2 10 948 1,231 274 - 35 39 - 39 - 100%
C.A.
75 Ecu-Line Mauritius Ltd. N.A. Refer Note 1 & 2 12 28 71 31 - 462 23 5 18 - 100%
(formerly known as a Ecu Line
(Indian Ocean Island) Ltd.
76 Asia Line Ltd* N.A. Refer Note 1 & 2 1,321 656 7,859 5,882 3 37 (55) - (55) - 100%
77 Consolidadora Ecu-Line C.A. N.A. Refer Note 1 & 2 - - - - - - - - - - 100%
78 Ecu Shipping Logistics (K) N.A. Refer Note 1 & 2 7 4 12 1 - 4 2 - 1 - 99%
Ltd.
79 Ecu-Line Middle East LLC N.A. Refer Note 1 & 2 51 623 2,413 1,740 - 8,995 508 - 508 - 86%
80 Ecu-Line Malaysia SDN. N.A. Refer Note 1 & 2 101 156 750 493 - 3,339 120 - 120 - 100%
BHD. (Formerly known as
Ecu-Line (Johor Bahru) Snd.
Bhd.
81 Eurocentre FZCO N.A. Refer Note 1 & 2 220 347 789 221 - 1,782 308 - 308 - 85%
82 Ecu-Line Hungary Kft. N.A. Refer Note 1 & 2 - - - - - - - - - - 51%
83 Ecu-Line Kenya Ltd. N.A. Refer Note 1 & 2 28 264 515 223 - 2,600 128 38 89 - 82%
84 Ecu-Line Abu Dhabi LLC N.A. Refer Note 1 & 2 25 129 234 79 - 664 100 - 100 - 76%
85 CCS Shipping Ltd. N.A. Refer Note 1 & 2 542 97 1,593 954 - 14,899 43 14 30 - 75%
86 Flamingo Line del Peru SA N.A. Refer Note 1 & 2 7 26 55 22 - 51 45 33 13 - 100%
87 Ecu-Line Peru SA N.A. Refer Note 1 & 2 10 334 385 40 - 402 406 151 255 - 100%
88 Ecu-Line Saudi Arabia LLC N.A. Refer Note 1 & 2 224 248 1,701 1,230 - 7,120 308 40 268 - 70%
89 Ecu-Line Zimbabwe (Pvt) Ltd. N.A. Refer Note 1 & 2 - - - - - - - - - - 70%
90 Ecu-Line Japan Ltd. N.A. Refer Note 1 & 2 156 86 2,105 1,863 - 22,201 146 90 56 - 65%
91 S.H.E. Maritime Services Ltd. N.A. Refer Note 1 & 2 3 (7) 1,230 1,234 - 6,554 (48) - (48) 23 100%
92 Ecu-Line Australia Pty Ltd. N.A. Refer Note 1 & 2 48 300 1,528 1,180 - 12,116 285 88 197 - 100%
93 Ecu-Line NZ Ltd. N.A. Refer Note 1 & 2 - 101 363 262 - 1,916 110 34 76 - 100%
94 Ecu-Line (Thailand) Co. Ltd. N.A. Refer Note 1 & 2 96 128 1,276 1,052 - 9,679 119 27 92 108 57%
95 Ecu-Line Mediterranean Ltd. N.A. Refer Note 1 & 2 6 16 61 39 - 707 2 1 1 - 55%
96 China Consolidation Services N.A. Refer Note 1 & 2 509 711 1,256 35 - 1,470 (147) 29 (177) - 75%
Ltd
97 Ecu-Line Switzerland GmbH N.A. Refer Note 1 & 2 32 16 272 224 - 1,912 12 - 12 - 100%
98 Ecu-Line Canada Inc. N.A. Refer Note 1 & 2 - (402) 1,024 1,427 - 7,957 (271) 31 (302) - 50%
99 Cargo Freight Station S.A. N.A. Refer Note 1 & 2 31 95 642 516 - 1,714 45 9 36 - 50%
100 Ocean House Ltd. N.A. Refer Note 1 & 2 176 110 333 47 - 68 38 8 30 - 51%
101 Ecu-Line de Colombia S.A.S. N.A. Refer Note 1 & 2 22 49 354 283 - 2,047 295 118 176 - 100%
102 Conecli International S.A. N.A. Refer Note 1 & 2 - 103 261 158 - 1,852 139 36 103 - 100%
47
48
ANNEXURE-2
FORM AOC-I
(` in Lakhs)
103 European Customs Brokers N.A. Refer Note 1 & 2 42 52 367 273 - 1,084 36 (1) 37 - 70%
N.V.
DIRECTORS' REPORT
104 Ecu-Line Vietnam Co., Ltd. N.A. Refer Note 1 & 2 47 311 898 540 - 5,536 366 97 270 - 51%
105 Econocaribe Consolidators, N.A. Refer Note 1 & 2 - 10,168 23,850 13,682 - 91,669 2,105 - 2,105 - 100%
Inc.
106 OTI Cargo, Inc. N.A. Refer Note 1 & 2 - 772 1,088 315 - 3,215 98 2 96 - 100%
107 Ports International, Inc. N.A. Refer Note 1 & 2 - - - - - - - - - - 100%
108 Econoline Storage Corp. N.A. Refer Note 1 & 2 - 1,795 1,795 - - 175 (125) - (125) - 100%
109 ECI Customs Brokerage, Inc. N.A. Refer Note 1 & 2 - 559 906 347 - 1,476 59 1 58 - 100%
110 Integrity Enterprises Pty Ltd. N.A. Refer Note 1 & 2 19 - 19 - - - - - - - 100%
111 PRISM GLOBAL, LLC N.A. Refer Note 1 & 2 12,818 (10,798) 19,610 17,591 - - 1,486 20 1,466 - 100%
112 FCL Marine Agencies B.V. N.A. Refer Note 1 & 2 12 719 3,890 3,159 1,321 23,756 899 105 794 - 100%
113 Prism Global Ltd. (Formerly N.A. Refer Note 1 & 2 - (497) 1,552 2,049 - 2,655 (478) (2) (476) - 100%
known as Ecu Line Ltd)
114 FMA-LINE France S.A.S. N.A. Refer Note 1 & 2 - - - - - - - - - - 100%
115 Allcargo Logistics LLC* N.A. Refer Note 1 & 2 50 (84) 157 217 - 11 (83) - (83) - 49%
116 Contech Transport Services N.A. Refer Note 1 & 2 - - - - - - - - - - 100%
(Pvt) Ltd
117 Allcargo Logistics Lanka N.A. N.A. - - - - - - - - - - 40%
(Private) Limited
Notes:
1 Balance Sheet items are translated at closing exchange rate of 01 Euro=INR 67.5104, *1 AED=INR 17.0676
2 Profit/(Loss) items are translated at average exchange rate of 01 Euro=INR 77.5792, *1 AED=INR 16.6585
3 Names of subsidiaries which are yet to commence operations

a. Allcargo Logistics Lanka (Private) Limited
b. ACEx Logistics Limited
c. Contech Transport Services (Pvt) Ltd
4 Names of subsidiaries which have been liquidated or sold during the year.
a. Flamingo Line do Brasil Ltda
b. Translogistik Internationale Spedition GmbH
c. ELV Multimodel CA (merged with Administradora House Line C.A.)
d. Ecu Enterprises Ltd
e. Ecu Line Global Ltd
f. Ecu Line China Ltd
ANNEXURE-2
FORM AOC-I
Statement containing salient features of the financial statement of Associate Companies/Joint Ventures
PART B: ASSOCIATES AND JOINT VENTURES
(` in Lakhs)
Sr. Name of Associates/Joint Transnepal FCL Marine FCL Marine INEGA N.V. Ecu Logistics Fasder S.A. FCL Marine Love All sports Centro
No. Ventures Freight Agencies Agencies Peru SAC Agencies Holdings FZE) Brasiliero de
Services Pvt. Gmbh Gmbh Belgium bvba (w.e.f. October Armazenagem
Ltd. (Hamburg) (Bermen) (w.e.f. July 10, 12, 2014) E Distribuico
(w.e.f. (w.e.f. 2014) Ltda
September 3, September 3,
2014) 2014)
1 Latest audited Balance Sheet Date July 16, 2014 December 31, December 31, December 31, December 31, December 31, December 31, N.A December 31,
2014 2014 2014 2014 2014 2014 2014
2 Shares of Associate/Joint
Ventures held by the Company
on the year end
(i) Number 43,600 1 1 25 200 100,000 93 30 50,000
(ii) Amount of Investment in 14 447 629 10 30 2 245 256 1,126

Associates/Joint Venture
(iii) Extent of Holding % 50% 33.33% 33.33% 25% 50% 50% 50% 30% 50%
3 Description of how there is Joint Venture Associate Associate Associate Joint Venture Joint Venture Associate Associate Joint Venture
significant influence arrangement arrangement arrangement arrangement
4 Reason why the Associate/Joint N.A N.A N.A N.A N.A N.A N.A It is current N.A
Venture is not consolidated investments of
short term in
nature
5 Networth attributable to 249 N.A N.A N.A 154 (0.40) 37 N.A 1,037
Shareholding as per latest
Audited Balance Sheet
6 Profit/(Loss) for the year 52 75 474 (1) 102 (23) 27 - 877
(i) Considered in Consolidation 26 25 156 - 51 (12) 13.5 - 439
(ii) Not Considered in Consolidation 26 50 318 (1) 51 (12) 13.5 - 438.5
1 Names of Associates or Joint Ventures which are yet to commence operations. NIL
2 Names of Associates or Joint Ventures which have been liquidated or sold during the year. NIL
Shashi Kiran Shetty

(DIN:00012754)
Place: Mumbai
Date: June 15, 2015
49
DIRECTORS' REPORT
ANNEXURE-3
Particulars of Loans, Gurantees, Securities and Investments for the Financial Year 2014-15
Loans given during the financial year 2014-15
(` in Lakhs)
Particulars Opening Bal. Additions Repaid Closing Bal.
Allcargo Shipping Co. Pvt. Ltd. - 52 52 -
Allcargo Logistics Park Pvt. Ltd. 50 280 281 49
AGL Warehousing Pvt. Ltd. 50 12 5 57
Contech Transport Services Pvt. Ltd. - 1,500 1,500 -
Hindustan Cargo Ltd. - 390 390 -
Asia Line Ltd. - 1,405 - 1,405
Transindia Logistics Park Pvt. Ltd. 1,532 6,991 1,508 7,015
South Asia Terminals Pvt. Ltd. 846 - - 847
Comptech Solutions Pvt. Ltd. 78 - 37 41
Combi Line Indian Agencies Pvt. Ltd. 12 - - 12
TOTAL 2,568 10,630 3,773 9,426
Loans were given to subsidiaries for business purpose to meet their working capital and capital expenditure requirements.
Corporate Guarantee provided during the financial year 2014-15

(` in Lakhs)
Name of the Company for whom Name of the Party Purpose of Guarantee Amount for
guarantee is given in whose favour which guarantee
guarantee is given is given
Hindustan Cargo Ltd HDFC Bank For securing credit facilities availed from 700
Limited HDFC Bank for business purpose
Allcargo Belgium NV KBC Bank, BNP Acquisition of Econocaribe & FCL Marine 18,323
Paribas, DBS Bank
Allcargo Logistics Park Pvt Ltd ICICI Bank Limited For securing credit facilities availed from 3,200
ICICI Bank for business purpose
Transindia Logistic Park Pvt Ltd ING Vysya Bank For giving to Custom Authority as per the 2,000
statutory requirements
TOTAL 24,223
No security has been provided by the Company in respect of loan taken by any Company or third party during the
financial year 2014-15.
50
ANNEXURE-3
Investments made during the financial year 2014-15
(` in Lakhs)
Sr. Particulars Opening Bal. Acquisition Sale/ Closing Bal.
No. Redemption
1 NIL (Previous year: 954) Equity shares of Reliance @ - @ @
Communication Limited of ` 10 each (` 70,350)@
2 1,908 (Previous year: 1,908) Equity shares of 2 - - 2
Reliance Industries Limited of ` 10 each
3 1,800 (Previous year: 1,800) Equity shares of Tata 1 - - 1
Motors Limited of ` 2 each
Contech Transport Services Private Limited of
` 100 each
5 11,500 (Previous year: 11,500) Equity shares of 6,848 - - 6,848
Allcargo Belgium N.V of Euro 1,000 each
Hindustan Cargo Limited of ` 10 each
Ecu Line (India) Private Limited of ` 10 each
8 20,131 (Previous year: 20,131) Ordinary shares of 1,321 - - 1,321
Asia Line Limited of Euro 100 each
Allcargo Shipping Co. Private Limited of ` 10 each
Southern Terminal and Trading Private Limited of
` 10 each
AGL Warehousing Private Limited of ` 10 each
12 3,327,750 (Previous year: 3,327,750) Equity shares 333 - - 333
of South Asia Terminals Private Limited of ` 10
each
13 3,867,840 (Previous year: 3,867,840) Equity shares 387 - - 387
of Allcargo Logistics Park Private Limited of ` 10
each
14 12,000 (Previous year: 8,400) Equity shares of 5,552 2,223 - 7,775
Transindia Logistic Park Private Limited of ` 10
each
15 147 (Previous year: NIL) Ordinary shares of - 24 - 24
Allcargo Logistics LLC of AED 1000 each
Combi Line Indian Agencies Private Limited of `
10 each
17 43,600 (Previous year: 43,600) Equity shares of 14 - - 1,144
Transnepal Freight Services Private Limited of `
100 each (Nepal Rupees)
18 4,000 (Previous year: 4,000) Equity Shares of 1 - - 1
Zorastrian Co-op. Bank Limited of ` 25 each
19 100 (Previous year: 100) Equity Shares of Alltrans # - # #
Port Management Private Limited of ` 10 each
(` 10,000)#
51
DIRECTORS' REPORT
ANNEXURE-3
Investments made during the financial year 2014-15
(` in Lakhs)
Sr. Particulars Opening Bal. Acquisition Sale/ Closing Bal.
No. Redemption
20 95,855 (Previous year: 147,975) 1% Redeemable, 2,220 - 782 144
Non Cumulative, Non Convertible Preference
Shares of Hindustan Cargo Limited of ` 100 each
21 73,930 (Previous year: 73,930) 1% Redeemable, 3697 - - 3697
Shares of Allcargo Shipping Co. Private Limited of
` 100 each
22 149,420 (Previous year: 149,420) 1% Redeemable, 3,736 - - 3,736
Shares of AGL Warehousing Private Limited of `
100 each
23 2,500 (Previous year: 2,500) 10% Redeemable, 100 - - 100
Shares of Hindustan Cargo Limited of ` 100 each
Shares of Allcargo Shipping Co. Private Limited of
` 100 each
Shares of Contech Transport Services Private
Limited of ` 100 each
26 6,955 (Previous year: 4,871) 10% Redeemable, 3,220 1,378 - 4,598
Shares of Transindia Logistic Park Private Limited
of ` 100 each
27 250 (Previous year: 250) Equity Shares of Sree - - - -
Rayalseema Alkalies and Alied Chemicals Limited
of ` 10 each (` 12,878)
28 250 (previous year: 250) 0.01% Cumulative - - - -
Redeemable Preference shares of Sree
Rayalaseema Alkalies and Allied chemicals Limited
of ` 10 each (` 12,878)
TOTAL 33,232 3,624 782 36,074
Shashi Kiran Shetty

(DIN:00012754)
Place: Mumbai
Date: June 15, 2015
52
ANNEXURE-4
Form AOC-2
(Pursuant to Clause (h) of Sub-Section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies
(Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred
to in Sub-Section (1) of Section 188 of the Companies Act, 2013 including certain arms length transactions under third
proviso thereto.
1. Details of Contracts or Arrangements or Transactions not at Arms Length Basis
Sr. No. Particulars Appointment of Mr. Armin Kalyaniwalla Appointment of Mr. Umesh Shetty
(a) Name(s) of the related Mr. Armin Kalyaniwalla, Brother of Mr. Umesh Shetty, Brother of Mr. Shashi
party and nature of Mr. Kaiwan Kalyaniwalla, Director of the Kiran Shetty, Chairman & Managing
relationship Company Director of the Company
(b) Nature of contracts/ Reappointment of Mr. Armin Kalyaniwalla Reappointment of Mr. Umesh Shetty as
arrangements/ as CEO of Project Division of the Company CEO of Project and Engineering Solutions
transactions which falls under the category office or Division of the Company which falls under
place of profit in the Company as per the category office or place of profit in the
Section 188(1) (f) of the Companies Act, Company as per Section 188(1) (f) of the
2013. Companies Act, 2013.
(c) Duration of 3 Years effective from January 1, 2015 3 Years effective from January 1, 2015
the contracts/
arrangements/
transactions
(d) Salient terms of Subject to the superintendence, control Subject to the superintendence, control
the contracts or and overall direction of the Board of and overall direction of the Board of
arrangements or Directors of the Company, Mr. Armin Directors of the Company, Mr. Umesh
transactions including Shetty as CEO- Project & Engineering
Kalyaniwalla as CEO-Project Division shall
the value, if any be responsible for general conduct and Solutions Division shall be responsible
management of the Project Division of thefor general conduct and management
Company and Mr. Armin Kalyaniwalla shall of the Project & Engineering Solutions
also exercise and perform such powers business of the Company and Mr. Umesh
Shetty shall also exercise and perform
and duties as the Board of Directors of the
Company may from time to time determine such powers and duties as the Board of
Directors of the Company may from time
and shall also do and perform all other acts
to time determine and shall also do and
and things which in the ordinary course of
business he may consider necessary or perform all other acts and things which in
proper or in the interest of the Company.the ordinary course of business he may
consider necessary or proper or in the
Remuneration of Mr. Armin Kalyaniwalla interest of the Company.
shall be ` 6,83,000 per month with a
power to the Board to increase the Remuneration (including perquisite,
remuneration payable up to a maximum allowances and performance based
limit of ` 10,00,000 per month from time incentives) of Mr. Umesh Shetty shall not
to time during his tenure. exceed ` 3.50 crore in any financial year.
In addition to the prescribed remuneration,

Mr. Armin Kalyaniwalla will also be entitled
to perquisites and allowances like chauffer
driven car for office use, mobile phones
with SIM card, telephone at residence and
such other perquisites and allowances
in accordance with the Rules of the
Company or as may be agreed to by the
Board of Directors of Company with Mr.
Armin Kalyaniwalla which shall not exceed
20% of the remuneration.
53
DIRECTORS' REPORT
ANNEXURE-4
Sr. No. Particulars Appointment of Mr. Armin Kalyaniwalla Appointment of Mr. Umesh Shetty
(e) Justification for entering Looking at Mr. Armin Kalyaniwallas Looking at Mr. Umesh Shetty's experience
into such contracts experience and performance, he was and performance, he was appointed as
or arrangements or appointed as CEO-Project Division of CEO-Project & Engineering Solutions
transactions the Company for a period of 3 years Division of the Company for a period of 3
commencing from January 01, 2012 to years commencing from January 01, 2012
December 31, 2014 on the terms and to December 31, 2014 on the terms and
conditions and remuneration approved conditions and remuneration approved
by the Members of the Company. The by the Members of the Company. The
position held by Mr. Armin Kalyaniwalla position held by Mr. Umesh Shetty was a
was a place of profit (being relative of place of profit (being relative of Mr. Shashi
Mr. Kaiwan Kalyaniwalla, Non-Executive Kiran Shetty, Chairman & Managing
Director of the Company up to October Director of the Company) as prescribed
30, 2014) as prescribed under Section 314 under Section 314 of the Companies Act,
of the Companies Act, 1956 and the same 1956 and the same was approved by
was approved by the Members of the the Members of the Company as well as
Company as well as Central Government. Central Government. Further, on the same
Further, on the same terms and condition terms and condition he was reappointed
he was reappointed as CEO of Project as CEO-Project & Engineering Solutions
Division of the Company for further period Division of the Company for further period
of 3 years effective from January 1, 2015. of 3 years effective from January 1, 2015.
(f) Date(s) of approval by June 12, 2014 November 13, 2014
the Board
(g) Amount paid as NIL NIL
advances, if any:
(h) Date on which the August 7, 2014 December 30, 2014
special resolution was
passed in general
Meeting as required
under first proviso to
Section 188
2. Details of Material Contracts or Arrangements or Transactions at Arms Length Basis
Sr. No. Particulars Related Party Transaction

(a) Name(s) of the related party and nature of relationship NIL NIL
(b) Nature of contracts/arrangements/transactions NIL NIL
(c) Duration of the contracts/arrangements/transactions NIL NIL
(d) Salient terms of the contracts or arrangements or transactions including NIL NIL
the value, if any
(e) Date(s) of approval by the Board, if any NIL NIL
(g) Amount paid as advances, if any: NIL NIL
Shashi Kiran Shetty

(DIN:00012754)
Place: Mumbai
Date: June 15, 2015
54
ANNEXURE-5
Form No. MR-3
SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015
[Pursuant to Section 204(1) of the Companies Act, 2013 and the Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
6th Floor, Avashya House, CST Road,
Kalina, Santacruz (East)
Mumbai-400098
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Allcargo Logistics Limited (hereinafter called the Company). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our
opinion thereon.
Based on our verification of the Companys books, papers, minutes books, forms and returns filed and other records maintained
by the Company and also the information provided by the Company, its officer, agents and authorized representatives during
the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the
financial year ended on March 31, 2015, complied with the statutory provisions listed hereunder and also that the Company
has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting
made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company
for the financial year ended on March 31, 2015 according to the provisions of:
(i) The Companies Act, 2013 ("the Act"

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(iv) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of Overseas
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(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (SEBI
Act):-
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(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
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(d) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (during the year
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(e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
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(f) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (during the year under
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(g) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 (during the year under review
OPUBQQMJDBCMFUPUIF$PNQBOZ

55
DIRECTORS' REPORT
ANNEXURE-5
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(x) Customs Act, 1962 (with regard to Container Freight Station).
We have examined compliance with the applicable clauses of the following:
(a) Secretarial Standards issued by the Institute of Company Secretaries of India (it is not applicable to the Company during
UIFQFSJPEVOEFSSFWJFX

(b) Listing Agreement entered with National Stock Exchange of India Limited and BSE Limited.
During the period under review, the Company has complied with the provisions of Act, Rules, Regulations, Guidelines etc.
mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of the Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at
least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda
items before the Meeting and for meaningful participation at the Meeting.
All decisions of the Board are carried through unanimously. As per the records provided by the Company, none of the Member
of the Board dissented on any resolution passed at the Meeting.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations
of the Company to monitor and ensure compliance with applicable laws, Rules, regulations and guidelines.
We further report that during the audit period there were no specific events/actions having a major bearing on the Companys
affairs in pursuance of the above referred laws, Rules, regulations, guidelines, etc.
For Mehta & Mehta,

Company Secretaries
(ICSI Unique Code P1996MH007500)
Dipti Mehta
Partner
FCS No : 3667
CP No. : 3202
Place : Mumbai
Date : June 15, 2015
Note: This report is to be read with our letter of even date which is annexed as ANNEXURE A and forms an integral part of
this report.
56
ANNEXURE-5
ANNEXURE A
To,
The Members,
6th Floor, Avashya House, CST Road,
Kalina, Santacruz (East)
Mumbai-400098
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis
for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management representation about the compliance of laws, Rules and regulations
and happening of events etc.
5. The compliance of the provisions of corporate and other applicable laws, Rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification of procedures on test basis.
6. The secretarial audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
For Mehta & Mehta,

Company Secretaries
Dipti Mehta
Partner
FCS No : 3667
CP No. : 3202
Place : Mumbai
57
DIRECTORS' REPORT
ANNEXURE-6
Particulars of Employees remuneration and other details in terms of Section 134(3)(q) read with Section 197(12) of
the Companies Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014:
Sr. No. Requirements Disclosure

1 The ratio of the remuneration of each Director to Executive Directors:
the median remuneration of the employees for the Mr. Shashi Kiran Shetty, Chairman & Managing Director - 124.95x
financial year Mr. Adarsh Hegde, Whole Time Director - 75.62x
Non-Executive Directors:
Mrs. Arathi Shetty, Non Executive Director - 3.69x
Mr. Akhilesh Gupta, Non Executive Director - 0.09x
Mr. Hari Mundra, Independent Director - 8.96x
Mr. M. P. Bansal, Independent Director - 0.38x
Mr. Keki Elavia, Independent Director - 4.36x
Prof. J. Ramachandran, Independent Director - 7.32x
2 The percentage increase in remuneration of each Executive Directors:-
Director, CFO, CEO, CS in the financial year Mr. Shashi Kiran Shetty, Chairman & Managing Director - 14.86%
Mr. Adarsh Hegde, Whole Time Director - 52.71%
Non-Executive Directors:-
Mrs. Arathi Shetty, Non Executive Director - 7700%
Mr. Akhilesh Gupta, Non Executive Director - N.A.
Mr. Hari Mundra, Independent Director - 2.02%
Mr. M. P. Bansal, Independent Director - 14.29%
Mr. Keki Elavia, Independent Director - 50.61%
Prof. J. Ramachandran, Independent Director - 94.04%
Key Managerial Personnel (other than Chairman & Managing Director)
Mr. Jatin Chokshi, Chief Financial Officer - 10.96%
Mr. Shailesh Dholakia, Company Secretary - 19.49%
3 The percentage increase in the median remuneration The median remuneration of the employees in the financial year was increased
of employees in the financial year by 10.25%
4 The number of permanent employees on the rolls of There were 883 permanent employees on the rolls of the Company as on
the Company March 31, 2015
5 The explanation on the relationship between average The average increase in remuneration of employees of the Company was in
increase in remuneration and Company performance corelation with growth and profitability achieved by the Company during the
year under review. While considering increase in remuneration of employees,
the Company considered the following broad parameters:
- Individual performance vis--vis Company's performance
- Industry standards and benchmark
- Competencies, qualifications, industry experience and the scope of the work
etc.
- Optimal mix of fixed pay and variable pay reflecting short term and long term
performance objectives of the employees and that of the Company
The average increase in remuneration of the employees of the Company was
11.70%
6 Comparison of the remuneration of the Key During the year 2014-15, the total remuneration paid to KMPs were
Managerial Personnel against the performance of approximately 9.75% of the Net Profit After Tax.
the Company
7 Variations in the market capitalization of the The market capitalisation of the Company has increased from ` 1,939.88
Company, price earnings ratio as at the closing date crores as of March 31, 2014 to ` 3,977.44 crores as of March 31, 2015.
of the current Financial Year and previous Financial Over the same period, the PE ratio improved from 34.20x to 40.98x. The
Year and percentage increase over decrease in the Company's share price as at March 31, 2014 rose by 233.74% to ` 315.55
market quotations of the shares of the Company in as compared to the last public offering i.e. Initial Public Offer in the year 2006
comparison to the rate at which the Company came @ ` 675 per equity share of ` 10 each
out with the last public offer Note: The nominal value of equity shares were sub-divided from ` 10 per
equity share to ` 2 per equity share w.e.f. November 9, 2009. Accordingly all
aforesaid calculation have been made on sub-divided value of equity shares
58
ANNEXURE-6
Particulars of Employees remuneration and other details in terms of Section 134(3)(q) read with Section 197(12) of
the Companies Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014:
Sr. No. Requirements Disclosure

8 Average percentile increase already made in the Average percentile increase in salaries of employees, other than managerial
salaries of employees other than the managerial personnel, during the year under review was 14.50%, whereas average
personnel in the last financial year and its comparison percentile increase in salaries of Managerial Personnel during the year
with the percentile increase in the managerial under review was 11%. This increase in salaries was in line with factors
remuneration and justification thereof and point mentioned in Point No. 5 above
out if there are any exceptional circumstances for
increase in the managerial remuneration
9 Comparison of the each remuneration of the Key Comparison of remuneration of each of the KMP against the performance
Managerial Personnel against the performance of of the Company is as under:
the Company Chairman & Managing Director - 5.42%
Whole Time Director - 3.28%
Chief Financial Officer - 0.72%
Company Secretary - 0.33%
10 The key parameters for any variable component of The terms of employment of Executive Directors are contractual in nature
remuneration availed by the Directors and their remuneration consist of fixed salary, perquisites, allowances and
commission as a variable % of the net profit. Profit commission is directly
linked to individual performance vis-a-vis the Company's performance. At
the begining of the year Executive Directors have been assigned targets
for the year besides their job functions. The targets are drawn from the
organisational strategic plans which are then reviewed on a periodic basis.
Business targets are combination of goals such as volume growth, revenue
growth, operating marging growth coupled with Company's mission of
claiming leadership position in every segment in which it operates.
Non-Executive Directors (NED) are being paid remuneration in the form of
sitting fees for attending meetings of the Board and the Committees and
commission out of net profit of the Company not exceeding 1% of the net
profit in terms of approval granted by the Members at the General Meeting
from time to time. The Board decides the payment of profit commission
within the overall approved limits to NEDs based on their attendance and
contribution at the Board and Committee meetings as well as time devoted
on operational and other matters.
11 The ratio of the remuneration of the highest paid None of the employees draw remuneration in excess of remuneration of
Director to that of the employees who are not highest paid Director during the year.
Directors but receive remuneration in excess of the
highest paid Director during the year
12 Affirmation that the remuneration is as per the Yes the remuneration is as per the remuneration policy of the Company.
remuneration policy of the Company
Explanation.-
(i) the expression median means the numerical value separating the higher half of a population from the lower half and
the median of a finite list of numbers may be found by arranging all the observations from lowest value to highest value
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(ii) if there is an even number of observations, the median shall be the average of the two middle values.
Shashi Kiran Shetty

(DIN:00012754)
Place: Mumbai
Date: June 15, 2015
59
DIRECTORS' REPORT
ANNEXURE-7
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNING & OUTGO:
A. CONSERVATION OF ENERGY-
(i) The steps taken or impact on conservation of energy;
Even though operation of the Company are not energy intensive your Company has always strived to optimise
energy consumption.
(ii) The steps taken by the Company for utilizing alternate sources of energy;
Your Company presently uses the conventional sources of energy such as purchase of electricity from service
providers and through diesel generator. Apart from the conventional sources of energy, your Company has also
explored use of alternate source of energy i.e. solar power at some of the locations.
(iii) The capital investment on energy conservation equipments;
During the year under review, your Company has not made any significant investment on energy conservation
equipments.
B TECHNOLOGY ABSORPTION-
(i) The efforts made towards technology absorption and the benefits derived like product improvement, cost
reduction, product development or import substitution;
During the period under review, your Company has successfully implemented/initiated following new initiatives
towards technology up-gradation
t 1SPKFDU501";
Project TOPAZ is a business transformation project that involves deployment of a new business application
platform for the NVOCC vertical. TOPAZ was deployed at the first pilot site (UK) in February 2015. TOPAZ
will be rolled out globally across all NVOCC offices over next 2 years. Once global deployment is completed,
TOPAZ will provide one version of truth, standardized processes and improved operational visibility for better
management control and decision making. We have selected Indias leading IT Company as a strategic partner
for this project and the corner stones of this project are growth, efficiency and innovation.
t %JHJUBM4USBUFHZ
As the technology landscape is changing every day, the organization has initiated actions to compile a Digital
strategy for the enterprise. While TOPAZ is more focused on optimizing our internal systems and processes,
the Digital strategy will be customer focussed and will identify new initiatives to be undertaken to create a
differentiated experience. There are a number of digitalization technologies which are impacting businesses at
large and the ones our IT team is assessing cover SMACs (Social, Mobility, Analytics, Cloud) technologies and
also E-Commerce, Workplace collaboration and Internet of Things (IOT). Once the Digital strategy is finalized,
a number of initiatives will be initiated to adopt these new technologies.
t /FX)3.4TZTUFN
After extensive evaluations, a new global HRMS (Human Resource Management System) has been selected
for implementation. This is a cloud version that is offered in SaaS (Software as a Service) model and will be
implemented across all locations in 2015. The HRMS system once deployed will help effectively leverage our
large employee strength to its fullest potential. The new system will have recruitment & onboarding, Core HRMS,
Goal & Performance management, Talent Review & Succession Management Modules.
t "OBMZUJDT
Last year, the IT team undertook extensive evaluations of various Business Intelligence (BI) software and actions
have been initiated to implement a management dashboard which will get implemented in the current financial
year. The dashboard will also provide various push/pull reports.
60
t 1SPKFDU0/:9o$'4%JWJTJPO
Deployment of a new modern system which is tightly integrated with the financial accounting system was
successfully completed last year across all the CFS locations. This application has now started providing
extensive business benefits to effectively manage the CFS operations at each of the location.
t 1SPKFDU0/:9o1SPKFDUT%JWJTJPO
Plans have been firmed up to implement a new business application at our Projects Division. This project will
be initiated in the second half of 2015 and will support all operational activities of the division.
t &YQFOTF.BOBHFNFOU4ZTUFN*NQMFNFOUBUJPO
The expense management system that was deployed last year is further getting enhanced by implementing a
new travel module and also introducing budgetary controls in the current financial year.
t 4IBSFE4FSWJDFT
Your organization is aggressively pursuing offshoring opportunities and business process outsourcing (BPO)
activities have been transitioned from a number of high cost locations to service providers in India. This has
not only helped provide costs savings but has helped improve productivity and service continuity at each of the
offices worldwide.
t *54FDVSJUZ
The IT team is constantly focussed on enhancing the IT security posture and a number of initiatives were
initiated last year for data leakage prevention and protection. A detailed security audit was also undertaken by
a specialized external vendor and various corrective actions were implemented to strengthen our setup.
(ii) In case of imported technology (imported during the last three years reckoned from the beginning of the
financial year)
Your Company has not imported any technology during the period of last three years.
(iii) The expenditure incurred on Research and Development.
There is no expenditure incurred on the research & development activities of the Company during the year under
review.
C. FOREIGN EXCHANGE EARNINGS & OUTGO -

(` In Lakhs)
Sr. No. Particulars For the year ended
March 31, 2015 March 31, 2014
1 Foreign Exchange Earned 11,437 9,648
2 Foreign Exchange Outgo 17,063 10,639
Shashi Kiran Shetty

(DIN:00012754)
Place: Mumbai
Date: June 15, 2015
61
DIRECTORS' REPORT
ANNEXURE-8
FORM NO. MGT-9

EXTRACT OF ANNUAL RETURN
As on the Financial Year ended on March 31, 2015
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I. Registration and other details:
i) CIN L63010MH2004PLC073508
ii) Registration Date August 18, 1993
iii) Name of the Company Allcargo Logistics Limited
iv) Category/Subcategory of the Company Company having Share Capital
v) Address of the Registered Office and contact details 6th Floor, Avashya House, CST Road,
Kalina, Santacruz (East), Mumbai-400098.
Tel: 022- 66798100 Fax: 022- 66798195
vi) Whether Listed Company Yes
vii) Name, Address and Contact Details of Registrar M/s. Link Intime India Private Limited
and Transfer Agent, if any C-13, Panalal Silk Mills Compound,
LBS Marg, Bhandup (West), Mumbai-400 078
Tel: 022- 2596 3838 Fax: 022 2594 6969
Email: [email protected]
Contact Person: Mr. Vishal Panjabi
II. Principal business activities of the Company

All the business activities contributing 10% or more of the total turnover of the Company shall be stated:-
Sr. No. Name and Description of main products/services NIC Code of the % to total turnover of
Product/service* the Company
1 Project & Engineering Solutions 773 39%
2 Container Freight Stations 521 & 522 27%
3 Multimodal Transport Operations 492, 501 & 502 31%
"TQFS/BUJPOBM*OEVTUSJBM$MBTTJDBUJPO.JOJTUSZPG4UBUJTUJDTBOE1SPHSBNNF*NQMFNFOUBUJPO
III Particulars of Holding, Subsidiary and Associate Companies:

Holding/
Sr. % of Applicable
Name and Address of the Company CIN/GLN Subsidiary/
No shares Held Section
Associate
1 AGL Warehousing Private Limited U63020MH2008PTC179569 Subsidiary 100% 2(87)
2 Allcargo Logistics Park Private Limited U63023MH2008PTC183494 Subsidiary 51% 2(87)
3 Allcargo Shipping Co. Private Limited U45205MH2008PTC179478 Subsidiary 100% 2(87)
4 Amfin Consulting Private Limited U72200MH2000PTC124495 Subsidiary 100% 2(87)
5 Combi Line Indian Agencies Private Limited U63090MH1993PTC075844 Subsidiary 98.95% 2(87)
6 Comptech Solutions Private Limited U72300DL1996PTC078496 Subsidiary 48.28% 2(87)
7 Contech Transport Services Private Limited U63090MH1993PTC075750 Subsidiary 100% 2(87)
8 Credo Shipping Agencies Private Limited U74900MH2010PTC201286 Subsidiary 100% 2(87)
9 ECU International (Asia) Private Limited U72300MH2005PTC155205 Subsidiary 100% 2(87)
10 ECU Line (India) Private Limited U63010MH2007PTC176472 Subsidiary 100% 2(87)
11 Hindustan Cargo Limited U63010MH1993PLC075480 Subsidiary 100% 2(87)
12 ACEx Logistics Limited
U74999MH2011PLC218842 Subsidiary 100% 2(87)
(Formerly Known as HC Logistics Limited)
13 South Asia Terminals Private Limited U45200MH2008PTC179557 Subsidiary 51% 2(87)
62
ANNEXURE-8
Holding/
Sr. % of Applicable
Associate
14 Southern Terminal & Trading Private Limited U61100MH2008PTC180406 Subsidiary 100% 2(87)
15 Transindia Logistic Park Private Limited U63090MH2004PTC145032 Subsidiary 100% 2(87)
16 Ecu-Line Algerie sarl NA Subsidiary 100% 2(87)
17 Ecu Logistics SA NA Subsidiary 100% 2(87)
18 Ecu-Line N.V. NA Subsidiary 100% 2(87)
19 Ecu-Logistics N.V. NA Subsidiary 100% 2(87)
20 FMA-Line Holding N.V.
NA Subsidiary 100% 2(87)
(Formerly known Ecubro N.V.)
21 Ecu-Tech bvba NA Subsidiary 100% 2(87)
22 Ecuhold N.V. NA Subsidiary 100% 2(87)
23 Ecu International N.V. NA Subsidiary 100% 2(87)
24 Ecu Global Services N.V. NA Subsidiary 100% 2(87)
25 HCL Logistics N.V.
(Formerly known as Ecu Air N.V.)
26 AGL N.V. NA Subsidiary 100% 2(87)
27 Allcargo Belgium N.V. NA Subsidiary 100% 2(87)
28 Ecu Logistics do Brasil Ltda. NA Subsidiary 100% 2(87)
29 Ecu-Line Bulgaria EOOD NA Subsidiary 100% 2(87)
30 Ecu-Line Chile S.A. NA Subsidiary 100% 2(87)
31 Flamingo Line Chile S.A. NA Subsidiary 100% 2(87)
32 Ecu-Line Guangzhou Ltd NA Subsidiary 100% 2(87)
33 China Consolidation Services Shipping Ltd NA Subsidiary 75% 2(87)
34 Ecu-Line (CZ) s.r.o. NA Subsidiary 100% 2(87)
35 Ecu-Line del Ecuador S.A. NA Subsidiary 100% 2(87)
36 Flamingo Line del Ecuador SA NA Subsidiary 100% 2(87)
37 Ecu Line Egypt Ltd. NA Subsidiary 100% 2(87)
38 Flamingo Line El Salvador SA de CV NA Subsidiary 100% 2(87)
39 Ecu-Line Germany GmbH NA Subsidiary 100% 2(87)
40 ELWA Ghana Ltd. NA Subsidiary 100% 2(87)
41 Flamingo Line de Guatemala S.A. NA Subsidiary 100% 2(87)
42 Ecu-Line Hong Kong Ltd. NA Subsidiary 100% 2(87)
43 Ecu International Far East Ltd. NA Subsidiary 100% 2(87)
44 PT EKA Consol Utama Line NA Subsidiary 100% 2(87)
45 Ecu-Line Italia srl. NA Subsidiary 100% 2(87)
46 Eurocentre Milan srl. NA Subsidiary 100% 2(87)
47 Ecu-Line Cte dIvoire Sarl NA Subsidiary 100% 2(87)
48 Jordan Gulf for Freight Services and
Agencies Co. LLC
49 Ecu-Line Malta Ltd. NA Subsidiary 100% 2(87)
50 CELM Logistics SA de CV NA Subsidiary 100% 2(87)
51 Ecu Logistics de Mexico SA de CV NA Subsidiary 100% 2(87)
52 Ecu-Line Maroc S.A. NA Subsidiary 100% 2(87)
53 Ecu-Line Rotterdam BV NA Subsidiary 100% 2(87)
54 Rotterdam Freight Station BV NA Subsidiary 100% 2(87)
55 Ecu-Line de Panama SA NA Subsidiary 100% 2(87)
56 Ecu-Line Paraguay SA NA Subsidiary 100% 2(87)
57 Ecu-Line Philippines Inc. NA Subsidiary 100% 2(87)
58 Ecu-Line Polska SP. Z.o.o. NA Subsidiary 100% 2(87)
59 Ecu-Line Doha W.L.L. NA Subsidiary 100% 2(87)
60 Ecu-Line Romania SRL NA Subsidiary 100% 2(87)
63
DIRECTORS' REPORT
ANNEXURE-8
Holding/
Sr. % of Applicable
Associate
61 Ecu-Line Singapore Pte. Ltd. NA Subsidiary 100% 2(87)
62 Ecu-Line South Africa (Pty.) Ltd. NA Subsidiary 100% 2(87)
63 Ecu-Line Spain S.L. NA Subsidiary 100% 2(87)
64 Mediterranean Cargo Center S.L. (MCC) NA Subsidiary 100% 2(87)
65 Ecu Line Lanka (Pvt) Ltd. NA Subsidiary 100% 2(87)
66 Socit Ecu-Line Tunisie Sarl NA Subsidiary 100% 2(87)
67 Ecu Uluslarasi Tas. Ve Ticaret Ltd. Sti. NA Subsidiary 100% 2(87)
68 China Consolidated Company Ltd. NA Subsidiary 100% 2(87)
69 Star Express Company Ltd. NA Subsidiary 100% 2(87)
70 Ecu-Line UK Ltd. NA Subsidiary 100% 2(87)
71 DEOLIX S.A. NA Subsidiary 100% 2(87)
72 DLC NA Subsidiary 100% 2(87)
73 Guldary S.A. NA Subsidiary 100% 2(87)
74 Administradora House Line C.A. NA Subsidiary 100% 2(87)
75 Ecu-Line Mauritius Ltd. (formerly known as
a Ecu Line (Indian Ocean Island) Ltd.
76 Asia Line Ltd NA Subsidiary 100% 2(87)
77 Consolidadora Ecu-Line C.A. NA Subsidiary 100% 2(87)
78 Ecu Shipping Logistics (K) Ltd. NA Subsidiary 99% 2(87)
79 Ecu-Line Middle East LLC NA Subsidiary 86% 2(87)
80 Ecu-Line Malaysia SDN.BHD.
(Formerly known as Ecu-Line (Johor Bahru) NA Subsidiary 100% 2(87)
Snd. Bhd.
81 Eurocentre FZCO NA Subsidiary 85% 2(87)
82 Ecu-Line Hungary Kft. NA Subsidiary 51% 2(87)
83 Ecu-Line Kenya Ltd. NA Subsidiary 82% 2(87)
84 Ecu-Line Abu Dhabi LLC NA Subsidiary 76% 2(87)
85 CCS Shipping Ltd. NA Subsidiary 75% 2(87)
86 Flamingo Line del Peru SA NA Subsidiary 100% 2(87)
87 Ecu-Line Peru SA NA Subsidiary 100% 2(87)
88 Ecu-Line Saudi Arabia LLC NA Subsidiary 70% 2(87)
89 Ecu-Line Zimbabwe (Pvt) Ltd. NA Subsidiary 70% 2(87)
90 Ecu-Line Japan Ltd. NA Subsidiary 65% 2(87)
91 S.H.E. Maritime Services Ltd. NA Subsidiary 100% 2(87)
92 Ecu-Line Australia Pty Ltd. NA Subsidiary 100% 2(87)
93 Ecu-Line NZ Ltd. NA Subsidiary 100% 2(87)
94 Ecu-Line (Thailand) Co. Ltd. NA Subsidiary 57% 2(87)
95 Ecu-Line Mediterranean Ltd. NA Subsidiary 55% 2(87)
96 China Consolidation Services Ltd NA Subsidiary 75% 2(87)
97 Ecu-Line Switzerland GmbH NA Subsidiary 100% 2(87)
98 Ecu-Line Canada Inc. NA Subsidiary 50% 2(87)
99 Cargo Freight Station S.A. NA Subsidiary 50% 2(87)
100 Ocean House Ltd. NA Subsidiary 51% 2(87)
101 Ecu-Line de Colombia S.A.S. NA Subsidiary 100% 2(87)
102 Conecli International S.A. NA Subsidiary 100% 2(87)
103 European Customs Brokers N.V. NA Subsidiary 70% 2(87)
104 Ecu-Line Vietnam Co., Ltd. NA Subsidiary 51% 2(87)
105 Econocaribe Consolidators, Inc. NA Subsidiary 100% 2(87)
106 OTI Cargo, Inc. NA Subsidiary 100% 2(87)
107 Ports International, Inc. NA Subsidiary 100% 2(87)
64
ANNEXURE-8
Holding/
Sr. % of Applicable
Associate
108 Econoline Storage Corp. NA Subsidiary 100% 2(87)
109 ECI Customs Brokerage, Inc. NA Subsidiary 100% 2(87)
110 Integrity Enterprises Pty Ltd. NA Subsidiary 100% 2(87)
111 Prism Global, LLC NA Subsidiary 100% 2(87)
112 FCL Marine Agencies B.V. NA Subsidiary 100% 2(87)
113 Prism Global Ltd.
(Formerly known as Ecu Line Ltd)
114 FMA-Line France S.A.S. NA Associates 100% 2(6)
115 Centro Brasiliero de Armazenagem E
NA Joint Venture 50% 2(6)
Distribuiao Ltda
116 Allcargo Logistics LLC NA Subsidiary 49% 2(87)
117 Contech Transport Services (Pvt) Ltd NA Subsidiary 100% 2(6)
118 Allcargo Logistics Lanka (Private) Limited NA Subsidiary 40% 2(87)
119 Transnepal Freight Services Pvt.Ltd NA Joint Venture 50% 2(6)
120 FCL Marine Agencies Gmbh (Hamburg) NA Associate 33.33% 2(6)
121 FCL Marine Agencies Gmbh (Bermen) NA Associate 33.33% 2(6)
122 INEGA N.V. NA Associate 25% 2(6)
123 Ecu Logistics Peru SAC NA Joint Venture 50% 2(6)
124 Fasder S.A. NA Joint Venture 50% 2(6)
125 FCL Marine Agencies Belgium bvba NA Joint Venture 50% 2(87)
126 Love All sports Holdings FZE NA Associate 30% 2(6)
IV. Share Holding Pattern (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Share Holding
Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year % Change
Shareholders year during the
year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A. Promoters
(1) Indian
a. Individual/HUF 87,320,900 - 87,320,900 69.28 84,320,899 - 84,320,899 66.90 (2.38)
b. Cent. Govt. - - - - - - - - -
c. State Govt. - - - - - - - - -
d. Bodies Corp - - - - - - - - -
e. Bank/FI - - - - - - - - -
f. Any Other - - - - - - - - -
Trusts 3,813,125 - 3,813,125 3.03 3,813,125 - 3,813,125 3.03 -
Sub-Total: A(1) 91,134,025 - 91,134,025 72.30 88,134,024 - 88,134,024 69.92 (2.38)
(2) Foreign
a. NRI-Ind/HUF - - - - - - - - -
b. Other Ind. - - - - - - - - -
c. Body Corp. - - - - - - - - -
d. Bank/FI - - - - - - - - -
e. Any Other - - - - - - - - -
Sub-Total: A(2) - - - - - - - - -
65
DIRECTORS' REPORT
ANNEXURE-8
i) Category-wise Share Holding
Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year % Change
Shareholders year during the
year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
B. Public Shareholding
(1) Institution
a. Mutual Funds 331 - 331 - 323 - 323 - -
b. Bank/FI 196,289 - 196,289 0.16 6,849 - 6,849 0.01 (0.15)
c. Cent. Govt. - - - - - - - - -
d. State Govt. - - - - - - - - -
e. Venture Capital - - - - - - - - -
f. Insurance Co. - - - - - - - - -
g. FIIs 15,041,535 - 15,041,535 11.93 7,375,510 - 7,375,510 5.85 (6.08)
h. Foreign Venture - - - - - - - - -
Capital Fund
i. Other - - - - - - - - -
Sub-Total: B(1) 15,238,155 - 15,238,155 12.09 7,382,682 - 7,382,682 5.86 (6.23)
(2) Non-Institution
a. Body Corp.
-India 190,035 - 190,035 0.15 1,592,719 - 1,592,719 1.26 1.11
- Overseas - - - - - - - - -
b. Individual
Individual 1,655,032 54,390 1,709,422 1.36 2,906,710 54,390 2,961,100 2.35 0.99
shareholders holding
nominal share
capital upto ` 1 lakh
Individual 769,120 - 769,120 0.61 1,086,704 - 1,086,704 0.86 0.25
shareholders holding
nominal share
capital in excess of
` 1 lakh
c. Other
-Clearing Member 15,359 - 15,359 0.01 69,287 - 69,287 0.05 0.04
-Non Resident 56,024 - 56,024 0.04 109,283 - 109,283 0.09 0.05
Indian (Repatriable)
-Non Resident 61,242 - 61,242 0.05 35,690 - 35,690 0.03 (0.02)
Indian (Non-
Repatriable)
-Foreign Nationals 5,000 - 5,000 - 5,000 - 5,000 - -
-Foreign Companies 16,735,400 - 16,735,400 13.28 16,403,868 - 16,403,868 13.01 (0.27)
-Independent 55,175 - 55,175 0.04 5,000 - 5,000 - (0.04)
Director
- Foreign Portfolio - - - - 8,231,970 - 8,231,970 6.53 6.53
Investor
-Trusts 78,805 - 78,805 0.06 30,435 - 30,435 0.02 (0.04)
Sub-Total-B (2) 19,621,192 54,390 19,675,582 15.61 30,476,666 54,390 30,531,056 24.22 8.61
Net Total (A+B) 125,993,372 54,390 126,047,762 100.00 125,993,372 54,390 126,047,762 100.00 -
C. Shares held by - - - - - - - - -
Custodian for
GDRs & ADRs
Grand Total (A+B+C) 125,993,372 54,390 126,047,762 100.00 125,993,372 54,390 126,047,762 100.00 -
66
ANNEXURE-8
ii. Shareholding of Promoters
Sr. Shareholders Name Shareholding at the beginning of Shareholding at the end of % of

No. the year the year change
No. of % of total % of Shares No. of % of total % of Shares in share
Shares Shares pledged/ Shares Shares pledged/ holding
of the encumbered of the encumbered during the
Company to total Company to total year
shares shares
1 Shashi Kiran Shetty, Arathi Shetty 81,623,390 64.76 - 78,623,390 62.38 - (2.38)
2 Shashi Kiran Shetty As Trustee for Shloka 3,813,125 3.03 - 3,813,125 3.03 - -
Shetty Trust
3 Aarthi Shetty, Shashi Kiran Shetty 3,759,720 2.98 - 3,759,720 2.98 - -
4 Adarsh Sudhakar Hegde, Priya Hegde 950,770 0.75 - 950,770 0.75 - -
5 Umesh Kumar Shetty, Hita Shetty 950,770 0.75 - 950,770 0.75 - -
6 Shobha Shetty, Prabhakar Shetty 10,875 0.01 - 10,875 0.01 - -
7 Subhashini J Shetty, Jagadeesha Shetty 10,875 0.01 - 10,875 0.01 - -
8 Asha Suresh Shetty, Suresh Shetty 10,875 0.01 - 10,874 0.01 - -
9 Usha Satish Shetty, Satish Chandra Shetty 3,625 0.00 - 3,625 0.00 - -
Total 91,134,025 72.30 - 88,134,024 69.92 - (2.38)
iii. Change in Promoters Shareholding (please specify, if there is no change)
Shareholding at the beginning Cumulative Shareholding

of the year during the year
Sr.
Particulars % of total % of total
No.
No. of shares shares of the No. of shares shares of the
Company Company
1 At the beginning of the year 91,134,025 72.30 91,134,025 72.30
2 Date wise Increase/Decrease in Promoters - - - -
Shareholding during the year specifying the
reasons for increase/decrease (e.g. allotment/
transfer/bonus/sweat equity etc):
3 July 1, 2014 (Decrease) (Transfer) (3,000,000) (2.38) 88,134,025 69.92
4 December 12, 2014-December 19, 2014 (1) - 88,134,024 69.92

(Decrease) (Transfer)
5 At the End of the year 88,134,024 69.92 88,134,024 69.92
iv. Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and
ADRs):
Shareholding at the beginning of Cumulative Shareholding during

Sr. the year the year
For Each of the Top 10 Shareholders
No. % of total shares % of total shares
No. of shares No. of shares
of the Company of the Company
1 BLACKSTONE GPV CAPITAL PARTNERS
MAURITIUS V-A LTD
At the beginning of the year 5,593,035 4.44 5,593,035 4.44
Date wise Increase/Decrease in Share holding - - - -
during the year specifying the reasons for increase/
decrease (e.g. allotment/transfer/bonus/sweat
equity etc):
At the End of the year ( or on the date of separation, 5,593,035 4.44 5,593,035 4.44
if separated during the year)
67
DIRECTORS' REPORT
ANNEXURE-8
iv. Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

(MAURITIUS) V-K LTD
Date wise Increase/Decrease in Shareholding - - - -
equity etc):
(MAURITIUS) V-L LTD
equity etc):
4 NEW VERNON PRIVATE EQUITY LIMITED
Date wise Increase/Decrease in Shareholding (331,532) (0.26) 3,425,893 2.72
equity etc):
5 ACACIA PARTNERS, LP
equity etc):
(MAURITIUS) V-M LTD
equity etc):
68
ANNEXURE-8
iv. Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

7 ACACIA INSTITUTIONAL PARTNERS, LP
equity etc):
8 ACACIA CONSERVATION FUND LP
equity etc):
9 ACACIA BANYAN PARTNERS
equity etc):
10 ORANGE MAURITIUS INVESTMENTS LIMITED
At the beginning of the year - - - -
Date wise Increase/Decrease in Share holding 1,305,000 1.04 1,305,000 1.04
equity etc):
69
DIRECTORS' REPORT
ANNEXURE-8
v. Shareholding of Directors and Key Managerial Personnel:
Shareholding at the Cumulative Shareholding

beginning of the year during the year
Sr.
Details of each of the Directors and KMP
No. % of total % of total
Company Company
1 Mr. Shashi Kiran Shetty, Managing Director
a. At the beginning of the year 81,623,390 64.76 81,623,390 64.76
b. Date wise Increase/Decrease in Share Holding during the year
specifying the reasons for increase/decrease (e.g. allotment/
July 1, 2014 (Decrease) (Transfer) (3,000,000) (2.38) 78,623,390 62.38
c. At the End of the year 78,623,390 62.38 78,623,390 62.38
2 Mr. Adarsh Hegde, Whole Time Director
a. At the beginning of the year 950,770 0.75 950,770 0.75
specifying the reasons for increase/decrease (e.g. allotment/ - - - -
c. At the End of the year 950,770 0.75 950,770 0.75
3. Mr. Umesh Shetty, Whole Time Director*
4. Mr. Keki Elavia, Independent Director
a. At the beginning of the year 5,000 - 5,000 -
c. At the End of the year 5,000 - 5,000 -
5. Prof. J Ramachandran, Independent Director
a. At the beginning of the year - - - -
c. At the End of the year - - - -
6. Mr. M. P. Bansal, Independent Director
7. Mr. Hari Mundra, Independent Director
70
ANNEXURE-8
v. Shareholding of Directors and Key Managerial Personnel:
Shareholding at the Cumulative Shareholding

beginning of the year during the year
Sr.
Details of each of the Directors and KMP
No. % of total % of total
Company Company
8. Mr. Arathi Shetty, Non-Executive Director
a. At the beginning of the year 3,759,720 2.98 3,759,720 2.98
c. At the End of the year 3,759,720 2.98 3,759,720 2.98
9. Mr. Akhilesh Gupta, Non-Executive Director
10 Mr. Kaiwan Kalyaniwalla, Independent Director**
11. Mr. Jatin Chokshi, Chief Financial Officer
12. Mr. Shailesh Dholakia, Company Secretary
a. At the beginning of the year 200 - 200 -
c. At the End of the year 200 - 200 -
* Ceased to be Director of the Company w.e.f. November 6, 2014
** Ceased to be Director of the Company w.e.f. October 30, 2014
71
DIRECTORS' REPORT
ANNEXURE-8
V. Indebtedness
Details of Indebtedness of the Company including interest outstanding/accrued but not due for payment are as given below:
(` In Lakhs)
Particulars Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the
financial year
t 1SJODJQBM"NPVOU 43,464 - - 43,464
t *OUFSFTUEVFCVUOPUQBJE - - - -
t *OUFSFTUBDDSVFECVUOPUEVF 319 - - 319
Total (i+ii+iii) 43,783 - - 43,783
Change in Indebtedness during the
financial year
t "EEJUJPO 72 - - 72
t 3FEVDUJPO (16,364) - - (16,364)
Net Change (16,292) - - (16,292)
Indebtedness at the end of the financial
year
t 1SJODJQBM"NPVOU 27,418 - - 27,418
t *OUFSFTUEVFCVUOPUQBJE - - - -
t *OUFSFTUBDDSVFECVUOPUEVF 73 - - 73
Total (i+ii+iii) 27,491 - - 27,491
VI. Remuneration of Directors and Key Managerial Personnel

A. Remuneration to Managing Director (MD), Whole Time Director (WTD) and/or Manager:
(` In Lakhs)
Sr. Particulars of Remuneration Name of MD/WTD/Manager
No. Mr. Shashi Kiran Mr. Adarsh Mr. Umesh
Shetty-Managing Hegde-Whole Shetty-Whole Total
Director Time Director Time Director*
1. Gross salary
a. Salary as per provisions contained in Section 256.63 206.57 109.33 571.53
17(1) of the Income-tax Act, 1961
b. Value of perquisites u/s 17(2) of Income-tax 41.32 NIL 6.53 47.85
Act, 1961
c. Profits in lieu of salary under Section 17(3) of NIL NIL NIL NIL
Income Tax Act, 1961
2. Stock Option NIL NIL NIL NIL
3. Sweat Equity NIL NIL NIL NIL
4. Commission
-as % of profit 202.81 113.31 51.25 367.37
-others, specify NIL NIL NIL NIL
5. Others, please specify (Provident Fund) 28.80 NIL 7.14 35.94
Total (A) 528.56 319.88 174.25 1,022.69
Ceiling as per the Act Refer Note
* Resigned w.e.f. November 06, 2014

Note: In terms of the provisions of the Companies Act, 2013, the remuneration payable to Managing Director and Whole
Time Director in aggregate shall not exceed 10% of the net profit of the Company. The remuneration paid to MD & WTD
is well within the said limit.
72
ANNEXURE-8
VI. Remuneration of Directors and Key Managerial Personnel
B. Remuneration to other Directors:
(` In Lakhs)
Name of Directors
Sr. Total
Particulars of Remuneration Mr. Keki Mr. M. P. Mr. Hari Prof. J.
No.
Elavia Bansal Mundra Ramachandran
(1) Independent Directors
t 'FF GPS BUUFOEJOH #PBSE 1.45 1.60 0.85 0.95 4.85
Committee Meetings
t $PNNJTTJPO 17.00 NIL 37.00 30 84.00
t 0UIFST QMFBTFTQFDJGZ NIL NIL NIL NIL NIL
Total (1) 18.45 1.60 37.85 30.95 88.85
(2) Other Non-Executive Directors Mrs. Arathi Mr. Akhilesh Mr. Kaiwan
Shetty Gupta Kalyaniwalla
(Resigned
w.e.f. October
30, 2014
t 'FF GPS BUUFOEJOH CPBSE 0.60 0.40 0.90 1.90
Committees Meetings
t $PNNJTTJPO 15.00 NIL NIL 15.00
t 0UIFST QMFBTFTQFDJGZ NIL NIL NIL NIL
Total (2) 15.60 0.40 0.90 16.90
Total (B)=(1+2) 34.05 2.00 38.75 30.95 105.75
Total Managerial Remuneration 1,128.44
Overall Ceiling as per the Act Refer Note
Note: In terms of the provisions of the Companies Act, 2013, the remuneration payable to Directors other than Executive
Directors shall not exceed 1% of the net profit of the Company. The remuneration paid to the Directors is well within the
said limit.
C. Remuneration to Key Managerial Personnel other than MD/MANAGER/WTD
(` In Lakhs)
Key Managerial Personnel
Mr. Shailesh
Sr.
Particulars of Remuneration Mr. Jatin Dholakia-
No. Total
Chokshi- CFO Company
Secretary
1. Gross Salary
a. Salary as per provisions contained in Section 17(1) of 66.64 29.95 96.59
the Income-tax Act, 1961
b. Value of perquisites u/s 17(2) of Income Tax Act, 1961 NIL 0.21 0.21
c. Profits in lieu of salary under Section 17(3) of Income NIL NIL NIL
Tax Act, 1961
2. Stock Option NIL NIL NIL
3. Sweat Equity NIL NIL NIL
4. Commission
- as % of profit NIL NIL NIL
- others, specify NIL NIL NIL
5. Others, please specify (Provident Fund) 3.36 2.14 5.50
Total 70.00 32.30 102.30
73
DIRECTORS' REPORT
ANNEXURE-8
VII. Penalties/Punishment/Compounding of Offences:
Details of
Section of the Penalty/ Appeal made,
Brief Authority [RD/
Type Companies Punishment/ if any (give
Description NCLT/COURT]
Act Compounding details)
Fees imposed
A. COMPANY
Penalty NA NA NIL NA NA
Punishment NA NA NIL NA NA
Compounding NA NA NIL NA NA
B. DIRECTORS
C. OTHER OFFICERS IN DEFAULT
Shashi Kiran Shetty

(DIN:00012754)
Place: Mumbai
Date: June 15, 2015
74
CORPORATE GOVERNANCE REPORT
1. PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE

Your Companys mission is to become a leader in the business known for pioneering solutions in logistics worldwide by
setting benchmarks of quality, consistency and commitment in the integrated logistics business, creating better value
through ingenuity supported by knowledge, expertise, technology and imagination for clients and the Company, nurturing
long term relationships with all stakeholders through growth, trust and by delivering on promises, be a responsible
corporate citizen by contributing to the society, respecting cultural sensibilities and inspiring creativity, initiative &
leadership.
With the objective to achieve this mission, your Company has been consistently following good governance practices with
emphasis on business ethics and values. Trust, Integrity, Accountability, Team-spirit, Leadership, Passion for excellence,
Respect for individual and Environment, Transparency and Openness are the core values and cornerstones on which
your Companys Corporate Governance philosophy rests. Good Corporate Governance is imperative for enhancing and
retaining investor trust and your Company always seeks to ensure that its performance objectives meet the Companys
Governance standards.
The Company is of the view that good governance goes beyond good working results and financial propriety and is
a pre-requisite to attainment of excellent performance in terms of stakeholders value creation. We believe Corporate
Governance is an ethically driven business process that is committed to values aimed at enhancing an organizations
brand and reputation and hence it is imperative to establish, adopt and follow best corporate governance practices,
thereby facilitating effective management and carrying out our business by setting principles, benchmarks and systems
to be followed by the Board of Directors (Board), Management and all Employees in their dealings with Customers,
Stakeholders and Society at large.
Your Company always endeavours to be proactive in voluntarily adopting good governance practices and laying down
ethical business standards both internally as well as externally. The objective of your Company is not only to achieve
excellence in Corporate Governance by conforming to prevalent mandatory guidelines on Corporate Governance but also
to improve on these aspects on an ongoing basis with a continuous attempt to innovate in adoption of business best
practices.
Your Company is compliant with the provisions of Corporate Governance and the principles set out in the revised Clause
49 of the Listing Agreement with the Stock Exchanges.
2. BOARD OF DIRECTORS
Composition of Board:
It is well-recognized that an effective Board is a pre-requisite for strong and effective Corporate Governance. With the
belief that an active, well informed, truly diverse and independent Board is necessary to ensure the highest standards
of Corporate Governance, the Company has a fundamentally strong Board with an optimum mix of Executive and
Non-Executive Directors including a Woman Director. More than 50% (fifty percent) of the Board of Directors are
Non-Executive Directors.
The Board consists of eminent individuals with considerable professional expertise and experience in finance, legal,
commercial, strategy and planning, business administration and other related fields, who not only bring a wide range of
experience and expertise, but also impart the desired level of independence to the Board. The Boards roles, functions,
responsibilities and accountability are clearly defined. The day-to-day management of the Company is entrusted with the
Executive Directors and the Senior Management Personnel of the Company, and is headed by the Chairman & Managing
Director, who functions under the overall supervision, direction and control of the Board of Directors.
As on March 31, 2015, the Board composition comprises of 8 (eight) Directors, 4 (four) of whom are Non-Executive
Independent Directors, 2 (two) are Non-Executive Directors and balance 2 (two) are Executive Directors. All Directors of the
Company are resident Directors. The Board believes that its current composition is appropriate to maintain independence
of the Board and separate its functions of governance and management.
None of the Directors on the Board hold directorship in more than 20 (twenty) companies including 10 (ten) public
companies. Further, all the Directors have confirmed that they do not hold membership of more than 10 (ten) committees
and do not act as chairman/chairperson of more than 5 (five) committees across all companies in which they are Directors
pursuant to the provisions of the Companies Act, 2013 and the Listing Agreement with the Stock Exchanges.
The composition of the Board of Directors during the year under review was in conformity with the provisions of the
Companies Act, 2013 (Act) and revised Clause 49 of the Listing Agreement with the Stock Exchanges. None of the
75
REPORT ON CORPORATE GOVERNANCE
Independent Directors of the Company serve as Independent Director in more than 7 (seven) listed companies. All the
Independent Directors have confirmed that they meet the criteria as mentioned in Clause 49 of the Listing Agreement and
Section 149 of the Act.
The Company has issued formal letter of appointment to the Independent Directors of the Company in the manner
as provided in the Companies Act, 2013 and the Listing Agreement. The terms and conditions of appointment of the
Independent Directors are posted on the website of the Company.
Appointments of the Key Managerial Personnel:
As per the provisions of Section 203 of the Companies Act, 2013 Mr. Shashi Kiran Shetty, Chairman & Managing Director,
Mr. Jatin Chokshi, Chief Financial Officer and Mr. Shailesh Dholakia, Company Secretary are the Key Managerial Personnel
of the Company and were holding office before the commencement of the Companies Act, 2013. The Company has
designated the said persons as Key Managerial Personnel w.e.f. April 1, 2014 as per the provisions of the Companies
Act, 2013.
The details of composition of the Companys Board, their respective Directorships based on the declarations received
from them under Section 184 of the Companies Act, 2013, the number of directorship and committee chairmanships/
memberships held by them in other public companies and their shareholding as on March 31, 2015 are as follows:
No. of Committee No. of

No. of position held in Shares
Directorship other public held in the
Name of the Director Category in other companies Company
public as on
companies Chairman Member March 31,
2015
Mr. Shashi Kiran Shetty Promoter, Executive Director 5 Nil Nil 78,623,390*
(Chairman & Managing Director)
Mrs. Arathi Shetty Promoter, Non-Executive Director 7 Nil Nil 3,759,720*
Mr. Adarsh Hegde Promoter, Executive Director 8 Nil Nil 950,770*
(Whole Time Director)
Mr. Keki Elavia Non-Executive Independent Director 9 5 4 5,000
Mr. Akhilesh Gupta Non-Executive Director 2 Nil Nil Nil
(Nominated by Blackstone, an Investor)
Mr. Mohinder Pal Bansal Non-Executive Independent Director 5 1 4 Nil
Mr. Hari Mundra Non-Executive Independent Director 4 1 3 Nil
Prof. Jayaram Ramachandran Non-Executive Independent Director 4 4 3 Nil
* Holding jointly with spouse.
Notes:
The directorships held by the Directors as mentioned above, do not include directorships of foreign companies, Section 8
companies and private limited companies, which are not subsidiary of a public company. In respect of Promoter Directors,
private limited companies which are subsidiaries of public companies have been classified as public companies. However,
in respect of other directors, the management has relied on the disclosures received from the respective directors under
Section 184 of the Companies Act, 2013, for classification of companies as private or public.
In accordance with Clause 49 of the Listing Agreement, membership/chairmanship of only the Audit Committee and
the Stakeholders Relationship Committees in all public companies have been considered for the purpose of committee
positions.
No Director other than Mr. Shashi Kiran Shetty, Mrs. Arathi Shetty and Mr. Adarsh Hegde are related to each other.
Board Meetings and attendance of Directors thereat:
The Board of Directors meet at least four times in a year with a maximum time gap of not more than one hundred & twenty
days between two consecutive meetings. Dates for the Board Meetings are decided well in advance and communicated
to the Directors. In case of exigencies or urgency of matters, resolutions are passed by circulation, for such matters as
permitted by law. The Board takes note of the resolutions passed by circulation at its subsequent Meeting. Additional
meetings of the Board are held as and when deemed necessary by the Board. Board Meetings are generally held at the
Registered Office of the Company.
76
The agenda of the meeting along with the explanatory notes and relevant papers are sent 7 (seven) days in advance to
the Directors to enable them to take informed decisions. The Chairman & Managing Director apprise the Board at every
meeting about the overall performance of the Company, followed by presentations on business operations to the Board
on a regular basis. Chief Executive Officers and Heads of Departments of Finance and Strategic Planning are normally
invited at the Board meetings to provide necessary insights into the working of the Company and for discussing corporate
strategies. The Board also inter-alia reviews strategy, business plans, annual operating and capital expenditure budgets,
investments and exposure limits, compliance report of all laws applicable to the Company, as well as steps taken by the
Company to rectify instances of non-compliances, if any, review of major legal matters, minutes of the Board Meetings
of the subsidiary companies, significant transactions and arrangements entered into by unlisted subsidiary companies,
adoption of quarterly/half yearly/annual results of the Company and its operating divisions or business segment, major
accounting provisions and write offs, corporate structuring, minutes of sub-committees of the Board, any material default
in financial obligations by/against the Company, substantial non-payment for services provided by the Company, if any,
details of any joint venture or collaboration agreement, sale of material nature of investments, subsidiaries, assets, which
is not in normal course of business, transactions that involves substantial payments towards goodwill, brand equity or
intellectual property, developments in Human Resources/Industrial Relations, foreign exchange risks the Company is
exposed to and the steps taken by management to limit the risks of adverse exchange rate movement and information
on recruitment & remuneration of senior officers etc.
The important decisions taken at the Board/Committee meetings are communicated to the concerned business verticals/
departments promptly for their immediate action. Action Taken Report on the decisions taken/suggestions made at
previous meeting are placed at the succeeding meeting of the Board/Committee for its consideration and noting.
Information as prescribed in Annexure X to Clause 49 of the Listing Agreement with the Stock Exchanges are being
made available to the Board from time to time.
The Strategy Committee, the Chairman & Managing Director and Executive Directors are responsible for corporate
strategy, planning, external contracts and Board matters. The Senior Management Personnel heading respective divisions
are responsible for day-to-day operations.
During the year under review, the Board met 5 (Five) times on May 24, 2014; June 12, 2014; August 07, 2014; November
13, 2014 and February 12, 2015.
Details of attendance of the Directors at the Board Meetings held during the Financial Year 2014-15 and at the 21st Annual
General Meeting of the Company are as under:
Attendance at the 21st Annual General Meeting

Name of the Director No. of Board Meetings Attended held on August 7, 2014
(Yes/No)
Mr. Shashi Kiran Shetty 5 Yes
Mrs. Arathi Shetty 3 Yes
Mr. Adarsh Hegde 3 Yes
Mr. Umesh Shetty* 2 No
Mr. Kaiwan Kalyaniwalla # 3 Yes
Mr. Keki Elavia 5 Yes
Mr. Akhilesh Gupta 2 No
Mr. Mohinder Pal Bansal 5 Yes
Mr. Hari Mundra 3 Yes
Prof. Jayaram Ramachandran 4 Yes
* Resigned from the Board w.e.f. November 06, 2014
# Resigned from the Board w.e.f. October 30, 2014
3. COMMITTEES OF THE BOARD

The Board has constituted various statutory and non-statutory committees comprising of executive, non-executive
and independent directors to discharge various functions, duties and responsibilities cast under the Companies Act,
1956/2013, Listing Agreement with the Stock Exchanges and other applicable statutes, rules and regulations applicable
to the Company from time to time. The Committee also focus on critical functions of the Company in order to ensure
smooth and efficient business operations. During the year under review, some of the Committees of the Board were
reconstituted, renamed and terms of reference were revised to align with the provisions of the Companies Act, 2013 and
the Listing Agreement with the Stock Exchanges. The Board is responsible for constituting, assigning, co-opting and
77
fixing the terms of reference of these committees in line with the extant regulatory requirements. The Committees meet
at regular intervals for deciding various matters and providing directions and authorizations to the management for its
implementation. The draft minutes of the proceedings of each Committee Meetings are circulated to the Members of that
Committee for their comments, if any, and thereafter, confirmed and signed by the Chairman of the respective Committee.
The Board also takes note of the minutes of the meetings of the Committees duly approved by their respective Chairman
and the material recommendations/decisions of the Committees are placed before the Board for approval/information.
Currently, the Board has the following committees, viz.
1. Audit Committee
2. Nomination & Remuneration Committee (previously known as Strategy and Remuneration Committee)
3. Stakeholders Relationship Committee (previously known as Share Transfer/Investors Grievance Committee
4. Corporate Social Responsibility Committee
5. Finance, Risk and Legal Committee (previously known as Finance & Investment Committee)
6. Strategy Committee
7. Executive Committee
AUDIT COMMITTEE:
As on March 31, 2015 the Audit Committee comprises of 3 (three) Non-Executive Independent Directors and 1 (one)
Non-Executive Director, who are well versed with finance, accounts, corporate laws and general business practices. Mr.
Keki Elavia, an Independent Director is the Chairman of the Committee. He is a Chartered Accountant by profession,
possesses expertise in financial administration and management. The composition, procedures, role and power of the
Audit Committee are in accordance with the provisions of Section 177 of the Companies Act, 2013 and Rules made
thereunder and revised Clause 49 of the Listing Agreement with the Stock Exchanges. During the year under review, the
terms of reference of the Committee have been revised to align with the Companies Act, 2013 and the Listing Agreement
with the Stock Exchanges. The Committee acts as a link between the Statutory and Internal Auditors and the Board of
Directors of the Company.
Terms of Reference:
(A) Matters to be placed before the Audit Committee for approval:
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finance function or discharging that function) after assessing the qualifications, experience and background,
etc. of the candidate.
(B) Matters to be placed before the Audit Committee for recommendation to the Board for approval:
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Auditors of the Company.
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(C) Matters to be placed before the Audit Committee for review:
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management;
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78
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(public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those
stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring
the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the Board
to take up steps in this matter;
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internal and statutory auditors and the management of the Company;
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ensure that the financial statement is correct, sufficient and credible;
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to the board for approval, with particular reference to:
Matters required to be included in the Directors Responsibility Statement to be included in the Boards
report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013;
Changes, if any, in accounting policies and practices and reasons for the same;
Major accounting entries involving estimates based on the exercise of judgment by management;
Significant adjustments made in the financial statements arising out of audit findings;
Compliance with listing and other legal requirements relating to financial statements;
Disclosure of any related party transactions;
Qualifications in the draft audit report.
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control systems;
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staffing and seniority of the official heading the department, reporting structure coverage and frequency of
internal audit;
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fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the
board;
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(D) Others:
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observations of the auditors;
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audit, to ascertain any area of concern;
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(in case of non-payment of declared dividends) and creditors;
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Meetings of the Committee:
During the year under review, the Committee met 5 (five) times on May 24, 2014; June 12, 2014; August 07, 2014;
November 13, 2014 and February 11, 2015, and not more than four months lapsed between two consecutive meetings
of the Audit Committee.
79
Details of the composition of the Committee and attendance of each of the Member at the meetings of the Committee
during the year under review are as given below:
No. of Meetings
Name of the Member Category
Held Attended
Mr. Keki Elavia-Chairman Non-Executive Independent Director 5 5
Mr. Kaiwan Kalyaniwalla# Non-Executive Independent Director 5 3
Mr. Mohinder Pal Bansal Non-Executive Independent Director 5 5
Mr. Akhilesh Gupta Non-Executive Director 5 -
Mr. Hari Mundra Non-Executive Independent Director 5 4
# Ceased to be a member w.e.f. October 30, 2014
Chief Executive Officers, representatives of the statutory and internal auditors are generally invited to attend the meetings
of the Audit Committee. Chief Financial Officer of the Company is a permanent invitee to the Audit Committee Meetings.
The Company Secretary of the Company acts as Secretary to the Committee. The Chairman of the Audit Committee was
present at the 21st Annual General Meeting of the members of the Company.
NOMINATION AND REMUNERATION COMMITTEE:

In order to comply with the provisions of the Companies Act, 2013 and Rules made thereunder, the name of the Strategy
and Remuneration Committee was changed to the Nomination and Remuneration Committee by the Board of Directors
at its meeting held on June 12, 2014. The Board of Directors at its meetings held on June 12, 2014 and February 12,
2015 reconstituted the Committee in order to comply with the provisions of Section 178 of the Companies Act, 2013 and
Rules made thereunder and the Listing Agreement with the Stock Exchanges and to fill up the vacancy caused due to
resignation by the Directors from the Board. Pursuant to such reconstitutions, as on March 31, 2015 the Nomination and
Remuneration Committee comprises of 3 (three) Non-Executive Directors, majority of whom are Independent Directors.
The Company Secretary of the Company acts as Secretary to the Committee.
Terms of Reference:
During the year under review, the terms of reference of the Committee have been revised to align with the Companies
Act, 2013 and the Listing Agreement with the Stock Exchanges.
i. To identify persons who are qualified to become directors of the Company and/or any of its material operational
subsidiary/associate/joint venture company and who may be appointed in senior management, Key Managerial
Personnel in accordance with the criteria laid down, recommend to the Board their appointment and removal;
ii. To formulate criteria for evaluation of Independent Directors and the Board. In addition thereto, the performance
evaluation of independent directors will be required to be done by the entire Board in the absence of the director
being evaluated;
iii. To devise a policy on Board Diversity;
iv. To formulate the criteria for determining qualifications, positive attributes and independence of a director and
recommend to the Board a policy, relating to the remuneration for the directors, Key Managerial Personnel and
other employees;
v. To assist the Board in formulating succession plan for the Board and Senior Management;
vi. To assist the Board in setting process for Board evaluation;
vii. To select, engage and approve fees for professional advisors that the Committee may require to carry out their
duties.
One of the key functions of the Nomination and Remuneration Committee is to lay down the criteria for determining
qualifications, positive attributes and independence of a director and evaluation criteria for the performance of the Board/
Independent Directors/Chairman/Executive/Non-Executive Directors.
The criteria for determining qualifications, positive attributes and independence of the Director are as follows:
1. Personal Characteristics
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2. Core Competencies
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t Skills and capacity to provide strategic insight and direction;
t Familiarity with general laws of the country.
3. Commitment to the Company
t Willingness to commit the time and energy necessary to satisfy the requirement of Board and board committee
membership;
t Awareness and knowledge of critical issues affecting the Company;
t Ability to perform adequately as a director, including preparation for and attendance at Board meeting and a
willingness to do so.
4. Team and Company Considerations
t Balancing the Board by contributing his/her talent, skills and experience to the Board;
t Contributions that can enhance perspectives and experience through diversity in gender, geographic origin, and
professional experience (public, private and non-profit sectors).
The criteria for performance evaluation of the Board of Directors, its committees, Individual Directors including the
Chairman, laid down by the Nomination and Remuneration Committee are as follows:
1. The Board of Directors :
t Provides effective direction on key decisions impacting the performance of the Company;
t Discusses and clarifies its role vis--vis the management, i.e. it has defined the respective boundaries of the
Board and management powers;
t Reviewing effectively the financial performance of the Company and suggests corrective actions;
t Reviews and adopts an Annual Operating Plan, effectively monitors the Companys performance against plan
throughout the year and ensure corrective action if deviation occurs. Comparison done with peer companies/
benchmarks;
t Contributes in terms of know-how and experience of its members;
t Maintain an appropriate balance in its discussions, between reviewing the past, addressing current issues,
planning for tomorrow and anticipating the future;
t Apprising the Senior Management about new development/risks/opportunities.
2. The Board Committees:
t Discharge of its functions and duties as per its terms of reference;
t Process and procedure followed for discharging its functions;
t Effectiveness of suggestions and recommendation received;
t Size, structure and expertise of the Committee;
t Conduct of its meeting and procedure followed in this regards.
81
3. Independent Directors:
t Exercise of objective independent judgment in the best interest of the Company;
t Ability to contribute to and monitor corporate governance practices;
t Adherence to the code of conduct for Independent Directors.
4. Chairperson:
t Managing relationship with the members of the Board and management;
t Demonstration of leadership qualities;
t Relationship and communication with Board and senior management;
t Providing ease of raising of issues and concerns at the Board;
t Relationship and effectiveness of communication with shareholders and other stakeholders;
t Promoting shareholders confidence in the Board;
t Personal attributes i.e. Integrity, Honesty, Knowledge etc.
5. Executive Directors:
t Achievement of Financial/Business Targets prescribed by the Board;
t Developing and managing/executive business plans, operation plans, risk management, and financial affairs of
organizations;
t Display of leadership qualities i.e. correctly anticipating business trends, opportunities, and priorities affecting
the Companys prosperity and operations;
t Development of policies, and strategic plans aligned with vision and mission of the Company and which
harmoniously balance the needs of shareholders, clients, employees and other stake holders;
t Establishment of an effective organization structure to ensure that there is management focus on key functions
necessary for the organization to align with its mission;
t Managing relationship with the Board, management, team, regulators, bankers, industry representatives and
other stake holders;
Remuneration Policy:
In terms of the revised Clause 49 of the Listing Agreement and the Companies Act, 2013, the Board at its meeting held
on August 07, 2014 approved the remuneration policy for the Directors, Key Managerial Personnel and other Senior
Management Personnel of the Company.
The details of the said policy are as follows:
Remuneration of Executive Members of the Board:
Executive Members of the Board shall be paid remuneration which shall comprise of fixed monthly basic salary,
perquisites such as furnished/unfurnished housing accommodation, car with or without chauffeur, telephone for office as
well as personal use, reimbursement of medical expenses, leave travel concession, club membership, personal accident
insurance, health insurance, stock options, statutory and non-statutory allowances such as education allowances,
personal allowances, travel allowances, subscription allowances etc. as may be recommended by the Nomination and
Remuneration Committee/Board of Directors and approved by the Members of the Company from time to time. Executive
Members of the Board shall also be eligible for commission out of net profit depending upon the adequacy of profit of the
Company in a particular year and such commission shall be linked to the Executive Members of the Boards achievement
of its budgeted performance as well as overall Companys achievement of budgeted performance of that particular year.
However, the overall remuneration of Executive Members of the Board, where there are more than one, shall not exceed
10% of the net profit calculated in the manner as provided under the provisions of the Companies Act, 2013 and Rules
framed thereunder, and shall not exceed 5% in case there is 1 (one) Executive Members of the Board. In the event of
loss or inadequacy of profit in any financial year during the currency of tenure of services of the Executive Members of
the Board, the payment of remuneration shall be governed by the applicable limits prescribed under the provisions of the
Companies Act, 2013 and Rules framed thereunder, as amended from time to time.
82
Executive Members of the Board be employed under service contracts on the terms & conditions and remuneration
as recommended by the Nomination and Remuneration Committee and the Board and approved by the Members of
the Company at the General Meeting. No severance fees or compensation for loss of office shall be paid to Executive
Members of the Board in case of voluntary or non-voluntary termination of their services. Executive Members of the Board
shall not be eligible to receive any sitting fees for attending any meeting of the Board of Members or Committee thereof.
Remuneration of Non-Executive Members of the Board:
The remuneration payable to the Non-Executive Members of the Board shall be as determined and approved by the Board
based on the time devoted, contribution made in the progress and guiding the Company for future growth. Aggregate of
such sum shall not exceed 1% of net profit of the year or such sum as may be prescribed by the Government from time
to time, calculated in accordance with the provisions of the Companies Act, 2013 and relevant Rules framed thereunder.
The remuneration in the form of profit commission payable to Non-Executive Members of the Board shall be in addition
to the sitting fees payable to them for attending meetings of the Board and/or Committees thereof and reimbursement
of expenses for participation in the Board and other meetings. An Independent Director shall not be entitled to any stock
option issued or proposed to be issued by the Company. The performance of the Non-Executive Members shall be
reviewed by the Board on an annual basis.
Remuneration of Senior Management Personnel:
The Company believes that a combination of fixed and performance-linked pay to the Senior Management Personnel
ensure that the Company can attract and retain key employees. At the same time, the Senior Management Personnel are
given an incentive to create shareholder value through partly incentive-based pay. The Board of Directors sets the terms
within the frames of the contracts based on the recommendation of the Nomination & Remuneration Committee for Senior
Management Personnel.
The Nomination & Remuneration Committee shall submit proposals concerning the appointment and remuneration of
the Senior Management Personnel and ensures that the remuneration is in line with industry standard in comparable
companies. Such proposals then shall be submitted to the Board for approval. The remuneration of the members of the
Executive Management may consist of the following components:
Fixed Salary
Performance linked incentive/bonus
Stock options
Personal benefits, e.g. Company provided accommodation, Company car, telephone, broadband, newspapers, etc.
There shall be no agreed redundancy pay/compensation for voluntary or non-voluntary termination of services except
as specially agreed in writing by the Company and the concerned Senior Management Personnel. Senior Management
Personnel shall not be eligible to receive any remuneration for directorships held in Avvashya Group of Companies.
Details of remuneration paid to the Directors during the year under review are as under:
(Amount in ` )
Salary, Allowance Sitting
Name of the Member Category Commission
and Perquisites Fees
Mr. Shashi Kiran Shetty Executive Director 32,574,455 Nil 20,281,250
Mrs. Arathi Shetty Non-Executive Director Nil 60,000 15,00,000
Mr. Adarsh Hegde Executive Director 20,657,397 Nil 11,331,250
Mr. Umesh Shetty* Executive Director 12,300,456 Nil 5,125,000
Mr. Kaiwan Kalyaniwalla# Non-Executive Independent Director Nil 90,000 Nil
Mr. Keki Elavia Non-Executive Independent Director Nil 145,000 1,700,000
Mr. Akhilesh Gupta Non-Executive Director Nil 40,000 Nil
Mr. Mohinder Pal Bansal Non-Executive Independent Director Nil 160,000 Nil
Mr. Hari Mundra Non-Executive Independent Director Nil 85,000 3,700,000
Prof. Jayaram Ramachandran Non-Executive Independent Director Nil 95,000 30,00,000
# Resigned as Director w.e.f. October 30, 2014
* Resigned as Director w.e.f. November 06, 2014
Non-Executive Directors are also paid remuneration by way of commission out of profits of the Company in terms of the
Members approval granted under Section 197 of the Companies Act, 2013 at the 21st Annual General Meeting held on
07 August, 2014.
83
The terms of appointment and remuneration of Executive Directors are contractual in nature. As per the provisions of
the service contracts entered by the Company with Executive Directors, the notice period is 12 months for the Chairman
and Managing Director and 3 months for Executive Directors. There is no provision for payment of severance fees. A
disclosure of all the pecuniary relationships/transactions of the Non-Executive Directors vis-a-vis the Company have
made under the head Related Party Transaction forming part of Notes to Accounts of the Audited Financial Statement
contained in the Annual Report. The Company has not issued any stock options to its Directors. There were no other
pecuniary relationships or transaction of Non-Executive Directors vis-a-vis the Company.
During the year under review, the Committee met 4 (four) times on June 12, 2014; August 07, 2014; November 13, 2014
and February 12, 2015.
Details of the composition of the Committee and attendance of each of the member at the meetings thereof during the
year under review are as given below:
No. of Meetings
Held Attended
Mr. Hari MundraChairman $ Non-Executive Independent Director 4 1
Mr. Kaiwan Kalyaniwalla # $ Non-Executive Independent Director 4 1
Mr. Keki Elavia $ Non-Executive Independent Director 4 4
Mr. Adarsh Hegde $ Executive Director 4 2
Mr. Umesh Shetty* $ Executive Director 4 1
Prof. Jayaram Ramachandran $ Non-Executive Independent Director 4 3
Mr. Mohinder Pal Bansal $ Non-Executive Independent Director 4 3
Mr. Shashi Kiran Shetty $ Executive Director 4 3
Mrs. Arathi Shetty $ Non-Executive Director 4 -
Mr. Akhilesh Gupta $ Non-Executive Director 4 -
# Ceased to be a member of the Committee w.e.f. October 30, 2014.
* Ceased to be a member of the Committee w.e.f. November 06, 2014
$ The Board of Directors at its meetings held on June 12, 2014 and February 12, 2015 reconstituted the Committee as
under:
1. On June 12, 2014:- Appointed Mr. Shashi Kiran Shetty and Mohinder Pal Bansal in place of Mr. Umesh Shetty,
Mr. Kaiwan Kalyaniwalla, Mr. Akhilesh Gupta and Mr. Hari Mundra.
2. On February 12, 2015:- Appointed Mrs. Arathi Shetty and Mr. Hari Mundra in place of Mr. Shashi Kiran Shetty,
Mr. Adarsh Hegde, Mr. Keki Elavia and Prof. Jayaram Ramachandran.
STAKEHOLDERS RELATIONSHIP COMMITTEE:

As per the provisions of sub-section (5) of Section 178 of the Companies Act, 2013, the Board of Directors at its meeting held
on June 12, 2014 renamed the existing the Share Transfer/Investors Grievance Committee as the Stakeholders Relationship
Committee. During the year under review, the Committee was reconstituted and terms of reference were revised to align with
the provisions of the Companies Act, 2013 and the Listing Agreement with the Stock Exchanges. As on March 31, 2015
the Stakeholders Relationship Committee comprises of 2 (two) Executive Directors and 1 (one) Non-Executive Independent
Director. The main objective of the Committee is to strengthen Investor Relations. The Committee specifically looks into the
redressal of security holders and investors complaints like transfer/transmission of shares, non-receipt of balance sheet,
declared dividends and other secretarial compliances relating to share capital of the Company under the Listing Agreement
etc. The Committee, inter alia, approves transfer/transmission of shares, issue of share certificates, demat/remat of shares and
oversees and reviews all matters connected with transfer of securities of the Company. The Committee oversees performance
of the Registrars and Transfer Agents of the Company and looks into matters which can facilitate better investor services and
relations. The Company Secretary of the Company acts as Secretary to the Committee.
Terms of Reference:
i. To consider and approve request received for transfers/transmissions of securities of the Company, issue of duplicate
certificates and remate of securities etc;
ii. To consider and redress grievances of the shareholders/investors relating to transfer/transmission/demat/remat
of securities, non-receipt of Annual Report, security certificates, dividend, interest, refund orders and any other
corporate benefits etc;
84
iii. To review and monitor compliances under the Listing Agreement with the Stock Exchanges;
iv. To report to the Board of Directors on aforesaid matters on periodic basis;
v. To select, engage and approve fees for professional advisors that the Committee may require to carry out their
duties.
During the year under review, the Committee met 4 (four) times on May 24, 2014; August 07, 2014; November 13, 2014
and February 12, 2015.
No. of Meetings
Held Attended
Mr. Mohinder Pal Bansal-Chairman Non-Executive Independent Director 4 4
Mr. Kaiwan Kalyaniwalla #$ Non-Executive Independent Director 4 2
Mr. Shashi Kiran Shetty$ Executive Director 4 3
Mr. Adarsh Hegde$ Executive Director 4 1
Mr. Umesh Shetty*$ Executive Director 4 -
# Ceased to be a member of the Committee w.e.f. October 30, 2014
$ The Board of Directors at its meetings held on June 12, 2014 and November 13, 2014 reconstituted the Committee as
under:
1. On June 12, 2014:- Appointed Mr. Umesh Shetty in place of Mr. Shashi Kiran Shetty;
2. On November 13, 2014:- Appointed Mr. Shashi Kiran Shetty and Mr. Adarsh Hegde in place of Mr. Kaiwan Kalyaniwalla
and Mr. Umesh Shetty.
Compliance Officer:
The Board of Directors has appointed Mr. Shailesh Dholakia, the Company Secretary, as the Compliance Officer in
compliance with the requirements of the SEBI (Prohibition of Insider Trading) Regulations, 1992/2015 and Clause 47 of the
Listing Agreement with Stock Exchanges. Mr. Shailesh Dholakia also acts as a Secretary to the Committees of the Board.
He is responsible for liaising with the investors and regulatory authorities, such as SEBI, Stock Exchanges, Registrar of
Companies and RBI to ensure implementation and compliance with laws, rules and regulations and directives of such
authorities concerning investor service and complaints.
During the year under review, the Company has received 12 complaints from the shareholders relating to non-receipt
of dividend and Annual Report and the same have been redressed to their satisfaction. No request for transfer and for
dematerialization was pending for approval as on March 31, 2015. The Company had not received any complaints during
the year through SEBI SCORES.
Pursuant to Clause 47(c) of the Listing Agreement with the Stock Exchanges, the Company obtains from a Company
Secretary in Practice, half-yearly certificate of compliance with the share transfer formalities and issue of certificates
within prescribed time limit, and files a copy of the certificate with the Stock Exchanges.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

The Board of Directors at its meeting held on February 14, 2014 constituted the Corporate Social Responsibility Committee
(CSR Committee) with a view to comply with the provisions of Section 135 of the Companies Act, 2013 and Companies
(Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time. During the year under review, the
Board of Directors has reconstituted the Committee to fill up the casual vacancy caused due to resignation by Mr. Kaiwan
Kalyaniwalla from the Board, and to maximize the expertise and knowledge of Executive, Non-Executive and Independent
Directors of the Company in achieving the overall objectives of the Committee. The Board has also revised the terms
of reference of the Committee. As on March 31, 2015 the Committee comprises of 2 (two) Non-Executive Directors and
1 (one) Executive Director as its members. The Company Secretary of the Company acts as Secretary to the Committee.
85
Terms of Reference:
i. To formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities
to be undertaken by the Company as specified in Schedule VII to the Companies Act, 2013;
ii. To recommend the amount of expenditure to be incurred on the activities referred to in clause (i);
iii. To monitor the Corporate Social Responsibility Policy of the Company from time to time;
iv. To institute a transparent monitoring mechanism for implementation of the CSR projects or programs or activities
undertaken by the Company;
v. To carry out such other functions as may be entrusted by the Board or which may be required to be undertaken
pursuant to any regulatory or statutory requirements/stipulations prescribed from time to time.
During the year under review, the Committee met 3 (three) times on May 24, 2014; August 07, 2014 and October 09,
2014.
No. of Meetings
Held Attended
Mrs. Arathi Shetty-Chairperson Non-Executive Director 3 3
Mr. Keki Elavia $ Non-Executive Independent Director 3 1
Mr. Mohinder Pal Bansal Non-Executive Independent Director 3 3
Mr. Kaiwan Kalyaniwalla #$ Non-Executive Independent Director 3 1
Mr. Shashi Kiran Shetty $ Executive Director 3 -
$ The Board of Directors at its meetings held on June 12, 2014 and November 13, 2014 reconstituted the Committee as
under:
1. On June 12, 2014:- Appointed Mr. Kaiwan Kalyaniwalla in place of Mr. Keki Elavia.
2. On November 13, 2014:- Appointed Mr. Shashi Kiran Shetty in place of Mr. Kaiwan Kalyaniwalla.
FINANCE, RISK AND LEGAL COMMITTEE:

The Board of Directors at its meeting held on February 12, 2015 renamed the existing Finance and Investment Committee
as Finance, Risk and Legal Committee. During the year under review, the Board of Directors reconstituted the Committee
and modified the terms of reference of the Committee, so as to maximize the expertise and knowledge of Executive,
Non-Executive and Independent Directors of the Company in achieving the overall objectives of the Committee. As on
March 31, 2015 the Committee comprises of 2 (two) Non-Executive Independent Directors and 1 (one) Executive Director
as its members. The Company Secretary of the Company acts Secretary to the Committee.
Terms of Reference:
The main objective of the Committee is to oversee and review the finance, risk and legal function of the Company, review
of operational and financial performance of the Company on quarterly/half yearly/annually, mobilize the resources for
meeting the fund requirements of the Company and to consider, evaluate and approve proposals pertaining to providing
guarantees or securities for securing the financial obligations of the wholly owned subsidiaries of the Company. The
Committee, inter alia, reviews financial policies of the Company, risk assessment and minimization procedures, working
capital and cash flow management, exercises borrowing powers, governs the foreign exchange transactions, provide
guarantees/securities/letter of comfort within the limits prescribed under the Companies Act, 2013 and Foreign Exchange
Management Act, 1999, to ensures all statutory and regulatory compliances relating to the above and to monitor utilization
of funds, litigation management including litigation filed by and against the Company and to give its recommendation to
the Board. The Committee is also entrusted with the function of considering and approving investment proposals of more
than ` 50 Crores, reviewing investments, recommending divestment, further investment or its restructuring in the interest
of the Company.
86

During the year under review, the Committee met 5 (five) times on June 12, 2014; August 27, 2014; November 20, 2014;
November 28, 2014 and March 04, 2015.
No. of Meetings
Held Attended
Mr. Mohinder Pal Bansal Chairman Non-Executive Independent Director 5 5
Mr. Shashi Kiran Shetty Executive Director 5 3
Mr. Keki Elavia Non-Executive Independent Director 5 5
Mr. Hari Mundra$ Non-Executive Independent Director 5 4
Mr. Kaiwan Kalyaniwalla#$ Non-Executive Independent Director 5 -

$ Pursuant to reconstitutions of the Committee, Mr. Kaiwan Kalyaniwalla was appointed as a member of the Committee
by the Board of Directors at its meeting held on June 12, 2014 and Mr. Hari Mundra ceased to be a member of the
Committee w.e.f. February 12, 2015.
STRATEGY COMMITTEE:
Strategy Committee has been constituted by the Board of Directors at its meeting held on June 12, 2014 to assist the
Board of Director and Management in developing and implementing the Companys strategy and monitoring competitive
forces in all product and service areas. As on March 31, 2015 the Committee comprises of 2 (two) Non-Executive
Independent Directors and 2 (two) Executive Directors as its members. The Company Secretary of the Company acts as
Secretary to the Committee.
Terms of Reference:
The Committee provides advice and expertise to the Board of Directors so that strategic options may be explored
fully before being tabled at the meeting of the Board for deliberation and approval. The Committee meets as often as
required to decide various matters like reviewing, assessing, advising on the business strategy before recommending to
the Board, monitoring the implementation thereof after getting approval from the Board, reviewing the annual business
plan & budget, off-shoring & outsourcing arrangement, corporate restructuring including merger-demerger and the annual
SWOT analysis of the Company, advising the management on new business opportunities on the significant investment
plans and operational issue, monitoring information disclosure on issues related to strategy and any other matters
incidental & connected thereto.
During the year under review, the Committee met 2 (twice) on January 14, 2015 and February 17, 2015.
No. of Meetings
Held Attended
Prof.Jayaram Ramachandran-Chairman Non-Executive Independent Director 2 2
Mr. Hari Mundra Non-Executive Independent Director 2 2
Mr. Shashi Kiran Shetty Executive Director 2 2
Mr. Adarsh Hegde Executive Director 2 2
Mr. Umesh Shetty* Executive Director 2 -
87
EXECUTIVE COMMITTEE:
With the objective to expedite various administrative and operational decisions of routine nature and to facilitate day-to-
day business operations of the Company, which need immediate intervention and approval to ensure smooth functioning
of the Company, the Board has constituted an Executive Committee comprising of all the Executive Directors of the
Company. The Company Secretary of the Company acts as the Secretary of the Committee.
Terms of Reference:
The Executive Committee meets at least once every month to decide various issues of routine nature like approving and
executing various contracts, agreements and other documents pertaining to the business, reviewing with the management
corporate legal action plan, overseeing performance of the Groups operations across the globe, examining all major
investment and capital expenditure proposals, examining and suggesting internal control framework of the Company,
opening/closing of Bank Accounts, change in banking authorization, authorization for legal, statutory compliances matters,
acquiring premises on lease basis for commercial purpose and any other matter of routine nature having impact on day
to day business of the Company.
During the year under review, the Committee met 15 (fifteen) times on April 14, 2014; May 14, 2014; June 09, 2014; June
16, 2014; July 04, 2014; August 07, 2014; August 12, 2014; September 02, 2014; October 07, 2014; November 03, 2014;
November 13, 2014; December 10, 2014; January 05, 2015; February 13, 2015 and March 10, 2015.
No. of Meetings
Held Attended
Mr. Shashi Kiran Shetty-Chairman Executive Director 15 14
Mr. Adarsh Hegde Executive Director 15 15
Mr. Umesh Shetty* Executive Director 15 10
INDEPENDENT DIRECTORS MEETING:

Pursuant to the provisions of Section 149, Schedule IV of the Companies Act, 2013 and the Rules made thereunder,
Independent Directors of the Company shall hold at least one meeting in a year, without the attendance of Non-
Independent Directors and members of the Management. All the Independent Directors of the Company shall strive to
be present at such meetings. The meeting shall review the performance of Non-Independent Directors and the Board as
a whole; review the performance of the Chairman of the Board, taking into account the views of the Executive Directors
and Non-Executive Directors; assess the quality, quantity and timeliness of flow of information between the Management
and the Board that is necessary for it to effectively perform its duties.
During the year under review, the Independent Directors met on February 12, 2015, inter alia to discuss:
i. Review the performance of Non-Independent Directors and the Board as a whole;
ii. Review the performance of the Chairperson of the Company, taking into account the views of Executive Directors
and Non-Executive Directors;
iii. Assess the quality, quantity and timeliness of flow of information between the Company management and the Board
that is necessary for the Board to effectively and reasonably perform their duties.
All Independent Directors were present at the Meeting.
88
4. GENERAL BODY MEETINGS

Annual General Meetings:
Location, date and time of the Annual General Meeting (AGM) held during the preceding three years and the Special
Resolutions passed thereat are as follows:
Meeting Date and Time Venue Special Resolutions passed

21st AGM August Avashya House, a. To authorise Board of Directors u/s 180(1)(c) of the
07, 2014 5th Floor, CST Road, Companies Act, 2013 to borrow money, from time to time
at 4.00 p.m. Kalina, Santacruz in excess of over and above the aggregate of the paid up
(East), Mumbai 400098. share capital and free reserves of the Company which shall
not exceed ` 1000 Crores.
b. To authorise Board of Directors u/s 180(1)(a) of the
Companies Act, 2013 to create charge over the assets of
the Company upto the limits of the borrowings made by
the Company to secure the said borrowings from time to
time u/s 180(1)(c) of the Companies Act, 2013.
c. To approve payment of remuneration to Non-Executive
Directors upto 1% of net profit of the Company for a period
of five years commencing from April 1, 2014.
d. To appoint Mr. Armin Kalyaniwala as CEO Project Division
of the Company a relative of a director to a place of profit
u/s 188(1)(f) of the Companies Act, 2013
e. To enter into related party transaction with Allcargo Belgium
NV, the wholly owned subsidiary of the Company u/s 188
of the Companies Act, 2013 and revised Clause 49 of the
Listing Agreement with the Stock Exchanges.
20th AGM August Avashya House, None
08, 2013 5th Floor, CST Road,
at 4.00 p.m. Kalina, Santacruz
(East), Mumbai 400098.
19th AGM August Avashya House, None
07, 2012 6th Floor, CST Road,
at 3.00 p.m. Kalina, Santacruz
(East), Mumbai 400098.
Postal Ballot:
During the year under review, the Company had taken members approval by way of Postal Ballot for the following
business:
Re-appointment of Mr. Umesh Shetty, as Chief Executive Officer Projects & Engineering Solutions Division of the
Company under Section 188(1)(f) of the Companies Act, 2013 for a term of 3 years.
Mrs. Dipti Mehta, partner of M/s. Mehta and Mehta, Practicing Company Secretaries, Mumbai was appointed as the
Scrutiniser for overseeing the postal ballot voting process.
Details of voting pattern:-
% of Votes % of Votes
No. of No. of % of Votes
Promoter/ No. of No. of votes Polled on against
Votes in Votes in favour on
Public shares held polled outstanding on votes
favour against votes polled
shares polled
Promoter & 8,81,34,025 85,23,615 9.671 85,23,615 0 100.000 0.000
Promoter Group
Public 1,58,65,068 1,36,92,947 86.308 1,36,23,500 69,447 99.492 0.507
Institutional
holders
Public-Others 2,20,48,669 1,31,18,801 59.499 1,31,18,110 691 99.995 0.005
Total 12,60,47,762 3,53,35,363 28.033 3,52,65,225 70,138 99.801 0.198
The Company has complied with the procedures for the postal ballot in terms of Sections 108 and 110 of the Companies
Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2014 as amended from time to
time.
89
Procedure for Postal Ballot

In compliance with Clause 35B of the Listing Agreement and Sections 108, 110 and other applicable provisions of the
Companies Act, 2013 (Act) read with the related Rules as amended from time to time, the Company provides electronic
voting facility to all its members, to enable them to cast their votes electronically. The Company engages the services
of NSDL for the purpose of providing e-voting facility to all its members. The members have the option to vote either by
physical ballot or e-voting.
The Company dispatches the postal ballot notice and form along with postage prepaid business reply envelope to its
members whose names appear on the register of members/list of beneficiaries as on a cut-off date. The postal ballot
notice is sent to members in electronic form to the email addresses registered with the depository participants (in case of
demat shareholding)/Companys registrar and share transfer agents (in case of physical shareholding). The Company also
publishes a notice in the newspaper declaring the details of completion of dispatch and other requirements as mandated
under the Act and applicable Rules.
Voting rights are reckoned on the paid-up value of the shares registered in the names of the members as on the cut-off
date. Members desiring to exercise their votes by physical postal ballot forms are requested to return the forms duly
completed and signed, to the scrutiniser on or before the close of voting period. Members desiring to exercise their votes
by electronic mode are requested to vote before close of business hours on the last date of e-voting.
The scrutiniser submits his report to the Chairman, after the completion of scrutiny, and the consolidated results of the
voting by postal ballot are then announced by the Chairman/authorized officer. The results are also displayed on the
website of the Company, besides being communicated to the Stock Exchanges, NSDL and registrar and share transfer
agent. The date of declaration of the results by the Company is deemed to be the date of passing of the resolutions.
There is no other immediate proposal for passing any resolution by way of postal ballot this year. The Company will
comply with the requirements of postal ballot as and when such matter arise, requiring approval of the Members by
such process as per Section 110 and other applicable provisions of the Companies Act, 2013, read with the Companies
(Management and Administration) Rules, 2014, as amended from time to time.
5. DISCLOSURES:
a. Subsidiary Companies:
Clause 49 of the Listing Agreement relating to Corporate Governance defines a material non-listed Indian Subsidiary
as an unlisted subsidiary, incorporated in India, whose turnover or net worth (i.e. paid up capital and free reserves)
exceeds 20% of the consolidated turnover or net worth respectively, of the listed holding company and its subsidiaries
in the immediately preceding accounting year. The Company did not have any material non-listed Indian Subsidiary
during the year under review. However, as good corporate governance measure, the Company has nominated
Mr. Mohinder Pal Bansal and Mr. Hari Mundra, Non-Executive Independent Director, on the Board of Hindustan
Cargo Limited and Transindia Logistic Park Private Limited, the wholly owned subsidiary companies of the Company
and Prof. Ramachandran, Non-Executive Independent Director, on the Board of Ecuhold NV, a wholly owned
overseas subsidiary of the Company. The Board of Directors and Audit Committee reviews the financial statements
of subsidiary companies in particular the investments made by the unlisted subsidiary companies every quarter. The
minutes of the Board of Directors of subsidiary companies are placed before the Board of Directors of the Company
on annual basis thereby bringing to their attention all significant transactions and arrangements entered into by the
subsidiary companies.
The Board of Directors at its Meeting held on February 12, 2015 formulated a policy for determining material
subsidiaries pursuant to the provisions of the Listing Agreement. The same is displayed on the website of the
Company. (http://www.allcargologistics.com/investor-relations/overview.aspx)
b. Disclosures on materially significant related party transactions that may have potential conflict with the
interests of the Company at large:
During the year under review, there were no transactions of material nature with the Promoters, Directors or the
Management or relatives or their subsidiaries that had potential conflict with the interest of the Company.
The details of the transactions with the related parties, are placed before the Audit Committee on a quarterly basis
along with certification from an external consulting firm in compliance with the provisions of Section 188 of the
Companies Act, 2013 and Clause 49 of the Listing Agreement with the Stock Exchange. Details of related party
transactions are disclosed in the notes to the accounts as per Accounting Standard 18.
90
The Board of Directors at its Meeting held on February 12, 2015 formulated a policy on materiality of Related Party
Transactions and also on dealing with Related Party Transactions pursuant to the provisions of the Companies Act,
2013 and the Listing Agreement. The same is displayed on the website of the Company. (http://www.allcargologistics.
com/investor-relations/overview.aspx)
c. Details of non-compliance, if any, with regard to capital market:
Equity shares of the Company are listed and traded on BSE Limited and National Stock Exchange of India Limited
w.e.f. June 23, 2006. The Company has complied with all the provisions of the Listing Agreement as well as the
Rules, Regulations and Guidelines prescribed by the Securities and Exchange Board of India (SEBI) from time to
time.
During the last three years, there were no penalties or strictures imposed on the Company by the Stock Exchange(s),
SEBI and/or any other statutory authorities on matters relating to capital market.
d. Whistle Blower Policy:
The Company had formulated and adopted the Ethics and Grievance Policy with an object to report any unethical
behaviour, actual or suspected fraud or violation of the Companys code of conduct or ethics policy, malpractice,
impropriety, statutory non-compliance or wrongdoing in February 2011. In view of the mandatory requirements
under the Companies Act, 2013 and in the revised Clause 49 of the Listing Agreement, the Board of Directors at
its Meeting held on June 12, 2014 adopted a Whistle Blower Policy. The Audit Committee oversees the functioning
of the same. Further, the mechanism adopted by the Company encourages the Whistle Blower to report genuine
concerns or grievances, and provides for adequate safeguards against victimisation of Whistle Blower, who avail of
such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional cases.
The details of Whistle Blower Policy are available on the website of the Company. (http://www.allcargologistics.com/
investor-relations/overview.aspx).
e. Disclosure of Accounting Treatment:
There is no deviation in following the treatment prescribed in the Accounting Standards in preparation of Financial
Statements of the Company for the year ended on March 31, 2015.
f. Risk Management:
The Company is well aware of risks associated with its business operations and various projects under execution.
Comprehensive risk management system involving identification and classification of risk, adoption of risk mitigation
plans and strong mechanism to deal with potential risk and situation is in place which is being reviewed and monitored
periodically to meet the regulatory and other requirements. The Company has formulated and implemented a Risk
Management Policy as approved by the Board of Directors with an objective to identify, evaluate, monitor, control,
manage and minimize identifiable risks.
The Company has adopted ISO 31000 frame work for risk management. Under the guidance of the Board, the
Chief Assurance and Risk Executive facilitate dedicated risk workshops for each business vertical and key support
functions wherein risks are identified, assessed, analysed and accepted/mitigated to an acceptable level within
the risk appetite of the Organisation. The risk registers are also maintained and reviewed from time to time for risk
mitigation plans and changes in risk weightage, if any. The Audit Committee of the Company monitors and manages
the risks of the Company and reviews the risk registers of each business vertical and key support functions at least
once in a year. Fraud Risk Assessment is also part of overall risk assessment. In Audit Committee meeting, Chief
Assurance and Risk Executive make presentation on risk assessment and minimization procedures.
The purpose of the risk management is to achieve sustainable business growth, protect the Companys assets,
safeguard shareholder investment, ensure compliance with applicable laws and regulations, and avoid major
surprises of risks. The policy is intended to ensure that an effective risk management framework is established and
implemented within the Company.
g. Certification from CEO and CFO:
The requisite certification from the Chairman & Managing Director (CEO) and Chief Financial Officer (CFO) certifying
inter alia that the Financial Statement do not contain any untrue statement and these statements represent a true
and fair view of the Companys affairs, as required under Clause 49 has been placed before the Board of Directors
of the Company, on quarterly and annual basis.
91
h. Brief profile and other details, as required under Clause 49 of the Listing Agreement, of the Director retiring by
rotation, eligible for re-appointment and proposed to be appointed is given in to the Notice convening the 22nd Annual
General Meeting of the Company.
i. All Independent Directors are associated with the Company for more than 2 (two) years and they have been apprised
by the Company from time to time with their role, rights, and responsibilities in the Company, nature of the Industry
and business model of the Company. Accordingly, the existing Independent Directors of the Company are well
versed and familiar with the business and industry of the Company. Further, the Company will conduct familiarisation
program(s) for Independent Directors of the Company as when required and details of such program(s) will be placed
on the website of the Company in compliance of Clause 49 of the Listing Agreement.
j. Transfer of unpaid/unclaimed amounts to Investor Education and Protection Fund
During the year under review, the Company has credited ` 29,718 to the Investor Education and Protection Fund
(IEPF) pursuant to Section 205C of the Companies Act, 1956 read with the Investor Education and Protection Fund
(Awareness and Protection of Investors) Rules, 2001.
Pursuant to the provisions of Investor Education and Protection Fund (Uploading of information regarding unpaid
and unclaimed amounts lying with companies) Rules, 2012, the Company has uploaded the details of unpaid and
unclaimed amounts lying with the Company as on August 07, 2014 (date of last Annual General Meeting) on the
Companys website www.allcargologistics.com and on the website of the Ministry of Corporate Affairs.
k. Details of unclaimed shares in terms of Clause 5A of the Listing Agreement
In terms of Clause 5A(I) of the Listing Agreement, the Company has opened an Unclaimed Demat Account and has
credited the shares allotted during the Initial Public Offer of the Company in June 2006 and which remain unclaimed
as detailed hereunder:
Aggregate number of shareholders and the outstanding shares in the 01 shareholder entitled for 90 equity
suspense account lying at the beginning of the year shares of ` 2/- each
Number of shareholders who approached issuer for transfer of shares Nil
from suspense account during the year
Number of shareholders to whom shares were transferred from Nil
suspense account during the year
Aggregate number of shareholders and the outstanding shares in the 01 shareholder entitled for 90 equity
suspense account lying at the end of the year shares of ` 2/- each
Voting Rights on these Shares The voting rights on these shares shall
remain frozen till the rightful owner of
such shares claims the shares
l. Details of compliance with mandatory requirements and adoption of non-mandatory requirements of Clause
49 of the Listing Agreement and Voluntary Guidelines on Corporate Governance 2009:
The Company has complied with all the mandatory requirements as prescribed under Clause 49 of the Listing
Agreement. A certificate from M/s. Mehta & Mehta, Practicing Company Secretaries, confirming compliance with the
conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is annexed to this Report.
m. Status of adoption/compliance of Non mandatory requirements:
The Board
The Chairman of the Company is an Executive Director (Managing Director) and hence this provision is not
applicable.
Shareholder Rights
The Company displays its half yearly results on its website: www.allcargologistics.com and also publishes the
same in widely circulated newspapers. The financial and other information filed by the Company with the Stock
Exchanges from time to time are also available on the websites of the Stock Exchanges i.e BSE Limited (BSE)
and the National Stock Exchange of India Limited (NSE). The Company did not send half yearly results to
each household of the shareholders during the year under review. In compliance with Clause 54 of the Listing
Agreement, the Company has maintained functional and updated website containing basic information about
the Company inter alia details of its business, financial information, shareholding pattern, corporate governance
practices followed, contact information of the designated officials of the Company who are responsible for
assisting and handling investor grievances.
92
Audit Qualification
The Company is in the regime of unqualified financial statements.
Reporting of Internal Auditor
The Internal Auditor directly reports to the Audit Committee.
MCA - Voluntary Guidelines 2009
The Company is committed to follow and adopt best governance practices and continuously review and revisit
its governance practices from time to time so as to meet business and regulatory needs.
The Ministry of Corporate Affairs has issued a set of Voluntary Guidelines on Corporate Governance in
December 2009. These guidelines are expected to serve as a benchmark for the corporate sector and also
help them in achieving the highest standard of corporate governance.
Some of the provisions of these guidelines are already in place as reported elsewhere in this report. The other
provisions of these guidelines are being evaluated and the Company will strive to adopt the same in a phased
manner.
6. MEANS OF COMMUNICATION:
The Company has promptly reported all material information including of quarterly financial results, press releases etc. to
all Stock Exchanges where the shares of the Company are listed. Such information are also simultaneously displayed on
the Companys website: www.allcargologistics.com. The financial results, quarterly and annual results and other statutory
information were communicated to the shareholders by way of publication in English daily, Business Standard and in
a vernacular language newspaper Lakshadeep as per the listing requirements of the Listing Agreement with the Stock
Exchanges.
Official news releases and presentation made to institutional investors or to the analysts are displayed on Companys
website: www.allcargologistics.com.
The financial and other information filed by the Company with the Stock Exchanges from time to time are also available
on the websites of the Stock Exchanges i.e BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
BSE and NSE have introduced BSE Corporate Compliance and Listing Centre and NSE Electronic Application Processing
System (NEAPS) respectively. Various compliances as required/prescribed under the Listing Agreement with the Stock
Exchanges are also filed through these systems in addition to dissemination of information by email or fax.
Green Initiative:
Ministry of Corporate Affairs (MCA) had taken a Green Initiative in Corporate Governance by allowing paperless
compliances by the companies through electronic mode. The Companies Act, 2013 has also allowed the Company to
serve notice/documents/Annual Report to its shareholders through electronic mode.
Your Company whole-heartedly appreciates this initiative taken by MCA, being an ardent supporter of pro-environment
causes. Not only will such a move benefit the environment but will also enhance shareholder experience by enabling the
Company to deliver communications promptly and securely and avoid losses/delays in postal transit. It is a step in the
right direction being efficient both, economically and ergonomically
As a part of this, the Company would send notices/documents such as Annual Reports and notices by e-mail to the
members who have registered their e-mail address. To support this creditable move of the Government, the members
who have not registered their e-mail address, so far, are requested to do so at the earliest, in respect of demat holding
through their respective Depository Participant (DP) and in respect of physical holding through the Registrars and Transfer
Agents, M/s. Link Intime India Private Limited.
Shareholders who have not registered their e-mail address with the Company for receiving documents electronically
can now register the same by clicking on the link [email protected] uploaded on the Companys website:
www.allcargologistics.com under Investors Relation tab under the heading Green Initiative.
We wish to inform you that in addition to receiving the documents through your registered e-mail, you can also access
the same through Companys website: www.allcargologistics.com. While every notice/document will be sent through
e-mail address registered with the Company, in case you desire to receive any notice/document in physical form, please
intimate by an e-mail [email protected] and the same shall be sent to your address registered with
the Company/DP, free of cost.
We solicit your patronage and support in joining hands with the Company to implement the Green Initiative.
93
7. CODE FOR PREVENTION OF INSIDER TRADING:

Pursuant to the provisions of the Securities Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992,
the Company had adopted a Share Dealing code for the prevention of insider trading in the shares of the Company. The
Code requires pre-clearance for dealing in the Companys shares beyond threshold limits. Further, it inter alia, prohibits
purchase/sale of shares of the Company by the designated employees during the period when Trading Window is closed
and when in possession of Unpublished Price Sensitive Information in relation to the Company.
The Board of Directors at its meeting held on May 21, 2015 approved the Code of practices and procedures for fair
disclosure of Unpublished Price Sensitive Information and the Code of conduct to regulate, monitor and report trading
by its employees and other connected persons towards achieving compliance with the regulations, formulated based on
the principles set out in the SEBI (Prohibition of Insider Trading) Regulations, 2015.
Mr. Jatin Chokshi, Chief Financial Officer of the Company is designated as Chief Investor Relations Officer, for dealing
with dissemination of information and disclosure of Unpublished Price Sensitive Information.
Mr. Shailesh Dholakia, Company Secretary of the Company is designated as Compliance Officer for regulating, trading
and report on trading by Insiders as required under said regulations.
8. CODE OF CONDUCT:
In terms of Clause 49(II)(E) of the Listing Agreement with the Stock Exchanges, the Company has laid down and adopted
a Code of Conduct for its Directors and Senior Management Personnel, which is also available on the Companys
website: www.allcargologistics.com. The Board of Directors at its meeting held on February 12, 2015 amended the Code
of Conduct for the Board of Directors and Senior Management Personnel to align it with the revised Clause 49 of the
Listing Agreement with the Stock Exchanges. The Company has received confirmation from all Directors as well as Senior
Management Personnel regarding compliance with the Code of Conduct during the year under review. Additionally, all
Independent Directors of the Company shall be bound by duties of Independent Directors as set out in the Companies
Act, 2013 read with the Schedule and Rules thereunder. A declaration signed by the Managing Director of the Company
to this effect is attached at the end of this report.
9. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report forms part of the Directors Report.
10. GENERAL SHAREHOLDER INFORMATION:

a) Annual General Meeting
Day & Date Monday, August 10, 2015

Venue Avashya House, CST Road, Kalina, Santacruz (East), Mumbai - 400 098.
Time 3.00 p.m.
Book Closure Period Tuesday, August 04, 2015 to Monday, August 10, 2015 (both days inclusive)
b) Financial Calendar
The Companys accounting year comprises of 12 months period from April 01, 2014 to March 31, 2015.
Tentative Calendar for financial year ending March 31, 2016:
The tentative dates of Meeting of Board of Directors for consideration of quarterly financial results for the financial
year ending March 31, 2016 are as follows:
First Quarter Results ended June 30, 2015 On or before August 14, 2015
Second Quarter and Half Yearly Results ended September 30, 2015 On or before November 14, 2015
Third Quarter Results and Nine Months ended December 31, 2015 On or before February 14, 2016
Fourth Quarter and Annual Results for the year ended March 31, 2016 On or before May 30, 2016
c) Dividend Payment Date: Within 15 days from the declaration at Annual General Meeting.
94
d) Listing on Stock Exchanges:

The equity shares of the Company are listed and traded on BSE Limited and National Stock Exchange of India
Limited.
In terms of Clause 38 of the Listing Agreement, the listing fees for the Financial Year 2015-16 have been paid to
both the Stock Exchanges. The Company will pay Annual Custodian Fees for the Financial Year 2015-16 to NSDL
and CDSL on receipt of the invoices.
e) Stock Code:
Name of Stock Exchange Stock Code
BSE Limited 532749
National Stock Exchange of India Limited ALLCARGO
ISIN INE418H01029
f) Market price data:
Details of high and low price and volume of shares traded during each month in the last Financial Year on BSE and
NSE, are as under:
BSE NSE
Month
High (`) Low (`) Volume High(`) Low (`) Volume
Apr-14 162.80 142.55 30,587 169.00 142.80 1,63,904
May-14 208.50 133.00 1,16,652 208.00 137.75 4,53,482
Jun-14 235.00 190.10 71,058 235.40 185.00 2,76,328
Jul-14 271.40 217.35 6,59,345 271.80 217.55 53,24,743
Aug-14 258.00 231.10 2,53,989 258.40 232.50 6,61,687
Sep-14 264.10 215.00 2,45,641 263.70 220.35 12,39,026
Oct-14 247.85 227.35 3,23,724 247.85 228.60 5,66,476
Nov-14 357.90 241.60 16,72,996 357.70 241.20 54,94,206
Dec-14 350.00 280.05 7,06,292 350.00 281.35 27,96,989
Jan-15 348.00 308.00 3,76,746 348.00 307.00 21,20,274
Feb-15 354.40 308.00 3,51,692 354.95 306.60 20,56,573
Mar-15 345.50 295.20 1,82,883 344.80 292.35 8,57,155
Source: www.bseindia.com and www.nseindia.com
Performance of share price of the Company in comparison to the BSE Sensex & NSE Nifty:
SENSEX vs ALL
30,000 360.00
340.00
28,000 320.00
300.00
SENSEX CLOSING
ALL CLOSING
280.00
26,000
260.00
240.00
24,000
220.00
200.00
22,000 180.00
160.00
20,000 140.00
Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar-
2014 2014 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015
MONTH
SENSEX ALL
Source:www.bseindia.com
95
NIFTY vs ALL
10,000 350
300
9,000
NIFTY CLOSING
250
ALL CLOSING
8,000
200
7,000
150
6,000
100
5,000 50
Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar-
2014 2014 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015
MONTH
NIFTY ALL
Source: www.nseindia.com
g) Share transfer system
The Companys equity shares which are in dematerialized (demat) form are transferable through the depository
system. Equity Shares in physical form are processed by the Registrar and Share Transfer Agents, M/s. Link Intime
India Private Limited and approved by the Stakeholders Relationship Committee of the Board. The Company has
not received any physical share transfer requests during the year under review.
h) Dematerialization of shares and liquidity
Equity shares of the Company are compulsorily traded in dematerialized form and are available for trading under
National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) from June 23,
2006 onwards. The International Security Identification Number (ISIN) allotted to the Company, post sub-division of
shares, under Depository System is INE418H01029. As on March 31, 2015, 125,993,372 equity shares of ` 2/- each,
representing 99.96% of the Companys total paid up capital, have been held in dematerialized form.
As stipulated by the SEBI, a Company Secretary in Practice carries out Reconciliation of Share Capital Audit to
reconcile the total share capital admitted with National Securities Depository Limited and Central Depository Services
(India) Limited and held in physical form, with the issued and listed capital. This audit is carried out every quarter and
the report thereon is submitted to the Stock Exchanges. The audit confirms that the total listed and paid up share
capital is in agreement with the aggregate of the total number of Shares in dematerialized form (held by NSDL and
CDSL) and in physical form.
i) E-voting facility
With a view to enable wider participation of shareholders on various important proposals, the Companies Act, 2013
and the SEBI has made it mandatory for all listed companies to provide e-voting facility in respect of all businesses
to be transacted at the general meetings or through postal ballot.
In compliance with the provisions of Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management
and Administration) Rules, 2014 as amended from time to time and Clause 35B of the Listing Agreement, the
Company is pleased to provide its members facility to exercise their right to vote on the resolutions proposed to the
passed at the 22nd Annual General Meeting scheduled to be held on August 10, 2015 by electronic means through
remote e-Voting Services provided by National Securities Depository Limited (NSDL). The members may cast their
votes using an electronic voting system from a place other than the venue of the Meeting (remote e-voting).
96
In view of e-voting facility being provided, voting of show of hands will not be available to the members at the
22nd Annual General Meeting, pursuant to the provisions of Section 107 and other applicable provision of the
Companies Act, 2013.
The facility for voting through Ballot/Polling Paper shall be made available at the 22nd Annual General Meeting and
the members attending the said meeting, who have not cast their vote by remote e-voting, shall be able to exercise
their right at the meeting through Ballot/Polling Paper.
The members who have cast their vote through remote e-voting, may also attend the 22nd Annual General Meeting,
but shall not be entitled to cast their vote again.
Members are requested to go through and familiarize with the e-voting process given in the notes appended to the
Notice of the 22nd Annual General Meeting.
j) ADRs/GDRs/Warrants
The Company has not issued any GDRs/ADRs/Warrants or any other convertible instruments.
k) Investor helpdesk & Registrar and Transfer Agent
For lodgment of transfer deeds and any other documents or for any grievances/complaints, shareholders/investors
may contact at the following address:
M/s. Link Intime India Private Limited Allcargo Logistics Limited

CIN: U67190MH1999PTC118368 CIN:L63010MH2004PLC073508
Registrar and Transfer Agents Mr. Shailesh Dholakia
Unit: Allcargo Logistics Limited Company Secretary & Compliance Officer
Mr. Vishal Panjabi 6th Floor, Avashya House,
C-13, Pannalal Silk Mills Compound, CST Road, Kalina, Santacruz (East),
LBS Marg, Bhandup (West), Mumbai - 400 098
Mumbai - 400 078 Tel: 022 - 26675830 Fax : 022 - 66798195
Tel: 022 - 2596 3838 Fax: 022 - 2594 6969 Email: [email protected]
Email: [email protected] or
[email protected]
l) Distribution of Shareholding as at March 31, 2015
Shareholding
(No. of Shares) No. of % to no. of No. of % to no. of
shareholders shareholders shares shares
(From To)
1 - 1000 10,399 94.88 1,389,894 1.10
1001 - 2000 233 2.12 357,764 0.28
2001 - 3000 94 0.86 240,377 0.19
3001 - 4000 37 0.34 133,329 0.11
4001 - 5000 48 0.44 230,850 0.18
5001 - 10000 56 0.51 428,918 0.34
10001 & Above 93 0.85 123,266,630 97.80
TOTAL 10960 100.00 126,047,762 100.00
97
m) Shareholding Pattern as at March 31, 2015
Category of Shareholders Number of shares % of Shareholding

Promoter and Promoter Group 88,134,024 69.92
Foreign Company 16,403,868 13.01
Foreign Institutional Investors 7,375,510 5.85
Public Individuals 4047804 3.21
Bodies Corporate 1,592,719 1.26
Mutual Fund 323 0.00
Financial Institutions 6,849 0.01
Clearing Member 69,287 0.06
Trust 30,435 0.02
Independent Directors 5,000 0.00
Non Resident Indians 144,973 0.12
Foreign Nationals 5,000 0.00
Foreign Portfolio Investor 8,231,970 6.54
Total 126,047,762 100.00
Promoter and Promoter Group (69.92%)
Foreign Companies (13.01%)
Foreign Portfolio Investors (6.54%)
FII (5.85%)
Public Individuals (3.21%)
Bodies Corporate (1.26%)
Others (0.21%)
98
n) Office Locations:
Branches in East region:
512, Aakashdeep Plaza, 5th Floor, 7A/1A, Middleton Street
Golmori, Jamshedpur - 831 003. Gooptu Court, 3rd Floor,
Dist, Singhbhum East, Kolkata - 700 071,
Jharkhand, India. West Bengal, India
Branches in West region:

5th Floor, Avashya House, Wakefield House, 1st Flr, Office No 128, Akshay Complex;
CST Road, Kalina, Sprott Road, Ballard Estate, Off Dhole Patil Road,
Mumbai - 400 098. Mumbai - 400 038 Pune 411 001
Maharashtra, India. Maharashtra, India. Maharashtra, India.
Plot No- U 31, 2nd Floor, Plot No. 18\45C, National Highway Cabin No. 1, Mulund CONCOR
Narendra Nagar, Ring Road 4B, Village Padeghar, Taluka Containeryard, Near Railway
Nagpur 440015, Panvel, Dist. Raigad- 410206, Cement Godown, Nanepada,
Maharashtra, India. Maharashtra, India Mulund (East), Mumbai - 400 081,
Maharashtra, India
516, Siddharth Complex, Office No. 103, First floor, Mani 104, Sakar V, Behind Natraj
Nr. Express Hotel, R C Dutt Road, Complex, Plot No. - 84, Sector 8, Cinema, Off. Ashram Road,
Alkapuri, Baroda - 390 005. Gandhidham - 370 201, Ahmedabad, 380009
Gujarat, India. Kutch - Gujarat, India Gujarat, India
B-44, Shastri Nagar, Off No. 247, 2nd Flr, B-44, Shastri Nagar,
Opp, St. Paul's School Ganpati Plaza, M.I.Road, Opp. St. Pauls School,
Near Shastri Circle, Jaipur - 302 001. Near Shastri Circle
Jodhpur - 342 001, Rajasthan, India. Jodhpur - 342 001
Rajasthan, India Rajasthan, India
2nd Floor, Port Users Complex, Plot no. N-76, phase - IV,
Harbour, Mormungoa, Verna Industrial Est.,
Goa - 403 803, Verna Salcette.
India. Goa 403722, India
Branches in North region:

Plot No. 111, 3rd Floor, Room No.308 56-57, Bindra Complex, C-145 A,
4th, floor, Sector 44 Next to Ramada "Krishna Tower", 15/63 Civil Line, Phase V, Focal Point,
Hotel Opp to BESTECH Kanpur - 208 001. Ludhiana - 141 010.
Gurgaon - 122 003, Haryana, India Uttar Pradesh, India. Punjab, India.
Local Shopping Complex, 40F/306, 1st, Floor,

Plot No 8, Vardhaman Plaza, Sky tower, Sanjay Palace,
Site No 37-38, Kalkaji, Agra 282002,
New Delhi - 110 019. India. India
Branches in South region:

No. 21, IV Floor, "S.K.Vista", Leelavathi Building, 2nd Floor, Galaxy Automations
Rustum Baugh Road, Kodihalli, 69, Armenian Street, Parrys, No.1,Scheme Road, Aiwa
Off Old Airport Rd, Nr. Manipal Chennai - 600 001. Complex Near Head Post Office
Hospital, Bangalore - 560 017, Tamilnadu, Dindigul-624001,
Karnataka, India India. India
99
Ashoka Myhome Chambers No. 1994 - 1996, Krishna Colony, 1st Floor, Rani Meyyammai Building,
Flat no. 201, 2nd floor, Trichy Road, K.P.K Menon Road,
D.No. 1-8-271,272 & 273/1-8-301 Ramanathapuram Willington Island,
to 303 Begumpet, Coimbatore - 641 005. Cochin - 682 003.
Hyderabad 500016, Tamilnadu, Kerela,
Andhra Pradesh, India India. India.
No 31-A, M.K Complex,1st Floor, Old. No 15/25,New.No 3, Plot No. 3A, 37-11-8
North Pradhakshnam Road, Teachers Colony 4th Street, Saf Koppli Apartments, Beside Central
Karur-639001, Marine Upstairs (Aspinwall), Excise Bldg, Dwarka Nagar,
Tamil Nadu, Kumarandapuram, 60 Ft. Main Rd, Ist Lane
India Near Bishop High School, Visakhapatnam - 530 016
Tirupur 641602, India
51/15A, Muniasamypuram, Laksmi Complex, 1st Floor, Plot No. 6, Anjaneya Nagar
2nd Street, Kamaraj Salai, New Bus Stand, West Gate, M M Extension
Tuticorin - 628 003. Meyyanur Bye Pass, Salem - 636 Belgaum 590016,
Tamilnadu, India. 004.Tamilnadu, India. India
Branch at the Center:

210, D.M Tower
21/1 Race Course Road
Indore Madhya Pradesh, India.
Inland Container Depots (ICDs) at:

Allcargo Logistics Park Pvt. Ltd. Plot No. 13-B, Kheda Industrial
Tilpata Road, Gautam Budh Nagar, Growth Centre, Sector No. 3,
Greater Noida, 201307, PITHAMPUR, District - Dhar, Madya
India Pradesh, India
Container Freight Stations (CFS) at:

Transindia Logistics Park 913, Thiruvottiyur High Road, Bharat CFS Zone - 1,
Village - Khopta, Taluka - Uran Nr. Wimco Nagar Rly. Stn. Ernavur, Mundra Port & SEZ Ltd,
Dist - Raigad, Near. JNPT Area Chennai - 600 057, Tamil Nadu, District Kutch - 370 421.
Pin - 410 212, Maharashtra, India India Gujarat, India.
Kaproli Village, Taluka - Uran,

Near JNPT area.
District - Raigad 410 212,
Maharashtra, India.
Overseas Principal office:

Schomhoereweg, 15, 2401 NW, 6th Street
2030, Antwerr, Miami,
Belgium. Florida 33147
100
DECLARATION
To,
The Members of
I, Shashi Kiran Shetty, Chairman & Managing Director of Allcargo Logistics Limited (the Company), hereby declare that all
the Board Members and Senior Management of the Company have affirmed compliance with the Code of Conduct, laid down
and adopted by the Company, during the year ended March 31, 2015.
For Allcargo Logistics Limited
Place: Mumbai Shashi Kiran Shetty

Date: May 21, 2015 Chairman & Managing Director
(DIN:00012754)
CERTIFICATE ON CORPORATE GOVERNANCE
To,
The Members of
We have examined all relevant records of Allcargo Logistics Limited (The Company) for the purposes of certifying compliances
of the conditions of Corporate Governance under the Clause 49 of the Listing Agreement entered into with the BSE Limited
and National Stock Exchange of India Limited (Stock Exchanges) for the year ended March 31, 2015.
The compliances of conditions of Corporate Governance is the responsibility of the management. Our examination was limited
to the procedures and implementation thereof, adopted by the Company for ensuring compliances of the conditions of the
Corporate Governance. This certificate is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company
has complied with the conditions of Corporate Governance as stipulated in the abovementioned Listing Agreement.
For Mehta & Mehta

Company Secretaries
Dipti Mehta
Partner
FCS : 3667
CP No : 3202
Place : Mumbai
101
Forward looking statements

Statements in this Management Discussion and Analysis of Financial Condition and Results of Operations of the Company
describing the Companys objectives, expectations or predictions may be forward looking within the meaning of applicable
securities laws and regulations. Forward looking statements are based on certain assumptions and expectations of future
events.
The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Company
assumes no responsibility to publicly amend, modify or revise forward looking statements, on the basis of any subsequent
developments, information or events. Actual results may differ materially from those expressed in the statement. Important
factors that could influence the Companys operations include changes in government regulations, tax laws, economic
developments within the country and such other factors globally.
The financial statements are prepared under historical cost convention, on accrual basis of accounting, and in accordance with
the provisions of the Companies Act, 2013 (the Act) read with Companies (Accounts) Rules 2014 as amended from time to
time and comply with the Accounting Standards notified under Section 133 of the Act read with the Companies (Accounting
Standards) Rules, 2006. The management of Allcargo Logistics Limited has used estimates and judgments relating to the
financial statements on a prudent and reasonable basis, in order that the financial statements, reflect in a true and fair manner,
the state of affairs and profit for the year.
The following discussions on our financial condition and result of operations should be read together with our audited
consolidated financial statements and the notes to these statements included in the annual report. Unless otherwise specified
or the context otherwise requires, all references herein to we, us, our, the Company, Allcargo are to Allcargo Logistics
Limited and its subsidiaries and associates.
ECONOMIC OVERVIEW
The global economy has seen a moderate and uneven growth in 2014, as the prolonged recovery process from the global
financial crisis was still saddled with unfinished post-crisis adjustments. Global recovery was also hampered by some new
challenges, including a number of unexpected shocks, such as the heightened geopolitical conflicts in various areas of the
world. Growth of world gross product (WGP) is estimated to be 2.6% in 2014, marginally better than the growth of 2.5%
registered in 2013, but lower than the projected 2.9%. Six years after the global financial crisis, gross domestic product (GDP)
growth for a majority of the world economies has shifted to a noticeably lower path compared to pre-crisis levels.
A salient feature for major developed countries during 2014 has been the erratic movements in their quarterly GDP growth
rates. Growth rates in developing countries and economies in transition have become more divergent during 2014, as a
sharp deceleration occurred in a number of large emerging economies, particularly in Latin America and the Commonwealth
of Independent States (CIS). A number of these economies have encountered various country-specific challenges, including
structural imbalances, infrastructural bottlenecks, increased financial risks and ineffective macroeconomic management, as
well as geopolitical and political tensions. In contrast, East Asia, including China, managed to register relatively robust growth,
while India led South Asia to a moderate strengthening.
Overall, global growth is expected to rise moderately, to 3.0% in 2015, and average about 3.3% through 2017. High-income
countries are likely to see growth of 2.2% in 2015-17, up from 1.8% in 2014, on the back of gradually recovering labor markets,
ebbing fiscal consolidation, and still-low financing costs. In developing countries, as the domestic headwinds that held back
growth in 2014 ease and the recovery in high-income countries slowly strengthens, growth is projected to gradually accelerate,
rising from 4.4% in 2014 to 4.8% in 2015 and 5.4% by 2017. Lower oil prices will contribute to diverging prospects for oil-
exporting and importing countries, particularly in 2015. The key developments to look for will include monetary and fiscal
policies for major economies, exchange rates for major currencies, international prices of oil and other primary commodities.
The Economic Survey put Indias growth at 7.4% for FY2015. The new fiscal year is expected to see the highest economic
output growth in recent years. The Economic Survey has it at 8.1-8.5%, while the International Monetary Funds (IMFs) 7.5%
and the Asian Development Banks 7.8% have India growing faster than China.
The optimism of achieving higher growth rate in the next financial year stems from a range of factors. In the short run, growth
will receive a boost from lower oil prices, from likely monetary policy easing facilitated by lower inflation and lower inflationary
expectations, and forecast of a normal monsoon. In the months ahead, several reforms will help boost investment and growth,
particularly in the area of infrastructure. The government would continue the process of fiscal consolidation, embedding
actions in a medium-term framework and would be able to attain its stated objective of 4.1% fiscal deficit, and that the
medium-term target remains at 3.0% of the GDP.
102
Growth of the Logistics business is directly correlated with economic activity and empirical evidence suggests that the Logistics
industry grows at 1.5-2.0x the GDP growth of a nation.
The Indian logistics industry is valued at an estimated US$ 130-150 billion and it has seen a CAGR of around 15.0-16.0%
over the last five years. It is expected to go through a period of strong growth, possibly in the range of 15.0%-17.0%
CAGR over next 4-5 years. It is poised for accelerated growth, led by GDP revival, infrastructure ramp-up, volume growth in
containerization, new terminals at ports leading to incremental growth in volumes, dedicated freight corridor (DFC), impending
GST implementation, other initiatives like Make in India and new businesses segments like coastal shipping, 3PL, cold chain
and e-commerce creating opportunities in long run,.
(Source: United Nations report on World Economic Situation and Prospects 2015, World Bank, Economic Survey 2015,
Industry Data and Analyst Reports)
ABOUT ALLCARGO
Allcargo Logistics Limited, part of the Avvashya Group, is a leading Indian multinational company providing integrated logistics
solutions. The Company offers specialized logistics services across Multimodal Transport Operations (MTO), Container Freight
Station Operations (CFS), Inland Container Depot (ICD) and Project & Engineering Solutions (P&E). Benchmarked quality
standards, standardized processes and operational excellence across all the services and facilities, have enabled Allcargo
Logistics Limited to emerge as a leading player in all these segments.
Allcargo owns leading multinational companies in the logistics space globally such as ECU-LINE, which is worlds largest LCL
service provider operating from Belgium. Allcargo also owns USA-Miami based NVOCC leader Econocaribe Consolidators and
Rotterdam based FCL Marine Agencies specializing in FCL services
The Company currently operates out of 200 plus offices in 90 plus countries and gets supported by an even larger network
of franchisee offices across the world. Allcargo Logistics Limited is today one of Indias largest publicly owned logistics
companies, listed on BSE Limited and National Stock Exchange of India Limited and a constituent of the BSE Mid Cap and
CNX Nifty 500 indices .
CONSOLIDATED FINANCIAL OVERVIEW

The consolidated performance of the Company for the financial year ended March 31, 2015, is as follows:
Total revenue from operations at ` 5,629 crore for the year ended March 31, 2015, as against ` 4,859 crore for the corresponding
previous period, an increase of 16%, mainly on account of increase revenues across all businesses of MTO, CFS and Project
and Engineering.
Revenue from Operations (` Crore)

8,000
%
Growth 16
6,000 5,629
4,859
4,000
2,000
0
FY2014 FY2015
The operating expenses for the financial year ended March 31, 2015 were ` 3,938 crore as against ` 3,404 crore for the
corresponding previous period, an increase of 16%.
The staff expenses for the financial year ended March 31, 2015 were ` 857 crore as against ` 728 crore for the corresponding
previous period, an increase of 18%.
The other expenses for the financial year ended March 31, 2015 were ` 359 crore as against ` 337 crore for the corresponding
previous period, an increase of 6%.
This increase has been in line with growth in revenues.
103
The EBITDA (earnings before interest, tax and depreciation & amortisation) was ` 528 crore for the year ended March 31, 2015,
as against ` 428 crore for the corresponding previous period, an increase of 23%.
EBITDA (` Crore)
800
%
600 Growth 23
528
428
400
200
0
FY2014 FY2015
The depreciation for the financial year ended March 31, 2015 was ` 157 crore, as against ` 175 crore for the corresponding
previous period (including one-time amortization of goodwill), a decrease of 10%.
The financial cost for the financial year ended March 31, 2015 was ` 53 crore as against ` 56 crore for the corresponding
previous period, a decrease of 5%.
The EBIT (earnings before interest and tax) were ` 371 crore for the year ended March 31, 2015, as against ` 252 crore for
the corresponding previous period (after before amortization of goodwill in FY14), , an increase of 47%
EBIT (` Crore)
600
%
Growth 47
400 371
252
200
0
FY2014 FY2015
The EPS (Earning Per Share) for the financial year ended March 31, 2015 was ` 19.0 for a face value of ` 2 per share, as
against ` 11.8 for the corresponding previous period..
RESOURCES AND LIQUIDITY

As on March 31, 2015, the consolidated networth stood at ` 1,908 crore and the consolidated debt was at ` 613 crore.
The cash and cash equivalents at the end of March 31, 2015 were ` 193 crore.
The net debt to equity ratio of the Company stood at 0.22 as on March 31, 2015.
The Company has been rated CRISIL AA-/ STABLE in high safety category in the Credit Perspective report by CRISIL, Indias
leading rating agency. The Company is amongst the highest rated logistics companies by CRISIL.
BUSINESS PERFORMANCE
Allcargo operates primarily in three segments, viz., Multimodal Transport Operations (MTO), Container Freight Stations (CFS)
/ Inland Container Depot (ICD) Operations and Project & Engineering Solutions (P&E).
104
MULTIMODAL TRANSPORT OPERATIONS (MTO)

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Load) consolidation and FCL (Full Container Load) forwarding activities in India and across the world through its wholly
owned subsidiary ECU Line
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countries and 200 plus offices covering over 4,000 port pairs across the world
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the corresponding previous period, an increase of 26%
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previous period, an increase of 15%. EBIT was ` 190 crore for the year ended March 31, 2015, as against ` 156 crore
for the corresponding previous period, an increase of 22%
CONTAINER FREIGHT STATIONS (CFS) AND INLAND CONTAINER DEPOT (ICD) OPERATIONS
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ancillary services to both, importers and exporters
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the corresponding previous period, an increased of 17% (This includes volumes for all 4 CFSs and 2 ICDs)
t 5IF UPUBM SFWFOVF GPS UIF ZFBS FOEFE .BSDI XBT ` 403 crore as against ` 315 crore for the corresponding
previous period, an increase of 28%
t #*5XBT` 109 crore for the year ended March 31, 2015, as against ` 96 crore the corresponding previous period, an
&
increased of 13%
PROJECT & ENGINEERING SOLUTIONS (P&E)

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a diverse fleet of owned / rented special equipment like hydraulic axles, cranes, trailers, barges, reach-stackers, forklifts
and ships to carry bulk and ODC / OWC cargos as well as project engineering solutions across various sectors
t 5IF UPUBM SFWFOVF GPS UIF ZFBS FOEFE .BSDI XBT ` 530 crore as against ` 423 crore for the corresponding
previous period, an increased of 25%
t &#*5 XBT ` 75 crore for the year ended March 31, 2015, as against ` 49 crore for the corresponding previous period,
before amortization of goodwill in FY14, an increased of 53%
NEW DEVELOPMENTS/ACHIEVEMENTS IN BUSINESSES DURING THE YEAR:

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8$3$
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across 70 companies in India by Business World in the Top 500 companies across India list
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Companies in India
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World Women Leadership Congress & Awards, 2015 (WWLCA).
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105
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BOE .PTU %JWFSTJFE -PHJTUJDT $PNQBOZ PG UIF :FBS BU UIF
Gujarat Star Awards, 2014
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t *OEJBO-PHJTUJDT./$PGUIF:FBS
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Achievement Award at the 8th Express Logistics & Supply Chain Conclave
RISKS AND CONCERNS

The Company has adopted ISO 31000 for risk management framework. A detailed policy drawn up and dedicated risk
workshops are conducted for each business vertical and key support functions wherein risks are identified, assessed, analysed
and accepted / mitigated to an acceptable level within the risk appetite of the organization. The risk registers are also reviewed
from time to time.
Economic Risk
A part of business is substantially dependent on the prevailing global economic conditions. As witnessed in previous years,
global trade directly impacts our MTO business. Factors that may adversely affect the global economy and in turn Indias
economic growth, that could affect the CFS/ ICD, warehousing and project & engineering solutions businesses, include
slowdown in the rate of infrastructure development, inflation, changes in tax, trade, fiscal and monetary policies, scarcity
of credit etc. However, given the planned infrastructure investments in FY 2013-2017 will rise to a cumulative US$ 1 Trillion
compared to US $ 542 billion in FY 2007- 2012, growth in global EXIM traffic and with increasing outsourcing of the logistics
function by companies, we do not expect to be significantly affected by this risk.
Competition Risk
This risk arises from more players wanting a share in the same pie. Like in most other industries, opportunity brings with
itself competition. We face different levels of competition in each segment, from domestic as well as multinational companies.
However, Allcargo has established strong brand goodwill in the market and a strong foothold in the entire logistics value
spectrum. We are one of the largest LCL Consolidator in the world, with 200 plus offices across 90 plus countries covering
over 4,000 port pairs. Our wide geographical presence and network across the globe helps us generate higher volumes.
We have built a strong relationship with most of the leading carriers/liners and as a result are able to obtain competitive
commercial terms and operational advantages. We also counter this risk with the quality of our infrastructure, our customer-
centric approach and our ability to innovate customer specific solutions, focusing on pricing and aggressive marketing strategy,
disciplined project executions, coupled with prudent financial and human resources management and better control over
costs. Thus, we do not expect to be significantly affected by this risk.
Trade Risk
Our business can be affected by the rise and fall in the levels of imports and exports in the country. Given the projected growth
in the Indian economy and expected recovery in global trade, rising spending in the infrastructure and manufacturing space
and increasing per capita and disposable income, it is estimated that imports will continue to rise steadily. The Company
is also focusing on its CFS/ICD business, a relatively high margin segment which is essentially dependent on imports of
containerized cargo in India. With expected EXIM trade increase along with the growth in containerization, CFS business is
expected to be good in coming years. With its foray into service of Projects & Engineering Solutions, the Company is further
reducing its dependence on global EXIM trade. Thus, we believe we have adequate mitigation in place for trade risk.
Regulatory Risk
If we are unable to obtain required approvals and licenses in a timely manner, our business and operations may be adversely
affected. We require certain approvals, licenses, registrations and permissions for operating our MTO and CFS/ICD business.
We may encounter delays in obtaining these requisite approvals, or may not be able to obtain such approvals at all, which
may have an adverse effect on our revenues. However, the Government has come up with a number of initiatives to boost the
logistics sector and has planned massive investments in the infrastructure sector. As all industry predictions suggest that this
will be the trend in the future as well and given our own experience in obtaining such permissions, we do not expect this risk
to affect us materially in the coming years.
106
Liability Risk
This risk refers to our liability arising from any damage to cargo, equipment, life and third parties which may adversely affect
our business. The Company attempts to mitigate this risk through contractual obligations and insurance policies.
Execution Risk
The Company has undertaken number of projects in the last year and several more are in the pipeline. Project execution is
largely dependent upon land purchase, project management skills and timely delivery by equipment suppliers. Any delay in
project implementation can impact revenue and profit for that period. Our implementation schedules are in line with the plans.
Emergency and contingency plans are in place to prevent or minimize business interruptions. Therefore, we do not expect this
risk to affect us materially in the future. Concerns like soaring land prices, a complex tax structure, infrastructure bottle-necks,
retaining talent and unprecedented natural and man-made disasters and political/social turmoil which may affect our business,
remain. However, these are threats faced by the entire industry. With superior methodologies and improved processes and
systems, the Company is well positioned to lead a high growth path.
OPPORTUNITIES
t ~1.5-2.0x relationship between growth rates of GDP and the logistics industry
Growth in GDP
& EXIM Trade t Post-recession resurgence of sectors like retail and manufacturing to drive volume growth
and Rising
Containerisation t Growth in EXIM trade - direct positive impact on port-oriented logistics and higher demand
for containerisation due to its efficiency
t Introduction of GST - Leading to creation of integrated supply chain facilities like warehousing
near consumption centers
Key Regulatory
t Initiatives like Make in India and Dedicated Freight Corridor and development of multi-
and Structural
model logistics park
Developments
t '%*JOSFUBJMNBSLFUJOHBOEEJTUSJCVUJPOo8JMMJODSFBTFPQQPSUVOJUJFTGPSJOUFSNFEJBSZMPHJTUJDT
service providers
t Plans to invest INR 70,000 crores in infrastructure in Budget 2015
t *OGSBTUSVDUVSF MFE HSPXUI FTQFDJBMMZ JO TFDUPST MJLF QPXFS PJM HBT DFNFOU BOE TUFFM o
Significant Spending
expected to increase demand for specialized transport solutions
on Infrastructure
t Plans to take wind energy generation to 60,000 MW in the next 5 years from around 20,000
MW currently and to set up 5 new Ultra Mega Power Projects, each of 4,000MW
t Coastal movement in India just 7% of overall cargo movement, providing huge scope for
growth
t Indian contract logistics market has grown significantly and increasing its pentration in overall
Emerging Sectors
logistics sector from 12% to 18% by 2012Part
t E-commerce Logistics to keep pace with e-tailing market in India which is growing at more
than 30-40% iculars
Source: Analyst Reports
107
THREATS
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INTERNAL CONTROL SYSTEMS AND ADEQUACY

In view of the changes in the Companies Act, the Company has taken additional measures to strengthen its internal control
systems. Additional measures in this regard are fraud risk assessment, mandatory leave for employees, strengthening
background verification process of new joiners, whistle blower policy and strengthening the process of risk management. The
Company maintains a system of internal controls designed to provide a high degree of assurance regarding the effectiveness
and efficiency of operations, the adequacy of safeguards for assets, the reliability of financial controls, and compliance with
applicable laws and regulations.
The organization is well structured and the policy guidelines are well documented with pre-defined authority. The Company
has also implemented suitable controls to ensure that all resources are utilized optimally, financial transactions are reported
with accuracy and there is strict adherence to applicable laws and regulations.
The Company has put in place adequate systems to ensure that assets are safeguarded against loss from unauthorized use
or disposition and that transactions are authorized, recorded and reported. The Company also has an exhaustive budgetary
control system to monitor all expenditures against approved budgets on an ongoing basis.
Recognizing the important role of internal scrutiny, the Company has an internal audit function which is empowered to examine
the adequacy of, and compliance with, policies, plans and statutory requirements. It is also responsible for assessing and
improving the effectiveness of risk management, control and governance process.
Periodical audit and verification of the systems enables the various business groups to plug any shortcomings in time. As
stated earlier the Company has improved effectiveness of the risk management process wherein it evaluates the Companys
risk management system and suggests improvement in strengthening risk mitigation measures for all key operations, controls
and governance process. In addition, the top management and the Audit committee of the Board periodically review the
findings and ensure corrective measures are taken.
HUMAN RESOURCES
The Company has Human Relations and Industrial Relations policies in force. These are reviewed and updated regularly in line
with the Companys strategic plans. The Human Relations team continually conducts training programs for the development
of employees.
The Company aims to develop the potential of every individual associated with the Company as a part of its business goal.
Respecting the experienced and mentoring the young talent has been the bedrock for the Companys successful growth. The
Companys employees age bracket represents a healthy mix of experienced and willing-to-experience employees.
Human resources are the principal drivers of change. They push the levers that take futuristic businesses to the next level of
excellence and achievement. The Company focuses on providing individual development and growth in a work culture that
enables cross- pollination of ideas, ensures high performance and remains empowering.
As on March 31, 2015, the Company had a workforce of 3,856 people on rolls globally. The business wise breakup of the
workforce is as follows:
Businesses % on rolls
MTO 84%
CFS/ICD 6%
P&E 7%
Corporate 2%
Others 1%
Total 100%
108
OUTLOOK
The economy is likely to expand by more than 7.0% in FY2015 and likely to maintain this pace in FY2016.
The Economic Survey put Indias growth at 7.4% for FY2015 and the new fiscal year is expected to see the highest economic
output growth in recent years according to various sources.
The optimism of achieving higher growth rate in the next financial year stems from a range of factors including lower oil prices,
monetary policy easing, lower inflationary expectations, forecast of a normal monsoon and fiscal, monetary and regulatory
reforms
Along with economy, Indian logistics industry is also poised for accelerated growth, led by GDP revival, infrastructure ramp-
up, volume growth in containerization, new terminals at ports leading to incremental growth in volumes, dedicated freight
corridor (DFC), impending GST implementation, other initiatives like Make in India and new businesses segments like coastal
shipping, 3PL, cold chain and e-commerce.
109
STANDALONE FINANCIAL STATEMENTS
INDEPENDENT AUDITORS REPORT

To the Members of
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Allcargo Logistics Limited (the Company), which
comprise the Balance Sheet as at 31 March 2015 and the Statement of Profit and Loss and the Cash Flow Statement for the
year then ended, and a summary of the significant accounting policies and other explanatory information.
Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in sub-section 5 of Section 134 of the Companies
Act, 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view
of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.
This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required
to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing issued by Institute of Chartered Accountants of India
specified under sub-section 10 of Section 143 of the Act. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial
statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material
misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the Companys preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the operating effectiveness of entitys internal controls. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as
evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March
2015 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2015 (the Order), issued by the Central Government of India in
exercise of powers conferred by sub-section (11) of Section 143 of the Act, we enclose in the Annexure, a statement on
the matters specified in paragraphs 3 and4 of the Order.
110
INDEPENDENT AUDITORS REPORT (Continued)

2. As required by sub-section (3) of Section 143 of the Act, we report that:
(a) we have sought and obtained all the information and explanations, which to the best of our knowledge and belief,
were necessary for the purposes of our audit;
(b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books;
(c) the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in
agreement with the books of account;
(d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the Directors as on 31 March 2015 taken on record by the
Board of Directors, none of the Directors is disqualified as on 31March 2015 from being appointed as a Director in
terms of sub-section 2 of Section 164 of the Act; and
(f) with respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
1. the Company has disclosed the impact of pending litigations on its financial position in its standalone financial
statements Refer Note 30 to the standalone financial statements;
2. the Company did not have any long-term contracts including derivative contracts for which there were any
material forseeable losses ; and
3. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
For B S R & Co. LLP For Appan & Lokhandwala Associates

Chartered Accountants Chartered Accountants
Firms Registration No: 101248W/W-100022 Firms Registration No: 117040W
Aniruddha Godbole M. Subramanian

Partner Partner
Membership No: 105149 Membership No: 111106
Mumbai Mumbai
21 May 2015 21 May 2015
111
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT - 31 MARCH 2015

With reference to the Annexure referred to in the Independent Auditors Report to the Members of Allcargo Logistics Limited
(the Company) on the standalone financial statements for the year ended 31March2015, we report the following:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of
fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which heavy equipments and
other vehicles are verified annually and all other fixed assets are verified over a period of three years. In our opinion,
this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its
assets. In accordance with the above programme, the Company has verified the relevant fixed assets during the year
and we are informed that no material discrepancies were noticed on such verification, which have been adjusted.
(ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such
verification is reasonable.
(b) The procedures for the physical verification of inventories followed by the management are reasonable and adequate
in relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventories. The discrepancies noticed on verification between the
physical stocks and the book records were not material and these have been dealt with in the books of account.
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the
register maintained under Section 189 of the Act. Accordingly, paragraphs (iii) (a) and (b) of the Order are not applicable
to the Company.
(iv) In our opinion and according to the information and explanations given to us, and having regard to the explanation that
certain services rendered are for the specific requirements of certain buyers and, there is an adequate internal control
system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed
assets and inventories and with regard to sale of goods and services. We have not observed any major weaknesses in
the internal control system during the course of the audit.
(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted deposits
as per the directives issued by the Reserve Bank of India under the provisions of Sections 73 to 76 or any other relevant
provisions of the Act and the rules framed there under. Accordingly, paragraph (v) of the Order is not applicable to the
Company.
(vi) As informed to us by the management, the Central Government has not prescribed the maintenance of cost records
under Section 148 of the Act for any of the goods sold and services/activities rendered by the Company.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including
Provident fund, Employees State Insurance, Sales tax, Wealth tax, Service tax, duty of Customs, Value added
tax, Cess, Professional tax and other material statutory dues have been regularly deposited during the year by the
Company with the appropriate authorities in all cases during the year. As explained to us, the Company did not have
any dues on account of duty of Excise.
According to the information and explanations given to us and on the basis of our examination of the records of
the Company, amounts deducted/accrued in the books of account in respect of income tax have generally been
regularly deposited with the appropriate authorities, though there has been a slight delay in a few cases.
According to the information and explanations given to us, no undisputed amounts payable in respect of Provident
Fund, Employees State Insurance, Income-tax, Sales tax, Wealth tax, Service tax, duty of Customs, duty of Excise,
Value added tax, Cess, Professional tax and other material statutory dues were in arrears as at 31March 2015 for
a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of sales tax, wealth tax and cess which
have not been deposited with appropriate authorities on account of any disputes.
According to the information and explanations given to us, the following statutory dues have not been deposited by
the Company on account of disputes:
112
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT - 31 MARCH 2015 (Continued)
Name of the Statute Nature of Amount Amount not Period to which Forum where
dues Demanded Deposited the amount dispute is pending
(` in Lakhs) Under relates
Disputes
(` in Lakhs)
The Finance Act 2004 Service tax 2 1 2003-04 to 2006-07 CESTAT

April 2008 to
The Finance Act 2004 Service tax 3 2 CERA
September 2008
February 2004 to Commissioner of
The Finance Act 2004 Service tax 88 72
March 2009 Service tax, Mumbai
Commissioner
The Finance Act 2004 Service tax 277 277 2007-08 to 2011-12 of Service tax,
Ahmedabad
Commissioner of
The Finance Act 2004 Service tax 3 3 2008-09 to 2010-11 Service tax, (Appeal)
Indore
Commissioner of
The Finance Act 2004 Service tax 1 1 2008-09 Service tax, (Appeal)
Indore
The Custom Act 1962 Custom duty 2 2 2004 CESTAT
The Income Tax Act 1961 Income Tax 1,520 1,520 AY 2010-11 CIT (Appeals)
The Deputy
Rajasthan local Area Act,
Entry Tax 67 - AY 2009-10 Commissioner
1999
Appeal (1st)
(c) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the amount required to be transferred to Investor Education and Protection Fund in accordance with the
relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such
fund within time.
(viii) The Company does not have any accumulated losses at the end of the financial year. The Company has not incurred any
cash losses in the current year and the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment
of dues to its banks and financial institutions. The Company did not have any outstanding dues to any debenture holders
during the year.
(x) According to the information and explanations given to us, the terms and conditions on which the Company has given
guarantee for loan taken by subsidiaries from banks are not prima facie prejudicial to the interests of the Company.
(xi) In our opinion and according to the information and explanations given to us, the term loans taken by the Company have
been applied for the purpose for which they were raised.
(xii) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported
during the course of our audit.


Partner Partner
Mumbai Mumbai
21 May 2015 21 May 2015
113
BALANCE SHEET AS AT 31 MARCH 2015
(` in Lakhs)
Particulars Notes 31 March 2015 31 March 2014
EQUITY AND LIABILITIES
Shareholders funds
Share capital 3 2,521 2,521
Reserves and surplus 4 125,504 119,066
128,025 121,587
Non-current liabilities
Long-term borrowings 5 19,403 16,963
Deferred tax liability (net) 6 11,189 10,889
Other long-term liabilities 7 208 205
Long-term provisions 8 423 412
31,223 28,469
Current liabilities
Short-term borrowings 9 3,284 1,567
Trade payables 10 11,022 9,286
Other current liabilities 11 8,712 29,493
Short-term provisions 8 2,588 2,575
25,606 42,921
TOTAL 184,854 192,977
ASSETS
Non-current assets
Fixed assets
-Tangible fixed assets 12 86,561 96,979
-Intangible fixed assets 13 346 403
-Capital work-in-progress 12 1,185 664
-Intangible fixed assets under development 13 17 29
88,109 98,075
Non-current investments 14 37,687 34,874
Long-term loans and advances 15 26,060 22,047
Other non-current assets 16 172 122
152,028 155,118
Current assets
Current investments 17 302 11,979
Inventories 18 876 889
Trade receivables 19 16,826 15,864
Cash and bank balances 20 2,034 999
Short-term loans and advances 21 7,084 4,969
Other current assets 16 5,704 3,159
32,826 37,859
TOTAL 184,854 192,977
Significant accounting policies 2
Notes to the financial statements 3-49
The notes referred to above form an integral part of the financial statements.
As per our report of even date attached.
For B S R & Co. LLP For Appan & Lokhandwala Associates For and on behalf of Board of Directors of
Chartered Accountants Chartered Accountants Allcargo Logistics Limited
Firms Registration No: Firms Registration No: 117040W CIN:L63010MH2004PLC073508
101248W/W-100022
Aniruddha Godbole M. Subramanian Shashi Kiran Shetty M. P. Bansal

Partner Partner DIN:00012754 DIN:01626343
Membership No: 105149 Membership No: 111106 Chairman and Managing Director Director
Jatin Chokshi Shailesh Dholakia

Chief Financial Officer Company Secretary
Membership No: 035018 Membership No: A14316
Mumbai Mumbai Mumbai
21 May 2015 21 May 2015 21 May 2015
114
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2015
(` in Lakhs)
Revenues:
Revenue from operations
Sale of services 22 111,724 96,112
Other operating revenues 22 2,041 2,789
113,765 98,901
Other income 23 4,156 3,303
Total revenue 117,921 102,204
Expenses:
Cost of services rendered 24 74,011 63,813
Employee benefits expense 25 8,319 7,164
Finance costs 26 3,800 2,863
Depreciation and amortisation 27 11,086 13,475
Other expenses 28 8,157 7,856
Total expenses 105,373 95,171
Profit before tax 12,548 7,033

Tax expenses:
(a) Current tax 2,743 1,405
Less: MAT credit entitlement
- pertaining to current year (537) (980)
- pertaining to previous year 149 -
2,355 425
(b) Deferred tax charge 444 996
Total tax charge 2,799 1,421
Profit for the year 9,749 5,612

Earnings per share of face value of ` 2 each 29
Basic (in `) 7.73 4.45
Diluted (in `) 7.73 4.45
Significant accounting policies 2
Notes to the financial statements 3-49
101248W/W-100022


21 May 2015 21 May 2015 21 May 2015
115
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2015
(` in Lakhs)
Particulars 31 March 2015 31 March 2014
A. Cash flow from operating activities
Adjustment for:
Depreciation / amortisation on fixed assets/investment property 11,806 13,475
Gain on cancellation/settlement of derivatives (2,219) (1,479)
Provision / (Reversal) for doubtful debts 375 (508)
Provision for doubtful advances - 12
Bad debts /advances written off 35 274
Liability written back no longer required (153) -
Sundry balance written back (54) -
Interest expense 3,800 2,863
Interest income (964) (627)
Dividend income - (1)
Profit on sale of fixed assets (11) (164)
Rental income (265) (247)
Profit on sale of investments (net) (604) (698)
Unrealised foreign exchange loss (net) 30 439
Expense written back on lapse of employee stock options - (39)
Operating profit before working capital changes 23,604 20,333
Adjustment for:
(Increase) in trade receivables (1,488) (662)
(Increase) / decrease in loans and advances 1,225 (282)
Decrease in inventories 13 8
(Increase) / decrease in Unbilled revenue (2,707) 724
Increase / (decrease) in current liabilities 1,597 (2,299)
Increase in provisions for retirement benefits 81 132
Cash generated from operating activities 22,325 17,954
Taxes paid (net of refunds) (2,712) (356)
Net cash flows generated from operating activities (A) 19,613 17,598
B. Cash flow from investing activities
Purchase of fixed assets (1,502) (4,358)
Proceeds from sale of trade investments - 1,231
Proceeds from sale of Current investments (net) 12,282 -
Purchase of preference shares of subsidiaries (1,377) (140)
Redemption of preferences shares of subsidiaries 782 -
Investment in equity shares (2,250) -
Refund of share application money - 35
Proceeds from sale of fixed assets 238 243
Purchase of current investments (net) - (2,503)
Inter-Company deposits realised - 1,682
Rent received 265 247
Redemption/maturity of bank deposits (having original maturity of more than three 198 37
months)
Bank deposits placed (having original maturity of more than three months) (200) (40)
Dividend received - 1
Advances/ loans given to subsidiaries (11,024) (3,398)
Repayment of advances/ loans from subsidiaries 4,394 2,142
Interest income received 936 689
Net cash flows generated from / (used in) investing activities (B) 2,742 (4,132)
116
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2015 (Continued)
(` in Lakhs)
C. Cash flow from financing activities
Proceeds from long term borrowings 7,224 16,934
Repayment of long term borrowings (25,339) (24,772)
Proceeds from short term borrowings 2,500 -
Repayment of short term borrowings from banks (2,500) (3,500)
Overdraft taken (net) 1,307 1,064
Bills of exchange (net) 410 500
Interest paid (4,046) (2,947)
Realisation/settlement of derivatives 2,219 1,479
Dividend and dividend distribution tax paid (3,097) (2,212)
Net cash flow (used in) financing activities (C) (21,322) (13,454)
Net increase in cash and cash equivalent (A+B+C) 1,033 12

Opening Balance of Cash and Cash equivalents 894 858
Add: Cash and cash equivalents acquired on amalgamation of MHTC Logistics Pvt - 48
Ltd (refer note 46)
Closing balance of Cash and Cash equivalents (refer note 2 below) 1,927 894
1,033 12
Notes:
1) The above Cash flow statement has been prepared under the indirect method set
out in Accounting Standard-3, Cash Flow Statement prescribed in the Companies
(Accounting Standard) Rules, 2006, which continue to apply under Section 133 of
the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.
2) Cash and cash equivalents at year end comprises:

Cash on hand 44 53
Balances with scheduled banks
- current accounts 1,872 807
- fixed deposit accounts 9 9
- exchange earners foreign currency account - 23
- dividend account* 2 2
1,927 894
* The Company can utilise these balance only towards settlement of unclaimed dividends
101248W/W-100022


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117
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2015
1. Company overview
Allcargo Logistics Limited (the Company) was incorporated on 18 August 1993 and is a leading multinational company
engaged in providing integrated logistics solutions and offers specialised logistics services across Multimodal Transport
Operations, Inland Container Depot, Container Freight Station Operations, Contract Logistics Operations and Project and
Engineering Solutions. The Company is listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited.
2. Significant accounting policies

The accounting policies set out below have been applied consistently to the periods presented in these financial
statements.
2.1 Basis of preparation of financial statements
The financial statements have been prepared and presented under the historical cost convention, on the accrual basis
of accounting in accordance with the accounting principles generally accepted in India (Indian GAAP) and comply
with the Accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 which continue to
apply under Section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014 and
other relevant provisions of the Companies Act, 2013 (the Act), to the extent notified and applicable. The financial
statements are presented in India rupees rounded off to the nearest lakhs.
All assets and liabilities have been classified as current or non-current as per the Companys normal operating cycle
and other criteria set out in Schedule III to the Act. Based on the nature of the services and their realisation in cash
and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current
or non-current classification of assets and liabilities.
2.2 Use of estimates
The preparation of financial statements in conformity with Generally Accepted Accounting Principles in India requires
the management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent liabilities on the date of the financial statements. Management believes that the
estimates made in the preparation of the financial statements are prudent and reasonable. Actual results could differ
from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.
2.3 Fixed assets and depreciation/amortisation
Fixed assets are stated at cost less accumulated depreciation / amortisation and impairment losses, if any. Cost
comprises of purchase price and any attributable cost such as duties, freight, borrowing costs, erection and
commissioning expenses incurred in bringing the asset to its working condition for its intended use.
Until 31 March 2012, in respect of accounting period commencing on or after 07 December 2006 and ended on or
before 31 March 2011, further extended to period ending on or before 31 March 2012 and subsequently extended
till period ended on or before 31 March 2020, consequent to the insertion of paragraph 46 of AS-11 The Effects of
Changes in Foreign Exchange Rates, notified under the Companies (Accounting Standards) Rules, 2006, (as more
fully explained in note 2.14), the cost of depreciable capital assets includes foreign exchange differences arising on
translation of long term foreign currency monetary items as at the balance sheet date in so far as they relate to the
acquisition of such assets.
Further, with effect from 01 April 2012, pursuant to the notification dated 29 December, 2011, issued by the Ministry
of Corporate Affairs inserting the paragraph 46A of the AS - 11 The Effects of Changes in Foreign Exchange Rates,
notified under the Companies (Accounting Standards) Rules, 2006, the Company opted to record, from the year
ended 31 March 2013 foreign exchange transaction for all long term monetary liabilities, as per paragraph 46 A of
AS -11.
Till the previous year ended 31 March 2014, depreciation on fixed assets (include investment property), except
leasehold improvements was provided on straight line method in the manner and rates prescribed in Schedule XIV
to the Companies Act 1956.
Pursuant to the Act being effective from 1 April 2014, the Company has revised the depreciation rates on fixed
assets, except for certain class of assets categorised under Heavy Equipment and Office Equipment, as per
the useful life specified in Part C of Schedule II of the Act. Consequently, depreciation charge for the year ended
31 March 2015 is higher by ` 1,191 lakhs due to change in the estimated useful life of certain assets. Further, an
amount of ` 302 lakhs has been adjusted against the opening balance of Retained Earnings, net of deferred tax of
118
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2015 (Continued)
` 144 lakhs on the same as on 1 April 2014, in respect of the residual value of assets wherein the remaining useful
life has become 'nil'.
For class of assets categorised under Heavy Equipment and Office Equipment, based on internal assessment,
the management believes that these assets have useful lives of 12 and 2 years, which are lower and different from
the useful lives as prescribed under Part C of Schedule II of the Act.
2.4 Intangible assets and amortisation
Intangible assets comprises of goodwill on amalgamation in the nature of merger (which has been fully amortised
during the previous year ended 31 March 2014) and computer software and are recognised when the asset is
identifiable, is within the control of the Company, it is probable that the future economic benefits that are attributable
to the asset will flow to the Company and cost of the asset can be reliably measured. Acquired intangible assets
are recorded at the consideration paid for acquisition. Intangible assets of computer software are amortised on a
straight-line basis over six years, which in managements estimate represents the period during which economic
benefits will be derived from their use.
2.5 Impairment of assets
The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired.
If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount
is the greater of the net selling price and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value based on an appropriate discount factor. If such recoverable amount of the asset
or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount,
the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is
recognized in the statement of profit and loss. If at the balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to a maximum of depreciable historical cost.
2.6 Investments
Investments that are readily realisable and intended to be held for not more than a year from the date of acquisition
are classified as current investments. All other investments are classified as long- term investments. However, part of
long-term investments which is expected to be realised within 12 months after the reporting date is also presented
under current assets as current portion of long-term investment in consonance with the current/ non-current
classification scheme of Schedule III to the Act. Long-term investments (including current portion thereof) are carried
at cost less any other-than-temporary diminution in value, determined separately for each individual investment.
Current investments are carried at lower of cost and fair value. The comparison of cost and fair value is done
separately in respect of each category of investments. Any reduction in the carrying amount and any reversals of
such reductions are charged or credited to the statement of profit and loss.
2.7 Inventories
Inventories of stores and spares are valued at cost or net realisable value whichever is lower. The cost is determined
on first in first out basis and includes all charges incurred for bringing the inventories to their present condition and
location.
2.8 Investment property

Investment in land or buildings that are not intended to be occupied substantially for use by, or in operations of the
Company or held for rental purpose is classified as investment property. It is measured at cost on initial recognition.
Cost includes expenditure that is directly attributable to the acquisition or construction of the investment property.
Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from
disposal and the carrying amount of the property) is recognised in the statement of profit and loss.
2.9 Borrowing costs
Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are treated as
direct cost and are considered as part of cost of such assets. A qualifying asset is an asset that necessarily requires
a substantial period of time to get ready for its intended use or sale. Capitalisation of borrowing costs is suspended
119
in the period during which the active development is delayed beyond reasonable time due to other than temporary
interruption. All other borrowing costs are charged to the statement of profit and loss as incurred.
2.10 Employee benefits
(a) Short-term employee benefits
Employee benefits payable wholly within twelve months of availing employee services are classified as short-
term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted
amount of short term employee benefits such as salaries and wages, bonus and ex-gratia to be paid in exchange
of employee services are recognised in the period in which the employee renders the related service.
(b) Post employment benefits
Defined contribution plans:
A defined contribution plan is a post-employment benefit plan under which an entity pays specified contributions
to a separate entity and has no obligation to pay any further amounts. The Company makes specified monthly
contributions towards Provident Fund and Employees State Insurance Corporation (ESIC). The Companys
contribution is recognised as an expense in the statement of profit and loss during the period in which employee
renders the related service.
Defined benefit plans:
The Companys gratuity benefit scheme is a defined benefit plan. The Companys net obligation in respect of
a defined benefit plan is calculated by estimating the amount of future benefit that employees have earned in
return for their service in the current and prior periods; that benefit is discounted to determine its present value,
and the fair value of any plan assets is deducted.
The present value of the obligation under such defined benefit plan is determined based on actuarial valuation
using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit
of employee benefit entitlement and measures each unit separately to build up the final obligation.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for
determining the present value of the obligation under defined benefit plan, are based on the market yields on
Government securities as at the balance sheet date.
When the calculation results in a benefit to the Company, the recognised asset is limited to the net total of any
unrecognised actuarial losses and past service costs and the present value of any future refunds from the plan
or reductions in future contributions to the plan.
Actuarial gains and losses are recognised immediately in the statement of profit and loss.
(c) Other long-term employment benefits
Compensated absences:
Compensated absences which are not expected to occur within twelve months after the end of the period in
which the employee renders the related services are recognised as a liability at the present value of the defined
benefit obligation at the balance sheet date as determined by an independent actuary based on projected unit
credit method. The discount rates used for determining the present value of the obligation under other long-
term employment benefits plan, are based on the market yields on Government securities as at the balance
sheet date.
2.11 Employees Stock Options Plan
In respect of stock options granted pursuant to the Companys Employee Stock Option Scheme (ESOS), the intrinsic
value of the options (excess of market price of the share over the exercise price of the option) is treated as discount
and accounted as employee compensation cost over the vesting period in accordance with SEBI (Employee Stock
Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 as amended from time to time.
2.12 Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured. The amount recognised as revenue is exclusive of service tax / sales tax / VAT
and is net of discounts.
120
Multimodal transport income:
Export revenue is recognised on sailing of vessel and import revenue is recognised upon rendering of related
services.
Container freight station income:
Income from Container Handling is recognised as related services are performed.
Income from Ground Rent is recognised for the period the container is lying in the Container Freight Station. However,
in case of long standing containers, the income is accounted on accrual basis to the extent of its recoverability.
Contract logistic income:
Contract logistic service charges and management fees are recognised as and when the service is performed as
per the contractual terms.
Project and equipment income:
Revenue for project division includes rendering of end to end logistics services comprising of activities related to
consolidation of cargo, transportation, freight forwarding and customs clearance services. Income from project
division is recognised when the outcome of the service contract can be estimated reliably; contract revenue and
costs are recognised as income and expense when the related activities are performed, measured by reference of
the contract activity at the reporting date. When it is probable that total contract costs will exceed total contract
revenue, the expected loss is recognised as an expense immediately.
Equipment division earns revenue from hiring of cranes, trailers and other fleets. Income from hiring of fleets is
recognised on the basis of actual usage of the Companys fleets, per the contractual terms.
Others:
Reimbursement of cost is netted off with the relevant expenses incurred, since the same are incurred on behalf of
the customers.
Interest income is recognised on time proportion basis.
Dividend income is recognised when the right to receive dividend is established.
Profit/loss on sale of current investments is computed with reference to their average cost.
2.13 Taxation
Income tax expense comprises current income tax and deferred tax charge or credit.
Current tax provision is made annually based on the tax liability computed in accordance with the provisions of the
Income Tax Act, 1961.
The deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and
taxable income for the period) and the corresponding deferred tax liabilities or assets are recognised using the tax
rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised
only to the extent there is reasonable certainty that the assets can be realised in future; however, where there is
unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if
there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed at each balance sheet date
and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be
realised.
Minimum Alternative Tax (MAT) credit is recognised as an asset in accordance with the recommendations contained
in the Guidance Note issued by the Institute of Chartered Accountants of India. The said asset is created by way of
a credit to the statement of profit and loss and shown as MAT Credit Entitlement. The Company reviews the same
at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no
longer convincing evidence to the effect that Company will pay normal Income Tax during the specified period.
2.14 Foreign currency transactions
Foreign currency transactions are recorded at the spot rates on the date of the respective transactions. Exchange
differences arising on foreign exchange transactions settled during the year are recognised in the statement of profit
and loss for the year.
The Central Government has vide its notification dated 31 March 2009 amended AS - 11, The Effects of Changes
in Foreign Exchange Rates, notified under the Companies (Accounting Standards) Rules, 2006, to the extent it
121
relates to the recognition of losses or gains arising on restatement of long-term foreign currency monetary items
in respect of accounting periods commencing on or after 07 December 2006 and ended on or before 31 March
2011. This notification has being further extended to period ended on or before 31 March 2012 and subsequently
extended till period ended on or before 31 March 2020.
As stipulated in the notification, the Company has exercised the option to adopt the following policy irrevocably and
retrospectively for accounting periods commencing from 01 April 2007.
Further, with effect from 01 April 2012, pursuant to the notification dated 29 December 2011, issued by the Ministry
of Corporate Affairs inserting the paragraph 46A of the AS - 11 The Effects of Changes in Foreign Exchange Rates,
notified under the Companies (Accounting Standards) Rules, 2006, the Company opted to record, from the year
ended 31 March 2013 foreign exchange transaction for all long term monetary liabilities, as per paragraph 46 A of
AS -11.
Long-term monetary assets and liabilities, other than those which form part of the Companys net investment in
non-integral foreign operations, denominated in foreign currency as at the balance sheet date are translated at the
exchange rate prevailing on the balance sheet date and the net exchange gain / loss on such conversion, if any, is:
a) adjusted to the cost of the asset, where the long-term foreign currency monetary items relate to the acquisition
of a depreciable capital asset (whether purchased within or outside India), and depreciated over the balance life
of the assets; or
b) accumulated in Foreign Currency Monetary Item Translation Difference Account (FCMITDA) and amortised
over the balance period of long-term monetary asset / under (a) above.
Other monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated
at the closing exchange rates on that date; the resultant exchange differences are recognised in the statement of
profit and loss. Non-monetary asset such as investments in equity shares, etc. are carried forward in the balance
sheet at costs.
2.15 Operating lease
Lease rentals in respect of assets acquired on operating leases are recognised in the statement of profit and loss on
a straight line basis over the lease term.
Assets given by the Company under operating lease are included in fixed assets. Lease income from operating leases
is recognised in the statement of profit and loss on a straight line basis over the lease term unless another systematic
basis is more representative of the time pattern in which benefit derived from the leased asset is diminished. Costs,
including depreciation, incurred in earning the lease income are recognised as expenses. Initial direct costs incurred
specifically for an operating lease are deferred and recognised in the statement of profit and loss over the lease term
in proportion to the recognition of lease income.
2.16 Earnings per share (EPS)
The Basic EPS is computed by dividing the net profit attributable to the equity shareholders for the year by the
weighted average number of equity shares outstanding during the reporting year. Diluted EPS is computed by
dividing the net profit attributable to the equity shareholders for the year by the weighted average number of equity
and dilutive equity equivalent shares outstanding during the year, except where the results would be anti-dilutive.
2.17 Provisions and contingent liabilities
The Company creates a provision where there is present obligation as a result of a past event that
probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible or a present obligation that may, but probably
will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of
outflow of resources is remote, no provision or disclosure is made. Contingent assets are not recognised in the
financial statements.
122
3. Share capital (` in lakhs)

Authorised capital:
177,475,000 (previous year: 177,475,000) equity shares of ` 2 each (refer Note 46) 3,550 3,550
500 (previous year: 500) 4% cumulative preference shares of ` 100 each 1 1
3,551 3,551
Issued, subscribed and paid up:
126,047,762 (previous year: 126,047,762) equity shares of ` 2 each, fully paid-up 2,521 2,521
(refer Note 46)
2,521 2,521
Sub-notes:
i) Reconcilliation of the number of equity shares outstanding at the beginning and at the year end is set as
below:
31 March 2015 31 March 2014

Equity shares Number of Amount Number of Amount
shares ` in lakhs shares ` in lakhs
(Units) (Units)
At the commencement of the year 126,047,762 2,521 126,410,873 2,528
Add: Equity shares issued on exercise - - 10,380 @
of employee stock options (2015: Nil; @
previous year : ` 20,760)
Less: Equity shares held by merged entity - - (373,491) (7)
cancelled (refer note 46)
At the end of the year 126,047,762 2,521 126,047,762 2,521
ii) Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends
and share in the Companys residual assets. The equity shares are entitled to receive dividend as declared from time
to time. During the year ended 31 March 2015, the Company has paid an interim dividend of ` 0.60 per equity share
(previous year: dividend of ` Nil per share) and also proposed final dividend of ` 1.40 per equity share (previous year:
dividend of ` 1.50 per equity share). The voting rights of an equity shareholder on a poll (not on show of hands) are
in proportion to its share of the paid-up equity capital of the Company.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the
Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Employee stock options
Terms attached to stock options granted to employees are described in note 44 regarding employee share based
payments.
iii) Particulars of shareholders holding more than 5% of a class of shares
Name of equity shareholder 31 March 2015 31 March 2014
Number % of total shares Number % of total shares in

in the class the class
Equity shares of ` 2 each fully paid-up
held by :
- Mr. Shashi Kiran Shetty 78,623,390 62.38 81,623,390 64.76
123
3. Share capital (Continued) (` in Lakhs)
iv) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting date :
Transactions during the five-year period Year ended 31 March Period Year ended 31
ended 31 March 2015 (no. of shares) ended December
31 March
2015 2014 2013 2012 2010 2009
(i) Equity shares of ` 2 each, fully paid up,
alloted as bonus shares by capitalisation
- 1,080 - 3,604 8,738 -
of general reserve and securities premium
account (-) (1,080) (-) (3,604) (8,738) (3,880)
(ii) Equity shares of ` 2 each issued under
Employee Stock Option Plans for which
- 9,300 - 26,750 33,860 -
only exercise price has been recovered in
cash (-) (9,300) (-) (26,750) (33,860) (16,355)
(iii) During the year ended 31 March 2013, the Company has bought back and extinguished 4,136,449 equity shares
at an average price of ` 139.69 per equity share for an aggregate amount of ` 5,817 lakhs.
4. Reserves and surplus (` in Lakhs)

Securities premium account
At the commencement of the year 47,837 48,458
Add : Securities premium received on shares issued on employee stock options - 14
exercised
Less: Effect of cancellation of investments made by MHTC in the Company - 635
(Refer Note 46)
Less: Capitalisation on issue of bonus shares issued during the year (` Nil, # previous - #
year: ` 2,160)
At the end of the year 47,837 47,837
Employee stock options outstanding account
At the commencement of the year - 53
Less: Employee stock option exercised during the year - (14)
Less: Employee stock option lapsed during the year - (39)
At the end of the year - -
General reserve
Add : Amount transferred pursuant to the scheme of amalgamation (Refer Note 46) - 1,412
Add : Amount transferred from Surplus - 561
Capital Redemption Reserve
At the commencement and end of the year 83 83
Surplus in statement of Profit and loss
Add : Profit for the year 9,749 5,612
Less: Adjustment for depreciation (net of deferred tax ` 144) (refer note 2.3, 12) (302) -
Add : Amount transferred, pursuant to the scheme of amalgamation (refer note 46) - 26
Add : Effect on account of MHTC merger - 4
Less: Losses for the year ended 31 March 2013 adjusted, pursuant to the scheme of - (88)
amalgamation (refer note 46)
66,560 59,886
124
4. Reserves and surplus (Continued) (` in Lakhs)
Less : Appropriations
-Proposed equity dividend [` 1.40 per share (previous year: ` 1.50)] per equity share 1,765 1,891
of ` 2 each
-Tax on proposed equity dividend 359 321
-Transfer to general reserve - 561
-Interim equity dividend [` 0.60 per share (previous year: ` Nil)] per equity share of 756 -
` 2 each
-Tax on interim equity dividend 129 -
Total appropriations 3,009 2,773
Net surplus in statement of Profit and loss 63,551 57,113
Total reserves and surplus 125,504 119,066
5. Long-term borrowings (` in Lakhs)

Non-current portion Current portion *
Particulars
31 March 2015 31 March 2014 31 March 2015 31 March 2014
Term loans (secured)
From banks 18,150 14,400 3,450 600
Buyers credit 869 919 - 22,722
Vehicle finance loans 384 1,644 1,281 1,611
19,403 16,963 4,731 24,933
* Amount disclosed under other current liabilities - refer note 11
(A) Nature of the security
(i) Rupee term loans from banks are secured against equipments.
(ii) Buyers credit is secured against equipment financed by the Bank.
(iii) Vehicle finance loans are secured against vehicle financed by the Bank.
(B) Interest and repayment schedule of Long-term borrowings
(i) Rupee term loans from banks
(` in Lakhs)
Rate of Interest Repayment Schedule
2014-15 2015-16 2016-17
10.45% - - 7,500
(Nil) (Nil) (7,500)
10.60% - 3,450 3,450
(Nil) (3,450) (3450)
10.25% - - 7,200
(Nil) (Nil) (Nil)
(ii) Buyers Credit from banks

(` in Lakhs)
2014-15 2015-16 2016-17
1-5% - - -
(6,571) (Nil) (Nil)
5-10% - - 869
(16,151) (Nil) (919)
125
5. Long-term borrowings (Continued)
(iii) Vehicle finance loans from Banks
(` in Lakhs)
2014-15 2015-16 2016-17 2017-18 2018-19
8-12% - 1,281 366 16 2
(1,611) (1,276) (359) (9) (Nil)
The Vehicle loan has to be repaid based on monthly instalment during the period from 01 April 2015 to 01 July 2018
and the Buyers credit are to be repaid based on the contractual terms in April 2016.
(C) Figures in the bracket indicates previous years numbers.
6. Deferred tax liability (net) (` in Lakhs)

Deferred tax liability
Excess of depreciation/ amortisation on fixed assets under income-tax law over 12,581 12,143
depreciation/ amortisation provided in accounts
12,581 12,143
Deferred tax assets
Provision for employee benefits 190 181
Preliminary expenses under section 35D/35DD of the Income tax act. 1 37
Provision for doubtful trade receivables 1,201 1,036
1,392 1,254
Deferred tax liability (net) 11,189 10,889
Deferred tax liability during the previous year ended 31 March 2014 includes liability acquired by the Company, taken
over pursuant to the scheme of amalgamation (refer note 46).
7. Other long-term liabilities (` in Lakhs)

31 March 2015 31 March 2014
Others
Security deposit received 203 200
Advance received from customers 5 5
208 205
8. Provisions (` in Lakhs)
Particulars Long-term Short-term
Provision for employee benefits
Gratuity (refer note 34) - - 118 54
Compensated absences (refer note 34) 423 412 127 122
423 412 245 176
Other provisions
Proposed equity dividend - - 1,765 1,891
Tax on proposed equity dividend - - 359 321
Provision for current tax {net of advance tax - - 219 187
amounting to ` 5,929 lakhs (previous year ` 3,218
lakhs)}
- 2,343 2,399
423 412 2,588 2,575
Provision during the previous year ended 31 March 2014 includes other provision to be discharged by the Company,
taken over pursuant to the scheme of amalgamation (refer note 46).
126
9. Short-term borrowings (` in Lakhs)
Loans repayable on demand
Cash credit from banks (secured) 2,374 1,067
Other loans and advances (unsecured)

Bills discounting from banks 910 500
3,284 1,567
Notes
(a) Cash credit facilities from banks carry interest ranging from 10.20% - 10.40% p.a. (previous year 10-13% p.a.)
computed on a monthly basis on the actual amount utilised, and are repayable on demand. These are secured
against immovable property situated in Mumbai, pari pasu charge on present and future movable assets, inventories
and book debts.
(b) Bills discounting facilities from banks carry interest ranging from 10-13% p.a. (previous year 11-13% p.a.) and are
repayable over a period of 45 to 90 days.
10. Trade payables (` in Lakhs)

Due to micro and small suppliers (refer note 31) 6 11
Others 10,566 8,767
Acceptances 450 508
11,022 9,286
Trade payables during the previous year ended 31 March 2014 includes payable to be discharged by the Company,
taken over pursuant to the scheme of amalgamation (refer note 46).
11. Other current liabilities (` in Lakhs)

Current maturities of long-term borrowings (Refer note 5) 4,731 24,933
Interest accrued but not due on borrowings 73 319
Advance received from customers 1,339 1,963
Security deposits 96 67
Capital creditors 162 135
{includes amount due to micro and small supplier ` Nil (previous year ` Nil) refer note 31}
Provision towards CSR activities (refer note 48) 28 -
Provision for expenses 594 476
Income billed in advance 103 25
Amount liable to be deposited to investor education and protection fund but not yet
due for deposits
- Unpaid dividend 2 2
Statutory dues payable
Service tax payable 16 30
TDS payable 160 187
VAT/WCT payable 12 5
ESIC payable 1 1
Professional tax payable 1 1
Provident fund payable 59 47
Employee benefits payable 328 266
Director commission payable 433 354
Advance against sale of fixed assets (refer note 2 below) 76 -
Purchase consideration payable 448 600
Others 50 82
8,712 29,493
Note 1: Other current liabilities during the previous year ended 31 March 2014 includes liabilities discharged by the
Company, taken over pursuant to the scheme of amalgawmation (refer note 46).
Note 2: Includes money received in advance for certain fixed assets whose net block is Nil as at 31 March 2015.
127
128
12. Tangible fixed assets (` in Lakhs)
Leasehold Leasehold Plant and Heavy Other Office Furniture and
Description Freehold land Building Computers Total
land improvements machinery equipments vehicles equipment fixtures
Gross Block
Balance as at 01 April 2013 5,662 5,479 15,768 614 3,176 95,758 373 1,105 321 1,990 130,246
Additions - - 1,156 364 203 1,076 4 109 59 197 3,168
Deduction - - - - (125) (507) (2) (9) (3) (4) (650)
Other adjustments
- as a result of merger (refer note 46) - 28 6 - 520 1,549 83 1 10 7 2,204
Exchange difference - - - - - 4,894 - - - - 4,894
Balance as at 31 March 2014 5,662 5,507 16,930 978 3,774 102,770 458 1,206 387 2,190 139,862
Balance as at 01 April 2014 5,662 5,507 16,930 978 3,774 102,770 458 1,206 387 2,190 139,862
Additions - - 83 - 340 173 - 105 37 99 837
Deduction - - - - (46) (771) (2) (32) (34) (42) (927)
Other adjustments
- exchange differences - - - - - 352 - - - - 352
Balance as at 31 March 2015 5,662 5,507 17,013 978 4,068 102,524 456 1,279 390 2,247 140,124
Depreciation
Balance as at 01 April 2013 - 807 1,585 134 580 27,664 128 715 47 570 32,230
Other adjustments
- as a result of merger (refer note 46) - 7 2 - 31 1,143 - - 7 4 1,194
Depreciation for the year - 179 419 43 322 8,637 74 125 15 128 9,942
Deduction - - - - (33) (441) (2) (9) 4 (2) (483)
Balance as at 31 March 2014 - 993 2,006 177 900 37,003 200 831 73 700 42,883
Balance as at 01 April 2014 - 993 2,006 177 900 37,003 200 831 73 700 42,883
Other adjustments (refer note 2.3) 10 142 46 6 82 59 101 446
Depreciation for the year - 173 509 84 528 9,090 66 203 36 245 10,934
Deduction - - - - (19) (576) (1) (32) (32) (40) (700)
Balance as at 31 March 2015 - 1,166 2,525 261 1,551 45,563 271 1,084 136 1,006 53,563
Net block
As at 31 March 2014 5,662 4,514 14,924 801 2,874 65,767 258 375 314 1,490 96,979
As at 31st March 2015 5,662 4,341 14,488 717 2,517 56,961 185 195 254 1,241 86,561
Capital work-in-progress
Balance as at 01 April 2013 - - 1,082 - 38 2 - 4 - 2 1,128
Additions - - 1,054 - 65 141 - 13 4 - 1,277
Assets capitalised during the year * - - (1,684) - (10) (25) - (17) (4) (1) (1,741)
Balance as at 31 March 2014 - - 452 - 93 118 - - - 1 664
Balance as at 1 April 2014 - - 452 - 93 118 - - - 1 664
Additions - - 556 - 103 75 - - - - 734
Assets capitalised during the year * - - - - (93) (119) - - (1) (213)
Balance as at 31 March 2015 - - 1,008 - 103 74 - - - - 1,185
* includes cenvat on capital goods
1. Pursuant to notification of Schedule II of the Companies Act, 2013 with effect from 01 April 2014, the depreciation for the year ended 31 March 2015 has been provided on the basis of estimated economic lives or useful lives of fixed assets
as prescribed in Schedule II, whichever is lower. Accordingly, an amount of `302 lakhs (net of deferred tax) has been adjusted against Retained Earnings for the assets which had no residual life as at 01 April 2014, and depreciation for the
year is higher by ` 1191 lakhs.
2. Adjustments made to gross block and accumulated depreciation during the previous year ended 31 March 2014 represents fixed assets of MHTC Logistics Private Limited, taken over pursuant to scheme of amalgamation.
3. The Company has leased out Cranes and Equipments for a period ranging 6-9 months. The Lease rental income recognised in the statement of profit and loss is ` 19,895 lakhs (previous year ` 17,987 lakhs). The gross value of the assets
leased out is ` 92,943 lakhs (previous year : ` 93,012 lakhs). Accumulated depreciation of the asset leased out is ` 40,141 lakhs (previous year : ` 32,542 lakhs). The depreciation recognised in the statement of profit and loss for the assets
leased out during the year is ` 7,864 lakhs (previous year ` 7,787 lakhs).
13. Intangible fixed assets (` in Lakhs)
Description Goodwill on Software Total
Merger Packages
Gross Block
Balance as at 01 April 2013 - 510 510
Additions (refer note 46) 3,410 192 3,602
Balance as at 31 March 2014 3,410 702 4,112
Balance as at 01 April 2014 3,410 702 4,112
Additions - 66 66
Amortisation -
Amortisation for the year (refer note 46) 3,410 95 3,505
Balance as at 01 April 2014 3,410 299 3,709
Amortisation for the year - 123 123
Net block
As at 31 March 2014 - 403 403
As at 31 March 2015 - 346 346
Intangibles assets under development
Additions - 79 79
Assets capitalised during the year - (205) (205)
Balance as at 31 March 2014 - 29 29
Additions - 11 11
Assets capitalised during the year - (23) (23)
Balance as at 31 March 2015 - 17 17
14. Non-current investments

(valued at cost unless stated otherwise) (` in Lakhs)
(I) Trade investments
Trade investments : quoted
Investment in equity instruments (fully paid-up)*
Nil (previous year: 512) Equity shares of Navneet Education Limited of - @
` 2 each (2015: ` Nil; @ previous year: ` 12,050)
Nil (previous year: 47) Equity shares of Reliance Capital Limited of ` 5 each - #
(2015: ` Nil; # previous year: ` 2,363)
Nil (previous year: 1,000) Equity shares of Gujarat Ind. Power Corporation - *
Limited of ` 10 each (2015: ` Nil; * previous year: ` 40,996)
Nil (previous year: 954) Equity shares of Reliance Communication Limited of - 1
` 10 each
1,908 (previous year: 1,908) Equity shares of Reliance Industries Limited of 2 2
` 10 each
Nil (previous year: 71) Equity shares of Reliance Infrastructure Limited of ` 10 - @@
each (2015: ` Nil; @@ previous year: ` 13,270)
Nil (previous year: 238) Equity shares of Reliance Power Limited of ` 10 each - ##
(2015: ` Nil; ##previous year: ` 1,272)
1,800 (previous year: 1,800) Equity shares of Tata Motors Limited of ` 2 each 1 1
250 (previous year: 250) Equity shares of Sree Rayalaseema Alkalies and Allied ** **
chemicals Limited of ` 10 each (** 2015:` 12,878; ** previous year: ` 12,878)
129
14. Non-current investments (continued)
Investment in Preference instruments (fully paid-up)*
250 (previous year: 250) 0.01% Cumulative Redeemable Preference shares of *** ***
Sree Rayalaseema Alkalies and Allied chemicals Limited of ` 10 each *** 2015
: ` 12,877; ***previous year : ` 12,877)
(A) 3 4
(II) Trade investments : unquoted
Investment in equity instruments of wholly owned subsidiaries (fully paid-up)
10,000 (previous year: 10,000) Equity shares of Contech Transport Services 22 22
Private Limited of ` 100 each
11,500 (previous year: 11,500) Equity shares of Allcargo Belgium N.V of Euro 6,848 6,848
1,000 each
250,000 (previous year: 250,000) Equity shares of Hindustan Cargo Limited of 891 891
` 10 each
10,000 (previous year: 10,000) Equity shares of Ecu Line (India) Private Limited 1 1
of ` 10 each
20,131 (previous year: 20,131) Ordinary shares of Asia Line Limited of Euro 100 1,321 1,321
each
10,000 (previous year:10,000) Equity shares of Allcargo Shipping Co.Private 1 1
10,000 (previous year: 10,000) Equity shares of Southern Terminal and Trading 1 1
10,000 (previous year: 10,000) Equity shares of AGL Warehousing Private 1 1
Investment in equity instruments of subsidiaries (fully paid-up)
3,327,750 (previous year: 3,327,750) Equity shares of South Asia Terminals 333 333
3,867,840 (previous year: 3,867,840) Equity shares of Allcargo Logistics Park 387 387
12,000 (previous year: 8,400) Equity shares of Transindia Logistic Park Private 7,775 5,552
147 (previous year: Nil) Ordinary shares of Allcargo Logistics LLC of AED 1000 24 -
each
3,019 (previous year: 3,019) Equity shares of Combiline Indian Agencies Private 3 2
Limited of ` 10 each *
Investment in equity instruments of companies (fully paid-up)
100 (previous year:100) Equity shares of Alltrans Port Management Private @ @
Limited of ` 10 each - (@2015: ` 1,000; @previous year: ` 1,000)
43,600 (previous year: 43,600) Equity shares of Transnepal Freight Services 14 14
Private Limited of ` 100 each (Nepal Rupees)
4,000 (previous year: 4,000) Equity Shares of Zorastrian Co-op. Bank Limited 1 1
of ` 25 each*
Investment in preference shares of wholly owned subsidiaries (fully paid-up)
95,855 (previous year: 147,975) 1% redeemable, non cumulative, non convertible 1,438 2,220
preference shares of Hindustan Cargo Limited of ` 100 each
preference shares of Allcargo Shipping Co. Private Limited of `100 each
149,420 (previous year: 149,420) 1% redeemable, non cumulative, non 3,736 3,736
convertible preference shares of AGL Warehousing Private Limited of `100 each
2,500 (previous year: 2,500) 10% redeemable, non cumulative, non convertible 100 100
preference shares of Hindustan Cargo Limited of `100 each
preference shares of Allcargo Shipping Co. Private Limited of ` 100 each
preference shares of Contech Transport Services Private Limited of ` 100 each
130
14. Non-current investments (continued)
preference shares of Transindia Logistic Park Private Limited of ` 100 each
(B) 36,074 33,231
* Represents investment taken over during the previous year ended 31 March
2014, pursuant to the scheme of amalgamation of MHTC Logistics Private
Limited (a wholly owned subsidiary) with the Company. The title deeds for these
investments are pending transfer in the name of the Company (refer note 46).
Quoted non-current investments (other than investment property)
Aggregate book value 3 4
Aggregate market value 22 32
Aggregate book value of unquoted non-current investments 36,074 33,231
Aggregate provision for dimunition in value of non-current investments - -
(III) Other non-current investments
Investment property (at cost less accumulated depreciation)
Cost of Buildings 1,743 1,743
Less: Accumulated depreciation 133 104
Net book value (C) 1,610 1,639
(A)+(B)+(C) 37,687 34,874
15. Long-term loans and advances (` in Lakhs)

Particulars Non-current portion Current portion
To parties other than related parties
(Unsecured and considered good)
Capital advances 4,123 3,928 - -
(A) 4,123 3,928 - -
(Unsecured)
Security deposits
Considered good 516 340 18 45
Considered doubtful 1 30 34 5
Less: Provision for doubtful deposits (1) (30) (34) (5)
(B) 516 340 18 45
Other loans and advances
Loans to employees 5 6 6 10
Prepaid expenses 20 29 119 227
Advance tax recoverable (net of provisions of 1,254 1,255 - -
`10,506 lakhs (previous year: ` 10,506 lakhs)
MAT credit entitlement 14,067 13,285 106 500
Other advances 20 17 2 1
(C) 15,366 14,592 233 738
(D)=(A)+(B)+(C) 20,005 18,860 251 783

To related parties
Security deposits 594 2,299 - 168
Loans to subsidiaries 5,461 888 2,441 38
(E) 6,055 3,187 2,441 206
(F)=(D)+(E) 26,060 22,047 2,692 989
131
15. Long-term loans and advances (Continued)
Long-term loans and advances during the previous year ended 31 March 2014 includes the recoverables acquired from
MHTC Logistics Private Limited, taken over pursuant to the scheme of amalgamation (refer note 46).
Security deposits (unsecured, considered good) of ` 594 lakhs (previous year : ` 2,467 lakhs) are placed with firms and
private companies (either severally or jointly with any other person), in which any director is a partner or a director or
member.
Details of security deposit placed are as follows:
Name of the entity 31 March 2015 31 March 2014
Allnet Infotech Private Limited 84 346
Contech Estate Private Limited 9 25
Sealand Cranes Pvt Ltd 91 374
Allcargo Movers Bombay Pvt Ltd 17 50
Transindia Freight Pvt. Ltd 18 50
Transindia Freight Services Pvt Ltd 9 25
Allcargo Shipping Services Pvt Ltd - 45
Avadh Marketing Pvt Ltd 3 78
N.R.Holding Pvt Ltd - 43
Avash Builders & Infrastructure Pvt Ltd 175 720
Talentos (India) Private Limited 170 701
Adarsh Hegde 9 5
Panna Estates LLP 9 5
594 2,467
16. Other assets

(unsecured considered good, unless stated otherwise) (` in Lakhs)
Particulars Non-current Current
Non-current bank balance (refer note 20) 5 5 - -
Other
Contractually reimbursement expenses - - 313 344
Unamortised premium on forward contracts - - - 159
Unbilled revenue - - 5,326 2,619
Advance towards share application money 81 81 - -
Interest accrued on fixed deposits - - 1 2
Interest receivable on loans - - 56 24
Interest receivable on advances - - 8 11
Insurance claim receivable 86 36 - -
172 122 5,704 3,159

Other current assets during the previous year ended 31 March 2014 includes the recoverables acquired from MHTC
Logistics private limited, taken over pursuant to the scheme of amalgamation (refer note 46).
132
17. Current investments
(valued at lower of cost and fair value) (` in Lakhs)
Investment in mutual funds - unquoted
Nil (previous year 89,579.442) units of Religare Invesco Ultra Short Term fund -Growth - 1,565
Nil (previous year 7,291,933.689) units of Sundaram Ultra Short Term fund Growth - 1,220
6,626.69 (previous year 148,856.57) units of Taurus Liquid fund Growth 100 1,999
Nil (previous year: 87,052.92) units of Baroda Pioneer Treasury Advantage Fund - - 1,253
Plan A Growth
Nil (previous year: 27,729.50) units of Birla Sunlife Cash Plus - Growth - Regular Plan - 56
Nil (previous year: 2,805,428.465) units of DWS Money Plus Fund - Institutional Plan - 370
- Growth
Nil (previous year: 2,150,035.815) units of Franklin India Saving Plus Fund - Growth - 500
Nil (previous year: 31,955.576) units of ICICI Prudential Liquid Regular Plan - Growth - 59
Nil (previous year: 3,123,640.276) units of ICICI Prudential Banking & PSU Debt Fund - 431
Regular Plan - Growth
1,204,434.71 (previous year: NIL) units of DWS Ultra Short Term Fund - Growth 202 -
Nil (previous year: 2,529,327.553) units of JM Floater Fund - Short Term Plan - Growth - 500
Nil (previous year: 1,809,980.444) units of Kotak Banking & PSU Debt Fund - Growth - 510
Nil (previous year: 13,577,511.717) units of Peerless Liquid Fund Super Institutional - 1,864
- Growth
Nil (previous year: 20,036.889) units of Pinebridge India Short Term Fund Standard - 300
- Growth
Nil (previous year: 16,669.612) units of Pramerica Short Term Floating Rate Fund - - 200
Growth
Nil (previous year: 3,838.299) units of Reliance Liquid Fund - Treasury Plan Institutional - 118
- Growth
Nil (previous year: 41,619.283) units of Religare Invesco Credit Opportunities Fund - 584
- Growth
Nil (previous year: 24,191.038) units of Tempelton India Treasury Management - 450
Account Super Institutional Plan - Growth
302 11,979
Unquoted current investments
Aggregate book value 302 11,979
18. Inventories
(valued at the lower of cost and net realisable value) (` in Lakhs)
Stores and spares 876 889
876 889
133
19. Trade receivable
(unsecured) (` in Lakhs)
Receivables outstanding for a period exceeding six months from the date
they became due for payment
(a) Considered good 100 632
(b) Considered doubtful 3,377 3,016
Less: Provision for doubtful receivables (3,377) (3,016)
(A) 100 632
Other receivables
(a) Considered good 16,726 15,232
(b) Considered doubtful 37 22
Less: Provision for doubtful receivables (37) (22)
(B) 16,726 15,232
(A+B) 16,826 15,864
20. Cash and bank balance (` in Lakhs)

Cash and cash equivalents
Cash on hand 44 53
Balances with banks
- in current accounts 1,872 807
- in deposit accounts (with original maturity of 3 months or less) 9 9
- in unpaid dividend account 2 2
- in exchange earners foreign currency - 23
Cheques /drafts on hand (previous year: ` 10,191) - -
1,927 894
Other bank balances
-Deposit due to mature within 12 months from the reporting date 42 40
-Deposit due to mature after 12 months from the reporting date - -
-Margin money deposit under lien 65 65
107 105
Amount disclosed under non-current assets (refer note 16) - -
2,034 999
Details of bank balances / deposits:
Bank balances available on demand / deposits with original maturirty of 3 months or 9 9
less included under 'Cash and cash equivalents'
Bank deposits due to mature within 12 months of the reporting date included under 65 65
'Other bank balances'
Bank deposits due to mature after 12 months of the reporting date included under 5 5
'Other bank balances' (refer note 16)
79 79
Cash and cash equivalents includes amounts acquired from MHTC Logistics private limited, taken over pursuant to the
scheme of amalgamation (refer note 46).
134
21. Short - term loans and advances
(Unsecured) (` in lakhs)
Current portion of long-term loans and advances (refer note 15)
To parties other than related parties 251 783
To related parties 2,441 206
Other short-term loans and advances
Security Deposits
Considered good 97 136
Considered doubtful 3 3
Less: Provision for doubtful deposits (3) (3)
97 136
Advances for supply of services 1,360 719

Advances to employees 377 262
Other advances 94 116
Prepaid expenses 581 513
CENVAT credit receivable 159 174
Loan to employees 20 19
Balance with customs and ports 77 68
To related parties
Short-term loans to subsidiaries 1,510 1,710
Short-term advances to subsidiaries 117 263
7,084 4,969
22. Revenue from operations (` in Lakhs)

Sale of services
Mulitmodal transport operations 35,829 31,551
Container freight stations 31,121 26,670
Project and engineering solutions 43,336 36,808
Contract logistic income 1,438 1,083
111,724 96,112
Other operating revenue
Business support charges 835 822
Corporate guarantee fees 742 828
Management fees 89 123
Maintenance income 19 17
Liaibility written back no longer required 153 156
Miscellaneous income 162 117
Reversal of provision for doubtful debts - 508
Bad debts recovered 41 218
2,041 2,789
135
23. Other income (` in Lakhs)
Interest income on
- current investments 2 67
- fixed deposits with banks 4 5
- loans given to other parties 958 165
Dividend income from

- current investments - 1
Other non-operating income

-gain on cancellation/settlement of derivatives 2,219 1,479
-profit on sale of investment 604 698
-profit on sale of fixed assets (net) 11 164
-rental income 265 247
-interest on income tax refund - 391
-others 39 82
-sundry balances written/back 54 -
-net gain on account of foreign exchange fluctuations - 4
4,156 3,303
24. Cost of services rendered (` in lakhs)

Multimodal and transport related operational expenses
Freight and other ancillary cost 30,223 26,366
Delivery order/ documentation charges 813 737
Insurance 18 18
A 31,054 27,121
Container freight stations related operational expense
Handling and transportation charges 13,716 11,006
Power and fuel costs 1,123 1,190
Repairs and maintenance-Others 71 80
B 14,910 12,276
Project and engineering solutions related operational expense
Project operating and hiring expenses 19,451 15,711
Repairs and maintenance - machinery 3,050 2,726
Stores and spares consumed 1,831 2,046
Insurance 275 230
C 27,314 23,916
Other operational cost
Contract Logistic expenses 733 500
D 733 500
Total (A)+(B)+(C)+(D) 74,011 63,813
25. Employee benefits expense (` in Lakhs)

31 March 2015 31 March 2014
Salaries, wages and bonus 7,159 6,186
Staff welfare expenses 606 440
Contributions to provident and other funds 374 340
Compensated absences 41 111
Gratuity 139 87
8,319 7,164
136
26. Finance cost (` in Lakhs)
Interest expense
- buyers' credit 801 1,440
- vehicle finance loan 255 399
- foreign currency non- resident rupee term loan - 502
- rupee term loan 2,334 34
-cash credit 198 74
- others 198 336
3,786 2,785
Other borrowing costs
Processing fees 14 78
3,800 2,863
27. Depreciation and amortisation (` in Lakhs)

Depreciation of tangible fixed assets 10,934 9,942
Amortisation of intangible fixed assets 123 3,505
Depreciation on investment property 29 28
11,086 13,475
28. Other expenses* (` in Lakhs)

Other administrative expenses
Electricity charges 366 387
Rent 963 1,065
Repairs to :
Building 12 22
Others 421 401
Insurance 75 117
Rates and taxes 263 174
Travelling expenses 1,897 1,576
Legal and professional fees 927 806
Payment to joint auditors (Refer note below) 70 60
Communication charges 254 256
Printing and stationery 115 130
Business promotion 668 484
Provision for doubtful debts 375 -
Provision for doubtful loans and advances - 13
Bad debts/advances written off 35 274
Directors fees and commission 101 91
Donations 36 425
CSR activities (refer note 48) 337 94
Office expenses 504 402
Foreign exchange gain/loss (net) 17 435
Security expenses 309 327
Bank charges 30 36
Miscellaneous expenses 382 281
8,157 7,856
* Net of reimbursement of expenses recovered from subsidiaries ` 455 lakhs (previous year ` 1,232 lakhs).
137
28. Other expenses* (continued)
Note: Payments to joint auditors
As auditors'
Statutory audit 38 25
Tax audit 5 5
Limited review of quarterly results 25 25
In other capacity
Certification matters 2 5
Reimbursement of expenses (@ 2015: ` 14,075; @ previous year: ` 16,732) @ @
70 60
*In addition to the above, fees amounting to ` Nil (previous year : ` 7 lakhs) for other professional services rendered have been
paid to firms of chartered accountants in which some of the partners in the firm of joint statutory auditors are partners.
29. Earnings per share (` in Lakhs)

Net profit after tax attributable to equity shareholders (A) 9,749 5,612
Number of equity shares at the beginning of the year 126,047,762 126,410,873
Shares issued during the year - 10,380
Shares held by merged entity cancelled (refer note 46) - (373,491)
Number of equity shares outstanding at the end of the year 126,047,762 126,047,762
Weighted average number of equity shares outstanding during the year (based on 126,047,762 126,044,070
date of issue of shares) (B) (used as denominator for calculating Basic EPS)
date of issue of shares) (C) (used as denominator for calculating Diluted EPS)
Basic (in rupees) per share of face value ` 2 (A)/(B) 7.73 4.45
Diluted (in rupees) per share of face value ` 2 (A)/(C) 7.73 4.45
30. Contingent liabilities and commitments (` in Lakhs)

Contingent liabilities:
a. Disputed liabilities in Appeal
- Income Tax (refer note 1 below) - 6,729
- Income Tax (refer note 2 below) 1,520 1,520
- Customs 211 211
- Service Tax 374 1,048
- Entry Tax 67 72
- Stamp duty 422 -
- Electricity dues 33 33
b. Corporate Guarantees given by the Company on behalf of its subsidiaries 24,223 42,728
c. Bank guarantees 19,758 28,489
Commitments:
d. Estimated amount of contracts remaining to be executed on capital accounts 558 315
(net of advances) and not provided for
e. During the year, the Company has issued letters of undertakings to provide need
based unconditional financial support to its following subsidiaries:
1. South Asia Terminals Private Limited
2. Combiline Indian Agencies Private Limited
3. Ecu Line (India) Private Limited
Litigations:
f. Claims against the Company, not acknowledged as debts(Refer note 3 below) 232 357
138
30. Contingent liabilities and commitments (Continued)
Note 1 : The Income Tax Department had issued assessment orders against the Company, whereby, the claim of deduction
by the Company under section 80-IA (4) was disallowed from assessment years 2004-05 to 2009-10 and raised demand
of `.6729 lakhs on the Company. The Company had filed an appeal against the said assessment orders. The Special
Bench of Income Tax Appellate Tribunal vide its order dated July 6, 2012 and Divisional Bench of Income Tax Appellate
Tribunal vide its order dated December 5, 2012 upheld the Companys plea and accordingly the Company has continued
to claim deduction u/s 80 IA (4) of the Income Tax Act, 1961. The Department has filed an appeal on May 31, 2013 with
the Honble Bombay High Court against the said order of the Divisional Bench of Income Tax Appellate Tribunal.
The Honble Bombay High Court vide its order dated April 21, 2015 upheld the view taken by the Divisional Bench of
Income Tax Appellate Tribunal and accordingly dismissed the appeals filed by the Revenue Authority and passed the
order favouring the Company.
Note 2: Further, the Income tax department has issued assessment order for A.Y 2010-11 against the Company, whereby
in addition to other matters, the claim of deduction made by the Company u/s 80-IA(4) of Income tax Act, 1961 was
disallowed and a demand of ` 1,520 lakhs has been raised. The Company has filed an appeal CIT (A) level against the
order.
Note 3: In addition, the Company is subject to legal proceedings and claims,which have arisen in the ordinary course of
business. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed as contingent liability, where applicable in its financial statements. The Companys
management does not reasonably expect that these legal actions, when ultimately concluded and determined, will have
a material and adverse effect of the Companys results of operations or financial condition.
31. Dues to micro and small suppliers

Under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) which came into force from 02 October
2006, certain disclosures are required to be made relating to MSME. On the basis of the information and records available
with the Company, the following disclosures are made for the amounts due to the Micro and Small Enterprises.
(` in Lakhs)
Principal amount remaining unpaid to any supplier as at the period end 6 11
Interest due thereon (@ 2015:` 27,249; previous year:` 18,375) @ @
Amount of interest paid by the Company in terms of section 16 of the MSMED, along - -
with the amount of the payment made to the supplier beyond the appointed day
during the accounting period.
Amount of interest due and payable for the period of delay in making payment (which - -
have been paid but beyond the appointed day during the period) but without adding
the interest specified under the MSMED
Amount of interest accrued and remaining unpaid at the end of the accounting period # #
(#2015:` 27,249; previous year:` 18,375)
The amount of further interest remaining due and payable even in the succeeding - -
years, until such date when the interest dues as above are actually paid to the small
enterprise for the purpose of disallowances as a deductible expenditure under the
MSMED Act, 2006
32. Segment reporting

Disclosure of segment reporting as per the requirements of Account Standard (AS) 17 Segment Reporting is reported
in the consolidated financial statements of the Company. Therefore, the same has not been separately disclosed in the
standalone financial statements in line with the requirements of AS - 17.
139
33. Leases
Operating leases as lessee
The Company has taken commercial properties on non-cancellable operating lease. The lease agreement provides for
an option to the Company to renew the lease period at the end of non-cancellable period. There are no exceptional/
restrictive covenants in the lease agreements. The future minimum lease payments in respect of lease property as at 31
March 2015 are as follows:
(` in Lakhs)
Lease Payments
Not later than one year 167 86
Later than one year but not later than 5 years 584 432
Later than 5 years - -
(` in Lakhs)
Charge of lease rentals during the year cancellable lease 861 988
Charge of lease rentals during the year Non cancellable lease 102 77
Operating leases as lessor
The Company has given warehouse and commercial properties on non-cancellable operating lease. The lease agreement
provides for an option to the Company to renew the lease period at the end of non-cancellable period. There are no
exceptional/restrictive covenants in the lease agreements. The future minimum lease receipts in respect of lease property
as at 31 March 2015 are as follows:
(` in Lakhs)
Lease Receipts
Later than one year but not later than 5 years 1,055 236
Later than 5 years 32 -
Income from lease rentals during the year 378 207
34. Disclosure pursuant to Accounting Standard 15 (Revised) Employee Benefits

i. Defined Contribution Plans:
Contribution to Provident Fund and ESIC
Amount of ` 374 lakhs (previous year : ` 340 lakhs) contributed to Provident Fund, ESIC and other funds (refer
note 25) is recognised as an expense and included in Contribution to provident and other funds under Employee
benefits expense in the statement of profit and loss.
ii. Defined Benefit Plans
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service
gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of
service subject to a maximum payment of ` 10 lakhs.
(` in Lakhs)
Sr. Particulars
31 March 2015 31 March 2014
No.
I Change in the defined benefit obligation
Liability at the beginning of the year 462 368
Interest cost 43 30
Current service cost 69 50
Past Service Cost [Vested benefit] recognized during the year - -
Benefit paid (21) (22)
Actuarial (gain) / loss on obligations 111 36
Liability at the end of the year 664 462
140
34. Disclosure pursuant to Accounting Standard - 15 (Revised) Employee Benefits (Continued)
ii) Defined benefit plans (Continued)
(` in Lakhs)
Sr. Particulars
31 March 2015 31 March 2014
No.
II Amount recognised in the balance sheet
Liability at the end of the year (664) (462)
Fair value of plan assets at the end of the year 546 408
Net Assets / (liabilities) recognised in the balance sheet (118) (54)
III Expenses recognised in the statement of profit and loss

Current service cost 69 50
Interest cost 8 30
Expected return on plan assets - (33)
Past Service Cost [Vested benefit] recognized during the period - -
Net actuarial (gain) / loss to be recognized 62 40
Expense recognised in the statement of profit and loss 139 87
IV Balance sheet reconciliation

Opening net (liability) / assets (54) 10
Expense as above 139 87
Employers contribution paid 75 (23)
Asset / (Liability) recognised in the balance sheet (118) (54)
V Change in the fair value of plan assets

Fair value of plan assets at the begining of the year 408 378
Expected return on plan assets 35 33
Contributions 76 3
Benefit Paid (#previous year: ` 53,510) (21) #
Actuarial gain/(loss) on plan assets 48 (6)
Fair value of plan assets at the end of the year 546 408
Total actuarial gain / (loss) to be recognised (62) 41
VI Actual return on plan assets:

Expected return on plan assets 35 33
Actuarial gain /(loss) on plan assets 48 (6)
Actual return on plan assets 83 27
VII Investment details of plan assets:

Government of India assets 41 41
Corporate bonds 7 7
Insurer managed funds 498 351
Other - 9
Total plan assets 546 408
VIII Actuarial assumptions

Discount rate 7.99% 9.39%
Salary escalation 8.50% 8.50%
141
34. Disclosure pursuant to Accounting Standard - 15 (Revised) Employee Benefits (Continued)
ii) Defined benefit plans (Continued)
(` in Lakhs)
Sr. Year ended 31 March Period ended Year ended

No. Particulars 31 March 31 December
2015 2014 2013 2012 2011
IX Experience adjustments
Present value of defined benefit 664 462 368 329 201
obligation
Fair value of the plan assets 546 408 378 216 140
(Deficit) / Surplus in the plan (118) (54) 10 (113) (61)
Experience adjustments on:
Plan liabilities (gain) / loss - 1 (59) 57 22
Plan assets (loss) / gain 84 (6) 12 3 (10)
Sr. 31 March 2015 31 March 2014

Particulars
No.
X Liability Classification into Current / Non Current
Amount recognised in the balance sheet
Current 118 54
Non-current - -
118 54
Estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
Assumptions regarding future mortality are based on published statistics and mortality tables. The calculation of the
defined benefit obligation is sensitive to the mortality assumptions.
The Company continues to the fund in next year by reimbursing the actual payout.
iii) Compensated leave absences-
Following amounts are recognised in respect of unfunded obligations towards compensated leave absences:
(` in Lakhs)
Amount recognised in the balance sheet
Current 127 122
Non- current 423 412
550 534
Amount recognised in Salaries and other benefit in the statement of profit and 41 111
loss in respect of compensated leave liability
35. Related party disclosures

A Name of related parties where control exists:
I. Subsidiaries (direct and indirect)
Hindustan Cargo Limited
Acex Logistics Limited (formerly known as HC Logistics Limited)
Credo Shipping Agencies (I) Private Limited
Contech Transport Services Private Limited
Comptech Solutions Private Limited
Amfin Consulting Private Limited
Ecu Line (India) Private Limited
142
35. Related party disclosures (Continued)
Allcargo Shipping Co.Private Limited
South Asia Terminals Private Limited
Southern Terminal & Trading Private Limited
AGL Warehousing Private Limited
Allcargo Logistic Park Private Limited
Transindia Logistic Park Private Limited
ECU International (Asia) Private Limited
Combiline Indian Agencies Private Limited
Ecu-Line Algerie sarl
Ecu Logistics SA
Ecu-Line N.V.
Ecu-Logistics N.V.
FMA-LINe Holding N. V. (formerely known as Ecubro N.V.)
Ecu-Tech BVBA
Ecuhold N.V.
Ecu International N.V.
Ecu Global Services n.v.
HCL Logistics nv
AGL N.V.
Allcargo Belgium N.V.
Ecu Logistics do Brasil Ltda.
Ecu-Line Bulgaria EOOD
Ecu-Line Chile S.A.
Flamingo Line Chile S.A.
Ecu-Line Guangzhou Ltd
China Consolidation Services Shipping Ltd
Ecu-Line (CZ) s.r.o.
Ecu-Line del Ecuador S.A.
Flamingo Line del Ecuador SA
Ecu Line Egypt Ltd.
Flamingo Line El Salvador SA de CV
Ecu-Line Germany GmbH
ELWA Ghana Limited
Flamingo Line de Guatemala S.A.
Ecu-Line Hong Kong Ltd.
Ecu International Far East Ltd.
PT EKA Consol Utama Line
Ecu-Line Italia srl.
Eurocentre Milan srl.
Ecu-Line Cte d'Ivoire Sarl
Jordan Gulf for Freight Services Agencies Co.LLC
Ecu-Line Malta Ltd.
CELM Logistics SA de CV
Ecu Logistics de Mexico SA de CV
Ecu-Line Maroc S.A.
Ecu-Line Rotterdam BV
Rotterdam Freight Station BV
Ecu-Line de Panama SA
Ecu-Line Paraguay SA
Ecu-Line Philippines Inc.
Ecu-Line Polska SP. Z.o.o.
Ecu-Line Doha W.L.L.
Ecu-Line Romania SRL
Ecu-Line Singapore Pte. Ltd.
Ecu-Line South Africa (Pty.) Ltd.
Ecu-Line Spain S.L.
Mediterranean Cargo Center S.L. (MCC)
Ecu Line Lanka (Pvt) Ltd.
Socit Ecu-Line Tunisie Sarl
Ecu Uluslarasi Tas. Ve Ticaret Ltd. Sti.
143
China Consolidated Company Ltd.
Star Express Company Ltd.
Ecu-Line UK Ltd.
DEOLIX S.A.
DLC
Guldary S.A.
Administradora House Line C.A.
Ecu-Line Mauritius Ltd. (formerly known as a Ecu Line (Indian Ocean Island) Ltd.
Asia Line Ltd
Consolidadora Ecu- Line C.A
Ecu Shipping Logistics (K) Ltd.
Ecu-Line Middle East LLC
Ecu-Line Malaysia Sdn. Bhd.(Formerly known as Ecu-Line (Johor Bahru) Sdn. Bhd.)
Eurocentre FZCO
Ecu-Line Hungary Kft.
Ecu-Line Kenya Ltd.
Ecu-Line Abu Dhabi LLC
CCS Shipping Ltd.
Flamingo Line del Peru SA
Ecu-Line Peru SA
Ecu-Line Saudi Arabia LLC
Ecu-Line Zimbabwe (Pvt) Ltd.
Ecu-Line Japan Ltd.
S.H.E. Maritime Services Ltd.
Ecu-Line Australia Pty Ltd.
Ecu-Line NZ Ltd.
Ecu-Line (Thailand) Co. Ltd.
Ecu-Line Mediterranean Ltd.
China Consolidation Services Ltd.
Ecu-Line Switzerland GmbH
Ecu-Line Canada Inc
Cargo Freight Stations, SA
Ocean House Ltd.
Ecu-Line de Colombia S.A
Conecli International S.A
European Customs Broker NV
Ecu-Line Vietnam Co.Ltd
Econocaribe Consolidators, Inc
OTI cargo Inc
Port International Inc
Ecoline Storage Corp
ECI Customs Brokerage, Inc
Integrity Enterprises Pty Ltd
PRISM Global, LLC
FCL Marine Agencies B.V.
PRISM Global Ltd.(formerly known as Ecu Line Ltd)
FMA-LINE France S.A.S.
Centro Brasiliero de Armazenagem E Distribuiao Ltda
Allcargo Logistics LLC (w.e.f 19 October 2014)
II. Associates (direct and indirect)
Transworld Logistics & Shipping Services Inc. (ceased to be an Associate w.e.f 15August 2013)
Sealand Warehousing Private Limited (ceased to be Associate w.e.f 29November,2013)
Gujarat Integrated Maritime Complex Pvt. Ltd (ceased to be Associate w.e.f 29November, 2013)
FCL Marine Agencies Gmbh (Hamburg) (w.e.f 03 September 2014)
FCL Marine Agencies Gmbh (Bermen) (w.e.f 03 September 2014)
International Negotiation Associates N.V.
FCL Marine Agencies Belgium bvba (w.e.f 19 March 2014)
Love All sports Holdings FZE (w.e.f 12 October 2014)
144
III. Joint Ventures (direct and indirect)
Transnepal Freight Services Private Limited
Fasder S.A.(w.e.f 05 August 2014)
Ecu Logistics Peru SAC (w.e.f 29 December 2014
IV. Entities over which key managerial personnel or their relatives exercises significant influence:
Allcargo Movers (Bombay) Private Limited
Allcargo Shipping Services Private Limited
Allnet Infotech Private Limited
Alltrans Logistics Private Limited
Alltrans Port Management Private Limited
Avadh Marketing LLP
Avash Builders And Infrastructure Private Limited
Avashya Corporation Pvt.Ltd
FTL (India) Pvt.Ltd (formerly known as Avashya Enterprises Private Limited)
Avashya Holdings Pvt.Ltd
Contech Estate LLP
Indport Maritime Agencies Pvt.Ltd.
Jupiter Precious Gems and Jewellery Private Limited (formerly known as Jupiter Machines Pvt. Ltd.)
N.R. Holdings Private Limited
Poorn Estates Private Limited
Prominent Estate Holdings Private Limited
Sealand Crane Private Limited
SKS Netgate LLP
SKS Realty LLP
SKS Ventures Private Limited
Talentos (India) Private Limited
Talentos Entertainment Private Limited
Transindia Freight Private Limited
Transindia Freight Services Private Limited
Sealand Holdings Pvt. Ltd
Meridien Tradeplace Pvt.Ltd
Poorn Buildcon Pvt. Ltd
Panna Estates LLP
Black Soil Realty Investment advisors LLP
Container Freight Station Associations of India (upto 13 January 2014)
Panna Infracon Projects LLP
Avvashya Foundation
V. Key Managerial Personnel
Shashi Kiran Shetty
Umesh Shetty (till 6 November 2014)
Adarsh Hegde
VI. Relatives of Key Management Personnel
Arathi Shetty
Umesh Shetty (from 7 November 2014)
145
146
B. Transactions with Related Party during the period 01 April 2014 to 31 March 2015
(` in Lakhs)
Subsidiaries Associates Joint Venture Entities over which key Key Managerial Total
managerial personnel Personnel and their
or their relatives Relative
Sr. exercises significant
Nature of Transaction
No. Influence
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
1 Multimodal Transport Income 6,672 5,501 - 107 - - - - - - 6,672 5,608

2 Project & Engineering Solutions Income 1,274 1,722 - - - - - - - - 1,274 1,722
3 Container Freight Station income 663 459 - - - - - - - - 663 459
4 Contract Logistics income 156 133 - - - - - - - - 156 133
5 Management fees received 89 123 - - - - - - - - 89 123
6 Business Support charges received 835 822 - - - - - - - - 835 822
7 Corporate Guarantee Fees 742 828 - - - - - - - - 742 828
8 a.Interest received or accrued on loan 949 137 - - - - - - - - 949 137
b.Interest received or accrued on advances 9 12 - - - - - - - - 9 12
9 Multimodal Transport Operation expenses 7,803 6,405 - 110 - - - - - - 7,803 6,515
10 Project & Engineering Solutions Expense 3,488 2,295 - - - - - - - - 3,488 2,295
11 Container Freight Station expenses 1,603 2,640 - - - - - - - - 1,603 2,640
12 Contract Logistics Expenses 3 1 - - - - - - - - 3 1
13 Remuneration to Directors - - - - - - - - 652 609 652 609
Remuneration to relatives of Key managerial - - - - - - - - 87 - 87 -

personnel
14 Commission to Directors - - - - - - - - 362 300 362 300
Sitting fees to Directors - - - - - - - - 1 - 1 -
15 Rent Paid 39 39 - - - - 585 678 9 5 633 722
16 Dividend paid - - - - - - - - 1,833 1,309 1,833 1,309
17 Loans
Opening balance 2,569 1,765 - - - - - - - - 2,569 1,765
Add: Loans given 10,630 2,106 - - - - - - - - 10,630 2,106
Less: Loans received back 3,774 568 - - - - - - - - 3,774 568
Less: Loans adjustment on account of merger - 734 - - - - - - - - - 734
(refer note 46)
Closing Balance 9,425 2,569 - - - - - - - - 9,425 2,569
18 Advances
Opening balance 269 611 - - - - - 269 611
Add: Advances given 455 1,232 - - - - - 455 1,232
Less: Advances received back 620 1,574 - - - - - 620 1,574
Closing Balance 104 269 - - - - - 104 269
19 Interest Receivable on Loan
Opening balance 23 13 - - - - - 23 13
Add:-Interest charged on Loan 857 137 - - - - - 857 137
Less:-Interest received 824 126 - - - - - 824 126
Closing Balance 56 24 - - - - - 56 24
B. Transactions with Related Party during the period 01 April 2014 to 31 March 2015
(` in Lakhs)
Subsidiaries Associates Joint Venture Entities over which key Key Managerial Total
managerial personnel Personnel and their
or their relatives Relative
Sr. exercises significant
Nature of Transaction
No. Influence
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
20 Interest Receivable on Advances

Opening balance 12 70 - - - - - - - - 12 70
Add:-Interest charged on Advances 8 12 - - - - - - - - 8 12
Less:-Interest received 12 70 - - - - - - - - 12 70
Closing Balance 8 12 - - - - - - - - 8 12
21 Deposits
Opening balance - 112 - - - - 2,463 2,464 5 - 2,468 2,576
Add:-Deposits given - - - - - - - 5 4 5 9 10
Less:-Deposits received back - 112 - - - - 1,882 6 - - 1,882 118
Deposits closing balance - - - - - - 585 2,463 9 5 594 2,468

22 Share Application Money Pending Allotment 81 81 - - - - - - - - 81 81
23 Share Application money given during the year - 140 - - - - - - - - - 140
24 Share Application money refund received - - - - - - - 35 - - - 35
25 Share Application Money converted into - 1,680 - - - - - - - - - 1,680
Preference Shares
26 Investments-Equity shares 17,608 15,360 - - - 14 - - - - 17,608 15,374
Additional Investments in Equity shares 2,247 - - - - - - - - - 2,247 -
Investments-Preference shares 17,854 16,175 - - - - - - - - 17,854 16,175
27 Redemption of Preference shares 782 - - - - - - - - - 782 -
Additional Investments in Preference shares 1,377 - - - - - - - - - 1,377 -
28 Trade Advances received - 447 - - - - - - - - - 447
29 Corporate guarantee outstanding 24,223 42,728 - - - - - - - - 24,223 42,728
30 Outstanding Receivable
Trade receivables 1,704 1,126 - - - - - - - - 1,704 1,126
Advance to supplier of goods 1 60 - - - - - - - - 1 60
31 Outstanding Payable
a.Trade payables 972 840 - - - - - - - - 972 840
b.Directors commission payable - - - - - - - - 362 300 362 300
c.Deposit payable - 51 - - - - - - - - - 51
32 Sale of Fixed assets - 91 - - - - - - - - - 91
33 Purchase of Fixed assets - 1 - - - - - - - - - 1
34 Expenditure towards CSR/Donation - - - - - - 162 87 - - 162 87
35 Advance for purchase of land - - - - - - - - 862 862 862 862
36 Letters of undertaking to provide need - - - - - - - - - - - -
based unconditional financial support to its
subsidiaries
147
Details of material related party transactions which are more than 10% of the total transactions of the same nature during
the year ended 31 March 2015:-
(` in Lakhs)
Related Party Transactions Summary 31 March 2015 31 March 2014
1 Multimodal Transport Income
Allcargo Belgium NV Group 6,373 5,131
2 Project and Engineering Solution Income
South Asia Terminals Private Limited 850 1,429
Asia Lines Limited - 1
Transindia Logistic Park Private Limited 140 118
3 Container Freight Station income
Hindustan Cargo Limited 442 224
4 Contract Logistics income
5 Management fees received
Allcargo Belgium NV Group 89 123
6 Business Support charges received
ECU International Far East Ltd - 810
Prism Global Limited 835 -
7 Corporate Guarantee Fees
Allcargo Belgium NV 660 689
ECU Hold NV 82 139
8(a) Interest received on Loan
South Asia Terminals Private Limited 75 75
Allcargo Logistic Park Private Limited 10 18
8(b) Interest received on Advances
AGL Warehousing Private Limited 4 4
Allcargo Shipping Co.Private Limited 1 3
Allcargo Logistics Park Private Limited 2 1
9 Multimodal Transport Operation expenses
Allcargo Belgium NV Group 7,444 5,902
Transworld Logistics & Shipping Services Inc - 110
10 Project & Engineering Solutions Expense
Hindustan Cargo Limited 3,117 2,089
11 Container Freight Station expenses
South Asia Terminals Private Limited 1,478 2,590
12 Contract Logistics Expenses
13(a) Remuneration to Directors
Mr. Shashi Kiran Shetty 326 310
Mr. Umesh Shetty 120 164
Mr. Adarsh Hegde 207 134
13(b) Remuneration to relatives of Key Managerial Personnel
Mr. Umesh Shetty 87 -
14(a) Commission to Directors
14(b) Sitting fees to Directors
Mrs Aarthi Shetty 1 -
148
(` in Lakhs)
15 Rent paid
Avash Builders And Infrastructure Private Limited 175 196
Sealand Crane Private Limited 91 102
16 Dividend paid
Mr. Shashi Kiran Shetty 1,714 1,224
17 (a) Loans given
Transindia Logistic Park Private Limited 6,991 1,532
Contech Transport Services Private Limited 1,500 -
Asia Line Limited 1,405 -
17 (b) Loans received back
Allcargo Belgium NV - 10
Contech Transport Services Private Limited 1,500 -
Transindia Logistic Park Private Limited 1,508 -
17 (c) Loans adjusted on account of amalgamation scheme of arrangement
MHTC Logistics Private Limited - 734
17 (d) Closing balance of Loans
Asia Line Limited 1,405 -
18(a) Advances given
18(b) Advances received back
Allcargo Belgium NV Group 307 1,027
18(c) Closing balance of Advances
Transindia Logistic Park Private Limited - 29
19(a) Interest charged on Loan
19(b) Interest received
19(c) Interest receivable on Loan closing balance
Hindustan Cargo Limited - 6
Asia Line Limited 23 -
149
(` in Lakhs)
20(a) Interest charged on Advances given
20(b) Interest received
Allcargo Shipping Co.Private Limited 4 -
Transindia Logistic Park Private Limited 3 -
Allcargo Logistic Park Private Limited 3 -
20(c) Interest receivable on Advances closing balance
Allcargo Shipping Co.Private Limited - 3
21(a) Deposit given
21(b) Deposits received back
Comptech Solutions Private Limited - 112
Avash Builders And Infrastructure Private Limited 545 -
Talentos (India) Private Limited 531 -
Sealand Crane Private Limited 283 -
Allnet Infotech Private Limited 262 -
21(c) Deposits receivable Closing balance
22. Share Application Money Pending Allotment
Contech Transport Services Private Limited 81 81
23 Share Application Money given
24 Share Application Money refund received
Prominent Estate Holdings Private Limited - 35
25 Share Application Money converted into preferene shares
Transindia Logistic Park Private Limited - 1,680
26 (a) Investments-Equity shares
Allcargo Belgium NV 6,848 6,848
26 (b) Investments-Preference shares
Allcargo Shipping Co.Private Limited 7.067 7,067
AGL Warehousing Private Limited 3,736 3,736
26 (c) Additional Investment in Equity shares
27(a) Redemption-preference shares
Hindustan Cargo Limited 782 -
27(b) Additional Investments in Preference shares
150
(` in Lakhs)

28 Trade Advances received
Allcargo Belgium NV Group - 447
29 Corporate guarantee given
Allcargo Belgium NV 18,323 30,504
Allcargo Logistic Park Private Limited 3,200 1,700
30(a) Trade receivable
Allcargo Belgium NV Group 1,140 428
Contech Transport Services Private Limited 183 217
ECU International Far East Ltd - 213
Asia Line Limited - 20
30(b) Advance to supplier
Allcargo Belgium NV Group - 11
31(a) Trade payables
31(b) Directors commission payable
31(c) Deposit payable
South Asia Terminals Private Limited - 51
32 Sale of fixed assets
33 Purchase of fixed assets
Hindustan Cargo Limited - 1
34 Expenditure towards CSR/Donation
Avvashya foundation 162 87
35 Advance for purchase of land
Shashi Kiran shetty 862 862
36 Letters of undertaking to provide need based unconditional financial
support to its following subsidiaries
South Asia Terminals Private Limited - -
Combiline Indian Agencies Private Limited - -
Ecu Line (India) Private Limited - -
151
36. Earnings in foreign currency (` in Lakhs)
Revenue from export operations
- Multi-modal transport operations 8,725 7,097
- Project and engineering solutions 1,047 778
Other income
- Business support charges 835 822
- Management Fees 89 123
-Corporate guarantee fees 742 828
11,438 9,648
37. Expenditure in foreign currency (` in Lakhs)

Professional and consultation fees 35 34
Others:
a. Operating expenses
- Multi-modal transport operations 12,547 8,943
- Project & Engineering Solutions 4,235 1,558
b. Business promotion expenses 45 44
c. Membership and subscription 25 5
d. Travel expenses 159 52
e. Other expenses 17 3
17,063 10,639
38. Value of Imports on CIF basis (` in Lakhs)

Capital goods - 807
Stores and spare parts 161 170
161 977
39. Details of imported stores and spare parts consumed during the financial year
(` in Lakhs)
Value % of total Value % of total
consumption consumption
Imported 142 8 158 8
Indigenous 1,689 92 1,887 92
1,831 100 2,045 100
40. Dividend remittances in foreign currency:

The Company has not remitted any amount in foreign currencies on account of dividends during the year and does not
have information as to the extent to which remittances, if any, in foreign currencies on account of dividends have been
made by / on behalf of non-resident shareholders. The particulars of dividends paid to non-resident shareholders which
were declared during the year, are as under:
(` in Lakhs)
Final Dividend:
Year ended to which the dividend related 31 March 2014 31 March 2013
Number of non-resident shareholders 164 191
Number of Equity shares held by them 33,435,936 31,791,598
Gross amount of dividend (`) 502 477
Interim Dividend:
Year ended to which the dividend related 31 March 2015
Number of non-resident shareholders 160 -
Number of Equity shares held by them 33,304,012 -
Gross amount of dividend (`) 200 -
152
41. Loans and advances in the nature of loans given to subsidiaries etc as per clause 32 of the
listing agreement.
Loans and Advances in the nature of loans to subsidiary Companies: (` in Lakhs)
Name of the company Balance as at Maximum outstanding during
the year
1 Allcargo Logistics Park Private Limited* 49 50 280 188
2 Allcargo Belgium N.V - - - 12
3 Transindia Logistic Park Private Limited* 7,015 1,532 8,523 1,532
4 South Asia Terminals Private Limited.* 846 846 846 916
5 AGL Warehousing Pvt Ltd* 57 50 62 50
6 Comptech Solutions Pvt Ltd* 41 78 78 78
7 Combiline India Agencies Pvt Ltd* 12 12 12 12
8 Allcargo Shipping Co.Private Limited - - 52 -
9 Asia Line Limited 1,405 - 1,406 -
10 Contech Transport Services Private Limited - - 1,500 -
11 Hindustan Cargo Limited - - 200 -
Note: *indicates that in these companies, one or more director is a director or member and there is no repayment
schedule.
42. Investment in joint ventures

(A) The Company had entered into a share purchase agreement on 20 June 2012 with IL&FS Maritime Infrastructure
Company Limited (IMICL) for sale of its 45% stake (representing 45,000 equity shares of ` 10 each) in Gujarat
Integrated Maritime Complex Private Limited (GIMCO) and 50% stake (representing 4,674,807 equity shares of `
10 each) in Sealand Warehousing Private Limited (SWPL). Accordingly, during the year ended 31 March 2013, the
Company on fulfilment of certain terms and conditions contained in aforesaid agreement transferred 19,000 equity
shares of GIMCO and 2,243,907 equity shares of SWPL to IMICL against agreed consideration.
During the previous year ended 31 March 2014, on fulfilment of all the contractual obligation and on receipt of
the balance agreed consideration the Company has transferred the balance 26,000 equity shares of GIMCO and
2,430,900 equity shares of SWPL to IMICIL. The net income booked for the previous year was ` 27 lakhs.
The Companys interest in joint ventures is accounted, in accordance with the principles and procedures set out in
AS 27, Financial Reporting of Interests in Joint Ventures specified in the Companies (Accounting Standards) Rules,
2006, which continue to apply under Section 133 of the Companies Act, 2013 read with rule 7 of the Companies
(Accounts) Rules, 2014.
Sr. Joint Venture Location Principal Activities Ownership
No. Interest
Container Freight
1 Transnepal Freight Services Private Limited Nepal 50%
Stations
(B) The interest in the joint ventures are reported as long-term investments (refer note 15) and stated at cost. However,
the Companys share of each of the assets, liabilities, income and expenses etc. related to its interest in the joint
ventures, based on unaudited financial statement is:
(` in Lakhs)
I. ASSETS
Fixed assets 107 50
Long-term loans and advances 4 3
Current assets, loans and advances
a. Current investments 3 43
b. Inventories 2 18
c. Cash and bank balances 29 -
d Short-term loans and advances 2 -
153
42. Investment in joint ventures (Continued)
II. LIABILITIES
Share capital (including bonus issue) 14 14
Reserves & surplus 111 -
Current liabilities
a. Short-term borrowings 9 10
b. Trade payables 7 -
c. Other Current liabilities 6 1
III. INCOME
Operating revenue 282 252
Other income - 1
IV. EXPENSES
Operating expenses 158 114
Employee benefit expenses 41 36
Admin and other expenses 31 28
Depreciation 8 7
Provision for taxation (including deferred taxation and Provision for tax for 17 -
earlier years written back, net)
V. Contingent liabilities - -
VI. Capital Commitments - -
43. Transfer pricing

International and Specified domestic transactions with related parties
The Companys international and specified domestic transactions with related parties are at arms length as per the
independent accountants report for the year ended 31 March 2014. Management believes that the Companys international
and specified domestic transactions with related parties post 31 March 2014 continue to be at arms length and that the
transfer pricing legislation will not have any impact on these financial statements, particularly on amount of tax expense
and that of provision for taxation.
44. Employee stock options

a. In 2006, the Company had instituted an Allcargo Employee Stock Option Plan 2006 (ESOS 2006) to attract, retain,
motivate and reward its employees and to enable them to participate in the growth, development and success of
the Company. The compensation/remuneration committee of the Board evaluates the performance and other criteria
of employees and approves the grant of options. The employees are granted an option to purchase shares of the
Company at the respective exercise price, subject to the requirements of vesting conditions. These options generally
vest over a period of 24 to 48 months from the date of grant. Upon vesting, the employees can acquire one equity
share for each option. The maximum contractual term for these stock option plan is generally 7 years. The Company
granted stock options to be adjusted for subsequent bonus issue prior to its Initial Public Offering of equity shares,
to its permanent employees and to few of the permanent employees of its foreign subsidiaries at varying numbers
depending upon their grade.
b. The stock compensation cost is computed under the intrinsic value method and amortised on a straight line basis
over the vesting period of 7 years.
c. The particulars of options granted under the said ESOS 2006 plans are tabulated below:
154
44. Employee stock options (Continued)
Particulars Period ended 31 March 2015 Period ended 31 March 2014
No. of options Weighted No. of Weighted
average options average
price price
Series I Series II Series I Series II
(Pre (Post (Pre (Post
Listing) Listing) Listing) Listing)
Outstanding at the beginning of the year - - - - 30,000 `2
Granted - - - - - -
Exercised - - - - 5,000 `2
Forfeited and lapsed - - - - 25,000 `2
Outstanding at the end of the year - - - - - `2
As permitted by the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines,
1999 (SEBI guidelines) as well as by the guidance note on the subject issued by the Institute of Chartered Accounts
of India, the Company has elected to account for stock options based on their intrinsic value (i.e. the excess of
quoted market price of the underlying share over the exercise price) at the grant date rather than their fair value at
that date. Had the compensation cost for employee stock options been determined on the basis of the fair value
approach as described in the SEBI guidelines (and ICAI guidance note), the Companys net profit after tax and basic
and diluted earnings per share would have been as per the proforma amounts shown below:
Net profit after tax as reported 9,749 5,612
Add: Employee stock option compensation expense as per intrinsic value - -
method
Less: Employee stock option compensation expense as per fair value - -
Adjusted proforma net profit after tax 9,749 5,612
Basic Earnings per share as reported 7.73 4.45
Basic Earnings per share proforma 7.73 4.45
Diluted Earnings per share as reported 7.73 4.45
Diluted Earnings per share proforma 7.73 4.45
d) As at the previous year ended 31 March 2014, all the options granted under the said scheme has been exercised /
lapsed and hence there are no outstanding options remaining to be exercisable as on 31 March 2015.
45. Derivative instruments

The Company uses derivative and forward contracts to hedge its risks associated with foreign currency fluctuations. Such
transactions are governed by the strategy approved by the Board of Directors which provides principles on the use of
these instruments consistent with the Companys Risk Management Policy. The Company does not use these contracts
for trading or speculative purposes. The Company has marked to market the derivative contracts outstanding as at 31
March 2015 which has resulted in a net gain to the Company. The Company has not recognised the resulted gain of `
94 lakhs (previous year: ` 2,111 lakhs), on prudent basis which is notional in nature.
Particulars of outstanding Derivative As at 31 March 2015

Instrument acquired for hedging No. of Currency Foreign ` in lakhs
Instruments currency in
lakhs
Principal and Interest Rate Currency Swaps
1 USD 13.88 777
(to hedge buyers credit)
Particulars of outstanding Derivative Instrument As at 31 March 2014

acquired for hedging No. of Currency Foreign ` in lakhs
Instruments currency in
lakhs
A) Principal and Interest Rate Currency Swaps 20 USD 217 10,984
B) Forward Contracts towards foreign currency 5 USD 60 4,010
term loan
155
45. Derivative instruments (Continued)
Unhedged foreign currency exposures
The foreign currency exposure not covered by forward contracts / other derivative contracts as on 31 March 2015 and
31 March 2014 is given below:
(` in Lakhs)
31 March 2015 31 March 2014
Currency Foreign ` in lakhs Currency Foreign ` in lakhs
currency currency
in lakhs in lakhs
Trade and other creditors
USD 28.17 1,763 USD 22.96 1,380
EUR 0.48 32 EUR 0.01 1
GBP 0.02 1 GBP @ @
(@ previous year: GBP 107 :
INR 10,684)
SEK 0.13 1 SEK - -
DKK 0.09 1 DKK - -
SGD 0.02 1 SGD - -
1,799 1,381
Trade Receivables
USD 14.60 914 USD 8.01 482
EUR 7.37 498 EUR 1.41 117
1,412 599
Advacne to suppliers
USD 0.09 6 USD - -
Advance from customers
EUR - - EUR 5.73 473
USD 0.32 20 USD - -
20 473
Buyers credit
USD - - USD 109.32 6,570
- 6,570
46. Amalgamation of MHTC Logistics Private Limited with the Company

Scheme of Arrangement between MHTC Logistics Private Limited and the Company taken place during the
previous year ended 31 March 2014:-
During the previous year ended 31 March 2014, MHTC logistics Private Limited (hereinafter referred to as MHTC), a
wholly owned subsidiary of the Company, incorporated with the main object to do Project Logistics as well as Freight
forwarding business, was amalgamated into the Company pursuant to the Scheme of Amalgamation (hereinafter referred
to as Scheme), as on and from 01 April2012, being the appointed date pursuant to the approval of Board of Directors
of the Company and sanctioned by the Honourable High Court of Bombay vide its order dated 06 December 2013 which
was filed with Registrar of Companies on 24January2014.
The Company has carried out the accounting treatment prescribed in the Scheme as approved by the Honourable
High Court of Bombay. The required disclosures for accounting of Scheme as per the Pooling of Interest Method as
given under Accounting Standard 14 (AS - 14) Accounting for Amalgamations as prescribed under the Companies
(Accounting Standards) Rules 2006 have been provided.
Hence, in accordance with the Scheme:
i. The Company has taken over all the assets aggregating to ` 3,539 lakhs and liabilities aggregating to ` 2,081 lakhs at
their respective book values. Also, as per the Scheme, the identity of reserves of MHTC is required to be maintained
by the Company as on the appointed date which was aggregating to ` 1,438 lakhs. On cancellation of investments
made by the Company in MHTC against their share capital as on the appointed date, there was a deficit of ` 3,410
lakhs. As per the Scheme approved by the Honourable High Court of Bombay, such deficit is required to be debited
to the Goodwill Account of the Company.
156
46. Amalgamation of MHTC Logistics Private Limited with the Company (Continued)
previous year ended 31 March 2014 (Continued):-
In terms of the scheme, following assets acquired and liabilities discharged are as under:
Particulars ` in Lakhs
Trade Receivables 1582
Non-current investments 665
Tangible Assets 668
Cash and cash equivalents 292
Other current assets 216
Short-terms loans and advances 58
Deferred tax assets 44
Long-term loans and advances 14
Total assets acquired 3,539
Short term borrowings 1,071
Trade payables 518
Long-term borrowings 262
Other current liabilities 208
Long -term provisions 19
Short -term provisions 3
Total liabilities discharged 2,081
Surplus in statement of profit and loss 26
General reserves 1,412
Total reserves acquired 1,438
ii. No consideration is payable or receivable on implementation of the Scheme as the Scheme involves a wholly owned
Subsidiary.
iii. Prior to appointed date, MHTC was holding 373,491 equity shares of the Company. As a consequence of and as
per the Scheme the aforesaid investment of MHTC in the Company has been cancelled and accordingly the share
capital of the Company stands reduced by ` 7 lakhs and the Securities Premium Account of the Company stands
reduced by ` 635 lakhs.
iv. Had the Scheme not prescribed the aforementioned mentioned accounting treatment and the Company had followed
the accounting treatment prescribed under AS 14, there would not have been any Goodwill on Merger arising out of
deficit arising against cancellation of Investment against share capital of the amalgamating company, as mentioned
in point no. (i) above and the General Reserves of the Company would have been lower by `3,410 lakhs.
In terms of the Scheme, the appointed date of the amalgamation being 1April2012, the net loss of MHTC for the
financial year 2012-13 aggregating to ` 88 lakhs has been adjusted in the surplus in statement of profit and loss
under Reserves and Surplus.
157
46. Amalgamation of MHTC Logistics Private Limited with the Company (Continued)
previous year ended 31 March 2014 (Continued):-
The net results of the transactions relating to above arrangement for the period from 01April 2012 upto 31 March
2013 are summarised as under:
Revenue
Revenue from operations 642
Other income 10
(A) 652
Expenses
Employee Benefit expenses (46)
Finance cost (40)
Depreciation 355
Other expenses (827)
(B) (558)
Profits Before tax (C)=(A)-(B) 94
Current tax (19)
Deferred tax (182)
MAT Credit 19
Loss transferred to the statement of profit and loss (88)
During the previous year, as MHTC carried on its existing business in trust for and on behalf of the Company, all
vouchers, documents etc. for the previous year were in the name of MHTC Logistics Private Limited. Further, the
title deeds for the immovable properties pertaining to amalgamating company are pending conveyance in the name
of the Company.
The Goodwill arising on account of merger amounting to ` 3,410 lakhs has been fully amortised by the Company
during the previous year.
47. Disclosure under section 186 of the Companies Act 2013

The operations of the Company are classified as infrastructure facilities as defined under Schedule VI to the Act.
Accordingly, the disclosure requirements specified in sub-section 4 of Section 186 of the Act in respect of loans given,
investment made or guarantee given or security provided and the related disclosures on purposes/ utilization by recipient
companies, are not applicable to the Company.
48. Corporate social responsibility

As per Section 135 of the Act, a CSR committee has been formed by the Company. The funds are utilised throughout
the year on the activities which are specified in Schedule VII of the Act. The utilisation is done either by way of direct
contribution towards various activities or by way of contribution to a trust Avvashya Foundation.
(a) Gross amount required to be spent by the Company during the year: ` 310 Lakhs
(b) The areas of CSR activities and contributions made thereto are as follows:
Particulars In cash Yet to be Total

paid in cash
Amount spent during the year on ;
1) Construction / Acquistion of any assets - - -
2) For purposes other than (1) above:
- Promoting and preventive health care 138 6 144
- Promoting education including special education and 99 12 111
employment enhancing vocational fees
- Conservation of natural resources and maintaining 7 8 15
environmental sustainability
Empowering Women 8 2 10
Disaster Relief 5 - 5
Others 52 - 52
Total 309 28 337
158
48. Corporate social responsibility (Continued)
(c) Includes a sum of ` 162 Lakhs as contribution to a trust Avvashya Foundation, (where Key managerial personnel and
relatives are able to exercise significant influence) (refer note 35).
(d) Movement in provision during the year 2014-2015:
Opening provision -
Additions during the year 28
Utilised during the year -
Closing provisions 28
49. Prior year comparatives

The figures for the previous year have been regrouped/ rearranged as necessary to confirm to the current years
presentation.
FSA Old caption New caption ` in Lakhs

Multimodal and transport related operational Other expenses Cost of services 27,121
expenses rendered
Container freight stations related operational Other expenses Cost of services 12,276
expense rendered
Project and engineering solutions related Other expenses Cost of services 23,916
operational expense rendered
Other operational cost Other expenses Cost of services 500
rendered
Advance towards share application money Other current Other non current assets 81
assets
Provision for Expense Trade payables Other current liabilities 476
101248W/W-100022


21 May 2015 21 May 2015 21 May 2015
159
INDEPENDENT AUDITORS REPORT

To Members of
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Allcargo Logistics Limited (hereinafter referred to
as the Holding Company) and its subsidiaries (the Holding Company and its subsidiaries are together referred to as the
Group), its associates and jointly controlled entities, comprising the consolidated balance sheet as at 31 March 2015 and
the consolidated statement of profit and loss and consolidated cash flow statement for the year then ended, and a summary
of significant accounting policies and other explanatory information (hereinafter referred to as the consolidated financial
statements).
Managements Responsibility for the Consolidated Financial Statements

The Holding Companys Board of Directors is responsible for the preparation of these consolidated financial statements in
terms of the requirements of the Companies Act, 2013 (hereinafter referred to as the Act) that give a true and fair view of
the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group including its
associates and jointly controlled entities in accordance with the accounting principles generally accepted in India, including
the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014
(particularly Accounting Standard 21 - Consolidated FinancialStatements, Accounting Standard 23- Accounting for investment
in Associates and Accounting Standard 27 - Financial Reporting of Interest in Joint Ventures). The respective Board of Directors
of the companies included in the Group and of its associates and jointly controlled entities are responsible for maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and
its associates and jointly controlled entities and for preventing and detecting frauds and other irregularities; the selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error
which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding
Company, as aforesaid.
Auditors Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under subsection(10) of Section 143 of the
Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated
financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the Holding Companys preparation of the consolidated financial
statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on whether the Holding Company has an adequate internal financial controls system
over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the accounting estimates made by the Holding Companys Board
of Directors, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence obtained by us, by other auditors and by one of the joint auditors, M/s Appan & Lokhandwala
Associates, Chartered Accountants, for some of the subsidiaries audited by them and in terms of their reports referred to in
sub-paragraph (a) and (b) respectively of the Other Matters paragraph below, is sufficient and appropriate to provide a basis
for our audit opinion on the consolidated financial statements.
160

Opinion
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration
of reports of other auditors and one of the joint auditors on separate financial statements of subsidiaries, the aforesaid
consolidated financial statements give the information required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group,
its associates and jointly controlled entities at 31March2015 and their consolidated profits and their consolidated cash flows
for the year ended on that date.
Other Matters
a. We did not audit the financial statements of 91 subsidiaries , whose financial statements reflect total assets of ` 135,761
lakhs as at 31March2015 and total revenues of ` 433,723 lakhs and net cash inflows amounting to ` 29 lakhs for the
year then ended, as considered in the consolidated financial statements. These financial statements have been audited by
other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial
statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report
in terms of sub-sections (3) and (11) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, is based
solely on the reports of the other auditors.
b. The financial statements of 11 subsidiaries, whose financial statements reflect total assets of ` 28,975 lakhs as at
31 March 2015 and total revenues of ` 14,432 lakhs and net cash inflows amounting to ` 231 lakhs for the year then
ended, as considered in the consolidated financial statements, have been audited by one of the joint auditors, Appan &
Lokhandwala Associates, Chartered Accountants.
c. We did not audit the financial statements of 6 subsidiaries and 3 jointly controlled entities, whose financial statements
reflect total assets of ` 2,689 lakhs as at 31 March 2015 and total revenues of ` 11,392 lakhs and net cash outflows
amounting to ` 130 lakhs for the year ended on that date, as considered in the consolidated financial statements. We
also did not audit the Groups share of net profit of ` 194 lakhs for the year ended 31March 2015, as considered in the
consolidated financial statements of 4 associates. These financial statements are unaudited and have been furnished to
us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts
and disclosures included in respect of these subsidiaries, jointly controlled entities and associates, and our report in terms
of sub-sections (3) and (11) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries, jointly controlled
entities and associates, is based solely on such unaudited financial statements. In our opinion and according to the
information and explanations given to us by the Management, these financial statements are not material to the Group.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below,
is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other
auditors referred to in sub-paragraph (a) above and report of one of the joint auditors, Appan & Lokhandwala Associates,
Chartered Accountants, referred to in sub-paragraph (b) above, and the financial statements / financial information
certified by the Management.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2015 (the Order), issued by the Central Government of India
in terms of sub-section (11) of Section 143 of the Act, based on the comments in the auditors reports of the Holding
Company and subsidiaries companies incorporated / registered in India, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by sub-section (3) of Section 143 of the Act, based on our audit and on the consideration of report of the
other auditors and one of the joint auditors, Appan & Lokhandwala Associates, Chartered Accountants, on separate
financial statements and the other financial information of subsidiaries, as noted in sub-paragraph (a) and (b) of Other
Matters paragraph, we report, to the extent applicable, that:
a. We have sought and obtained all the information and explanations, which to the best of our knowledge and belief,
were necessary for the purposes of our audit of the aforesaid consolidated financial statements;
b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears from our examination of those books and the reports of the
other auditors and one of the joint auditors, Appan & Lokhandwala Associates, Chartered Accountants;
161

c. The Consolidated Balance Sheet and the Consolidated Statement of Profit and Loss and the Consolidated Cash
Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the
purpose of preparation of the consolidated financial statements;
d. In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of the written representations received from the Directors of the Holding Company as on 31 March 2015
taken on record by the Board of Directors of the Holding Company and the reports of the other statutory auditors of
its subsidiary companies and the reports of one of the joint auditors, Appan&Lokhandwala Associates, Chartered
Accountants, who are the statutory auditors of certain of its subsidiary companies, none of the Directors of the
Groups companies incorporated in India is disqualified as on 31 March 2015 from being appointed as a Director in
terms of Section 164 (2) of the Act; and
f. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us and based on the consideration of the report of the other auditors and one of the joint auditors, Appan
& Lokhandwala Associates, Chartered Accountants, on separate financial statements as also the other financial
information of subsidiaries, as noted in sub-paragraph (a) and (b) of Other Matters paragraph:
i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial
position of the Group Refer Note 32 to the consolidated financial statements;
ii. The Holding Company and its subsidiary companies did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses; and
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Holding Company and its subsidiary companies incorporated in India.


Partner Partner
Mumbai Mumbai
21 May 2015 21 May 2015
162
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT - 31 MARCH 2015

As stated in paragraph 1 of our report on Other Legal and Regulatory requirements in our Independent Auditors Report of
even date, the following statement is based on the comments in the respective Independent Auditors Report of the Holding
Company and its Subsidiary companies incorporated in India.
i. (a) The Holding Company and its subsidiary companies incorporated in India have maintained proper records showing
full particulars including quantitative details and situation of fixed assets.
(b) The Holding Company and its subsidiary companies incorporated in India have a regular programme of physical
verification of its fixed assets by which all assets are verified over a period ranging from one to three years. In the
opinion of the respective statutory auditors, this periodicity of physical verification is reasonable having regard to
the size of the Holding Company and its subsidiary companies incorporated in India and the nature of its assets. In
accordance with the above program, the Holding Company and its subsidiary companies incorporated in India have
verified the relevant fixed assets during the year and as informed by the management of Holding Company and its
subsidiary companies incorporated in India, no material discrepancies were noticed on such verification, which have
been adjusted.
ii. (a) The inventory has been physically verified by the respective management of the Holding Company and its subsidiary
companies incorporated in India during the year. In the opinion of the respective statutory auditors of the Holding
Company and its subsidiary companies incorporated in India, the frequency of such verification is reasonable.
(b) The procedures for the physical verification of inventories followed by the management as referred to above are
reasonable and adequate in relation to the size of the respective companies and the nature of its business.
(c) The Holding Company and its subsidiary companies incorporated in India are maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks and the book records were not material and
this has been dealt with in the respective books of accounts
iii. The Holding Company and its subsidiary companies incorporated in India have not granted any loans, secured or
unsecured, to companies, firms or other parties covered in the register maintained by these companies under Section
189 of the Act. Accordingly, paragraphs (iii) (a) and (b) of the Order are not applicable to the Holding Company and its
subsidiary companies incorporated in India.
iv. In the opinion of the respective statutory auditors and according to the information and explanations given to the
respective statutory auditors having regard to the fact that certain services rendered by the Holding Company are for the
specific requirements of certain buyers and that the Holding Company and its subsidiary companies have an adequate
internal control system commensurate with the respective size of each company and the nature of their business with
regard to purchase of fixed assets and inventories and sale of goods and services. The respective statutory auditors have
not observed any major weaknesses in the internal control system during the course of the audit.
v. In the opinion of the respective statutory auditors, and according to the information and explanations given to the
respective statutory auditors, the Holding Company and its subsidiary companies incorporated in India have not accepted
deposits as per the directives issued by the Reserve Bank of India under the provisions of Sections 73 to 76 or any other
relevant provisions of the Act and the rules framed there under. Accordingly, paragraph (v) of the Order is not applicable
to the Holding Company and its subsidiary companies incorporated in India.
vi. As informed by the management of the Holding Company and its subsidiary companies, the Central Government has not
prescribed the maintenance of cost records under the Section148 of the Act for any of the goods and services/activities
sold/ rendered by the Holding Company and its subsidiary companies incorporated in India.
vii. (a) According to the information and explanations given to the respective statutory auditors and on the basis of the
examination of the records of the Holding Company and few of its subsidiary companies incorporated in India by their
respective statutory auditors, amounts deducted/accrued in the books of account in respect of undisputed statutory
dues including Provident fund, Employees State Insurance, Sales tax, Wealth tax, Service tax, duty of Customs, Value
added tax, Cess, Professional tax and other material statutory dues, as applicable, have been regularly deposited
during the year by the Holding company and few of its subsidiaries companies with the appropriate authorities. As
explained to the statutory auditors of the Holding company, the Holding company did not have any dues on account
of duty of Excise.
According to the information and explanations given to us and on the basis of our examination of the records of
the Holding company, amounts deducted/accrued in the books of account in respect of income tax and according
to the information and explanations given to the respective statutory auditors and on the basis of the examination
163

of the records of the two of its subsidiary companies incorporated in India by their respective statutory auditors,
amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident fund,
Employees State Insurance, Income tax, Sales tax, Wealth tax, Service tax, duty of Customs, duty of Excise, Value
added tax, Cess, Professional tax and other material statutory dues, as applicable, have generally been regularly
deposited with the appropriate authorities, though there has been a slight delay in a few cases.
According to the information and explanations given to the statutory auditors of the Holding Company and its
subsidiary companies incorporated in India, no undisputed dues in respect of Provident Fund, Employees State
Insurance, Income-tax, Sales tax, Wealth tax, Service tax, Customs duty, duty of Excise, duty of Customs, Value
added tax, Cess, Professional tax and other material statutory dues were in arrears as at 31 March 2015 for a period
of more than six months from the date they became payable.
(b) According to the information and explanations given to the joint statutory auditors of the Holding company and its
subsidiary companies incorporated in India, there are no dues of sales tax, wealth tax and cess which have not been
deposited with appropriate authorities on account of any disputes.
According to the information and explanations given to the joint statutory auditors of the Holding company and its
subsidiary companies incorporated in India, the dues that have not been deposited by the Holding company and its
subsidiary companies incorporated in India, on account of disputes:
Amount not
Period to
Amount Deposited Forum where
Name of the Name of the Nature of which the
Relationship Demanded Under dispute is
Company Statute dues amount
(` in Lakhs) Disputes pending
relates
(` in Lakhs)
Allcargo Logistics Holding The Finance Service tax 2 12003-04 to CESTAT
Limited Company Act 2004 2006-07
Allcargo Logistics Holding The Finance Service tax 3 2 April 2008 to CERA
Limited Company Act 2004 September
2008
Allcargo Logistics Holding The Finance Service tax 88 72 February 2004 Commissioner
Limited Company Act 2004 to March 2009 of Service tax,
Mumbai
Allcargo Logistics Holding The Finance Service tax 277 277 2007-08 to Commissioner
Limited Company Act 2004 2011-12 of Service tax,
Ahmedabad
Allcargo Logistics Holding The Finance Service tax 3 3 2008-09 to Commissioner
Limited Company Act 2004 2010-11 of Service tax,
(Appeal) Indore
Allcargo Logistics Holding The Finance Service tax 1 1 2008-09 Commissioner
Limited Company Act 2004 of Service tax,
(Appeal) Indore
Allcargo Logistics Holding The Custom Custom 2 2 2004 CESTAT
Limited Company Act 1962 duty
Allcargo Logistics Holding The Income Income Tax 152 152 AY 2010-11 CIT (Appeals)
Limited Company Tax Act 1961
Allcargo Logistics Holding Rajasthan Entry Tax 67 - AY 2009-10 The Deputy
Limited Company local Area Commissioner
Act, 1999 Appeal (1st)
Hindustan Cargo Subsidiary The Income Income tax 41 41 AY 2010-11 ITAT
Limited Company Tax Act 1961
Allcargo Shipping Subsidiary The Income Income tax 4 4 AY 2012-13 CIT (Appeals)
Company Private Company Tax Act 1961
Limited
Allcargo Logistics Subsidiary Uttar Pradesh Value 1 0 2013-14 Assistant
Park Private Company Value added Added tax Commissioner,
Limited tax Sales Tax
164

(c) According to the information and explanations given to and on the basis of the examination by the statutory auditors
of the records of the Holding Company and its subsidiary companies incorporated in India, the amounts required to
be transferred by the Holding Company to Investor Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund
within time. The subsidiary companies incorporated in India did not have any dues on account of Investor.
viii. The Holding Company and six subsidiary companies incorporated in India, do not have any accumulated losses at the
end of the year on a standalone basis, and have not incurred cash losses on a standalone basis, during the year and in
the immediately preceding financial year.
The remaining nine subsidiary companies incorporated in India have accumulated losses at the end of the year and of
which, for:
(a) Two subsidiaries companies have accumulated losses exceeding fifty percent of networth at the end of the year on a
standalone basis and have incurred cash losses on a standalone basis in the current and the immediately preceding
financial year:
(b) Three subsidiary companies do not have accumulated losses exceeding fifty percent of networth at the end of the
year on a standalone basis however have incurred cash losses on a standalone basis in the current year and the
immediately preceding financial year:
(c) One subsidiary company has accumulated losses exceeding fifty percent of networth at the end of the year and has
incurred cash losses in the current year on standalone basis however no cash losses are incurred on a standalone
basis in immediately preceding financial year: and
(d) One of the subsidiary company has accumulated losses at the end of the year, but which does not exceed fifty
percent of networth and has incurred no cash losses in the current year on standalone basis however cash losses
are incurred on a standalone basis in immediately preceding financial year.
On a consolidated basis, the Holding Company and its subsidiary companies incorporated in India do not have any
accumulated losses at the end of the year, and have not incurred cash losses during the year and in the immediately
preceding financial year.
ix. In the opinion of the respective statutory auditors and according to the information and explanations given to
the statutory auditors of the Holding Company and its subsidiary companies incorporated in India, none of the
companies have defaulted in repayment of their respective dues to their bankers and financial institutions. The
Holding Company and its subsidiary companies incorporated in India did not have any outstanding dues to any
debentures holders during the year.
x. According to the information and explanations given to the statutory auditors of the Holding Company, the terms
and conditions on which the Holding Company has given guarantees for loan taken by others from bank and others
are not prejudicial to its interest. According to the information and explanations given to the statutory auditors of the
subsidiary companies incorporated in India have not given any guarantees for the loans taken by others from bank
and others.
xi. In the opinion of the respective statutory auditors and according to the information and explanations given to
the respective statutory auditors, the term loans taken by the Holding Company and two subsidiary companies
incorporated in India have been applied for the purpose for which they were raised.
xii According to the information and explanations given to the statutory auditors of the Holding Company and its
subsidiary companies incorporated in India, no instances of material fraud on or by each company have been
noticed or reported during the course of audit by the statutory auditors of the Holding Company and subsidiary
companies incorporated in India.


Partner Partner
Mumbai Mumbai
21 May 2015 21 May 2015 165
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2015

(` in Lakhs)
EQUITY AND LIABILITIES
Shareholders funds
Share capital 5 2,524 2,524
Reserves and surplus 6 188,255 176,788
190,779 179,312
Minority interest 4(i) 2,206 4,633
Non-current liabilities
Long-term borrowings 7 35,814 52,075
Deferred tax liability (net) 8 11,005 10,453
Other long-term liabilities 9 2,408 3,379
Long-term provisions 10 2,455 3,265
51,682 69,172
Current liabilities
Short-term borrowings 11 11,676 9,198
Trade payables 12 57,120 46,205
Other current liabilities 13 27,320 51,712
Short-term provisions 10 3,815 2,752
99,931 109,867
TOTAL 344,598 362,984
ASSETS
Non-current assets
Fixed assets
-Tangible fixed assets 14 118,934 132,475
- Intangible fixed assets 15 4,090 5,279
- Capital work-in-progress 14 1,363 731
- Intangible fixed assets under development 15 1,660 1,628
126,047 140,113
Goodwill on consolidation 83,137 87,099
Non-current investments 16 7,030 5,556
Long-term loans and advances 17 24,238 25,392
Other non-current assets 18 189 375
240,641 258,535
Current assets
Current investments 19 1,907 13,468
Inventories 20 1,167 1,141
Trade receivables 21 64,756 57,150
Cash and bank balances 22 17,377 16,469
Short-term loans and advances 23 12,089 11,620
Other current assets 18 6,661 4,601
103,957 104,449
TOTAL 344,598 362,984

Significant accounting policies 1-4
Notes to the consolidated financial statements 5-44
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166
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2015
(` in Lakhs)
Revenues:
Revenue from operations
Sale of services 24 561,801 484,445
Other operating revenues 24 1,079 1,498
562,880 485,943
Other income 25 5,261 3,650
Total revenue 568,141 489,593
Expenses:
Cost of services rendered 26 393,805 340,387
Employee benefits expense 27 85,664 72,762
Finance costs 28 5,347 5,632
Depreciation and amortisation 29 15,737 17,546
Other expenses 30 35,874 33,663
Total expenses 536,427 469,990
Tax expenses:
a) Current tax 6,681 3,746
Less: MAT credit entitlement
- pertaining to current year (539) (980)
- pertaining to previous year 149 -
6,291 2,766
b) Prior year credit - (1)
c) Deferred tax charge 705 1,394
Total tax charge 6,996 4,159
Net profit before share of profit of associates and share of profit of 24,718 15,444
Minority Interest
Less: Profit attributable to Minority Interest (923) (511)
Add: Share of profit of associates 194 -
Profit for the year 23,989 14,933
Earnings per share of face value of ` 2 each 31
Basic (in `) 19.0 11.8
Diluted (in `) 19.0 11.8
Significant accounting policies 1-4
Notes to the consolidated financial statements 5-44
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21 May 2015 21 May 2015 21 May 2015
167
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2015
(` in Lakhs)
A. Cash flow from operating activities
Profits before taxation, share of profit/loss of associates and minority interest 31,714 19,603
Adjustment for:
Depreciation / amortisation on fixed assets/investment property 15,737 17,546
Gain on cancellation/settlement of derivatives (2,219) (1,479)
Provision/(reversal) for doubtful debts 1,163 (820)
Provision for doubtful advances - 12
Bad debts/advances w/off 357 503
Liaibility written back no longer required (237) (158)
Interest expense 5,347 5,632
Interest income (424) (308)
Dividend income (57) (54)
Profit on sale of fixed assets (2) (167)
Rental Income (471) (419)
Profit on sale of current investments (net) (619) (480)
Profit on sale of trade investments (net) (3) (88)
Unrealised foreign exchange gain/(loss) (net) (15) 439
Effects of exchange differences on translation of assets and liabilities (3,623) (2,974)
Expense written back on lapse of employee stock options - (39)
Operating profit before working capital changes 46,648 36,749
Adjustment for:
(Increase) / Decrease in trade receivable (15,985) 3,110
Decrease / (Increase) in loans and advances 1,044 (1,827)
(Increase) in inventories (26) (36)
(Increase) in unbilled revenue (2,607) (210)
Increase/(Decrease) in trade payables and current liabilities 18,958 (3,869)
(Decrease)/Increase in provisions for retirement benefits (258) 881
Cash generated from operating activities 47,775 34,798
Taxes paid (net of refunds) (4,777) (3,726)
Net cash flow provided by operating activities (A) 42,998 31,072
B. Cash flow from investing activities
Purchase of fixed assets (4,737) (15,584)
Cash paid for acquisition of subsidiary net of cash acquired - (30,624)
Proceeds from sale of trade investments 3 26
Proceeds from sale of non-current investments - 1,201
Purchase of stake in Joint ventures (41) -
Purchase of stake in associates (1,318) -
Refund of share application money - 35
Proceeds from sale of fixed assets 320 2,685
Proceeds/(purchase) from sale of current investments (net) 12,175 (3,600)
Opening cash balance of Joint venture (refer note 3 below) - 10
Inter-Company deposits realised - 1,682
Rent received 471 419
Bank deposits placed (having original maturity of more than three months) (588) (411)
Redemption/maturity of bank deposits (having original maturity of more than three 200 590
months)
Dividend received 57 54
Payment of dividends to Minority group (1,234) (691)
Purchase of Minority stake (5,193) -
Purchase consideration paid (806) -
Interest income 424 308
Net cash flows (used in)investing activities (B) (268) (43,900)
168
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2015 (Continued)
(` in Lakhs)
C. Cash flow from financing activities
Proceeds from long-term borrowings 18,990 58,616
Repayment of long-term borrowings (54,796) (40,449)
Proceeds from short-term borrowings 10,308 8,649
Repayment of short-term borrowings from banks(net) (6,731) (7,225)
Bills of exchange (net) 410 500
Interest paid (5,498) (5,856)
Dividend and dividend tax paid (3,097) (2,219)
Realisation/settlement of derivatives 2,219 1,479
Loan given to associate (1,374) -
Net cash flow (used in)/ provided by financing activities (C) (39,570) 13,495
Net increase in cash and cash equivalent (A+B+C) 3,160 667
Opening Balance of Cash and Cash equivalents (refer note 3 below) 15,964 13,139
(Less)/Add: Exchange Difference on Translation of Foreign Currency Cash and cash (2,552) 2,158
Equivalents on Opening Cash and Cash Equivalents
Add: Cash balance of acquired Joint ventures 41 -
(Less): Cash balance of desubsidarised subsidiaries (20) -
Closing balance of Cash and Cash equivalents (refer note 2 below) 16,594 15,964
3,160 667
Notes
1. The above Cash flow statement has been prepared under the indirect method set
out in Accounting Standard-3, Cash Flow Statement prescribed in the Companies
(Accounting Standard) Rules, 2006, which continue to apply under Section 133 of
The Companies Act 2013, read with rule 7 of the Companies (Account) Rules, 2014.
2. Cash and cash equivalents at year end comprises:
Cash on hand 261 250
Cheques/drafts on hand - 1
Balances with scheduled banks 16,037 15,201
- current accounts 16,307 15,201
- fixed deposit accounts 9 487
- exchange earners foreign currency account 15 23
- dividend account* 2 2
16,594 15,964
*The Company can utilise these balance only towards settlement of unclaimed dividends
3. During the previous year, the Company has consolidated a joint venture company
which was not consolidated in the earlier year as the operations of the same were
not considered to be material.The effect on account of consolidation of the opening
balance has not been considered in the above consolidated cash flow statement
except for opening cash and bank balance which have been disclosed under cash
flow from investing as opening cash balance of joint venture amounting to 10
lakhs.
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21 May 2015 21 May 2015 21 May 2015
169
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2015
1 Company overview
Allcargo Logistics Limited (the Companyand its subsidiaries, associates, jointly controlled entities collectively referred to
as Group) is a leading multinational company engaged in providing integrated logistics solutions and offers specialised
logistics services across multimodal transport operations, inland container depot, container freight station operations,
Contract logistics operations and project and engineering solutions. The Company is listed on Bombay Stock Exchange
Limited and National Stock Exchange of India Limited.
2 Principles of consolidation
The consolidated financial statements relate to Allcargo Logistics Limited (the Company) and all of its subsidiary
companies and companies controlled, that is, companies over which the Company exercises control / joint control over
ownership and voting power and associates and jointly controlled entities (herein after collectively referred to as the
Group). The consolidated financial statements have been prepared on the following basis:
a. The financial statements of the Company together with audited / unaudited financials statements of its subsidiaries,
associates and jointly controlled entities as described in note 36 have been considered for the purpose of consolidation.
The financial statements of the Company, its subsidiaries and jointly controlled entities are combined on a line-by-
line basis by adding together the book values of like items of assets, liabilities, income and expenses after fully
eliminating intra-group balances and intra-group transactions and resultant unrealised profits or losses in accordance
with the accounting principles generally accepted in India (Indian GAAP) and comply with the Accounting standards
prescribed in the Companies (Accounting Standards) Rules, 2006 which continue to apply under Section 133 of the
Companies Act, 2013 read with rule 7 of the Companies (Account) Rules, 2014 and other relevant provisions of the
Companies Act, 2013 (the Act), to the extent applicable. The financial statements are presented in Indian rupees
rounded off to the nearest lakhs.
b. In translating the financial statements of a non-integral operation for incorporation in the consolidated financial
statements, the assets and liabilities, both monetary and non-monetary, of the non-integral operation are translated
at the closing exchange rate; income and expense items of the the non-integral operation are translated using the
average exchange rates prevailing during the reporting period. All resulting exchange differences are accumulated in
foreign currency translation reserve until the disposal of the net investment.
c. On the disposal/closure of a non-integral operation, the cumulative amount of the exchange differences which have
been deferred and which relate to that operation are recognised as income or expense in the same period in which
gain/loss on disposal of the operation is recognised.
d. Investments in subsidiaries are eliminated and differences between the costs of investment over the net assets on
the date of the investment in subsidiaries are recognised as goodwill or capital reserve, as the case may be.
e. Minority interests share of net profit of consolidated subsidiaries for the period is identified and adjusted against the
income of the Group in order to arrive at the net income attributable to the equity shareholders of the Company.
f. Minoritys share of net assets of consolidated subsidiaries is identified and presented in the consolidated balance
sheet as a separate item from liabilities and the shareholders equity.
g. Investments in jointly controlled entities are dealt in accordance with Accounting Standard (AS) 27 Financial
Reporting of Interests in Joint Ventures using the proportionate consolidation method. The Company discontinues
the use of proportionate consolidation from the date it ceases to have joint control over a jointly controlled entity but
retains, either in whole or in part, its interest in the jointly controlled entity. From the date of discontinuing the use of
the proportionate consolidation, interest in the jointly controlled entity is accounted as an investment in accordance
with Accounting Standard (AS) - 13 Accounting for Investments, or in accordance with Accounting Standard
(AS) - 23 Accounting for Investments in Associates in Consolidated Financial Statements, as appropriate. For this
purpose, cost of the investment is determined as the Companys share in the net assets of the jointly controlled
entity as at the date of discontinuance of proportionate consolidation and is adjusted with the carrying amount of
the relevant goodwill/capital reserve, if any.
h. Investment in associates, where the Company directly or indirectly through Subsidiaries holds 20% or more of
equity, are accounted for using equity method in accordance with Accounting Standard (AS) - 23 Accounting for
Investments in Associates in Consolidated Financial Statements. The Company accounts for its share in the change
of the net assets of the associates, post acquisition after eliminating unrealised profits and losses resulting from
transactions between the Company and its associates to the extent of its share, through its statement of profit and
170
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2015 (Continued)
loss to the extent such change is attributable to the Associates statement of profit and loss, based on available
information. Investments in associate companies, which have been made for temporary purposes with an intent to
dispose of in near future have not been considered for consolidation.
i. If, under the equity method, the Companys share of losses of an associate equals or exceeds the carrying amount
of the investment, the Company discontinues recognizing its share of further losses and the investment is reported
at nil value. Additional losses are provided for to the extent that the Company has incurred obligations or made
payments on behalf of the associate to satisfy obligations of the associate that the Company has guaranteed or to
which the Company is otherwise committed. If the associate subsequently reports profits, the Company resumes
including its share of those profits only after its share of the profits equals the share of net losses that have not been
recognised.
j. The excess of cost to the Company of its investments in subsidiaries over its share of the equity of the subsidiaries
at the date on which the investment in subsidiaries are made, is recognised as Goodwill on Consolidation being an
asset in the consolidated financial statements. Alternatively, where the share of equity in the subsidiary companies
as on the date of investment is in excess of the investment of the Company, it is recognised as Capital Reserve
and shown under the head Reserves and surplus in the consolidated financial statements. Impact of currency
translation on such Goodwill and Capital Reserve is adjusted in the respective carrying amounts.
k. Goodwill on consolidation is not amortised but is tested for impairment on each balance sheet date and impairment
losses are recognised, where applicable.
l. As far as possible, the consolidated financial statements are prepared using uniform accounting policies for like
transactions and other events in similar circumstances and are presented in the same manner as the Companys
standalone financial statements.
m. The financial statements of the entities used for the purpose of consolidation are drawn upto the same reporting date
as that of the parent Company, i.e. 31 March 2015.
n. Investments other than in subsidiaries, associates and joint ventures are accounted as per the Accounting Standard
(AS) - 13 Accounting for Investments.
3 Significant accounting policies

The accounting policies set out below have been applied consistently to the periods presented in these consolidated
financial statements.
(a) Basis of preparation of consolidated financial statements
These consolidated financial statements have been prepared and presented under the historical cost convention,
on the accrual basis of accounting in accordance with the accounting principles generally accepted in India (Indian
GAAP) and comply with the Accounting standards prescribed in the Companies (Accounting Standards) Rules,
2006 which continue to apply under Section 133 of the Companies Act, 2013 read with rule 7 of the Companies
(Account) Rules, 2014 and other relevant provisions of the Companies Act, 2013 (the Act), to the extent applicable
read with General Circular 39/2014 dated 14 October 2014 issued by the Ministry of Corporate Affairs. The financial
statements are presented in India rupees rounded off to the nearest lakhs.
All assets and liabilities have been classified as current or non-current as per the Companys normal operating cycle
and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of the services and the time
between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has
ascertained its operating cycle as twelve months for the purpose of current or non-current classification of assets
and liabilities.
(b) Use of Estimates
The preparation of the consolidated financial statements in conformity with Generally Accepted Accounting
Principles in India requires the management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on the date of the consolidated financial statements.
Management believes that the estimates made in the preparation of the consolidated financial statements are prudent
and reasonable. Actual results could differ from those estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
171
(c) Fixed assets and depreciation/amortisation

Fixed assets are stated at cost less accumulated depreciation / amortisation and impairment losses, if any. Cost
comprises of purchase price and any attributable cost such as duties, freight, borrowing costs, erection and
commissioning expenses incurred in bringing the asset to its working condition for its intended use.
Until 31 March 2012, in respect of accounting period commencing on or after 7 December 2006 and ended on or
before 31 March 2011, further extended to period ended on or before 31 March 2012 and subsequently extended
till period ending on or before 31 March 2020, consequent to the insertion of paragraph 46 of Accounting Standard
(AS) - 11 The Effects of Changes in Foreign Exchange Rates, notified under the Companies (Accounting Standards)
Rules, 2006, [as more fully explained in Note no.3(n)], the cost of depreciable capital assets includes foreign exchange
differences arising on translation of long term foreign currency monetary items as at the balance sheet date in so far
as they relate to the acquisition of such assets.
of Corporate Affairs inserting the paragraph 46A of the Accounting Standard (AS) - 11 The Effects of Changes in
Foreign Exchange Rates, notified under the Companies (Accounting Standards) Rules,2006, the Group opted to
record foreign exchange transaction for all long term monetary liabilities, as per paragraph 46A of AS-11.
Advance paid/ expenditure incurred on acquisition / construction of fixed asset or assets which are not ready for
their intended use at each balance sheet date are disclosed under loans and advances on capital account or capital
work-in-progress respectively.Leases under which the company assumes substantially all the risks and rewards
of ownership are classified as finance leases. Assets taken on finance lease are initially capitalised at fair value of
the asset or present value of the minimum lease payments at the inception of the lease, whichever is lower. Lease
payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance
charge is allocated to periods during the lease term so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Till the previous year ended 31 March 2014, depreciation on fixed assets (including investment property) except
leasehold improvements was provided on straight line method in the manner and rates prescribed in Schedule
XIV to the Companies Act 1956. Pursuant to the Act being effective from 1 April 2014, the group has revised the
depreciation rates on fixed assets, other than for class of assets categorised under Heavy Equipment and Office
Equipment , as per the useful life specified in Part C of Schedule II of the Act. Consequently, depreciation charge
for the year ended 31 March 2015 is higher by ` 1,485 lakhs due to change in the estimated useful life of certain
assets. Further, an amount of ` 321 lakhs has been adjusted against the opening balance of Retained Earnings, net
of deferred tax ` 153 lakhs on the same as on 1 April 2014, in respect of the residual value of assets wherein the
remaining useful life has become nil.
For class of assets categorised under Heavy Equipment and Office Equipment, based on internal assessment,
the management believes that these assets have useful lifes of 12 and 2 years respectively, which are lower and
different from the useful lives as prescribed under Part C of Schedule II of the Act.
Leasehold improvements are amortised over the primary period of lease.On ocean going vessels, depreciation is
charged on remaining estimated useful life of asset under straight line method.
In the case of foreign subsidiaries, the tangible assets are depreciated on a straight line basis, based on
rules fixed in relation to the expected economic life of these assets in the Group without taking into account any
residual value. The impact of depreciation due to difference in depreciation rates used by these subsidiaries and that
prescribed under Part C of Schedule II of the Act is not material .
(d) Intangible assets and amortisation
Intangible assets comprises of goodwill on amalgamation in the nature of merger (which has been fully amortised
during the previous year ended 31 March 2014), computer software, research and development rights, non compete
agreement arising on account of Econocaribe acquisitions, licenses, leasing and software. The intangible assets are
recognised when the asset is identifiable, is within the control of the Group, it is probable that the future economic
benefits that are attributable to the asset will flow to the Group and cost of the asset can be reliably measured.
Acquired intangible assets are recorded at the consideration paid for acquisition. Intangible assets are amortised on
a straight line basis method as per the rates mentioned below:
172
Asset class Rate of amortisation

Research and development 20%
Patent and licenses 20%
Non compete agreement (on account of acquisition) 20%
Software 20%
Leasing and similar rights 20%
(e) Impairment of assets
The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If
any such indication exists, the Group estimates the recoverable amount of the asset. The recoverable amount is
the greater of the net selling price and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value based on an appropriate discount factor. If such recoverable amount of the asset
or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount,
the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is
recognised in the statement of profit and loss. If at the consolidated balance sheet date there is an indication that
a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount subject to a maximum of depreciable historical cost.
(f) Investments
Investments that are readily realisable and intended to be held for not more than a year from the date of acquisition
are classified as current investments. All other investments are classified as long- term investments. However, part of
long-term investments which is expected to be realised within 12 months after the reporting date is also presented
under current assets as current portion of long-term investment in consonance with the current/ non-current
classification scheme of Schedule III to the Act. Long-term investments (including current portion thereof) are carried
at cost less any other-than-temporary diminution in value, determined separately for each individual investment.
Current investments are carried at lower of cost and fair value. The comparison of cost and fair value is done
separately in respect of each category of investments. Any reduction in the carrying amount and any reversals of
such reductions are charged or credited to the statement of profit and loss.
(g) Investment property
Investment in land or buildings that are not intended to be occupied substantially for use by, or in operations of the
Group or held for rental purpose is classified as investment property. It is measured at cost on initial recognition.
Cost includes expenditure that is directly attributable to the acquisition or construction of the investment property.
Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from
disposal and the carrying amount of the property) is recognised in the consolidated statement of profit and loss.
(h) Inventories
Inventories include spares and consumables for heavy equipment assets, bunker and lube oil. The same is valued
at cost or net realisable value whichever is lower. The cost is determined on first in first out basis and includes all
charges incurred for bringing inventories to their present condition and location.
(i) Borrowing costs
Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are treated as
direct cost and are considered as part of cost of such assets. A qualifying asset is an asset that necessarily requires
a substantial period of time to get ready for its intended use or sale. Capitalisation of borrowing costs is suspended
in the period during which the active development is delayed beyond reasonable time due to other than temporary
interruption. All other borrowing costs are charged to the consolidated statement of profit and loss as incurred.
(j) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. The amount recognised as revenue is exclusive of service tax / sales tax / VAT
and is net of trade discounts.
i. Multimodal Transport Income:
Export revenue is recognised on sailing of vessel and import revenue is recognised upon rendering of related services.
173
ii) Container freight station Income:

Income from Container Handling is recognized as related services are performed.
Income from Ground Rent is recognized for the period the container is lying in the Container Freight Station. However, in
case of long standing containers, the income is accounted on accrual basis to the extent of its recoverability.
iii) Project and equipment income:
Revenue for project division includes rendering of end to end logistics services comprising of activities related
to consolidation of cargo, transportation, freight forwarding and customs clearance services. Income from
project division is recognised when the outcome of the service contract can be estimated reliably; contract
revenue and costs are recognised as income and expense when the related activities are performed, measured
by reference of the contract activity at the reporting date. When it is probable that total contract costs will
exceed total contract revenue, the expected loss is recognised as an expense immediately.
Equipment division earns revenue from hiring of cranes, trailers and other fleets. Income from hiring of fleets is
recognised on the basis of actual usage of the Companys fleets, per the contractual terms.
iv) Vessel Operating Business:
In case of Vessel Operating Business, Freight and Demurrage earnings are recognised on completed voyage
basis. Charter Hire Earnings are accrued on time basis.
v) Contract Logistics Income:
Contract Logistics service charges and management fees are recognised as and when the service is performed
as per the contractual terms.
vi) Others:
Reimbursement of cost is netted off with the relevant expenses incurred, since the same are incurred on behalf
of the customers.
Interest income is recognized on time proportion basis.
Dividend income is recognized when the right to receive dividend is established.
Profit/loss on sale of current investment is computed with reference to their average cost.
(k) Taxation
Income tax expense comprises current income tax and deferred tax charge or credit.
Current tax provision is made annually based on the tax liability computed in accordance with applicable tax rates
and tax laws.
The deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and
taxable income for the period) and the corresponding deferred tax liabilities or assets are recognised using the tax
rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised
only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is
unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if
there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed at each balance sheet date
and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be
realized.
Minimum Alternative Tax (MAT) credit is recognized as an asset in accordance with the recommendations contained
in the Guidance Note issued by the Institute of Chartered Accountants of India. The said asset is created by way of
a credit to the statement of profit and loss and shown as MAT Credit Entitlement. The Group reviews the same at
each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no
longer convincing evidence to the effect that Group will pay normal Income Tax during the specified period.
(l) Employee benefits
(1) Short-term employee benefits
Employee benefits payable wholly within twelve months of availing employee services are classified as short-
term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted
amount of short-term employee benefits such as salaries and wages, bonus and ex-gratia to be paid in exchange
of employee services are recognised in the period in which the employee renders the related service.
174
(2) Post employment benefits

Defined contribution plans:
In accordance with Indian regulations, all employees of the Indian entities receive employee benefits in the form
of Provident Fund and Employees State Insurance which are a defined contribution plan and the contributions
are charged to the consolidated statement of profit and loss of the year when such contribution to such funds
is due. In respect of overseas entities, the Groups contribution towards defined contribution benefit plan is
accrued in compliance with the domestic laws of the country in which the consolidated foreign entities operate.
Defined benefit plan:
In case of defined benefit plans such as gratuity, the Groups net obligation in respect of the benefit scheme is
calculated by estimating the amount of future benefit that employees have earned in return for their service in
the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any
plan assets is deducted.
The present value of the obligation under such defined benefit plan is determined based on actuarial valuation
done by an independent actuary using the Projected Unit Credit Method at each balance sheet date, which
recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures
each unit separately to build up the final obligation.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for
determining the present value of the obligation under defined benefit plan, are based on the market yields on
Government securities as at the balance sheet date.
When the calculation results in a benefit to the Group, the recognised asset is limited to the net total of any
unrecognised actuarial losses and past service costs and the present value of any future refunds from the plan
or reductions in future contributions to the plan.
Actuarial gains and losses are recognised immediately in the consolidated statement of profit and loss.
3. Other long-term employed benefits
Compensated absences:
Compensated absences which are not expected to occur within twelve months after the end of the period in
which the employee renders the related services are recognised as a liability at the present value of the defined
benefit obligation at the balance sheet date as determined by an independent actuary based on projected unit
credit method. The discount rates used for determining the present value of the obligation under other long term
employment benefits plan, are based on the market yields on Government securities as at the consolidated
balance sheet date.
(m) Employees Stock Options Plan
In respect of stock options granted pursuant to the Groups Employee Stock Option Scheme (ESOS), the intrinsic
value of the options (excess of market price of the share over the exercise price of the option) is treated as discount
and accounted as employee compensation cost over the vesting period in accordance with SEBI (Employee Stock
Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 as amended from time to time.
(n) Foreign currency transactions
Foreign currency transactions are recorded at the spot rates on the date of the respective transactions. Exchange
differences arising on foreign exchange transactions settled during the year are recognised in the consolidated
statement of profit and loss of the year.
The Central Government has vide its notification dated 31 March 2009 amended Accounting standard (AS) -11, The
Effects of Changes in Foreign Exchange Rates, notified under the Companies (Accounting Standards) Rules, 2006,
to the extent it relates to the recognition of losses or gains arising on restatement of long-term foreign currency
monetary items in respect of accounting periods commencing on or after 7 December 2006 and ended on or before
31 March 2011. This notification had been further extended to period ended on or before 31 March 2012 and
subsequently extended till period ending on or before 31 March 2020.
As stipulated in the notification, the Group has exercised the option to adopt the following policy irrevocably and
retrospectively for accounting periods commencing from 1 April 2007.
175
of Corporate Affairs inserting the paragraph 46A of the Accounting standard (AS) -11 The Effects of Changes in
Foreign Exchange Rates, notified under the Companies (Accounting Standards) Rules, 2006, the Company opted
to record foreign exchange transaction for all long term monetary liabilities, as per paragraph 46A of AS 11.
Long-term monetary assets and liabilities, other than those which form part of the Groups net investment in non-
integral foreign operations, denominated in foreign currency as at the balance sheet date are translated at the
exchange rate prevailing on the balance sheet date and the net exchange gain / loss on such conversion, if any, is:
(a) adjusted to the cost of the asset, where the long-term foreign currency monetary items relate to the acquisition
of a depreciable capital asset (whether purchased within or outside India), and depreciated over the balance life
of the assets; and,
(b) accumulated in Foreign Currency Monetary Item Translation Difference Account (FCMITDA) and amortised
over the balance period of long-term monetary asset / liability, relating to non depreciable assets.
Other monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated
at the closing exchange rates on that date; the resultant exchange differences are recognised in the consolidated
statement of profit and loss. Non-monetary asset such as investments in equity shares, etc. are carried forward in
the balance sheet at costs.
(o) Operating lease
Lease rentals in respect of assets acquired on operating leases are recognized in the consolidated statement of profit
and loss on a straight line basis over the lease term.
Assets given by the Company and the Group under operating lease are included in fixed assets. Lease income
from operating leases is recognised in the consolidated statement of profit and loss on a straight line basis over the
lease term unless another systematic basis is more representative of the time pattern in which benefit derived from
the leased asset is diminished. Costs, including depreciation, incurred in earning the lease income are recognised
as expenses. Initial direct costs incurred specifically for an operating lease are deferred and recognised in the
consolidated statement of profit and loss over the lease term in proportion to the recognition of lease income.
(p) Earnings per share (EPS)
The Basic EPS is computed by dividing the net profit attributable to the equity shareholders for the year by the
weighted average number of equity shares outstanding during the reporting year. Diluted EPS is computed by
dividing the net profit attributable to the equity shareholders for the year by the weighted average number of equity
and dilutive equity equivalent shares outstanding during the year, except where the results would be anti-dilutive.
(q) Provision and contingent liabilities
The Group creates a provision where there is present obligation as a result of a past event that probably requires
an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a
contingent liability is made when there is a possible or a present obligation that may, but probably will not require an
outflow of resources. When there is a possible obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made. Contingent assets are not recognised in the consolidated financial
statements.
176
4. Consolidation
(a) The list of subsidiary companies, controlled directly or indirectly by the parent Company, which are included in the
consolidated financial statements are as under:
Indian subsidiaries (companies incorporated/ registered in India):-
No. COUNTRY NAME OF THE COMPANY % HOLDING

1 India Hindustan Cargo Ltd 100.00
2 India Acex Logistics Limited (formerly known as HC Logistics Limited) 100.00
3 India Credo Shipping Agencies (I) Private Limited 100.00
4 India Contech Transport Services Private Limited 100.00
5 India Comptech Solutions Private Limited 48.28
6 India Amfin Consulting Private Limited 100.00
7 India Ecu Line (India) Private Limited 100.00
8 India Allcargo Shipping Co.Private Limited 100.00
9 India South Asia Terminals Private Limited 51.00
10 India Southern Terminals & Trading Private Limited 100.00
11 India AGL Warehousing Private Limited 100.00
12 India Allcargo Logistic Park Private Limited 51.00
13 India Transindia Logistic Park Private Limited [refer note 4(e)] 100.00
14 India ECU International (Asia) Private Limited 100.00
15 India Combiline Indian Agencies Private Limited 98.95
Foreign subsidiaries:-

1 ALGERIA Ecu-Line Algerie sarl 100.00
2 ARGENTINA Ecu Logistics SA 100.00
3 BELGIUM Ecu-Line N.V. 100.00
4 BELGIUM Ecu-Logistics N.V. 100.00
5 BELGIUM FMA-LINe Holding N. V. (formerely known as Ecubro N.V.) 100.00
6 BELGIUM Ecu-Tech BVBA 100.00
7 BELGIUM Ecuhold N.V. 100.00
8 BELGIUM Ecu International N.V. 100.00
9 BELGIUM Ecu Global Services N.V. 100.00
10 BELGIUM HCL Logistics nv 100.00
11 BELGIUM AGL N.V. 100.00
12 BELGIUM Allcargo Belgium N.V. 100.00
13 BRAZIL Flamingo Line do Brasil Ltda 100.00
14 BULGARIA Ecu-Line Bulgaria EOOD 100.00
15 CHILE Ecu-Line Chile S.A. 100.00
16 CHILE Flamingo Line Chile S.A. 100.00
17 CHINA Ecu-Line Guangzhou Ltd 100.00
18 CHINA China Consolidation Services Shipping Ltd 100.00
19 CZECH REP. Ecu-Line (CZ) s.r.o. 100.00
20 ECUADOR Ecu-Line del Ecuador S.A. 100.00
21 ECUADOR Flamingo Line del Ecuador S.A. 100.00
22 EGYPT Ecu Line Egypt Ltd. 100.00
23 EL SALVADOR Flamingo Line El Salvador S.A. de CV 100.00
24 GERMANY Ecu-Line Germany GmbH 100.00
25 GHANA ELWA Ghana Limited 100.00
26 GUATEMALA Flamingo Line de Guatemala S.A. 100.00
27 HONG KONG Ecu-Line Hong Kong Ltd. 100.00
28 HONG KONG Ecu International Far East Ltd. 100.00
29 HONG KONG CCS China Consolidation Services Company Ltd. 100.00
177
4. Consolidation (Continued)
30 INDONESIA PT EKA Consol Utama Line 100.00
31 ITALY Ecu-Line Italia srl. 100.00
32 ITALY Eurocentre Milan srl. 100.00
33 IVORY COAST Ecu-Line Cte d'Ivoire Sarl 100.00
34 JORDAN Jordan Gulf for Freight Services Agencies Co.LLC 100.00
35 MALTA Ecu-Line Malta Ltd. 100.00
36 MEXICO CELM Logistics SA de CV 100.00
37 MEXICO Ecu Logistics de Mexico SA de CV 100.00
38 MOROCCO Ecu-Line Maroc S.A. 100.00
39 NETHERLANDS Ecu-Line Rotterdam BV 100.00
40 NETHERLANDS Rotterdam Freight Station BV 100.00
41 PANAMA Ecu-Line de Panama SA 100.00
42 PARAGUAY Ecu-Line Paraguay SA 100.00
43 PHILIPPINES Ecu-Line Philippines Inc. 100.00
44 POLAND Ecu-Line Polska SP. Z.o.o. 100.00
45 QATAR Ecu-Line Doha W.L.L. 100.00
46 ROMANIA Ecu-Line Romania SRL 100.00
47 SINGAPORE Ecu-Line Singapore Pte. Ltd. 100.00
48 SOUTH AFRICA Ecu-Line South Africa (Pty.) Ltd. 100.00
49 SPAIN Ecu-Line Spain S.L. 100.00
50 SPAIN Mediterranean Cargo Center S.L. (MCC) 100.00
51 SRI LANKA Ecu Line Lanka (Pvt) Ltd. 100.00
52 TUNISIA Socit Ecu-Line Tunisie Sarl 100.00
53 TURKEY Ecu Uluslarasi Tas. Ve Ticaret Ltd. Sti. 100.00
54 UNITED ARAB China Consolidated Company Ltd. 100.00
EMIRATES
55 UNITED ARAB Star Express Company Ltd. 100.00
EMIRATES
56 UNITED KINGDOM Ecu-Line UK Ltd. 100.00
57 URUGUAY DEOLIX S.A. 100.00
58 URUGUAY Compania Logistica de Distribucion SA 100.00
59 URUGUAY Guldary S.A. 100.00
60 VENEZUELA Administradora House Line C.A. 100.00
61 MAURITIUS Ecu-Line Mauritius Ltd. (formerly known as a Ecu Line 100.00
(Indian Ocean Island) Ltd.
62 DUBAI Asia Line Ltd 100.00
63 VENEZUELA Consolidadora Ecu- Line C.A 100.00
64 KENYA Ecu Shipping Logistics (K) Ltd. 99.90
65 UNITED ARAB Ecu-Line Middle East LLC 86.00
EMIRATES
66 MALAYSIA Ecu-Line Malaysia Snd. Bhd.(Formerly known as Ecu-Line 100.00
(Johor Bahru) Snd. Bhd.)
67 UNITED ARAB Eurocentre FZCO 84.62
EMIRATES
68 KENYA Ecu-Line Kenya Ltd. 82.00
69 UNITED ARAB Ecu-Line Abu Dhabi LLC 75.50
EMIRATES
70 HONG KONG CCS Shipping Ltd. 75.00
71 PERU Flamingo Line del Peru S.A. 70.00
72 PERU Ecu-Line Peru S.A. 70.00
73 JEDDAH Ecu-Line Saudi Arabia LLC 70.00
74 ZIMBABWE Ecu-Line Zimbabwe (Pvt) Ltd. 70.00
178
75 JAPAN Ecu-Line Japan Ltd. 65.00
76 UNITED KINGDOM S.H.E. Maritime Services Ltd. 100.00
77 AUSTRALIA Ecu-Line Australia Pty Ltd. 60.00
78 NEW ZEALAND Ecu-Line NZ Ltd. 60.00
79 THAILAND Ecu-Line (Thailand) Co. Ltd. 57.00
80 CYPRUS Ecu-Line Mediterranean Ltd. 55.00
81 CHINA China Consolidation Services Ltd. 51.00
82 SWITZERLAND Ecu-Line Switzerland GmbH 51.00
83 CANADA Ecu-Line Canada Inc 50.00
84 CHILE Cargo Freight Stations, S.A 50.00
85 VIETNAM Ocean House Ltd. 51.00
86 COLOMBIA Ecu-Line de Colombia S.A 100.00
87 COSTARICA Conecli International S.A 100.00
88 BELGIUM European Customs Broker NV 70.00
89 VIETNAM Ecu-Line Vietnam Co.Ltd 51.00
90 USA Econocaribe Consolidators, Inc 100.00
91 USA OTI cargo Inc 100.00
92 USA Port International Inc 100.00
93 USA Ecoline Storage Corp 100.00
94 USA ECI Customs Brokerage, Inc 100.00
95 AUSTRALIA Integrity Enterprises Pty Ltd 100.00
96 USA PRISM Global LLC 100.00
97 NETHERLANDS FCL Marine Agencies B.V. 100.00
98 HONG KONG Prism Global Ltd. (Foremerely known as Ecu Line Ltd) 100.00
99 FRANCE FMA-LINE France S.A.S. 100.00
100 BRAZIL Centro Brasiliero de Armazenagem E Distribuiao Ltda 50.00
101 FRANCE FMA line France S.A.S 100.00
102 UNITED ARAB Allcargo Logistics LLC 49.00
EMIRATES
(b) The list of associate companies and joint controlled entities considered in the consolidated financial statements is
as under (refer note 4(f):
COUNTRY OF NATURE OF %
NAME OF THE COMPANY
INCORPORATION INTEREST HOLDING
FCL Marine Agencies Belgium bvba (w.e.f 19 March 2014) Belgium Associate 50.00%
Transworld Logistics and Shipping Services Inc. (Upto 15 August USA Associate 45%
2013 as the Company has sold its entire 45% stake as on that date)
FCL Marine Agencies Gmbh (Hamburg) (w.e.f 03 September 2014) Germany Associate 33.33%
FCL Marine Agencies Gmbh (Bremen) (w.e.f 03 September 2014) Germany Associate 33.33%
Sealand Warehousing Private Limited (ceased to be Associate India Associate 26%
w.e.f 29 November, 2013)
Gujarat Integrated Maritime Complex Pvt. Ltd (ceased to be India Associate 26%
Associate w.e.f 29 November, 2013)
International Negotiation Associates N.V Belgium Associate 25%
Fasder S.A.(w.e.f 05 August 2014) Uruguay Joint Venture 50%
Ecu Logistics Peru SAC (w.e.f 29 December 2014) Peru Joint Venture 50%
Transnepal Freight Services Private Limited Nepal Joint Venture 50%
179
(c) From the beginning of the previous year, the Company has consolidated Transnepal Freight Services Private Limited,
which were not consolidated in the during the year ended 31 March 2013, as the operations of the same were
not considered to be material in that year. Necessary effects are given in the previous year consolidated financial
statements.
(d) During the previous year, the Company, through its step down wholly owned subsidiary company Ecuhold N.V.,
acquired 100% stake in an United States based logistic company Econocaribe Consolidators and 75% stake in
Rotterdam based FCL Marine Agencies B.V. Econocaribe Consolidatores is a leading Less then Container Load (LCL)
consolidator (NVOCC) in the United States. Econocaribe Consolidators specialises in freight consolidation and Full
Container Load (FCL) services to Latin America, the Caribbean, Europe, the Mediterranean, the Middle East, Africa
and Asia. They also offer import LCL/FCL transportation services from around the world into the United States and
Puerto Rico. FCL Marine Agencies Rotterdam is a leading neutral NVO service provider in FCL segment, operating
in Europe, USA and Canada.
Further, the Company, through its step down wholly owned subsidiary company Ecuhold N.V., acquired balance 25%
stake in FCL Marine Agencies B.V. The same is engaged in Multimodal Transport operations.
(e) During the current year, the Company has acquired the balance 30% shares of Transindia Logistics Park Privat
Limited (TLPPL), from the erstwhile promoters and shareholders on the terms and conditions contained in Share
Purchase Cum Shareholders Agreement. Pursuant to the acquisition, TLPPL has become wholly owned subsidiary
of the Company with effect from 22 April 2014.
(f) Asia Line Limited, a wholly owned subsidiary of the Company, has invested ` 3 lakhs and holds 33.33% holding
in the share capital of Love all sports Holdings FZE (acquired on 19 October 2014). Management has acquired this
investment on a temporary basis and since the the intention of the management is to dispose this investment in the
near future, the said investment is accounted at cost and classified as Current Investments in accordance with the
requirements of Accounting Standard (AS) -13 Accounting for Investments (refer note 19)
(g) Goodwill of ` 1,321 lakhs arising from the acquistion of various associates is included in the carrying value of the
respective investments in the associates.
(h) During the year, Allcargo Belgium N.V. (wholly owned subsidiary of the Company), had disposed off its entire holding
in Translogistik Internationale Spedition GmbH, Flamingo line brasil ltda. Resulting this disposal, the Company has
written off Goodwill of ` 150 lakhs and necessary adjustment to reserves has been reflected.
(i) Minority interest reconciliation during the year includes profit attributable to minority interest amounting to ` 923
lakhs and is net off of (a) ` 1,497 lakhs paid to acquire additional stake in various subsidiaries (b) ` 1,234 lakhs paid
as dividend to minority interest in various subsidiaries (c) Movement in foreign currency translation of ` 619 lakhs.
(j) The financial statements of foreign subsidiaries at Serial numbers 25,51,66,76, 102 (under the table of foreign
subsidiaries) are unaudited and are consolidated based on management certified financial statements/ information.
Further all associates and jointly controlled entities as listed in 4(b) above are unaudited and are consolidated based
on management certifies financial statements/ information.
5. Share Capital (` in Lakhs
Particular 31 March 2015 31 March 2014
Authorised capital:
177,475,000 (previous year: 177,475,000) equity shares of ` 2 each (refer note 41) 3,550 3,550
5,000 (previous year: 5,000) 13% non cumulative redeemable preference shares of 5 5
` 100 each
500 (previous year: 500) 4% cumulative preference shares of ` 100 each 1 1
3,556 3,556
Issued, subscribed and paid up:
126,047,762 (previous year: 126,047,762) equity shares of ` 2 each, fully paid up 2,521 2,521
(refer note 41)
3,000 (previous year: 3,000) 13% non cumulative redeemable preference shares of 3 3
` 100 each, fully paid up
2,524 2,524
180
5. Share Capital (Continued)

Sub-notes :
i. Reconciliation of the number of equity shares and preference shares outstanding at the beginning and at the
year end is set as below:
31 March 2015 31 March 2014

Number of Amount Number of Amount
Equity shares
shares shares
(Units) (` in lakhs) (Units) (` in lakhs)
At the commencement of the year 126,047,762 2,521 126,037,382 2,521
Add: Shares issued on exercise of employee - - 10,380 @
stock options during the year (2015: Nil; @
previous year: ` 20,760)
At the end of the year 126,047,762 2,521 126,047,762 2,521
13% Non cumulative redeemable 31 March 2015 31 March 2014

preference shares
Number of Amount Number of Amount
shares shares
(Units) (` in lakhs) (Units) (` in lakhs)
At the commencement of the year 3,000 3 3,000 3
Add: Shares issued during the year - - - -
At the end of the year 3,000 3 3,000 3
ii. Rights, preferences and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends
and share in the Companys residual assets. The equity shares are entitled to receive dividend as declared from time
to time . During the year ended 31 March 2015, the Company has paid an interim dividend of ` 0.60 per equity share
(previous year: dividend of Re Nil per share) and also proposed final dividend of ` 1.40 per equity share (previous
year: dividend of ` 1.50 per equity share). The voting rights of an equity shareholder on a poll (not on show of hands)
are in proportion to its share of the paid-up equity capital of the Company.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the
Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
iii. Rights, preferences and restrictions attached to preference shares
13% Non cumulative redeemable preference shares of ` 100 each shall be redeemed at the end of the 10th year
from the date of allotment of preference shares at par or at a premium, either wholly or partly in one or more tranche
at the option of the Company as may be determined by the Board of Directors of the Company from time to time.
The preference shareholder shall be entitled to the dividend on the said preference shares @ 13% per annum as and
when declared by the Company in accordance with the provisions of the Companies Act, 2013.
iv. Employee stock options
Terms attached to stock options granted to employees are described in note 38 regarding employee share based
payments.
181
5. Share Capital (Continued)

v. Particulars of shareholders holding more than 5% of a class of shares
31 March 2015 31 March 2014
Name of equity shareholder % of total % of total

Number shares in the Number shares in the
class class
Equity shares of ` 2 each fully paid-up held by-
- Mr.Shashi Kiran Shetty 78,623,390 62.38 81,623,390 64.76
31 March 2015 31 March 2014
Name of preference shareholder % of total % of total
Number shares in the Number shares in the
class class
13% Non cumulative Redeemable Preference
shares of ` 100 each fully paid-up held by-
- Sealand Holdings Private Limited 3,000 100 3,000 100
vi. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting date :
During the five-year period ended 31 March 2015 (31 March 2014)
Transactions during the five-year Year ended 31 March Period Year ended 31
period ended 31 March 2015 (no. of ended December
shares) 31 March
2015 2014 2013 2012 2010 2009
(i) Equity shares of ` 2 each, fully paid
up, alloted as bonus shares by
- 1,080 - 3,604 8,738 -
capitalisation of general reserve and
securities premium account (-) (1,080) (-) (3,604) (8,738) (3,880)
(ii) Equity shares of ` 2 each issued
under Employee Stock Option Plans
- 9,300 - 26,750 33,860 -
for which only exercise price has
been recovered in cash (-) (9,300) (-) (26,750) (33,860) (16,355)
(iii) During the year ended 31 March 2013, the Company has bought back and extinguished 4,136,449 equity
shares at an average price of ` 139.69 per equity share for an aggregate amount of ` 5,817 lakhs.
6. Reserves and surplus (` in Lakhs)

Capital reserves
Less : Exchange gain/(loss) movement during the year (1,687) 1,460
Securities premium account
Add : Securities premium received on shares issued on Employee stock options - 14
exercised
Less: Effect of Cancellation of Investments made by Merged entity in the holding - (635)
company (refer note 41)
Add: Consequent to changes in Groups' Interest [refer note 4(e)] 396 -
Less: Capitalised on issue of Bonus shares issued during the year (2015: Nil; - #
#Previous year: ` 2,160)
182
6. Reserves and surplus (Continued)

Employee stock options outstanding account
At the commencement of the year - 53
Less: Employee stock option exercised during the year - (14)
Less: Employee stock option lapsed during the year - (39)
At the end of the year - -
General reserve
Add : Amount transferred from surplus - 561
Add : Transfer on account of scheme of amalgamtion (refer note 41) - 1,332
Add : Exchange gain/(loss) movement during the year (885) 771
Capital redemption reserve
Tonnage Tax reserve
At the commencement of the year 18 -
Add : Amount transferred from Surplus 42 18
At the end of the year 60 18
Tonnage Tax reserve (utilised)
Exchange Translation reserve
Add : Exchange gain/(loss) movement during the year (6,501) 4,800
Foreign currency monetary item translation difference account
At the commencement of the year - -
Add: Exchange loss/ (gain) arising on reinstatement of foreign currency term loan (620) -
Less: Amount amortised during the year to consolidated statement of profit and loss 191 -
At the end of the year (429) -
Surplus in consolidated statement of profit and loss
Add : Brought forward loss [refer note 4(c)] - 21
Add : Transfer on account of scheme of amalgamtion (refer note 41) - 11
Add : Profit for the year 23,989 14,933
Less: Adjustment for depreciation (net of deferred tax ` 153) (refer note 3(c), 14) (321) -
Less : Consequent to changes in Groups' Interest [refer note 4(h)] (86) -
Add : Elimination on disposal of Joint venture [refer note 40(A)] - 19
117,197 96,406
Less : Appropriations
- Proposed equity dividend [` .1.40 per share (previous year: ` 1.50)] per equity 1,765 1,891
share of ` 2 each
- Tax on proposed equity dividend 359 321
- Interim equity dividend [Re 0.60 per share (previous year: Re Nil)] per equity share 756 -
of ` 2 each
- Tax on interim equity dividend 129 -
- Transfer to tonnage tax reserve 42 18
- Transfer to general reserve - 561
Total appropriations 3,051 2,791
Net surplus in the statement of consolidated profit and loss 114,146 93,615
Total reserves and surplus 188,255 176,788
183
7. Long-term borrowings (` in Lakhs)

Non-current portion Current portion *
Particulars
Term loans (secured)
From banks 32,754 47,010 12,174 13,148
Buyers' credit 869 919 - 22,722
Finance lease obligations [refer note 34 (c)] 1,026 1,721 388 457
Vehicle finance loans 384 1,644 1,281 1,611
Term loans (unsecured)
Loan from minority shareholder 781 781 - -
35,814 52,075 13,843 37,938
* Amount disclosed under other current liabilities - refer note 13.
(A) Nature of the security
(i) Term loans from banks are secured against fixed assets, mortgage of certain immovable properties, current
assets of certain subsidiaries and the same are backed by Corporate Guarantee given by holding Company,
Stand by Letter of Credits from an Indian Bank.
(ii) Buyers credit is secured against equipment financed by the Bank.
(iii) Assets taken on finance lease are secured against specific immovable property.
(iv) Vehicle finance loans are secured against vehicles financed by Bank.
(B) Repayment schedule of Long-term borrowings
(i) Term loans from banks (` in Lakhs)
Repayment Schedule
Rate of Interest
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2021-29
2% - 11.25% - 12,174 28,712 1,791 2,096 - 155
(13,148) (15,983) (21,011) (6,144) (1,353) (625) (1,894)
(ii) Buyers credit from banks (` in Lakhs)

2014-15 2015-16 2016-17
1% - 5% - - -
(6,571) (Nil) (Nil)
5% - 10% - - 869
(16,151) (Nil) (919)
The Buyers credit are to be repaid based on the contractual terms in April 2016.
(iii) Vehicle finance rupee loan from banks (` in Lakhs)
Repayment Schedule
Rate of Interest
2014-15 2015-16 2016-17 2017-18 2018-19
8-12% - 1,281 366 16 2
(1,611) (1,276) (359) (9) (Nil)
The Vehicle loan has to be repaid based on monthly instalment during the period from 01 April 2015 to 01 July 2018.
(iv) Loan from minority shareholder
Repayment Schedule
Rate of Interest
2016-17
10.00% 781
(781)
184
8. Deferred tax liability (net) (` in Lakhs)

Deferred tax liability
Excess of depreciation/ amortisation on fixed assets under income-tax law over 13,538 12,837
depreciation/ amortisation provided in accounts
13,538 12,837
Deferred tax assets
Provision for employee benefits 230 215
Expenditure covered by section 43B of Income-tax Act, 1961 3 3
Preliminary Expenses under section 35D/35 DD of Income Tax Act, 1961 1 39
Provision for doubtful trade receivables 1,364 1,228
Carry forward losses 935 896
Others - 3
2,533 2,384
Deferred tax liability (net) 11,005 10,453
(i) The above deferred tax liability is net off of ` 153 lakhs pertaining to depreciation on assets whose remaining useful
lift has become nilas on 01 April 2014 routed through reserves (pursuant to Schedule II of The Companies Act,
2013). [refer note 3(c)]
(ii) Deferred tax asset on unabsorbed depreciation has been recognised by a subsidiary to the extent of deferred tax
liability arising on timing difference in respect of depreciation on fixed assets of that entity.
(iii) Deferred tax assets and deferred tax liabilities of entities within the group have been offset as they relate to the same
governing taxation laws.
9. Other long-term liabilites (` in Lakhs)

Others
Security deposit received 203 200
Advance received from customers 6 5
Purchase consideration payable [refer note 4(d)] 2,199 3,174
2,408 3,379
10. Provisions (` in Lakhs)

Long-term Short-term
Particulars
Provision for employee benefits
Gratuity (refer note 35) 288 387 121 80
Compensated absences (refer note 35) 2,167 2,878 144 139
2,455 3,265 265 219
Other provisions
Proposed equity dividend - - 1,765 1,891
Tax on proposed equity dividend - - 359 321
Provision for current tax [(net of advance tax of - - 1,426 321
` 6,986 lakhs, (previous year: ` 4,221 lakhs)]
- - 3,550 2,533
2,455 3,265 3,815 2,752
185
11. Short-term borrowings (` in Lakhs)

Secured
Buyers' credit from banks - 237
Loans repayable on demand

Cash credit from banks (secured) 2,801 1,491
Working capital term loan from banks (secured) 7,965 6,970
Other loans and advances (unsecured)

Bills discounting from banks 910 500
11,676 9,198
Notes
(a) Buyers credit is secured against equipment financed by the Bank. Interest rate is Nil (previous year 5 - 10% p.a)
(b) Working capital term loan is secured against certain immovable property, pari-pasu charge on present and future
movable assets, inventories and book debts and carry interest ranging from 2.50 - 3.00% p.a. (previous year 2.50 -
3.00 % p.a.).
(c) Cash credit facilities from banks carry interest ranging from 10.20% - 10.40% p.a. (previous year 10-13% p.a.)
computed on a monthly basis on the actual amount utilised, and are repayable on demand. These are secured
against immovable property situated in Mumbai, pari pasu charge on present and future movable assets, inventories
and book debts.
(d) Bills discounting facilities from banks carry interest ranging from 10-13% p.a. (previous year 11-13% p.a.) and are
repayable over a period of 45 to 90 days.
12. Trade Payables (` in Lakhs)

Trade payables 56,670 45,697
Acceptances 450 508
57,120 46,205
Acceptances from banks carry interest ranging from 10-13% p.a. (previous year 11-13% p.a.) computed on monthly basis
and are repayable within the period of 45 to 90 days.
186
13. Other Current Liabilities (` in Lakhs)

Current maturities of long-term borrowings (refer note - 7) 13,455 37,481
Current maturities of finance lease obligations [refer note 34 (c) and refer note 7] 388 457
Interest accrued and due on borrowings 24 16
Interest accrued but not due on borrowings 80 329
Forward cover premium payable - 273
Advance received from customers 1,413 1,511
Security deposit 113 80
Capital creditors 239 409
Accrual towards CSR activities (refer note 43) 28 -
Provision for expenses 594 476
Income received in advance 3,088 3,824
Amount liable to be deposited to investor education and protection fund but not yet
due for deposits
- Unpaid dividend 2 2
Statutory dues payable
- Service tax payable 18 53
- TDS payable 539 660
- VAT/WCT payable 415 720
- ESIC payable 1 1
- Professional tax payable 2 2
- Provident fund payable 837 732
- Pension fund payable 646 681
- Others - 4
Employee benefits payable 2,583 1,643
Director commission payable 433 354
Advance against sale of assets (refer note 1 below) 76 -
Temporary book overdraft 122 -
Purchase consideration payable [refer note 4 (d)] 1,943 1,754
Others 281 250
27,320 51,712
Note 1: Represents money received in advance for certain fixed assets whose net block is Nil as at 31 March 2015.
187
188
14. Tangible fixed assets (` in Lakhs)
Heavy
Office Office Other
Freehold Leasehold Leasehold Plant and equipments & Other Furniture &
Description Building Vessels Equipment - Equipment - Tangible Total
Land Land improvements machinery Commercial vehicles fixtures
Others Computers Assets
vehicle
Gross Block
Balance as at 01 April 2013 6,578 5,506 41,662 684 8,331 7,982 97,982 395 944 1,478 10,214 605 1,82,361
Additions - - 1,670 364 750 15 1,078 13 98 127 1,053 276 5,444
Acquisitions during the year - - 401 - 110 - - - - - 436 122 1,069
[Refer note 4(d)]
Disposals - - (46) (6) (176) - (507) (18) (7) (9) (459) (2) (1,230)
Other adjustments:
Exchange differences - - 2,564 - 490 - 4,894 - - - 976 113 9,037
Others [Refer note 4(c)] 10 - 136 - 27 - - 6 5 11 3 3 201
Balance as at 31 March 2014 6,588 5,506 46,387 1,042 9,532 7,997 1,03,447 396 1,040 1,607 12,223 1,117 1,96,882
Balance as at 01 April 2014 6,588 5,506 46,387 1,042 9,532 7,997 1,03,447 396 1,040 1,607 12,223 1,117 1,96,882
Additions 54 - 1,343 - 451 25 173 - 57 115 946 221 3,385
Disposals - - - - (60) - (771) (5) (34) (32) (154) (102) (1,158)
Other adjustments:
Exchange differences (1) - (2,509) - (44) - 352 1 (11) 16 (1,340) (232) (3,768)
Others - - (124) - - - - - - - - - (124)
Balance as at 31 March 2015 6,641 5,506 45,097 1,042 9,879 8,022 1,03,201 392 1,052 1,706 11,675 1,004 1,95,217
Accumulated Depreciation
Balance as at 01 April 2013 - 814 7,847 185 2,568 1,688 28,858 143 106 918 5,963 302 49,392
Depreciation for the year - 179 1,413 51 670 944 8,634 76 47 176 1,185 110 13,485
Acquisitions during the year [Refer note 4(d)] - - 12 - 5 - - - - - 100 - 117
Other Adjustments [Refer note 4(c)] - - 8 - 10 - - 5 9 10 2 1 45
Accumulated depreciation on disposals/ - - 1,090 - 261 - (441) (17) (2) (9) 403 83 1,368
adjustments
Balance as at 31 March 2014 - 993 10,370 236 3,514 2,632 37,051 207 160 1,095 7,653 496 64,407
Balance as at 01 April 2014 - 993 10,370 236 3,514 2,632 37,051 207 160 1,095 7,653 496 64,407
Depreciation for the year - 173 1,374 87 1,031 874 9,111 69 192 285 1,279 142 14,617
Acquisitions during the year - - - - - - - - - - - - -
Other Adjustments:
Depreciation Transition impact [refer note 4 - - 4 - 142 - 47 6 74 100 101 - 474
below]
Accumulated depreciation on disposals / - - (1,106) (3) 5 - (576) (4) (40) (51) (1,223) (217) (3,215)
adjustments (refer note 5 below)
Balance as at 31 March 2015 - 1,166 10,642 320 4,692 3,506 45,633 278 386 1,429 7,810 421 76,283
Net block as at 31 March 2014 6,588 4,513 36,017 806 6,018 5,365 66,396 189 880 512 4,570 621 1,32,475
Net block as at 31 March 2015 6,641 4,340 34,455 722 5,187 4,516 57,568 114 666 277 3,865 583 1,18,934
Capital work-in-progress
Balance as at 01 April 2013 - - 1,193 - 38 - 2 - - 4 2 - 1,239
Additions - - 1,054 - 65 - 141 - 4 13 - - 1,277
Assets capitalised during the year* - - (1,729) - (8) - (26) - (4) (17) (1) - (1,785)
Balance as at 31 March 2014 - - 518 - 95 - 117 - - - 1 - 731
Balance as at 01 April 2014 - - 518 - 95 - 117 - - - 1 - 731
Additions - - 556 - 213 - 75 - - - - - 844
Assets capitalised during the year* - - - - (107) - (119) - - - (1) - (227)
Exchange differences - - - - - - - - 15 - - - 15
Balance as at 31 March 2015 - - 1,074 - 201 - 73 - 15 - 0 - 1,363
* includes cenvat on capital goods
14. Tangible fixed assets (Continued)

1) Additions to gross block and accumulated depreciation on account of acquisitions during the previous year include the value of fixed assets acquired
from Econocaribe Consolidators Inc Group.
2) The Company has leased out Cranes and Equipments for a period ranging 6-9 months. The Lease rental income recognised in the statement of profit
and loss is ` 19,895 lakhs (previous year: ` 17,987 lakhs). The gross value of the assets leased out is ` 92,943 lakhs (previous year : ` 93,012 lakhs).
Accumulated depreciation of the asset leased out is ` 40,141 lakhs (previous year : ` 32,542 lakhs). The depreciation recognised in the statement of
profit and loss for the assets leased out during the year is ` 7,864 lakhs (previous year ` 7,787 lakhs).
3) The gross and net carrying amount of assets acquired under finance leases and included in above is as follows:-
31 March 2015 31 March 2014

Particulars Accumulated Accumulated
Gross Block Net block Gross Block Net block
Depreciation/ Depreciation/impairment
Building 4,071 2,250 1,831 4,979 2,504 2,475
4) Pursuant to notification of Schedule II of the Companies Act 2013 with effect from 01 April 2014, the depreciation for the year ended 31 March
2015 has been provided by the Group (except in case of foreign subsidiaries where useful life as per local laws is lower than useful life mentioned in
Schedule II of the Companies Act 2013) on the basis of estimated economic lives or useful lives of fixed assets as prescribed in Schedule II, whichever
is lower. Accordingly, an amount of ` 321 lakhs (net of deferred tax of ` 153 lakhs) has been adjusted against Retained Earnings for the assets which
had no residual life as at 01 April 2014, and depreciation for the year is higher by ` 1,485 lakhs.
5) Accumulated depreciation on disposals / adjustments includes foreign exchange difference arising due to translation of all foreign subsidiaries fixed
assets at closing exchange rate amounting to ` 2,372 lakhs (previous year: ` 2,400 lakhs).
15. Intangible fixed assets (` in Lakhs)

Description Research and Non compete Software Leasing & Goodwill Total
Development / Agreement Packages Similar Rights on Merger
Licenses and
Concessions
Gross Block
Balance as at 01 April 2013 3,975 - 639 1,523 - 6,137
Additions (refer note 41) 49 - 197 11 3,410 3,667
Acquisitions during the year 15 1,157 - - - 1,172
Disposals (29) - - (21) - (50)
Other adjustments:
Exchange differences 661 22 1 199 - 883
Balance as at 31 March 2014 4,671 1,179 837 1,712 3,410 11,809
Balance as at 01 April 2014 4,671 1,179 837 1,712 3,410 11,809
Additions 44 - 97 - - 141
Disposals (3) - - - - (3)
Other adjustments:
Exchange differences (574) (215) 1 (527) - (1,315)
Balance as at 31 March 2015 4,138 964 935 1,185 3,410 10,632
Accumulated Amortisation
Balance as at 01 April 2013 1,330 - 241 662 - 2,233
Amortisation for the year (refer note 41) 154 231 114 59 3,410 3,968
Accumulated amortisation on disposals (25) - - (14) - (39)
Other adjustments:
Exchange differences 252 4 - 112 - 368
Balance as at 31 March 2014 1,711 235 355 819 3,410 6,530
Balance as at 01 April 2014 1,711 235 355 819 3,410 6,530
Amortisation for the year 432 221 146 70 - 869
Accumulated amortisation on disposals (3) - - - - (3)
Other adjustments:
Exchange differences (331) (73) - (450) - (854)
Balance as at 31 March 2015 1,809 383 501 439 3,410 6,542
Net block as at 31 March 2014 2,960 944 482 893 - 5,279
Net block as at 31 March 2015 2,329 581 434 746 - 4,090
Intangibles assets under development
Balance as at 01 April 2013 - - 154 - - 154
Additions - - 1,652 - - 1,652
Assets capitalised during the year - - (178) - - (178)
Balance as at 31 March 2014 - - 1,628 - - 1,628
Balance as at 01 April 2014 - - 1,628 - - 1,628
Additions - - 403 - - 403
Assets capitalised during the year - - (29) - - (29)
Other adjustments
Exchange differences - - (342) - - (342)
Balance as at 31 March 2015 - - 1,660 - - 1,660
189
16. Non-Current Investment

(valued at cost unless stated otherwise)
(` in Lakhs)
(I) Other investment
Other investments : quoted
Investment in equity instruments (fully paid-up)
1,800 (previous year: 1,800) Equity Shares of Tata Motors Limited of ` 2 each 1 1
250 (previous year: 250) Equity shares of Sree Rayalaseema Alkalies and ** **
Allied chemicals Limited of ` 10 each (** 2015:` 12,878; ** previous year:
` 12,878)
1,908 (previous year: 1,908) Equity Shares of Reliance Industries Ltd of ` 10 each 2 2
Nil (previous year: 47) Equity shares of Reliance Capital Limited of ` .5 each - #
(2015: ` Nil; # previous year: ` 2,363)
Nil (Previous year: 954) Equity shares of Reliance Communication Limited of - 1
` 10 each
Nil (Previous year: 71) Equity shares of Reliance Infrastructure Limited of ` 10 - @@
each (2015: ` Nil; @@ previous year: ` 13,270)
Nil (Previous year: 238) Equity shares of Reliance Power Limited of ` 10 each - ##
(2015: ` Nil; ## previous year: ` 1,272)
Nil (previous year: 1,000) Equity shares of Gujarat Ind. Power Corporation - *
Limited of ` 10 each (2015: ` Nil; * previous year: ` 40,996)
Nil (previous year: 512) Equity shares of Navneet Education Limited of ` 2 each - @
(2015: ` Nil; @ previous year: ` 12,050)
Investment in preference instruments (fully paid-up)
250 (previous year: 250) 0.01% Cumulative Redeemable Preference shares of *** ***
Sree Rayalaseema Alkalies and Allied chemicals Limited of ` 10 each *** 2015:
` 12,877; ***previous year:` 12,877)
(A) 3 4
(II) Trade investments : unquoted)

Investment in equity instruments of companies (fully paid-up)
10 (previous year: 10) Equity shares of Alltrans Port Management Private Limited - #
of ` 100 each (` 1,000; #previous year: ` 1,000)
4,000 (previous year: 4,000) Equity Shares of Zorastrian Co-op. Bank Limited 1 1
of ` 25 each
30 (previous year: 30) Equity Shares of Mandvi Co-op. Bank Limited of ` 10 - @
each (` 300; @ previous year: ` 300)
70 (previous year: 70) Equity Shares of European Custom Broker N.V. of Euro - 37
620 each
Nil (previous year: 10) Equity Shares of Ecu Nordic N.V. of Euro 25 each (` Nil; - *
*previous year: ` 20,644)
(B) 1 38
190
16. Non-Current Investment (Continued)

(valued at cost unless stated otherwise)
(` in Lakhs)
Investment in equity instruments of associates (fully paid-up)
Cost of Investments:
25 (previous year: 25) Equity Shares of International Negotiation Associates of 10 13
Euro 620 each
Less: Share of post acquisition loss (**` 33,049) ** **
Less : Impact of exchange fluctuation (# ` 28,759) # -
10 13
1 (previous year: Nil) Equity Shares of FCL Marine Agencies Gmbh (Hamburg) 447 -
of Euro 8,500 each
Add: Share of post acquisition profit 25 -
Less : Impact of exchange fluctuation (3) -
469 -
93 (previous year: Nil) Equity Shares of FCL Marine Agencies Belgium Bvba of 245 -
Euro 100 each
256 -
1 (previous year: Nil) Equity Shares of FCL Marine Agencies Gmbh (Bremen) of 629 -
Euro 8350 each
765 -
(C) 1,500 13
Quoted non-current investments
Aggregate book value 3 4
Aggregate market value - 32
Aggregate book value of unquoted non-current investments 1 38

Aggregate provision for dimunition in value of non-current investments - -
(III) Other non-current investments

Cost of Freehold Land 89 89
Cost of Building 5,896 5,881
Less: adjustments - (111)
Less: Accumulated depreciation (459) (358)
Net book value (D) 5,526 5,501
(A)+(B)+(C)+(D) 7,030 5,556
191
17. Long-term loans and advances (` in Lakhs)
Non-current portion Current portion

Particular
Capital advances 3,265 3,073 - -
(A) 3,265 3,073 - -
(Unsecured)
Security deposits
Considered good 2,473 1,779 21 49
Considered doubtful 1 30 34 5
Less: Provision for doubtful deposits (1) (30) (34) (5)
(B) 2,473 1,779 21 49
Other loans and advances
Loans to employees 5 6 6 10
Inter corporate deposits 627 599 - -
Prepaid expenses 34 59 126 234
Advance tax recoverable (net of provisions of 2,177 2,525 - -
` 10,923 lakhs (previous year: ` 11,182 lakhs)
MAT credit entitlement 14,069 13,285 106 500
Other advances 132 905 5 2
(C) 17,044 17,379 243 746
(D) = (A) + (B) + (C) 22,782 22,231 264 795
To related parties
Capital advances (refer note 36) 862 862 - -
Security deposits (refer note 36) 594 2,299 - 168
(E) 1,456 3,161 - 168
(F) = (D) + (E) 24,238 25,392 264 963
18. Other assets

(unsecured considered good, unless stated otherwise) (` in Lakhs)
Non-current portion Current portion
Particular
Non-current bank balance (refer note 22) 22 258 - -
(A) 22 258 - -
Others
Contractually reimbursable expenses - - 313 344
Foreign currency receivable - - - 240
Unamortised premium on forward contracts - - - 167
Unbilled revenue - - 6,112 3,680
Advance towards share application money 81 81 170 166
Interest accrued on fixed deposits - - 5 4
Insurance claim receivable 86 36 - -
Other - - 61 -
(B) 167 117 6,661 4,601
(A) + (B) 189 375 6,661 4,601
192
19. Current investments

(valued at lower of cost and fair value)
(` in Lakhs)
Investment in equity instruments- quoted
16 units (previous year: 16 units) Equity Shares of Gateway Distriparks Limited (# ` # #
1,800; # previous year: ` 1,800)
100 (previous year: 100) Equity Shares of Life Insurance Corporation (Nepal) Limited 2 2
of ` 100 each
100 (previous year: 100) Equity Shares of Nabil Bank Limited of ` 100 each 1 1
Investment in equity instruments of associates (fully paid-up)
30 (previous year : Nil) equity shares of Love All Sport Holdings FZE [refer note 4(f)] 3 -
Investment in mutual funds- unquoted
Nil (previous year: 89,579.442) units of Religare Invesco Ultra Short Term fund -Growth - 1,565
Nil (previous year: 87,052.92) units of Baroda Pioneer Treasury Advantage Fund - Plan - 1,253
A Growth
Nil (previous year: 27,729.50) units of Birla Sunlife Cash Plus - Growth - Regular Plan - 56
Nil (previous year: 2,805,428.465) units of DWS Money Plus Fund - Institutional Plan - 370
- Growth
Nil (previous year: 2,150,035.815) units of Franklin India Saving Plus Fund - Growth - 500
Nil (previous year: 31,955.576) units of ICICI Prudential Liquid Regular Plan - Growth - 59
Nil (previous year: 3,123,640.276) units of ICICI Prudential Banking & PSU Debt Fund - 431
Regular Plan - Growth
Nil (previous year: 2,529,327.553) units of JM Floater Fund - Short Term Plan - Growth - 500
Nil (previous year: 1,809,980.444) units of Kotak Banking & PSU Debt Fund - Growth - 510
Nil (previous year: 13,577,511.717) units of Peerless Liquid Fund Super Institutional - 1,864
- Growth
Nil (previous year: 20,036.889) units of Pinebridge India Short Term Fund Standard - - 300
Growth
Nil (previous year: 16,669.612) units of Pramerica Short Term Floating Rate Fund - - 200
Growth
Nil (previous year: 3,838.299) units of Reliance Liquid Fund - Treasury Plan Institutional - 118
- Growth
Nil (previous year: 41,619.283) units of Religare Invesco Credit Opportunities Fund - - 584
Growth
Nil (previous year: 24,191.038) units of Tempelton India Treasury Management Account - 450
Super Institutional Plan - Growth
Nil (previous year: 29,658.9882) units of Kotak Liquid Scheme Plan A-Daily Dividend - 363
Nil (previous year: 1,736,152.036) units of Kotak Banking & PSU Debt Fund-Daily - 174
Dividend
Nil (previous year: 25,169.158) units of Baroda Pioneer Liquid Fund-Plan A Daily - 252
Dividend-Reinvestment
Nil (previous year: 24,758.270) units of Baroda Pioneer Treasury Advantage Fund-Plan - 253
A-Daily Dividend-Reinvestment
Nil (previous year: 1,816,342.9706) units of JP Morgan India Treasury Fund Super Inst. - 182
Daily Dividend Reinvest
17.006% Treasury Bill of CFC Stanbic Bank of Kshs 1,000,000 - 7
1,204,434.71 (previous year: 26,204.28) units of DWS Ultra Short Term Fund - Growth 202 26
Nil (previous year: 22,722.602) units of Religare Ultra Short Term Fund- Daily Dividend - 229
Nil (previous year: 7,291,933.689) units of Sundaram Ultra Short Term fund Growth - 1,220
6,626.69 (previous year: 148,856.57) units of Taurus Liquid fund Growth 100 1,999
14,298.864 (previous year: Nil) Units of DWS Insta Cash Plus Fund - Super Institutional 25 -
Plan - Growth
19,330.938 units (previous year: Nil) of Baroda Pioneer Liquid Fund-Plan A Growth 295 -
31,468.8321 units (previous year: Nil) of Kotak Liquid Scheme Plan A Growth 858 -
12,720.391 (previous year: Nil) units of Religare Invesco Fund- Growth plan 234 -
1,050,989.744 (previous year: Nil) units of JP Morgan India Treasury Fund-Super Inst. 187 -
Plan-Growth Option
1,907 13,468
Unquoted current investments
Aggregate book value 1,907 13,468
Aggregate market value - -
193
20. Inventories
(valued at the lower of cost and net realisable value) (` in Lakhs)
Stores and spares 979 959
Bunker and lube oil 188 182
1,167 1,141
21. Trade receivable

(unsecured) (` in Lakhs)
Receivables outstanding for a period exceeding six months from the date they
became due for payment
(a) Considered good 103 650
(b) Considered doubtful 5,374 4,604
Less: Provision for doubtful receivables (5,374) (4,604)
(A) 103 650
Other receivables
(a) Considered good 64,653 56,500
(b) Considered doubtful 95 66
Less: Provision for doubtful receivables (95) (66)
(B) 64,653 56,500
(A)+(B) 64,756 57,150
22. Cash and bank balances (` in Lakhs)

Cash and cash equivalents
Cash on hand 261 250
Cheques/drafts on hand - 1
Balances with banks
- in current accounts 16,307 15,201
- in deposit accounts (with original maturity of 3 months or less) 9 487
- in unpdaid dividend account 2 2
- in exchange earners foreign currency 15 23
(A) 16,594 15,964
Other bank balances
-Deposit due to mature within 12 months from the reporting date 688 411
-Margin money deposit (under lien) 95 94
(B) 783 505
(A)+(B) 17,377 16,469
Details of bank balances / deposits:
Bank balances available on demand / deposits with original maturirty of 3 months or 9 487
less included under 'Cash and cash equivalents'
Bank deposits due to mature within 12 months of the reporting date included under 688 411
'Other bank balances'
Bank deposits due to mature after 12 months of the reporting date included under 22 258
'Other bank balances' (refer note 18)
Margin money deposit (under lien) 95 94
814 1,250
194
23. Short-terms loans and advances

(Unsecured) (` in Lakhs)
Current portion of long-term loans and advances (refer note 17)
To related parties - 168
To parties other than related parties 264 795
Other short-term loans and advances
Security Deposits
Considered good 340 429
Considered doubtful 3 3
Less: Provision for doubtful deposits (3) (3)
340 429
Loans to employees
Prepaid expenses 29 33
Advances for supply of services 3,691 4,550
Advances to employees 3,472 2,282
Balance with customs and ports 699 588
Cenvat Credit receivable 242 227
VAT receivable 426 212
Others 775 601
777 1,735
To related parties
Short-term loan to associates (refer note 36) 1,374 -
12,089 11,620
24. Revenue from operations (` in Lakhs)

Sale of services
Multimodal transport operations 472,882 412,545
Container freight stations 38,211 31,048
Project and engineering solutions 41,966 35,096
Vessel operating income 7,460 4,806
Contract logistics income 1,282 950
561,801 484,445
Other operating revenue
Management fees - 22
Maintenance income 19 17
Liaibility written back no longer required 237 158
Exchange fluctuation 162 2
Business support charges 448 131
Bad debts recovered 41 218
Provision for doubtful debts written back - 820
Miscellaneous income 172 130
1,079 1,498
562,880 485,943
195
25. Other income (` in Lakhs)

Interest income on
- fixed deposits with banks 257 139
- loans given to other parties - 104
- inter corporate deposits 83 65
Dividend income from

- current investments 49 41
- long term investments 8 13
Other non-operating income

- gain on cancellation/ settlement of derivatives 2,219 1,479
- profit on sale of investment (net) 622 568
- profit on sale of fixed assets (net) 2 167
- rental income 471 419
- interest on income tax refund 84 422
- others 99 85
Net gain on account of foreign exchange fluctuations 1,367 148
5,261 3,650
26. Cost of services rendered (` in Lakhs)

Multimodal and transport related operational expenses
Freight and other ancillary cost 344,195 300,192
Delivery order/ documentation charges 850 779
Insurance 584 562
(A) 345,629 301,533
Container freight stations related operational expenses
Handling and Transportation charges 15,765 10,999
Repairs and maintenance-Others 404 198
(B) 17,721 12,879
Project and engineering solutions related operational expenses
Project operating and hiring expenses 16,096 13,447
Repairs and maintenance - machinery 3,050 2,726
Stores and spares consumed 1,759 2,046
Insurance 275 231
(C) 23,887 21,653
Vessel operating realted operational expenses
Wages, bonus and other allowances of floating staff 811 740
Spares consumed 190 259
Fuel and oil 2,289 1,507
Insurance 87 80
Repairs - others 61 99
Other vessel operating expenses 2,397 1,137
(D) 5,835 3,822
Other operational cost
Contarct logistics expenses 733 500
(E) 733 500
(A)+(B)+(C)+(D)+(E) 393,805 340,387
196
27. Employee benefits expense (` in Lakhs)

Salaries, wages and bonus 71,566 60,588
Staff welfare expenses 4,059 3,392
Contributions to provident and other funds 8,849 7,691
Compensated absences 1,028 785
Gratuity 162 306
85,664 72,762
28. Finance costs (` in Lakhs)

Interest expense
- bank term loan 878 2,252
- buyers' credit 801 1,456
- finance lease obligations 127 244
- vehicle finance loan 255 399
- foreign currency term loan 278 502
- rupee term loan 2,334 26
- working capital term loan 104 124
- cash credit 243 133
- others 308 409
5,328 5,545
Other borrowing costs
- Processing fees 19 87
19 87
5,347 5,632
29. Depreciation and amortisation (` in Lakhs)

Depreciation of tangible fixed assets 14,617 13,485
Amortisation of intangible fixed assets 869 3,968
Goodwill written off on desubsidarisation [refer note 4(h)] 150 -
Depreciation on investment property 101 93
15,737 17,546
30. Other expenses

(` in Lakhs)
Electricity charges 1,254 1,293
Rent 8,174 8,275
Repairs to :
- Building 680 657
- Others 1,295 1,342
Insurance 795 691
Rates and taxes 1,350 1,483
Travelling expenses 5,674 4,770
Legal and professional fees 3,537 2,611
Payment to auditors 667 594
Communication charges 1,897 2,052
Printing and stationery 1,800 1,393
Bank charges 667 462
Contract staff expenses 133 135
Business promotion 2,557 2,377
Provision for doubtful debts 1,163 -
Provision for doubtful loans and advances - 12
Bad debts/advances written off 357 503
Directors fees and commission 101 91
Donations 36 450
CSR activities 337 94
197
30. Other expenses (Continued)

(` in Lakhs)
Office expenses 1,278 988
Forex gain/loss 239 747
Security expenses 483 486
Miscellaneous expenses 1,400 2,157
35,874 33,663
31. Earning per share (` in Lakhs)

Consolidated net profit after tax attributable to equity shareholders (A) 23,989 14,933
Number of equity shares at the beginning of the year 126,047,762 126,037,382
Add: Shares issued on exercise on account of Employee stock options during the - 10,380
year
Less: Shares bought back during the previous year - -
Number of equity shares outstanding at the end of the year 126,047,762 126,047,762
Weighted average number of equity shares outstanding during the year (based on
126,047,762 126,044,070
date of issue of shares) (B) (used as denominator for calculating Basic EPS)
Effect of potential equity shares to be issued under ESOP - -
date of issue of shares) (C) (used as denominator for calculating Diluted EPS)
Basic (in rupees) per share of face value ` 2 before exceptional items(A)/(B) 19.03 11.84
Diluted (in rupees) per share of face value ` 2 before exceptional items (A)/(C)
19.03 11.84
32. Contingencies and commitments

(to the extent not provided for) (` in Lakhs)
Contingent liabilities:
a. Disputed liabilities in Appeal
- Income Tax (Refer note 1 below) - 6,729
- Income Tax (Refer note 2 below) 1,520 1,520
- Other Income Tax cases 45 -
- Customs related 211 211
- VAT Tax 1 1
- Entry Tax 67 72
- Service Tax 374 1,048
- Stamp duty 422 -
- Electricity dues 33 -
b. Bank guarantees 23,455 32,117
c. Customs Recovery 87 87
d. Commitments:
Estimated amount of contracts remaining to be executed on capital accounts 599 961
(net of advances) and not provided for
e. Litigations:
Claims against the Company, not acknowledged as debts (Refer note 3 below) 232 357
Note 1: The Income Tax Department had issued assessment orders against the Company, whereby, the claim of deduction
by the Company under section 80-IA (4) was disallowed from assessment years 2004-05 to 2009-10 and raised demand
of ` 6,729 lakhs on the Company. The Company had filed an appeal against the said assessment orders. The Special
Bench of Income Tax Appellate Tribunal vide its order dated July 6, 2012 and Divisional Bench of Income Tax Appellate
Tribunal vide its order dated December 5, 2012 upheld the Companys plea and accordingly the Company has continued
to claim deduction u/s 80 IA (4) of the Income Tax Act, 1961. The Department had filed an appeal on May 31, 2013 with
the Honble Bombay High Court against the said order of the Divisional Bench of Income Tax Appellate Tribunal.
198
32. Contingencies and commitments (Continued)

The Honble Bombay High Court vide its order dated April 21, 2015 upheld the view taken by the Divisional Bench of
Income Tax Appellate Tribunal and accordingly dismissed the appeals filed by the Revenue Authority and passed the
order favouring the Company.
Note 2: Further, the Income tax department has issued assessment order for A.Y 2010-11 against the Company, whereby
in addition to other matters, the claim of deduction made by the Company u/s 80-IA(4) of Income tax Act, 1961 was
disallowed and a demand of ` 1,520 lakhs has been raised. The Company has filed an appeal CIT (A) level against the
order.
Note 3: In addition, the Group is subject to legal proceedings and claims,which have arisen in the ordinary course of
business. The Group has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed as contingent liability, where applicable in its consolidated financial statements. The
Groups management does not reasonably expect that these legal actions, when ultimately concluded and determined,
will have a material and adverse effect of the Groups consolidated results of operations or financial condition.
33. Segment reporting

Business Segments:
The Group has identified four reporting segments viz. Multimodal Transport Operations, Container Freight Station, Project
and Engineering Solutions and others segments as primary segment. The segments have been identified and reported
taking into account the nature of services provided, the differing risks and returns and the internal business reporting
systems, in terms to the information required by the Accounting Standard 17 (AS 17) on Segment Reporting. The
accounting policies adopted for segment reporting are in line with the accounting policy of the Group with following
additional policies for segment reporting:
a. Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of
the segment. Revenue and expenses, which relate to the Group as a whole and are not allocable to a segment on
reasonable basis have been disclosed as Unallocable.
b. Segment assets and liabilities represent the assets and liabilities in respective segments. Tax related assets and
other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as
Unallocable.
Geographical segments:
Although the Groups major operating divisions are managed on world wide basis, they operate in eight principal
geographical areas of the world. Geographical revenues are allocated based on the location of service facilities and other
assets of an enterprise within the Group.
Primary segment information
(` in Lakhs)
Multimodal Container Project and
Particulars Transport Freight Engineering Others Unallocable Total
Operations Stations Solutions
Revenue
External Revenue 473,083 38,753 49,762 1,282 - 562,880
412,483 31,206 41,309 945 - 485,943
Add Internal Segment 4,295 1,500 3,275 166 1,665 10,901
Revenue 2,346 291 1,893 132 1,773 6,435
Total Revenue 477,378 40,253 53,037 1,448 1,665 573,780
414,829 31,497 43,202 1,077 1,773 492,378
Segment Results 18,955 *10,903 *7,453 151 - 37,462
before Interest and Tax 15,583 *9,622 *1,353 37 - 26,595
Interest Expenses (5,347) (5,347)
(5,632) (5,632)
Unallocated Income 3,042 3,042
2,171 2,171
Unallocated Expenses (3,443) (3,443)
(3,531) (3,531)
*includes realised gain on cancellation of derivatives taken to hedge liabilities arising on acquisition of segment assets.
199
33. Segment reporting (Continued)

Primary segment information (` in Lakhs)
Multimodal Container Project and
Particulars Transport Freight Engineering Others Unallocable Total
Operations Stations Solutions
19,603 19,603
Current Tax (6,681) (6,681)
(3,745) (3,745)
Deferred Tax (705) (705)
(1,394) (1,394)
MAT Credit 390 390
980 980
Profit After Tax 24,718 24,718
15,444 15,444
Segment Assets 174,056 46,151 86,915 3,539 33,937 344,598
179,214 44,958 90,265 3,643 44,904 362,984
Segment Liabilities 62,605 3,777 7,759 242 4,891 79,274
54,316 2,974 7,146 186 4,752 69,373
Capital expenditure 1,882 1,201 318 15 110 3,526
1,738 930 4,643 685 1,115 9,111
Depreciation 3,030 2,357 9,702 116 532 15,737
2,605 1,565 12,936 111 329 17,546
Secondary Segment Information.

The secondary segment relates to geographical segments viz. Operations within India and outside India based on location
of the assets.
Country/Region March 2015 March 2014
Segment Segment Segment Total Cost Segment Segment Segment Total Cost
Revenue Assets Liabilities incurred Revenue Assets Liabilities incurred
to acquire to acquire
Segment Segment
Assets Assets
India 145,447 181,455 21,592 1,650 124,346 195,598 18,750 7,593
Africa 953 239 110 - 8,275 1,133 748 35
America 139,192 26,870 21,180 390 99,893 22,032 17,499 286
Far East 91,267 19,328 13.840 332 100,312 25,780 16,274 619
Australia & New Zealand 13,092 1,760 958 - 10,383 1,197 1,026 6
Europe 143,031 108,228 17,919 927 124,613 112,975 12,395 503
Mediterranean 29,617 6,572 3,661 162 17,869 4,157 2,670 51
Nepal 281 146 14 65 252 112 10 18
Total 562,880 344,598 79,274 3,526 485,943 362,984 69,372 9,111
200
34. Leases
Operating leases as lessee
a. The Group has taken commercial properties on non-cancellable operating lease. The leases agreement provides for
an option to the Group to renew the lease period at the end of non-cancellable period. There are no exceptional/
restrictive covenants in the lease agreements. The future minimum lease payments in respect of non-cancellable
lease property as at 31 March 2015 is as follows:
(` in Lakhs)
Lease Payments
Not later than one year 2,362 2,662
Later than one year but not later than 5 years 1,881 3,615
Later than 5 years 1,179 1,021
(` in Lakhs)
Charge of lease rentals during the year cancellable lease 2,491 1,633
Charge of lease rentals during the year Non cancellable lease 5,683 6,642
Operating leases as lessor
b. The Group has given warehouse and commercial properties on non-cancellable operating lease. The lease agreement
provides for an option to the Group to renew the lease period at the end of non-cancellable period. There are no
exceptional/restrictive covenants in the lease agreements. The future minimum lease receipts in respect of lease
property as at 31 March 2015 is as follows:
(` in Lakhs)
Lease Receipts
Later than one year but not later than 5 years 1,101 295
Later than 5 years 32 -
Income from lease rentals during the year 431 207
c. The Group has taken warehouses and office premises on finance lease. As per Accounting Standard (AS) - 19
Accounting for Leases as prescribed by the Companies (Accounting Standards) Rules, 2006, issued by the Central
Government, in consultation with the National Adivsory Committee on Accounting Standards, it recognized as a
Finance Lease transaction. Disclosure as required by the Accounting Standard 19 are set out as below.
(` in Lakhs)
The future minimum lease payment on account of these leases are as
follows :
Finance lease
Finance lease is secured by underlying assets
The total minimum lease liability for assets obtained on finance lease basis is `
1,587 lakhs (previous year : ` 2,493 lakhs) which includes interest of ` 172 lakhs
(previous year: ` 315 lakhs)
Minimum Lease payments
Payable within 1 year 460 563
Payable within 1 5 years 1,127 1,930
Payable beyond 5 years - -
Present value
Payable within 1 year 446 546
Payable between 1-5 years 1,036 1,752
Payable beyond 5 years - -
201
35. Disclosure pursuant to Accounting Standard - 15 (Revised) Employee benefits

i. Defined Contribution Plans:
For the Company and Indian subsidiaries an amount of ` 472 lakhs (previous year : ` 429 lakhs) contributed to
provident funds, ESIC and other funds (refer note 27) is recognised by as an expense and included in Contribution
to Provident & Other Funds under Employee benefits expense in the consolidated statement of profit and loss. For
foreign subsidiaries, the Group has contributed ` 8,377 lakhs (previous year: ` 7,262 lakhs) towards foreign defined
contribution plan in accordance with local laws.
ii. Defined Benefit Plans
In accordance with Indian law, the Company and its subsidiaries in India provide for gratuity and pension plan, a
defined benefit retirement plan covering eligible employees in India. The plan provides for a lump sum payment
to vested employees at retirement, death while in employment or on termination of employment in an amount
equivalent to 15 to 30 days salary payable for each completed year of service. Vesting occurs upon completion of
five years of service subject to maximum payment of ` 10 lakhs. The present value of the defined benefit obligation
and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuation
being carried out at each balance sheet date.
The following table sets out the funded as well as unfunded status of the retirement benefit plans and the amounts
recognized in the financial statements: -
(` in Lakhs)
Funded Unfunded Total
Particulars
31 March 2015 31 March 2014 31 March 2015 31 March 2014 31 March 2015 31 March 2014
I Change in the defined benefit
obligation
Liability at the beginning of the 531 413 387 191 918 604
year
Interest cost 48 33 3 1 51 34
Current service cost 82 63 7 150 89 213
Past Service Cost [Vested benefit] 6 13 - - 6 13
recognized during the year
Benefit paid (25) (24) (107) - (132) (24)
Exchange rate difference - - - 37 - 37
Actuarial (gain) / loss on 108 33 (2) 8 106 41
obligations
Liability at the end of the year 750 531 288 387 1,038 918
II Amount recognised in the
balance sheet
Liability at the end of the year (750) (531) (288) (387) (1,038) (918)
Fair value of plan assets at the 630 451 - - 630 451
end of the year
Net Assets/(liabilities) recognised (120) (80) (288) (387) (408) (467)
in the balance sheet
III Expenses recognised in the
statement of profit and loss
Current service cost 82 63 7 150 89 213
Interest cost 12 33 3 1 15 34
Expected return on plan assets (6) (37) - - (6) (37)
Past Service Cost [Vested benefit] 6 13 - - 6 13
recognized during the year
Net actuarial (gain) / loss to be 60 38 (2) 8 58 46
recognized
Exchange rate difference - - - 37 - 37
Expense recognised in the 154 110 8 196 162 306
statement of profit and loss
202
35. Disclosure pursuant to Accounting Standard - 15 (Revised) Employee benefits (Continued)

(` in Lakhs)
Funded Unfunded Total
Particulars
IV Balance sheet reconciliation
Opening net (Asset)/Liability (80) (6) 387 191 467 185
Expense as above 154 110 8 196 162 306
Employers contribution paid (114) (24) (107) - (221) (24)
Exchange rate difference - - - - - -
(Asset)/Liability recognised in the 120 80 288 387 408 467
balance sheet
V Change in the Fair Value of Plan

Assets
Fair Value of Plan Assets at the 451 419 - - 451 419
begining of the year
Expected Return on Plan Assets 42 37 - - 42 37
Contributions 114 3 - - 114 3
Benefit Paid (25) (2) - - (25) (2)
Actuarial gain/(loss) on Plan 48 (4) - - 48 (4)
Assets
Fair Value of Plan Assets at the 630 453 - - 630 453
end of the year
Total actuarial gain / (loss) to be 60 38 - - 60 38
recognised
VI Actual return on Plan Assets:

Expected Return on Plan Assets 42 37 - - 42 37
Actuarial gain /(loss) on Plan 48 (4) - - 48 (4)
Assets
Actual Return on Plan Assets 90 33 - - 90 33
VII Investment details of Plan Assets:

Government of India Assets 41 41 - - 41 41
Corporate Bonds 7 7 - - 7 7
Insurer Managed Funds 582 394 - - 582 394
Other - 11 - - - 11
Total Plan Assets 630 453 - - 630 453
VIII Actuarial assumptions

Discount rate 7.99% 9.39% 7.99% 9.39% 7.99% 9.39%
Salary escalation 8.50% 8.50% 8.50% 8.50% 8.50% 8.50%
(` in Lakhs)
Particulars Year Ended 31 March Period Year Ended
ended 31 December
March 31
2015 2014 2013 2012 2010
IX Experience adjustments
Present value of defined benefit obligation 750 (531) (413) (374) (231)
Fair value of the plan assets 630 451 419 258 166
(Deficit)/Surplus in the plan (120) (80) 6 (116) (65)
Experience adjustments on:
Plan liabilities (gain)/loss (60) (2) (64) 59 22
Plan assets (Loss)/Gain (48) (4) 12 - (10)
203
35. Disclosure pursuant to Accounting Standard - 15 (Revised) Employee benefits (Continued)

` in Lakhs)
Particulars Funded Unfunded Total
X Classification into
Current/ Non-Current
Amount recognized in
the balance sheet
Current 120 80 1 - 121 80
Non-Current - - 288 387 288 387
120 80 289 387 409 467
Discount rate: The discount rate is based on the prevailing market yields of Indian government securities as at the
balance sheet date for the estimated terms of the obligation.
Salary escalation rate: The estimate of future salary increases considered in acturial valuation takes into account
the inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.
Assumption regarding future mortality are based on published statistics and mortality tables. The calculation of the
defined benefit obligation is sensitive to the mortality assumptions. The Company continues to fund the trust in next
year by reimbursing the actual payout.
iii Compensated leave absences: Following amounts are recognized in respect of unfunded obligations towards
compensated leave absences:
(` in Lakhs)
Amount recognised in the consolidated balance sheet
Current 144 139
Non- current 2,167 2,878
2,311 3,017
Amount recognized in Salaries and other benefit in the Consolidated statement 1,028 785
of profit and loss in respect of compensated leave liability
36. Related party disclosures

(A) Related parties where control exists:
I. Associates
Transworld Logistics & Shipping Services Inc. (ceased to be an Associate w.e.f 15 August 2013)
Sealand Warehousing Private Limited (ceased to be Associate w.e.f 29 November, 2013)
Gujarat Integrated Maritime Complex Pvt. Ltd (ceased to be Associate w.e.f 29 November, 2013)
FCL Marine Agencies Gmbh (Hamburg) (w.e.f 03 September 2014)
FCL Marine Agencies Gmbh (Bremen) (w.e.f 03 September 2014)
International Negotiation Associates N.V
FCL Marine Agencies Belgium bvba (w.e.f 19 March 2014)
Love All sports Holdings FZE (w.e.f 12 October 2014)
II. Joint Venturers
Transnepal Freight Services Private Limited
Fasder S.A.(w.e.f 05 August 2014)
Ecu Logistics Peru SAC (w.e.f 29 December 2014)
204

III. Entities over which key managerial personnel or their relatives exercises significant influence:
Allcargo Movers (Bombay) Private Limited

Allcargo Shipping Services Private Limited
Allnet Infotech Private Limited
Alltrans Logistics Private Limited
Alltrans Port Management Private Limited
Avadh Marketing LLP
Avash Builders And Infrastructure Private Limited
Avashya Corporation Pvt.Ltd
FTL (India) Pvt.Ltd (formerly known as Avashya Enterprises Private
Limited)
Avashya Holdings Pvt.Ltd
Contech Estate LLP
Indport Maritime Agencies Pvt.Ltd.
Jupiter Precious Gems and Jewellery Private Limited (formerly known as
Jupiter Machines Pvt. Ltd.)
N.R. Holdings Private Limited
Poorn Estates Private Limited
Prominent Estate Holdings Private Limited
Sealand Crane Private Limited
SKS Netgate LLP
SKS Realty LLP
SKS Ventures Private Limited
Talentos (India) Private Limited
Talentos Entertainment Private Limited
Transindia Freight Private Limited
Transindia Freight Services Private Limited
Sealand Holdings Pvt. Ltd
Meridien Tradeplace Pvt.Ltd
Poorn Buildcon Pvt. Ltd
Panna Estates LLP
Black Soil Realty Investment advisors LLP
Container Freight Station Associations of India (upto 13 January 2014)
Panna Infracon Projects LLP
Avvashya Foundation
IV. Key Managerial Personnel

Shashi Kiran Shetty
Umesh Shetty (till 6 November 2014)
Adarsh Hegde
V. Relatives of Key Management Personnel

Arathi Shetty
Umesh Shetty (from 7 November 2014)
205
206
(` in Lakhs)
Sr. Nature of Transaction Associates Joint Venture Entities over which key Key Managerial Personnel Total
No. managerial personnel and their relatives
exercises significant
influence
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
1 MTO Income - 107 - - - - - - - 107
2 MTO Operation expenses - 110 - - - - - - - 110
3 Remuneration to Directors - - - - - - 652 609 652 609
4 Remuneration to relatives of Key - - - - - - 87 - 87 -
managerial personnel
5 Commission to Directors - - - - - - 362 300 362 300
6 Dividend paid - - - - - - 1,833 1,309 1,833 1,309
7 Rent paid - - - - 585 678 9 5 594 683
8 Sitting fees to Directors - - - - - - 1 - 1 -
9 Deposits
Opening Balance - - - - 2,462` 2,464 5 - 2,467 2,464
Deposits Given - - - - 5 5 4 5 9 10
Deposits Received Back - - - 1,882 7 - - 1,882 7
Closing Balance - - - - 585 2,462 9 5 594 2467

10 Share Application Money Refund received - - - - - 35 - - - 35
11 Directors Commission payable - - - - - - 362 300 362 300
12 Advance for purchase of land - - - - - - 862 862 862 862
13 Expenditure towards CSR/donations - - - - 162 87 - - 162 87
14 Loans given 1,374 - - - - - - - 1,374 -

Details of material related party transactions which are more than 10% of the total transactions of the same type with a
related party during the year ended 31 March 2015:-
Sr No. Related Party Transactions Summary 31 March 2015 31 March 2014

1 Multimodal Transport Income
Transworld Logistics and Shipping Services Inc USA - 107
2 Multimodal Transport Expenses
Transworld Logistics and Shipping Services Inc USA - 110
3 Remuneration to Directors
4 Remuneration to relative of Key managerial Personnel
Mr. Umesh Shetty 87 -
5 Commission to Directors
6 Dividend Paid
Mr. Shashi Kiran Shetty 1,714 1,224
7 Rent paid
8. Sitting fees paid to directors
Mrs Arathi Shetty 1 -
9(a) Deposit given
9(b) Deposits received back
Avash Builders And Infrastructure Private Limited 545 -
Talentos (India) Private Limited 531 -
Sealand Crane Private Limited 283 -
Allnet Infotech Private Limited 262 -
9(c) Deposits receivable Closing balance
10. Share Application Money refund received
Prominent Estate Holdings Private Limited - 35
11. Directors commission payable
12 Advance for purchase of land
13 Expenditure towards CSR/donations
Avvashya Foundation 162 87
14 Loan given to associate
Love All Sport Holdings FZE 1,374 -
207
37. Transfer Pricing

International and specified domestic transactions with related parties
The Groupinternational and specified domestic transactions with related parties are at arms length as per the independent
accountants report for the year ended 31 March 2014. Management believes that the Companys and its subsidiaries
international and specified domestic transactions with related parties post 31 March 2014 continue to be at arms length
and that the transfer pricing legislation will not have any impact on these consolidated financial statements, particularly
on amount of tax expense and that of provision for taxation.
38. Employee stock options issued by the Parent Company

Employee stock options
a In 2006, the Company had instituted an Allcargo Employee Stock Option Plan 2006 (ESOS 2006) to attract, retain,
motivate and reward its employees and to enable them to participate in the growth, development and success of
the Company. The compensation/remuneration committee of the Board evaluates the performance and other criteria
of employees and approves the grant of options. The employees are granted an option to purchase shares of the
Company at the respective exercise price, subject to the requirements of vesting conditions. These options generally
vest over a period of 24 to 48 months from the date of grant. Upon vesting, the employees can acquire one equity
share for each option. The maximum contractual term for these stock option plan is generally 7 years. The Company
granted stock options to be adjusted for subsequent bonus issue prior to its Initial Public Offering of equity shares,
to its permanent employees and to few of the permanent employees of its foreign subsidiaries at varying numbers
depending upon their grade.
b. The stock compensation cost is computed under the intrinsic value method and amortised on a straight line basis
over the vesting period of 7 years.
c. The particulars of options granted under the said ESOS 2006 plans are tabulated below:
Year ended 31 March 2015 Year ended 31 March 2014
No. of options Weighted No. of options Weighted
Particulars
Series I Series II average Series I Series II average
(Pre Listing) (Post Listing) price (Pre Listing) (Post Listing) price
Outstanding at the beginning - - - - 30,000 `2
of the year
Granted - - - - - -
Exercised - - - - 5,000 `2
Forfeited and lapsed - - - - 25,000 `2
Outstanding at the end of the - - - - - `2
year
As permitted by the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines,
1999 (SEBI guidelines) as well as by the guidance note on the subject issued by the Institute of Chartered Accounts
of India, the Company has elected to account for stock options based on their intrinsic value (i.e. the excess of
quoted market price of the underlying share over the exercise price) at the grant date rather than their fair value at
that date. Had the compensation cost for employee stock options been determined on the basis of the fair value
approach as described in the SEBI guidelines (and ICAI guidance note), the Companys net profit after tax and basic
and diluted earnings per share would have been as per the proforma amounts shown below:

Net profit after tax as reported 23,989 14,933
Add: Employee stock option compensation expense as per intrinsic - -
value method
Less: Employee stock option compensation expense as per fair value - -
Adjusted proforma net profit after tax 23,989 14,933
Basic Earnings per share as reported 19.0 11.8
Basic Earnings per share proforma 19.0 11.8
Diluted Earnings per share as reported 19.0 11.8
Diluted Earnings per share proforma 19.0 11.8
d. As at the previous year, all the options granted under the said scheme has been exercised / lapsed and hence there
are no outstanding options remained to be exercisable as on 31 March 2014 and 31 March 2015.
208
39. Particulars of Derivative Instruments entered into by Group

The Group uses derivative and forward contracts to hedge its risks associated with foreign currency fluctuations. Such
transactions are governed by the strategy approved by the Companys Board of Directors which provides principles on
the use of these instruments consistent with the Companys Risk Management Policy. The Group does not use these
contracts for trading or speculative purposes. The Group has marked to market the derivative contract outstanding as at
31 March 2015 which has resulted in a net gain to the Company. The Group has not recognised the resulted gain of ` 94
lakhs (previous year: ` 2,111 lakhs), on prudent basis, which is notional nature.
The details of the outstanding derivative instruments as at 31 March 2015 are set out below:
Particulars of Derivative Instrument acquired As at 31 March 2015

for hedging No. of Currency In Lakhs ` in Lakhs
Instruments
A) Principle and Interest Rate Currency Swaps 1 USD 13.88 776.85
B) Interest rate currency Swaps 5 EUR 198.83 13,423
Particulars of Derivative Instrument acquired for As at 31 March 2014

hedging No. of Currency In Lakhs ` in Lakhs
Instruments
A) Principle and Interest Rate Currency Swaps 20 USD 217 10,984
7 EUR 339 28,014
B) Forward Contract towards Foreign Currency
6 USD 64 4,250
Term Loan
No derivative instruments are acquired for speculation purpose.
Unhedged foreign currency exposure:-
The foreign currency exposure (net of intra group eliminations) not covered by forward contract /other derivative contracts
as on 31 March 2015 and 31 March 2014 is given below:-
Trade and other payables
31 March 2015 31 March 2014
Currency Currency
CHF 0.01 1 CHF 0.01 1
EUR 37.36 2,522 EUR 9.28 772
GBP 0.11 10 GBP 0.08 8
HKD 0.16 1 HKD 0.18 1
JPY 14.62 8 JPY 18.29 11
SEK 0.17 1 SEK 0.10 1
SGD 0.04 2 SGD 0.01 1
USD 107.63 6,746 USD 71.72 4,290
THB - - THB 0.22 1
AUD 0.35 17 AUD - -
INR 1.47 2 INR - -
CAD 0.05 2 CAD - -
DKK 0.09 2 DKK - -
BGN 0.40 14 BGN - -
CZK 10.18 25 CZK - -
JOD 1.41 126 JOD - -
9,479 5,086
209
39. Particulars of Derivative Instruments entered into by Group (Continued)

Trade Receivables
31 March 2015 31 March 2014
Currency Currency
USD 141.01 8,833 USD 48.96 2,910
EUR 64.15 4,330 EUR 4.13 363
GBP 0.03 3 GBP 0.02 2
AED (2015: ` 23,000) 0.01 - AED - -
JPY 16.63 9 JPY - -
NOK (2015: ` 16,000) 0.02 - NOK - -
BGN 0.93 32 BGN - -
CZK 11.29 28 CZK - -
JOD 2.02 179 JOD - -
13,414 3,275
Advance received from customer
USD 0.32 20 USD - -
20 -
Buyers Credit
USD - - USD 109.32 6,570
- 6,570
40. Investment in jointly controlled entities

(A) The Company has entered into a share purchase agreement on 20 June 2012 with IL&FS Maritime Infrastructure
Company Limited (IMICL) for sale of its 45% stake (representing 45,000 equity shares of ` 10 each) in Gujarat
Integrated Maritime Complex Private Limited (GIMCO) and 50% stake (representing 4,674,807 equity shares of `
10 each) in Sealand Warehousing Private Limited (SWPL). Accordingly during the year ended 31 March 2013, the
Company on fulfilment of certain terms and conditions contained in aforesaid agreement transferred 19,000 equity
shares of GIMCO and 2,243,907 equity shares of SWPL to IMICL against agreed consideration.
During the previous year, on fulfilment of all the contractual obligation and on receipt of the balance agreed
consideration the Company has transferred the balance 26,000 equity shares of GIMCO and 2,430,900 equity shares
of SWPL to IMICIL. The net income booked for the previous year is ` 27 lakhs.
(B) The groups interests in joint ventures is accounted , in accordance with the principles and procedures set out in AS
27, Financial Reporting of Interests in Joint Ventures specified in the Companies (Accounting Standards) Rules,
2006, which continue to apply under Section 133 of the Companies Act, 2013 read with rule 7 of the Companies
(Account) Rules, 2014.
Sr. Joint Venture Location Principal Activities Ownership

No. Interest
1 Transnepal Freight Services Private Limited Nepal Container Freight Stations 50%
2 Fasder S.A.(w.e.f 05 August 2014) Uruguay Multimodal Transport Operations 50%
3 Ecu Logistics Peru SAC (w.e.f 29 December 2014) Peru Multimodal Transport Operations 50%
210
40. Investment in jointly controlled entities (Continued)

(C) The groups share of each of the assets, liabilities, income and expenses etc. related to its interest in jointly controlled
entities (based on unaudited financial statement) considered in the consolidated financial statements are as follows:-
(` in Lakhs)
I. ASSETS
Fixed assets 107 50
Investments 4 3
Current assets, loans and advances
a. Current investments 3 -
b. Inventiries 2 -
c. Cash and bank balances 71 43
d. Loans and advances 4 18
e. Trade receivables 247 -
II. LIABILITIES
Share capital (including bonus issue) 55 14
Reserves & surpluses (including FCTR of ` 8 lakhs; previous year ` 67,388) 147 89
Loan funds - -
Current liabilities
a) Short term borrowings 9 10
b) Trade payables 7 -
c) Other current liabilities 177 1
d) Provisons 43 -
III. INCOME
Operating revenue 633 252
Other income - 1
IV. EXPENSES
Operating expenses 315 114
Employee benefit expenses 129 36
Admin and other expenses 77 28
Depreciation 8 7
Provision for taxation (including deferred taxation and Provision for tax for 37 -
earlier years written back, net)
V. Contingent liabilities - -
VI. Capital Commitments - -
41. Amalgamation of MHTC Logistics Private Limited with the Company

Scheme of Arrangement between MHTC Logistics Private Limited and the Company taken place during
the previous year ended 31 March 2014:-
During the previous year, MHTC Logistics Private Limited (hereinafter referred to as MHTC), a wholly owned subsidiary
of the Company, incorporated with the main object to do Project logistics as well as Freight forwarding business, was
amalgamated into the Company pursuant to the Scheme of Amalgamation (hereinafter referred to as Scheme), as
on and from 01 April, 2012, being the appointed date pursuant to the approval of Board of Directors of the Company
and sanctioned by the Honorable High Court of Bombay vide its order dated 06 December, 2013 which was filed with
Registrar of Companies on 24 January 2014.
The Company has carried out the accounting treatment prescribed in the scheme as approved by the Honorable High
Court of Bombay. The required disclosures for accounting of Scheme as per the Pooling of Interest Method as given
under Accounting Standard 14 (AS 14) Accounting for Amalgamations as prescribed under the Companies (Accounting
Standards) Rules 2006 have been provided.
MHTC was acquired in April 2011 and since then it was a wholly owned subsidiary of the Company and accordingly, the
group has recognised goodwill on consolidation amounting to ` 2,417 lakhs (at the time of acquisition). Pursuant to the
amalgamation of MHTC with the Company, in consolidation:
a. The Group has increased the general reserves and statement of profit and loss by ` 1,332 lakhs and ` 11 lakhs
respectively, which were pre-acqusition related reserves at the time of acquistions;
211
b. On account of cross holding of shares held by MHTC in the Company (in compliance with section 42 of the
Companies Act 1956), total reserves amounting to ` 285 lakhs, (as adjusted in the past years), has now been
adjusted and increased in the previous year and;
c. The Group has reduced securities premium account by ` 635 lakhs and net effect of the aforesaid transactions
of ` 993 lakhs has been adjusted as goodwill on merger under the intangibles. Resutling this, the total goodwill
accounted in the consolidated books amounts to ` 3,410 lakhs (including ` 2,417 lakhs recognised as goodwill at
the time of acquistion).
Had the scheme not prescribed the above mentioned accounting treatment and the Company had followed the accounting
treatment prescribed under AS14, there would not have been any goodwill on merger arising out of deficit arising against
cancellation of Investment against share capital of the amalgamating company and the general reserves of the Company
would have been lower by ` 3,410 lakhs.
The total goodwill amounting to ` 3,410 lakhs has been fully amortised by the Group during the previous year.
42. Disclosure under Section 186 of the Companies Act 2013

The operations of the Company and its indian subsidiaries are classified as infrastructure facilitiesas defined under
Schedule VI to the Act. Accordingly, the disclosure requirements specified in sub-section 4 of Section 186 of the Act in
respect of loans given, investment made or guarantee given or security provided and the related disclosures on purposes/
utilisation by recipient companies, are not applicable to the Company and its indian subsidiaries.43. Corporate social
responsibility
43. Corporate social responsibility

1. As per Section 135 of the Act, a CSR committee has been formed by the Company. The funds are utilised throughout
the year on the activities which are specified in Schedule VII of the Act. The utilisation is done either by way of direct
contribution towards various activities or by way of contribution to a trust Avvashya Foundation.
The details set below are for the amount spent by the Company. None of the Indian subsidiaries qualify for CSR
contribution, based on threshold prescribed in the Act.
(a) Gross amount required to be spent by the Company during the year: ` 310 Lakhs
(b) The areas of CSR activities and contributions made thereto are as follows:
In cash Yet to be Total
paid in cash
Amount spent during the year on ;
1) Construction / Acquistion of any assets - - -
2) For purposes other than (1) above:
Promoting and preventive health care 138 6 144
Promoting education including special education and employment enhancing 99 12 111
vocational fees
Conservation of natural resources and maintaining environmental sustainability 7 8 15
Empowering Women 8 2 10
Disaster Relief 5 - 5
Others 52 - 52
Total 309 28 337
(c) Includes a sum of ` 162 Lakhs as contribution to a trust Avvashya Foundation ,(where Key managerial personnel
and relatives are able to exercise significant influence) (refer note 36).
(d) Movement in provision during the year 2014-2015:
Particulars ` in lakhs
Opening provision -
Additions during the year 28
Utilised during the year -
Closing provisions 28
212
44. Additional Information to be given as required under Schedule III to the Companies Act 2013,
of enterprises consolidated as Subsidiary/ Associates/ Jointly controlled entities
Name of the entity Net Assets i.e total assets Share in profit or loss
minus total liabilities
As % of Amount As % of Amount
consolidated consolidated
net assets (` in lakhs) profit or loss (` in lakhs)
For the year ended 31 March 2015 31 March 2015
Parent
Allcargo Logistics Limited 67.11% 128,025 40.64% 9,749
Subsidiaries
Indian
Hindustan Cargo Ltd 1.70% 3,247 1.59% 382
Contech Transport Services Pvt. Ltd. 0.92% 1,757 0.06% 15
Comptech Solutions Pvt.Ltd. 0.09% 175 0.20% 48
Ecu Line (India) Private Limited 0.00% (1) 0.00% (1)
Allcargo Shipping Co.Pvt.Ltd. 3.66% 6,974 0.74% 178
South Asia Terminals Pvt.Ltd. -0.23% (446) -0.75% (180)
Southern Terminals & Trading Pvt. Ltd. 0.12% 236 0.03% 6
AGL Warehousing Pvt. Ltd. 1.67% 3,187 -0.27% (65)
Allcargo Logistic Park Pvt.Ltd. 0.25% 474 -0.08% (19)
Amfin Consulting Pvt. Limited 0.10% 188 0.03% 7
Transindia Logistics Park Pvt Ltd 2.95% 5,637 2.83% 679
Acex Logistics Limited (Loss ` 9,392/-) 0.00% 4 0.00% (0)
Credo Shipping Agencies (India) Pvt Ltd (*) 0.00% * 0.00% (1)
Combiline Indian Agencies Private Limited -0.01% (12) -0.01% (1)
Foreign
Allcargo Logistics LLC -0.03% (60) -0.34% (83)
Asia Line Ltd 1.04% 1,977 -0.23% (55)
Ecu International (Asia) Pvt. Ltd. 0.01% 28 0.00% 0
Ecu Line Abu Dhabi LLC 0.08% 155 0.42% 100
Ecu Line Algerie 0.01% 27 -0.06% (14)
Ecu Logistics SA 0.17% 317 1.14% 274
Ecu-Line Australia Pty.Ltd. 0.18% 348 0.82% 197
Ecuhold N.V 13.62% 25,982 -1.41% (339)
Allcargo Belgium N.V. 1.49% 2,850 -18.22% (4,371)
Ecubro N.V -0.02% (46) -0.07% (16)
Ecu International N.V. 0.31% 592 -6.36% (1,525)
Ecu-Tech BYBA -0.10% (194) -0.24% (57)
Ecu-Line N.V. 1.91% 3,651 -1.37% (329)
Ecu-Logistics N.V. -0.14% (269) -1.20% (288)
AGL N.V (Formerly known as RMK N.V) 11.28% 21,516 -0.04% (10)
Ecu Air NV -0.13% (249) -0.35% (85)
Ecu Global Services NV 9.44% 18,017 2.69% 646
Ecu Logistics do Brasil Ltda -0.35% (667) 1.19% 286
Flamingo Line do Brazil Ltda 0.00% - 1.03% 247
Ecu Line Bulgaria EOOD -0.02% (30) 0.09% 21
Ecu-Line Canada Inc. -0.21% (402) -1.26% (302)
ECU Line Chile S.A. 0.25% 468 -0.08% (18)
Cargo Freight Station S.A. 0.07% 126 0.15% 36
Flamingo Line Chile S.A 0.01% 12 -0.01% (3)
ECU Line Guangzhou Ltd 0.77% 1,471 1.66% 398
Ecu Line De Colombia S.A. 0.04% 71 0.73% 176
Conecli International S.A. 0.05% 103 0.43% 103
Ecu Line Middleeast LLC 0.35% 673 2.12% 508
213
of enterprises consolidated as Subsidiary/ Associates/ Jointly controlled entities (Continued)
Euro Centre Dubai 0.30% 567 1.28% 308
Ecu Line Del Ecuador S.A. 0.06% 120 0.46% 111
Flamingo Line del Ecuador S.A. 0.00% 8 0.02% 4
Ecu Line Egypt Ltd 0.06% 110 1.19% 286
Flamingo Line El Salvador SA de CY 0.01% 10 0.02% 4
Ecu-Line (Germany) GmbH 1.09% 2,082 2.15% 515
ELWA (GH) Ltd. 0.03% 51 0.09% 21
Ecu-Line Hong Kong Ltd. 0.41% 773 1.94% 465
Ecu International Far East Ltd 0.22% 424 -0.31% (74)
ECU Line Italia srl 0.09% 178 0.31% 74
Europeon Cutsoms Broker 0.05% 94 0.15% 37
ECU Line Cote d'lvoire Sarl 0.05% 87 0.23% 56
Ecu Line Japan Ltd. 0.13% 242 0.23% 56
ECU Line Jordan 0.11% 219 0.52% 124
Ecu Line Kenya Ltd 0.15% 291 0.37% 89
Ecu Shipping Logistic (K) Ltd 0.01% 11 0.00% 1
ECU Line Malaysia 0.13% 257 0.50% 120
Ecu-Line Mauritius 0.02% 40 0.08% 18
ECU Line Meditterranean Ltd 0.01% 22 0.00% 1
CELM Logistics S.A. De C.V. 0.03% 56 0.35% 84
Ecu Logistics de Mexico SA de CV 0.33% 627 1.42% 341
ECU Line Maroc S.A. 0.13% 239 0.36% 86
Ecu Line Rotterdam 0.28% 530 0.07% 16
Ecu Line New Zealand Ltd. 0.05% 102 0.32% 76
ECU-Line de Panama S.A. 0.06% 107 -0.08% (18)
Ecu-Line Paraguay S.A. 0.01% 18 0.02% 4
ECU-Line Peru S.A. 0.18% 345 1.06% 255
Flamingo Line Peru S.A 0.02% 33 0.05% 13
Ecu Line Philippines Inc. 0.13% 244 0.22% 53
Ecu-Line Polska Sp. z.o.o. 0.01% 17 0.18% 43
Ecu Line Doha W.L.L. 0.08% 150 0.21% 51
Ecu-Line Romania SRL 0.03% 49 -0.03% (7)
Rotterdam Freight Station BV 0.03% 63 0.38% 90
Ecu Line Singapore Pte. Ltd. 0.74% 1,413 1.16% 279
Ecu Line South Africa (Pty.) Ltd. 0.12% 231 0.91% 218
ECU Line Spain S.L. 0.05% 96 0.16% 39
Mediterranean Cargo Centers S.L. (MCC) -0.10% (182) 0.49% 117
Ecu Line (Thailand) Co.Ltd 0.12% 224 0.38% 92
ECU Line Tunisie sarl 0.07% 125 0.18% 43
Ecu Line Turkey 0.15% 291 0.75% 179
Ecu-Line UK Ltd. 0.51% 973 1.27% 304
Ecu-Line Uruguay (Deolix SA) 0.00% 7 -0.06% (14)
Star Express Company Ltd 4.89% 9,328 0.00% (1)
Administradora House Line 0.50% 958 0.16% 39
Translogistik International Spedition GmbH 0.00% - -0.14% (34)
ELV Multimodal C.A. 0.00% - -0.19% (46)
Consolidadora Ecu Line CA 0.00% - 0.00%
214
of enterprises consolidated as Subsidiary/ Associates/ Jointly controlled entities (Continued)
Ecu Line Vietnam 0.19% 358 1.13% 270
Eurocentre Milan SRL 0.10% 197 0.54% 129
Ecu Line Switzerland GmBH 0.03% 48 0.05% 12
GULDARY s.a. 0.67% 1,279 2.73% 656
S.H.E. Maritime Services Ltd. 0.00% (4) -0.20% (48)
China Consolidation Co. Ltd 11.82% 22,554 14.68% 3,521
Ecuhold NV Dunbai 2.64% 5,043 -0.43% (103)
China Consolidation Services Shipping Ltd 0.28% 529 0.00% 0
Ecu Line Lanka (Private) Limited 0.05% 99 0.19% 45
PT Eka Consol Utama Line 0.09% 179 0.49% 117
Ecu Line Czeche s.r.o -0.06% (107) 0.69% 166
Prism Global Ltd -0.26% (497) -1.98% (476)
Flamingo Line de Guatemala S.A -0.02% (29) -0.24% (58)
CCS Shipping Ltd 0.33% 639 0.13% 30
CCS China Consolidation Services Company ltd 0.64% 1,220 -0.74% (177)
Ecu line Saudi Arabia LLC 0.25% 472 1.12% 268
Centro Brasilier de Armazenagem E Distribuicao Ltda 1.25% 2,376 3.65% 875
Ocean House Ltd. 0.15% 286 0.13% 30
Econoline Storage Corp 0.94% 1,795 -0.52% (125)
OTI cargo Inc 0.40% 772 0.40% 96
Port International Inc 0.00% - 0.00% 0
ECI Customs Brokerage, Inc 0.29% 559 0.24% 58
Econocaribe Consolidators, Inc 5.33% 10,168 8.77% 2,105
Prism Global LLC standalone 1.06% 2,020 6.11% 1,466
FCL Marine Agencies B.V 0.38% 732 3.31% 794
Integrity Enterprises Pty Ltd 0.01% 19 0.00% -
Ecu-Line Hungary Kft. 0.00% - 0.00% -
Ecu-Line Malta Ltd. 0.00% - 0.00% -
Ecu-Line Zimbabwe (Pvt) Ltd. 0.00% - 0.00% -
FMA-LINE France S.A.S. 0.00% - 0.00% -
Less: Adjustments arising out of Consolidation -55.37% (105,634) 17.46% 4,188
Minority Interest in all subsidiaries:

Indian
Comptech Solutions Pvt.Ltd. -0.05% (91) -0.10% (25)
South Asia Terminals Pvt.Ltd. 0.11% 216 0.37% 88
Allcargo Logistic Park Pvt.Ltd. -0.12% (232) 0.04% 9
Combiline Indian Agencies Pvt Ltd (` 12,726) 0.00% 0 0.00% (0)
Foreign
Ecu-Line Canada Inc. 0.11% 201 0.63% 151
ECU Line Meditterranean Ltd -0.01% (10) 0.00% (1)
Ecu Line Middleeast LLC -0.15% (277) -0.30% (71)
Ecu Line Abu Dhabi LLC -0.02% (37) -0.10% (24)
Ecu Line (Thailand) Co.Ltd -0.05% (96) -0.17% (40)
Ecu Line Kenya Ltd -0.03% (52) -0.07% (16)
Ecu Line Japan Ltd. -0.04% (85) -0.08% (20)
Euro Centre Dubai -0.04% (79) -0.18% (43)
Ecu Line Vietnam -0.09% (175) -0.55% (132)
215
Centro Brasilier de Armazenagem E Distribuicao Ltda -0.27% (519) -1.73% (416)
Cargo Freight Station S.A. -0.03% (63) -0.08% (18)
Translogistik International Spedition GmbH 0.00% - 0.01% 3
Ecu Shipping Logistic (K) Ltd 0.00% (0) 0.00% 0
CCS China consolidation services Company ltd -0.24% (465) 0.18% 44
CCS Shipping Ltd -0.07% (132) -0.03% (7)
Ocean House Ltd. -0.07% (140) -0.06% (15)
Ecu line Saudi Arabia LLC -0.07% (142) -0.55% (133)
European Customs Brokers N.V. -0.01% (28) -0.05% (11)
FCL Marine Agencies B.V 0.00% - -0.78% (186)
S.H.E. Maritime Services Ltd. 0.00% - -0.25% (60)
Associates (investments as per equity method):

Foreign:
FCL Marine Agencies Gmbh (Hamburg) 0.01% 22 0.10% 25
FCL Marine Agencies Gmbh (Bremen) 0.01% 12 0.65% 157
FCL Marine Agencies Belgium Bvba 0.07% 136 0.05% 13
International Negotiation Associates (# ` 33,049) 0.00% # 0.00% 1
Jointly controlled entitites (as per proportionate Consolidation method):
Foreign:
Transnepal Freight Services Private Limited 0.06% 124 0.11% 26
Fasder SA [*2015: ` 20,084] 0.00% * -0.05% (11)
Ecu Logistics Peru SAC 0.04% 77 0.21% 50
Consolidated Net Assets/ Profis After Tax 100.00% 190,779 100.00% 23,989
101248W/W-100022


21 May 2015 21 May 2015 21 May 2015
216

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1

Today, we have emerged as:

AWARDS AND RECOGNITIONS:

Mr. Shashi Kiran Shetty

t (MPCBM.VMUJNPEBM5SBOTQPSU0QFSBUJPOT DPNQSJTJOH/70$$ -$-'$-

EARNING PER SHARE (`)

STANDALONE FINANCIAL HIGHLIGHTS (` in lakhs)

CONSOLIDATED FINANCIAL HIGHLIGHTS (` in lakhs)

STATE OF THE COMPANYS AFFAIRS

CHANGES IN THE NATURE OF BUSINESS, IF ANY

SHARE CAPITAL AND LISTING OF SHARES

AWARDS AND RECOGNITION

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b) Director Retiring by Rotation

c) Appointment/Reappointment of Chairman & Managing Director

d) Appointment of Independent Directors

f) Directors/Key Managerial Personnel appointed/resigned during the year

COMMITTEES OF THE BOARD

RECOMMENDATION OF AUDIT COMMITTEE

NOMINATION AND REMUNERATION COMMITTEE

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES, INDIVIDUAL DIRECTORS AND

MANAGEMENT DISCUSSION AND ANALYSIS

RISK MANAGEMENT POLICY

SUBSIDIARIES, ASSOCIATES & JOINT VENTURE COMPANIES.

COMPANIES WHICH BECAME SUBSIDIARIES/JOINT VENTURES/ASSOCIATES:

Sr. No. Subsidiaries

COMPANIES WHICH CEASED TO BE SUBSIDIARIES/JOINT VENTURES/ASSOCIATES:

Sr. No. Subsidiaries

CONSOLIDATED FINANCIAL STATEMENTS

PARTICULARS OF LOANS, GUARANTEES, SECURITIES AND INVESTMENTS

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES WITH

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

STATUTORY AUDITORS AND AUDIT REPORT

SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION WHICH HAVE

EMPLOYEES STOCK OPTION PLAN (ESOP)

SAFETY, HEALTH AND ENVIRONMENT

The following safety measures are being taken at various locations:

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SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,

EXTRACT OF ANNUAL RETURN

DIRECTORS RESPONSIBILITY STATEMENT

For and on behalf of the Board of Directors

Shashi Kiran Shetty

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES

2. The Composition of the CSR Committee as on March 31, 2015:

Sr. No. Name of the Member Composition

5. Details of CSR spent during the financial year.

b. Amount unspent, if any:- NIL

NUTRITION Blindness) Isha Foundation, Missionaries

For and on behalf of the Board of Directors

Arathi Shetty Shashi Kiran Shetty

3 Names of subsidiaries which are yet to commence operations

(ii) Amount of Investment in 14 447 629 10 30 2 245 256 1,126

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