Hi,
I am an Indian undergraduate in Electronics and Communications with one year work experience as software engineer at an MNC. I want to pursue MBA from a top ranked B-school. Please enlighten on my chances and what, if I did, would add greatly to my profile.
I am also a board member of small-sized non-profit organisation committed to social service from my college days.

You cannot get into a top-ranked b-school.s MBA without at least a few years' work experience. So either get more experience, or take a master of science in management at a top-tanked b-school.
Which MSc's are better than pre-experience 'Freshers' MBAs? www.find-mba.com/board/22783
Why freshers' MBAs are worse than MiM degrees from better schools http://www.find-mba.com/board/38133

Just to add a little to what Duncan said. Compared to many PGP programs in India, work experience is very important in the MBA application process, and most students who are accepted to the top b-schools have much more than the minimum application requirements. For instance, here is the average work experience in recent cohorts at some top MBA programs:

Insead: 5 years
Wharton: 5 years
LBS: 5.5 years
Stanford: 4 years
Booth: 4.6 years
IE: 5 years

So, while it is feasibly possible to enroll in one of these MBA programs with less experience - Booth and Stanford for instance don't even have work experience requirements - the reality is that people with less than the averages don't have a great chance, especially without something else extraordinary about their profiles.

For those people with less work experience (or even, no work experience), a masters in management program, as Duncan suggested, is usually a better choice. Check out the FT's master in management ranking, that's a good start.